How To Convince Your Parents To Let You Study An MBA Abroad

An overseas MBA is a big-ticket investment that could change your future; here’s how to get your parents on board.

If you're set on doing your MBA overseas, you’re not alone. Of those aiming to join an MBA or other graduate management education program in 2023, around two-thirds planned to apply outside their country of residence.

Parents can play an important role in this decision. Around half of business school candidates rely on their parents for financial help – so it’s likely that you might need to convince yours that an MBA is a good idea.

To help you do just this, we’ve pulled together a handy guide. Read on to find out how to acknowledge your parents’ concerns, lead them through the MBA journey, and bring the benefits of overseas management education to life in a way that shows them exactly why it's the right next step for you.

1. Address Their Concerns About B-School Abroad

Financial concerns

There's no denying that going to b-school abroad is a seriously big-ticket investment. Be prepared to show your parents the high ROI by pointing out the potential post-MBA salary.

The Business Because Cost of MBA Report puts the average total cost of a top-ranking, full-time MBA in the US at $243.267. In Europe, it's $140,130.

The returns can be high, however. One of the top reasons for doing an MBA in Europe and the US is that it's common for MBA graduates from the top business schools to achieve starting salaries of over US$100,000.

Get a rough idea of when you could see an ROI on the business master's degree or MBA program you want to study using our ROI calculator.

Job Prospects

Your parents might be worried about where an MBA may lead. Help them imagine your new career pathway, starting with the statistics. The GMAC Corporate Recruiters Survey shows:

• More than a quarter of employers plan to expand their hiring of graduates in 2024, with over a third expecting to hire more MBA grads than in 2023.
• Employers in Western Europe, East and Southeast Asia, and the technology sector are the most likely to have active plans to hire international talent in 2024.

Show your parents what these trends mean for students like you. You could also share some international students’ stories:

• Andy He is a computer science graduate studying his MBA in Canada at UNB Saint John. After his MBA, he stayed in Canada and moved into the automotive sector with Nissan.
• Carmen Chan, another Lancaster MBA graduate, is a senior sustainability and fabric manager for Tesco International Sourcing in Hong Kong.

Travel Concerns

It’s normal for parents to worry about their offspring when they study thousands of miles from home.

Take practical steps to reassure yours that you’re independent enough to take this step:

• Check the reputation of the campuses and geographical area. US schools must report statistics for crimes on campus so you can research locations before you apply.
• Check school websites and speak to campus teams to clarify the types and quality of campus safety measures and security services in place, such as escort services or campus security.
• Research the safest ways to travel in your chosen location.
• Talk to your parents about how you’ll keep in touch and set a realistic contact schedule.

Graduate management education overseas might be new to your family, but it’s probably much more common than they realize; 67% of prospective applicants plan to study internationally. Moreover, international students make up between 35% and 96% of the cohorts of the world’s top ten MBA programs.

Cultural Integration

B-schools like to attract diverse cohorts in order to bring together the best talent, as well as different outlooks and experiences. You will usually find information about typical class profiles on a school’s website.

MBA schools typically run clubs, networking events and competitions and offer on-campus facilities where you can make connections and integrate into your new surroundings.

If studying in a culturally diverse location is a top priority, start your program search in locations known for their cosmopolitan communities. In cities like London, for example, you’re more likely to study alongside peers from all over the world.

London’s Hult holds the Guinness World Record for Diversity in the Classroom. London Business School welcomes around 90% of its students from 60-70 countries each year.

2. Show The Benefits Of Studying An MBA Abroad

Access To Highly Ranked Schools

Choosing an overseas business education means widening the field to include highly-ranked credential-building b-schools. The FT Business Schools Ranking puts 43% of the top schools in the US and 34% in Europe, with nine in the UK and one in Ireland. US and European schools consistently dominate its rankings for the top 10 b-schools.

Career Advancement

The MBA is known as a step-up degree. Maybe you want to open doors to more senior roles and higher salaries or to move into a specific sector?

In the latest GMAC Alumni Perspectives Survey:

• 87% of grads said their management education helped increase their employability.
• 77% said it boosted their earning power.
• 76% agreed that it helped them reach leadership positions in their career.

Following his MBA at Lancaster University Management School, Aman Bhutani moved from consultancy to tech management. He's now the chief executive officer of GoDaddy, the global internet domain registrar and small business tech provider.

Networking Opportunities

Stand still, and you will see the same places and faces. It's hard to quantify the value of networking of overseas MBA programs.

You study alongside peers from all over the world and learn from those who have excelled in their field. Immersive projects and internships also provide opportunities to learn and connect outside the classroom.

Speak to any MBA gradruate, and they'll tell you to take advantage of networking opportunities to polish your soft skills, brush up on business etiquette and build connections that will impact your future career.

Schools also frequently offer opportunities for learning and mentorship from the alumni network. These connections have been a 'foot in the door' for many; GMAC research shows that 90% of MBA alumni would recruit a student from their alma mater.

Skill Development

A business education teaches you the fundamentals of accounting, finance, and marketing. You will also develop critical skills such as strategic thinking, leadership and problem-solving, which recruiters say they value highly.

However, one of the most significant non-financial benefits of studying for your MBA overseas is the personal development potential.

There's nothing quite like cultural immersion as a catalyst for language learning, honing interpersonal skills, and broadening your global perspective.

The resilience and adaptability that result from an overseas education can also stand you apart in the future. These skills stand you in good stead for changes in the business world. 

Flexibility

Your parents may be concerned that an MBA might pigeonhole you into more traditional roles like finance manager or investment banker. But there isn't another degree out there that supports a career pivot like the MBA.

In GMAC’s Corporate Recruiters Survey, 82% of employers expressed confidence in b-schools’ abilities to prepare graduates for success. MBA graduates climb the ranks quickly in all kinds of sectors and roles, from automotive to tech and healthcare to government and non-profits.

Illustrate this to your parents by introducing the MBA triple jump, which happens when individuals change role, industry, and location after graduation. Abhisekh Shah made the triple jump into venture capital after his MBA.

Global Opportunities

In the GMAC candidates’ survey, 38% cited the motivation of increasing their opportunities for international employment as a driver of their b-school plans.

A high percentage of b-school students have work experience when they apply to an MBA program but learning projects are an opportunity to apply theoretical knowledge practically.

Internships and immersive real-world projects in MBA programs can also help to build connections and real-world experiences that can be life-changing.

Indian native Varsha Kalanja worked as an iOS developer and project manager at Microsoft before taking her MBA at Emlyon Business School, France. During the program, she worked in a team to build a new environmental waste solution business, visiting different companies and gaining industry exposure.

Varsha, who now lives in France, said: "It was a great experience for us to see what they do, and how businesses vary depending on countries and different cultures."

A Competitive Edge

Want to show how your MBA will make you more marketable on home ground? Emphasize the competitive edge you'll gain with top-tier employers.

Compare the credentials of future you with candidates who don’t have the same cross-cultural communications experience or global perspectives.

From the challenge of overseas study, you'll gain business best practices, a wider global network, as well as adaptability and resilience. 

You may also be one of the 85% of b-school alumni who become entrepreneurs. Do you want to use your skills, global connections, and knowledge of international laws and regulations to make a social impact or build your fortune on home ground?

3. Explain How Your Career Will Benefit From An MBA Abroad

 Show How It Fits Your Goals

To show the value of funding an MBA abroad, get specific about your personal goals to create a tangible strategic roadmap anchored to your b-school investment. 

For example, your dream role may be CEO of a Fortune 500 company. You'd point out that Fortune 100 companies have significantly increased international hiring from 54% in 2018 to 73% in 2023. 

Outline where you are and want to be and show how your b-school plans are a critical step in achieving those goals.

Give School Choice and Program Details

Bring your overseas vision to life by doing your school and program research. Get clear about which b-schools in particular align with your goals and ambitions.

Connect the dots so your parents don't have to. Highlight that recruiters from your dream company visit campus at your chosen schools or that, as an aspiring entrepreneur, you want to head somewhere known for startup success.

If your ambition is to get hired by one of the big three consulting firms, and your ideal employer is McKinsey, INSEAD may be at the top of your list because 124 INSEAD MBAs joined McKinsey in 2023.

Name-drop alumni from your chosen school(s) you'd like to emulate. If you have Stanford in your sights, you might mention notable Stanford alum Viktor Koo, founder of youku. Or renowned tech entrepreneur and venture capitalist Vinod Khosla.

Alumni Connection and Stories

Stories are a powerful way to communicate your plan for success. Reiterate the alumni connections to your chosen school(s) and share relatable stories.

Aiming to study at Yale? Mention Indra Nooyi, who followed her undergrad in India and MBA from the IIM Calcutta with a master's in public and private management from the Yale School of Management. She famously became chairman and CEO at PepsiCo.

Or how about the story of Shanghai-born billionaire Peter Woo, Columbia Business School MBA alum class of 1971, real estate mogul and one of the richest men in the world.

Explore notable alumni networks. Or find the famous MBA your story most aligns with by taking the quiz: Which famous MBA started out like you?

4. Explain B-School Funding To Your Parents

Scholarships and Financial Aid

Explain to your parents that prestigious programs offer scholarship awards that could ease your financial pressure. For example, Harvard Business School has a financial aid budget of more than $45million and provides need-based assistance to approximately 50% of its students.

The MBA process means you'll need to apply for a program before finding out what your scholarship award may be. Be clear about what happens and when so you can better inform your parents.

Read:

• Types of MBA Scholarship
• How to negotiate MBA Scholarships
• How to Boost your MBA Chances
• What Is A GMAT Scholarship And How Do I Apply?

Part-time or Online MBA

If cost is a real sticking point, you could explore options that allow you to obtain a high-level business management qualification while you work. Many schools now offer part-time, executive or online MBAs.

Choosing one of these options could help you lessen the financial burden on you and your family while you advance in your current career.

Want to explore: Is An Online MBA Worth It? At IE Business School, full-time MBA students in 2023 could expect a 101% increase on their salaries three years after graduation, according to the FT. Online MBA graduates could expect a 44% salary increase. The programs cost $89,500 and $53,700.

Check out the best Online MBAs

Parental funding

More than 90% of graduates rate the value of their graduate management education experience favorably with over 85% concluding it had a positive ROI.

But to secure parental funding, you will need to be upfront about how much support you could need and how soon. Check out your target school website to find fee payment details and dates, and show that you've benchmarked accommodation and living costs to map out a schedule.

5. Demonstrate Your B-School Commitment To Your Parents

Preparation

To be informed is to be empowered. Show your parents your commitment by guiding them through the b-school application process, GMAT exam, requirements for your MBA program and your plan for meeting those requirements.

You might agree to a trial period whereby they monitor your efforts before giving their backing. Lay the foundations for success with preparatory courses such as Business Fundamentals, GMAT training and practice exams.

During this time, you can save money to grow your resources and finance a greater share of fees. By working on your intentions daily, you'll make investing in your MBA appear less risky and far from frivolous.

Now you’ve walked your parents through how you'll get to and make the most out of business school, all that's left to do is put your plan into action.

Wondering which type of MBA is right for you? Take our quiz to find out.