By Jeffrey Gangemi

U.S. ADVANTAGES.  The downside of earning a European MBA? Critics say even the most prominent European schools can't compete with American heavyweights like Wharton and Kellogg, with their worldwide reputations for excellence. Radhesh Welling, an IMD grad, says despite the more international nature of the European MBA, the American version has more clout globally because the programs are generally older and better established.

Nonetheless, many students in European schools view their programs' youth as no serious drawback. David Brooks, an American in Oxford's eight-year-old Said MBA program, sees big advantages "just from having friends and classmates in 44 countries."

Some aspiring MBAs also fret that a one-year model doesn't work well for career switchers. "Finding employment after graduation is the one factor that trumps all others when deciding on schools," says Graham Richmond, cofounder of the MBA application service ClearAdmit. Missing out on that internship can make a difference in the job search if you're looking to switch industry or function.

Of course, total enrollment at European business schools is small next to that of their far more numerous U.S. rivals. But American programs seem to be feeling the heat, anyway. Many of them are now working harder than ever to integrate more international opportunities into their curricula. And some U.S. schools are even opening European branches or testing one-year programs.

For students like Colaco, that's just another indication of the European MBA programs' growing influence. As he puts it, the U.S. is still the leader in the world market, but it's no longer in a league of its own.

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