Is MS in Engineering Management Abroad Worth it if you are Already Earning well in India

Up for analysis in yet another article under our “Is it Worth Studying Abroad if You are Already Earning Well in India?” series is the financial worth of doing an MS in Engineering Management abroad. We have already covered four Master’s degrees in this series -  Mechanical Engineering, Computer Science,  Material Science, Chemical Engineering, Biotechnology, Aerospace and if you wish to assess the benefits of doing an MS in these courses, you could visit the links given.

But if you are working in a technical field and feeling dissatisfied with your salary, job location, and are tired of your second-string role in the organization, or are simply looking to upgrade your skills to give your career that extra edge, a master’s degree in Engineering Management (MEM) is the way forward for you. However, the question up for debate is if an MS in Engineering Management abroad worth it if you are already earning well in India? You will be in a better position to make the right decision for your career after going through this article. Let’s begin!

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Why Do a Masters in Engineering Management Abroad?

An increasing number of STEM bachelors who have earned some work experience have lately been considering MEM over an MBA. Not only it has come to be known as the MBA of engineers of late, but MEM has become a sure-shot way to higher-paying jobs and more responsible positions in the engineering industry. As the name suggests, Master of Engineering Management is quite simply an amalgamation of engineering and management techniques that allows the students to learn skills to manage and optimize the results of engineering processes. MEM leads to roles such as Engineering Manager, Project Manager, Engineering Process Analyst, etc. Job Opportunities after MS in Engineering Management abroad multiply for the individual. An MEM degree from top universities like Stevens ( the oldest Engineering management department), MIT, Stanford, University of Manchester, King’s College, London, or McGill University does not only add immense value to an individual’s CV but also gives him/her the exposure, training and opportunities required for a prolific career. 
However, the US Bureau of Labour Statistics reports that the jobs for engineering managers are slated to grow at 3%, which is slower than the average growth rate. Therefore, despite the training and exposure that a Master’s degree from abroad can offer you, this discipline may not promise job growth or opportunities as impressive as what the other engineering disciplines offer. 

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Whether, Where, and When You Should Consider Doing an MS in Engineering Management Abroad? 

Looking at the probable gap between the investment and future returns of studying abroad as discussed above, it is all the more clear that the decision to invest in a foreign education should be taken prudently. A number of factors, specifically pertaining to finances, have to be taken into account before making the decision, some of which are tuition fees and living expenses, cost of living in the country of employment after the completion of a degree, and future changes in forex rates.
However, there is one comprehensive way which will help you decide whether leaving your current job for a MEM abroad is worth it or not and that is by calculating the estimate future earning after doing a MEM abroad and comparing it with that if chosen to work in India. 
To make it easy for you, we have prepared Estimate Future Earnings Tool that takes all the aforementioned factors into account and allows you to check the return on investment for a master’s degree from top colleges in the US, Canada, Germany, and Australia against different amounts of salary in the Indian rupee. Please note that this tool takes into consideration several assumptions while calculating the ROI which you must check here. We will be using a few terms as well throughout this article which you should read below so as to gain a clearer understanding of the analyses done here.  

• NPV: Net Present Value is the difference between the present value of cash inflows and outflows over a fixed period of time. The higher the NPV, the better the investment.
• IRR: Internal Rate of Return is a measure of an investment’s rate of return. The higher the IRR, the smarter it is to invest.
• Profit: It is the money that the students are expected to save while studying and working abroad.

So here is the country-wise analysis of the feasibility of doing MEM abroad depending upon the current salary drawn from a job in India. We have filtered out the top colleges for all the countries and clubbed them into groups on the basis of rank brackets. Readers can scroll down to their preferred country, college rank, and their Indian salary to check the outcome of the investment they are willing to make.

United States 

If you are earning a salary of ₹ 5 lakhs per annum in India:

Verdict: The NPV of a MEM degree from the US is really high regardless of the college ranking. If you are working in India currently at an annual package of around ₹ 5 lakhs and thinking of getting a master’s in Engineering Management from the US, waste no second thoughts on it. It can be a very rewarding investment.

If you are earning a salary of ₹ 15 lakhs per annum in India: 

Verdict: If you are working in India at a pay package of around ₹ 15 lakhs per annum, there is no harm in planning for a master’s in Engineering Management from a US university, since the NPV is positive for colleges of all rankings. Try to make it to a top 50 university for Engineering Management to make the most of your investment.

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If you are earning a salary of ₹ 25 lakhs per annum in India: 

Verdict: If you are taking home around ₹ 25 lakhs annually while working in India, opting for a master’s in Engineering Management from a US university is not a wise decision, since the NPV is negative regardless of the college ranking.

Canada 

If you are earning a salary of ₹ 5 lakhs per annum in India: 

Verdict: If you are earning ₹ 5 lakhs annually while working in India and have an intent of going to Canada for a master’s in Engineering Management, it is time you started planning. The NPV is quite favorable, and your investment would turn out to be very profitable.

If you are earning a salary of ₹ 15 lakhs per annum in India 

 Verdict: If you are already earning ₹ 15 lakhs annually in India, opting to go to Canada for a master’s in Engineering Management would not be a smart decision for the colleges ranking from 50 to 500. The NPV is negative for colleges of all rankings, and the profit is marginally positive for the top 50 colleges. So, if you get admitted in the top 50 colleges, then you can perhaps dwell on whether you should go to Canada or not.

If you are earning a salary of ₹ 25 lakhs per annum in India:

Verdict: We see no reason for you to leave your current job in India that is paying you around ₹ INR 25 lakhs a year and go to Canada to pursue a master’s in Engineering Management. The NPV and the profit are negative in such a case. 

Germany 

If you are earning a salary of ₹ 5 lakhs per annum in India: