Is MS in Industrial Engineering Worth it if you are Already Earning Well in India

This article is a continuation of our series, “Is it worth studying abroad if you are already earning well in India or not?” We have already covered the following disciplines for the analysis:

• Aerospace Engineering
• Mechanical Engineering
• Biotechnology 
• Material Science
• Chemical Engineering
• Electrical Engineering
• Engineering Management
• Computer Science
• Civil Engineering

If these disciplines interest you, you could visit the given links. If an MS course in Industrial Engineering is your desired course of study, read further. 

What is MS in Industrial Engineering?

Industrial Engineering is that branch of engineering that is involved in the maximization of intricate complex systems, processes, or organizations by developing, improving and implementing combined systems of people, knowledge, money, information, energy, equipment, and materials. If you are wondering why do Master’s in Industrial Engineering, then let us inform you that this program is meant for people who seek professional upskilling in the industrial engineering field with specialization in subjects such as operations research, production planning, industrial economics, statistics, simulation, scheduling, inventory control, and human factors. Though the features of Masters in Industrial Engineering courses vary as per different universities, most of them are for two years.

Should you go abroad for an MS in Industrial Engineering? Do an opportunity cost analysis.

Most students perceive that the scope of Industrial Engineering in foreign countries is quite rewarding and thereby head abroad for MS in Industrial Engineering. The U.S.A. is one of the most popular destinations for MS in Industrial Engineering abroad. In the year 2015, 7,676 international students enrolled for a full-time MS in Industrial Engineering program. This number includes Indian students too. But despite the popularity of the program and the job opportunities  after MS in  Industrial Engineering, many students, desirous of enhancing their knowledge in this field, find themselves in a dilemma - whether to take a break from their current job and head to the best countries for Masters in Industrial Engineering or continue with their job. If a student is in such a dilemma, we suggest that he/she calculates the total estimated earnings that he/she will make by studying abroad. Then, compare it with his/her estimated earnings while working in India. You might want an insight into the average MS in Industrial Engineering salary to get started.

In order to calculate the total estimated earnings, we recommend our readers to check GyanDhan’s  Estimated future earning tool. This tool takes into account the candidate’s current salary, the program chosen and expected expenses for the same, the global ranking of the college, and job prospects to tell him/her the approximate savings he/she will be able to make after studying abroad versus while working in India. This tool takes into account a few assumptions and other invariable factors to calculate the returns. For more information on the assumptions being made and the factors being considered,  students can click here.

Is it worth studying MS in Industrial Engineering abroad if you are earning well in India?

Well, to answer our original question, we will take a look at the top 5 popular international destinations for MS in Industrial Engineering programs and discuss our findings. For a better understanding, we have clubbed the results of all groups of colleges under three different salary bars. We will discuss the NPV, IRR and Profit for colleges ranked 1-500 in the 5 most popular countries and help our readers make a more substantiated decision. 

United States

This is one of the best places to study MS in Industrial Engineering abroad. 

For a Current Salary of INR 5 Lakhs in India

Verdict - We can see that the NPV, IRR and profit for all colleges are positive and high. This indicates that readers who currently earn INR 5 lakhs in India should definitely go to the US to study an MS in Industrial Engineering program. 

For a Current Salary of INR 15 Lakhs (India)
 

Verdict - We can see from the above table that barring colleges ranked between 1 and 50, the NPV is negative for all others. This indicates that for students who earn INR 15 lakhs in India, pursuing an MS in Industrial Engineering from the US from colleges ranked below 50 is not an economically prudent decision. 

For a Current Salary of INR 25 Lakhs (India)

Verdict - As we can clearly see, NPV, IRR and profit for colleges of all ranks are negative This indicates that students who are currently earning INR 25 lakhs in India should not pursue an MS in Industrial Engineering from any colleges in the US. 

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Canada 

For a Current Salary of INR 5 Lakhs (India)

Global Rank of Target College	NPV	IRR	Profit
1-50	65 lakhs	47%	1.28 Crores
51-100	74 lakhs	76%	1.35 Crores
101-250	67 lakhs	72%	1.23 Crores
251-500	54 lakhs	61%	1.02 Crores

Verdict - We see from the above table that the NPV, IRR and Profit for all colleges ranked in the top 500 are positive and quite high. This indicates a favorable decision for students currently earning INR 5 lakhs in India to pursue MS in Industrial Engineering from Canada. We also observe that for colleges ranked between 51 and 100, NPV, IRR and Profit are higher than the colleges ranked between 1 and 50. This can be attributed to the fact that colleges that are ranked between 51 and 500 are public universities where the cost of education is lower than others. Hence, NPV, IRR and Profit are higher than colleges in the top 50.

For a Current Salary of INR 15 Lakhs (India) 

Global Rank of Target College	NPV	IRR	Profit
1-50	(-) 39 lakhs	(-) 21%	(-) 43 lakhs
51-100	(-) 31 lakhs	Negative	(-) 36 lakhs
101-250	(-) 37 lakhs	Negative	(-) 48 lakhs
251-500	(-) 50 lakhs	Negative	(-) 69 lakhs

 

Verdict - It is clear from the above table that the NPV, IRR and profit are all negative. Therefore, it is not economically wise for students currently earning INR 15 lakhs in India to pursue an MS in Industrial Engineering from any Canadian college. 

For a Current Salary of INR 25 Lakhs (India)

Global Rank of Target College	NPV	IRR	Profit
1-50	(-)1.4 crores	Negative	(-) 1 Crore
51-100	(-) 1.3 Crore	Negative	(-) 2 Crore
101-250	(-) 1.4 crores	Negative	(-) 2.1 crores
251-500	(-) 1.5 crores	Negative	(-) 2.3 crores

 

Verdict - We can see that the NPV, IRR and profit are negative for colleges of all ranks. This implies that students who are currently earning INR 25 lakhs in India should not quit their job and go to Canada for an MS in Industrial Engineering program.

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Germany

For a Current Salary of INR 5 Lakhs (India)

Global Rank of Target College	NPV	IRR	Profit
1-50	1.07 crores	122%	1.8 crores
51-100	88 lakhs	113%	1.55 crores
101-250	83 lakhs	113%	1.4 crores
251-500	70 lakhs	97%	1.2 crores

 

Verdict - After seeing the substantially high NPV, IRR and profit for colleges of all ranks in Germany, we can confidently say that students currently earning INR 5 lakhs in India should definitely go to Germany to pursue an MS in Industrial Engineering program. 

For a Current Salary of INR 15 Lakhs (India)

Global Rank of Target College	NPV	IRR	Profit
1-50	2 lakhs	10%	15 lakhs
51-100	(-) 16 lakhs	(-) 225%	(-) 16 lakhs
101-250	(-) 21 lakhs	Negative	(-) 25 lakhs
251-500	(-) 34 lakhs	Negative	(-) 46 lakhs

 

Verdict - We can see the NPV, IRR and profit for colleges below the global rank of 50 are all negative. Even for colleges in the top 50, NPV, IRR and Profit are very low. Hence, for students earning  INR 15 lakhs in India, going to Germany for an MS in Industrial Engineering from colleges ranked below 50 is not an economically wise decision.  

For a Current Salary of INR 25 Lakhs (India)

Global Rank of Target College	NPV	IRR	Profit
1-50	(-) 1.01 crores	Negative	(-) 1.5 crores
51-100	(-) 1.19 crores	Negative	(-) 1.8 crores
101-250	(-) 1.24 crores	Negative	(-) 1.95 crores
251-500	(-) 1.37 crores	Negative	(-) 2.16 crores

 

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Verdict - NPV, IRR and profit for colleges of all ranks are highly negative for students who are currently earning INR 25 lakhs in India. For such students, going to Germany for an MS in Industrial Engineering is not a feasible decision. 

Australia 

For a Current Salary of INR 5 Lakhs (India)

Global Rank of Target College	NPV	IRR	Profit
1-50	78 lakhs	54%	1.5 crores
51-100	62 lakhs	48%	1.2 crores
101-250	57 lakhs	47%	1.13 crores
251-500	47 lakhs	41%	95 lakhs

 

Verdict - NPV, IRR and Profit for all colleges are positive and quite high. Thus, it is recommended that students who are currently earning INR 5 lakhs in India pursue an MS in Industrial Engineering in Australia. 

For a Current Salary of INR 15 Lakhs (India)

Global Rank of Target College	NPV	IRR	Profit
1-50	(-) 26 lakhs	(-) 8%	(-) 20 lakhs
51-100	(-) 42 lakhs	(-) 32%	(-) 49 lakhs
101-250	(-) 47 lakhs	Negative	(-) 58 lakhs
251-500	(-) 58 lakhs	Negative	(-) 76 lakhs

 

Verdict - NPV, IRR and profit are all negative in this table. We can conclude that students who currently earn INR 15 lakhs in India should not go to Australia for an MS in Industrial Engineering program. 

 For a Current Salary of INR 25 Lakhs (India)

Global Rank of Target College	NPV	IRR	Profit
1-50	(-) 1.2 crores	Negative	(-) 1.89 crores
51-100	(-) 1.45 crores	Negative	(-) 2.18 crores
101-250	(-) 1.5 crores	Negative	(-) 2.2 crores
251-500	(-) 1.61 crores	Negative	(-) 2.46 crores

 

Verdict - As we see from the table, NPV, IRR and profit are all negative for colleges of all ranks. Hence, it is not an economically wise decision for students currently earning INR 25 lakhs in India to go to Australia for an MS in Industrial Engineering program. 

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Final Verdict - The above tables and discussion clearly show that pursuing an MS in Industrial Engineering program from the USA, Canada, Germany and Australia is an economically wise decision only for those students who are currently earning INR 5 lakhs in India. It is a profitable decision for those students too who are earning INR 15 lakhs and going to US colleges ranked in the top 50. For all others, that is those earning more than INR 5 lakhs, there are no benefits after MS in Industrial Engineering abroad. They should not quit their jobs to pursue an MS in Industrial Engineering from abroad. 

However, these numbers are just a guide; the final decision needs to be taken only after considering all the factors.  

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