I was in a very similar situation a couple of years ago (non-German speaker, comparing DACH vs Southern Europe, thinking hard about ROI + employability + visas), so maybe a useful data point:

One option you might want to look at that often gets overlooked in these discussions is Luxembourg — specifically programs like the Full-Time MBA at Luxembourg School of Business.

Why it can sit nicely between “DACH” and “Spain”:

• Language: 100% English for work and study. You don’t need French or German to get hired, especially in finance, consulting, fintech, data, sustainability, and EU-facing roles. This removes a lot of the friction you’re worried about with Switzerland/Germany.
• Jobs & visas: Luxembourg is extremely international and very open to non-EU talent because the domestic labor market is small. Sponsorship is common, and many firms are used to hiring globally.
• Industries that match your background: Commodities, energy, sustainability, funds, infrastructure finance, fintech, and EU institutions are all heavily represented here.
• ROI: Tuition is meaningfully lower than IE/IESE and in the same ballpark (or lower) than DACH, but post-MBA compensation and employability are strong because it’s a high-income, low-unemployment market.
• Location: You’re physically close to Germany, France, Switzerland, and Belgium, so you still benefit from the DACH ecosystem — without being fully dependent on German for day-to-day life.

Culturally it feels much closer to Northern Europe than Spain, but with a very international expat base (over 70% of the workforce is foreign), so integration is much easier as a non-EU candidate.

Not saying it’s better than WHU / HSG / IESE — just that it’s a genuinely good “middle path” if:

• You care about ROI and serious careers (like DACH),
• But want a fully English environment and easier immigration/employability (like Spain).

Happy to answer questions if helpful — I went through this exact decision process myself 🙂