Guidance for career

I am currently planning to study abroad. I have just completed my Msc in Financial Economics and given my GRE as well. The score is 318 overall. Read in news that many Keynesian Economists are predicting recession in coming days. Does it make any sense to put so much of efforts to study abroad or should I choose an FPM course in any of IIMs (A, B, C or L). Do you think Ahmadabad, Bangalore or Calcutta will call. I already have a call from Lucknow. Any thoughts.

I dont much about the recession part. I have a friend who works in E & Y and have done some financial course from IIM Indore. He joined the firm at a salary of 1.2Lper month with almost little investment for his FPM. He even got the option of University of British Columbia but he left for IIM Indore.I don’t know the intricacies why he left such a good institution. I am rather from different field. I can message you his FB profile. You can ask him directly.
Check your inbox.

I too read a report regarding this issue that some economists are predicting recession in coming years. Don’ t know whether is fear mongering or genuine concern
I am not well versed with economic principles, so wouldn’t comment on it.
Regarding to the other part of the query. I wud suggest you to make a cost benefit analysis, taking cost of education & living expenses and prospective future earnings into consideration. Along with finances, also take future opportunities into consideration.
Make a complete list of it and then choose your action.
Hope it was helpful.

Hi Siddarth, apologies for the late reply.
Whether it makes sense to go abroad depends on a few factors.
There is no straight answer to this query. There are varied approaches to this question.

If you take an economical approach as in better living standard in future, exceptional career growth, a chance to be a part of the global citizenry, a chance of better educational standards or upward financial and social mobility. The scenario will be something like this.

Let’s tackle the financial part first.

Around 6% of every 30,000 Indian students come back to India after their MS.

The statistics suggest that around 60% of Indian students returning from the US land up job of more than 10L per annum and the remaining ones oscillate between 5L to 10L per annum. The minimum salary for the students returning from the US after their MS is 5L ( according to GyanDhan’s propriety Employment probability model, the data is gathered from the students going abroad from the last 15 years ).

If you make a cost-benefit analysis of the worst-case scenario, suppose you take an education loan of say 40L at 12% for 15 years to fund your studies in the US. The EMI for the period will be around 58,088 INR. And somehow you land up working in a place let’s say India. The burden to pay such heavy loan in the salary range of India will not be difficult. The average salary for US returns in India in financial domain is >10L. So, I guess paying back your Student loan will not be that big a problem.
Now if you do an FPM. I don’t have enough data on this. So I can give you an example of a friend of mine, he completed his FPM from IIM Bangalore and joined E&Y at some position as consultant with annual package 16L.
Now lets a take look at other aspects, long term growth opportunities, foreign degree tag, international exposure, etc and such features will always be there if you plan to study abroad, albeit you take admission in the premium/top 50 colleges only.
So, these are your options.You can make out the best of it.
Hope I was helpful.
If you have any other query. Feel free to ask.

Is this FPM course equivalent to PhD?