I agree with your points Shalabh. Your points are pertinent.
In-fact, I have myself thought about them a hundred times already, I guess its' just a call that you have to take.
I myself might actually choose HKUST even if I get the required scholarship at Ross or Anderson. But I guess I will only take that decision when it has to be taken.
There is no harm in applying, apart from the monetary impact (a loss of approx. $ 250 per school). It just opens up a few new options. As far as school ranking is concerned, I think the only impact that has is that there are fewer "good" jobs, hence you have to try a little harder. Still, US rules the globe in terms of the finance jobs and you have to back yourself to outclass your batch mates at these colleges. I know it is a risk.
As far as IESE or generally the European schools are concerned, my take is that Europe is a sinking ship and I don't want to get into that mess. I think it is going to be all downhill for Europe for the next couple of decades at-least. Just my opinion.
Two important thing that go against HKUST are:
1. Language - I know it is not a major issue in the finance domain, even if I that is correct, you still have to spend life outside office i.e. in the markets, other places etc.
2. Much smaller Indian community - Hong Kong has a much smaller Indian community. In my opinion, this would make life slightly tougher in Hong Kong
Although Hong Kong / Singapore also have a key advantage that they are closer to home (Delhi). A flight to Hong Kong or Singapore is apporox. 6 hours and costs approx. INR 30k and INR 15k only, while the shortest flight to US would be 16 hours and would cost approx. INR 50k.
These points might seem unimportant as far as the college decision is concerned, but I think in the long term these are important factors. Again, just my opinion.
Finally, just wanted to get your thoughts regarding other Asian colleges (NUS, ISB, NTU and HKU). What do you think about NUS and Singapore in general?
Any inputs would be appreciated. Thanks!