This study makes an attempt to explore the factors affecting Indian students' preferences to study abroad programs. A survey administered in one of the leading business schools of India and subsequent analysis reveals the significance and importance of study abroad for Indian students. Result shows that the top-ranked factors affecting students' preferences to study abroad are: quality of education in the host country, safety issues in the host country, and reputation and ranking of the host institution. Also, USA was found to be the most preferred country for study, and students belonging to a family business prefer the USA for study. However, no significant relationship was found between country choice and gender of the student. Similarly, specialization of the study was not found to be a significant factor of country choice.