Before I get to my confusion, a quick intro:
I am working in core mechanical product development for the last 2 years after completing my B.Tech in Mechanical Engg (non IIT/NIT).
I am facing a unique dilemma between MS in the US and an MBA in India since I find that I like both the technical side of my job which involves analysis and simulations and the management side which involves coordinating and discussing with cross functional teams for executing project deliverables. I have looked into the financial aspects of both and find that the risks involved in MS are scaring me. I come from a middle class family with modest income and a 1 BHK flat is our only asset with no other substantial savings/investments apart from my father's retirement nest egg.
From what I've read, the avg cost of an MS can go up to 43 lakhs (source: MBA Crystal Ball) and even then there is no job guarantee and even if I do manage to get a job, there is the H1B visa lottery to contend with. If I go to the US for MS, I will have to keep our house papers as collateral for this kind of amount. So I simply cannot afford to return to India with such a big loan on my shoulders.
However at the same time, I see a lot of my friends and former classmates going for an MS to the US. I spoke to some of them and they said that the job market there is currently good, even for Mechanical engineers. I saw several posts on Quora where people who are working in US after their MS were saying that though there is a struggle involved, almost everyone gets a job and hardly anyone they know has had to return to India for lack of jobs (Source:
https://www.quora.com/Since-a-huge-numb ... k-to-India &
https://www.quora.com/How-difficult-is- ... from-India). I also found H1B holders posting online that they landed in the US even without any funding and did RA/TA or got scholarships and turned out fine. One such H1B holder friend of mine had to spend 10 lakhs in total for his MS since he got a scholarship and subsequently even got a job. I am unable to make up my mind about taking this risk.
As opposed to the risks associated with an MS in the US, an MBA in India looks less risky since I am confident that I can crack a top 20 ranked college. The fees are more manageable and all top notch colleges have almost 100% guaranteed placements. But I am getting the feeling that I may miss out on an opportunity to live the American Dream if I go for an MBA in India.
Please help me with your advice as I have already spent a lot of time just thinking and researching about this. Kindly excuse the big write up
Thanks and Regards