Why Are Young Executives Pursuing MBAs Overseas?
An increasing number of young executives are choosing to venture overseas to pursue their Master of Business Administration (MBA) degrees. While the quality of education is not in question, many are seeking a more immersive experience on campus that only top European, UK, or American universities can provide.
Genevieve Crawford, 27, and Mark Toma, 29, have recently made the move from Australia to the UK to begin their MBAs at London Business School (LBS). Both already have impressive backgrounds in the banking and finance sector, but they believe that an LBS degree will ignite their future career prospects.
Crawford, who has worked for EY and then Citi for more than three years, was drawn to LBS’s excellent reputation and the diverse mix of students. She recognizes the potential for building a global network that will be invaluable in the years to come. With fees amounting to £109,700 ($210,000) for the 15-21 month program, Crawford was fortunate to receive a partial scholarship from the Forte Foundation, with the remainder covered by personal savings.
Toma, who has worked for NAB and Credit Suisse, is financing his degree through a combination of savings and a loan from Spark Finance. Toma acknowledges that the cost of an MBA is a significant consideration, especially when factoring in the opportunity cost of not earning an income for two years. However, after speaking to industry professionals, he believes that the benefits far outweigh the financial investment. It is often described as the best investment and most rewarding experience of one’s career.
Crawford highlights the under-representation of women in the finance sector and the numerous scholarships available to address this issue. With similar experience to hers, there are ample scholarship funds waiting to be allocated to deserving women. She encourages eligible women to explore these opportunities.
Both Crawford and Toma agree that the networking opportunities offered by an LBS MBA far surpass those of a similar program in Australia. Toma acknowledges the global nature of capital flows and believes that an LBS MBA will introduce him to individuals and firms with extensive capital pools but limited exposure to Australian investment. In preparation for his classes, Toma has already connected with professionals from sovereign wealth funds such as the Kuwait Investment Authority, Public Investment Fund, Temasek, and Norges. Through these connections, he hopes to tap into the potential for growing global investment exposure in Australia, considering the country’s position as the world’s fourth-largest pension pool.
In conclusion, young executives like Crawford and Toma are increasingly drawn to pursue their MBAs overseas, particularly at prestigious institutions like LBS. The combination of top-notch education, immersive campus experiences, diverse student cohorts, and extensive networking opportunities make these international MBA programs highly attractive. While the financial investment may be substantial, many professionals consider it a wise and rewarding career move. Furthermore, scholarships and funding options are available, particularly for women in industries with under-representation. These opportunities contribute to the growing trend of young executives seeking their MBAs abroad.
