Aspiring for a foreign MBA degree: Know top MBA Schools, costs, and other requirements

If one is willing to pursue an MBA, several questions may need to be answered before taking a final decision. School of the choice, cost factors, fulfilling eligibility requirements, duration of the course, leaving a existing job etc are several such questions that may require a brainstorming.Funding options: There are several funding agencies that help students pursue an MBA. Several banks including Indian Banks have decreased their interest rates for education loans. Scholarships, bursaries and company sponsorship are options available in addition to education loans. In India, all public sector banks offer education loans as per the guidelines of Reserve bank of India. Indian banks have raised the amount of education loan from Rs 7.5 lakh to Rs 10 lakh for financing MBA courses in India. Amount of education loan is already increased upto Rs 20 lakh for pursuing MBA in countries other than India.
Several international colleges and universities participate in the International Student Loan Program that will provide loans requiring no co-signer to international students.
Average Cost:

India: $ 20,000
Eligibility: Graduate in any stream (14-16 years of formal education), Score in screening tests like CAT or MAT, GD etc

United States: $ 20,000 - $ 50,000 per annum
Eligibility: Graduate (16 years of formal education), GMAT score of 500 or more; 85 score in TOFEL; 2-3 years work experience; three letters of recommendation; statement of purpose

Visa related requirements: After securing admission, students must get the form l-20 (issued for admission) and apply for a student visa (F-1) after payment of requisite fees. After completion of these activities, students have to appear for visa interview.

United Kingdom: £12000 - £15,000 per annum
Eligibility: Graduate, GMAT score or IELTS score; Criteria varies from institute to institute

Visa related requirements: A new Point Based System has been introduced.

CANADA: $25000- $30000 per annum

Eligibility: GMAT score of 600 or more; TOFEL or IELTS score; 2-3 years work experience; 

Visa related requirements: After securing admission, students must get the copy of admission from a Canadian University and submit copy of all academic records, test scores and financial support information.

AUSTRALIA: $15000 - $20000

Eligibility: GMAT , TOFEL or IELTS score; 2-3 years work experience; 

Visa related requirements: Mandatory to take IELTS, statements of income etc.

GERMANY: Euro 10000-30000

Eligibility: Graduate in any stream, TOFEL score, work experience, GMAT score

Visa related requirements; For students, visa is granted initially for 3 months and later extended by the Foreigners’ Registration Act for a year at a time till the completion of the course.

SWITZERLAND: $25000 - $55000

Eligibility: Scores of TOFEL and GMAT and work experience

Visa related information: After receiving acceptance letter from a Swiss university, students have to apply at Swiss Embassy.

Global ranking of MBA Schools:

Financial Times recently published list of top 100 MBA schools selected from all over the world. for the year 2009.

University of Pennsylvania, Wharton and London Business School occupied the top slot jointly in 2009 Financial Times Global MBA ranking. Of the top twentyfive, thirteen B-Schools in the list were from USA, three from UK, three from Spain, two from China  and one each from France, Singapore, Switzerland and India.