INSEAD and Harvard Business School are two of the world’s leading and largest graduate business schools. They have consistently found themselves to be in the Top 10 list of QS Global MBA rankings since the past 2 decades. To answer the question of which is better than the other, three major factors must be considered- education curriculum, cost and employment opportunities after graduation.
INSEAD, having integrated college campuses in France, Singapore and Abu Dhabi, provides a 5-period curriculum where each period is 8 weeks long, resulting in a grand total of 10 months which is now gaining popularity over the classic 2-year long program provided by Harvard. A number of people have argued that this implies cost effectiveness and affordability in favor of INSEAD owing to serious concerns regarding heavy debts under student loans. But the detailed breakdown of their individual fee structures can show otherwise.
Tuition fee of INSEAD is estimated to be around $95,000 US dollars compared to a hefty $144,000 tuition fee of Harvard. Although Harvard has far more generous scholarship programs. With an endowment of $3.3 billion, Harvard’s scholarship funding is 1.5 times more than that of INSEAD. A yearly Harvard scholarship amounts to $37,000 whereas that of INSEAD is $12,000 to $25,000 per year. Number of students provided with these privileges is over 50% in Harvard as compared to a mere 28% in INSEAD. Harvard also provides a 2-month long summer internship that is known to roughly pay off $16,000. Although Harvard only provides scholarships on the basis of need whereas INSEAD provides scholarships on the basis of need as well as merit.
Not only the tuition fee but since the location of these schools is extremely varied, cost of living must also be taken into account. Harvard, located in Boston, Massachusetts has the highest cost of living compared to schools situated in other locations. Considering all extra costs, a fairly accurate estimate of a grand total of $127,000 to $130,000 for an MBA at INSEAD and $213,600 for Harvard has been made. Along with yearly scholarships and a summer internship the total cost of education, accommodation, necessities and luxuries at Harvard can be brought down by $100,000 resulting in a reduced cost of $113,600 for a whole 2-year program.
Both of these institutes offer a global perspective and cultural diversity that prepares their graduates to excel and succeed in their careers anywhere in the world. The average salary of a Harvard graduate is estimated to be around $160,000 whereas that of an INSEAD graduate is around $105,000. Not only do Harvard graduates receive higher starting salaries but Harvard’s alumni network is also much stronger and more extensive than INSEAD. Harvard also has a better reputation in general.
Other factors such as extracurricular activities and cultural diversity must also be taken into consideration as they too have an indirect impact on the overall character growth and development of an individual. The only aspect where INSEAD is better than Harvard is the diversity front. INSEAD is known to enroll students of over 88 nationalities every year. Although acceptance rate of INSEAD specifically for Indians is 0.4-1.5% as compared to Harvard which accepts around 10-11% Indians every year.
Owing to these reasons, Harvard would prove to be a better school and a smarter choice for Indian students.
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