Getting an MBA degree is both a matter of hard work and destiny. Your ticket to the corporate world is not that easy to grab for the fees of an MBA program might dig a hole in your pocket. While there are some institutes which charge exorbitantly, there are others where the fees structure is nominal and affordable. But the whole game of investing a big amount on a degree makes sense or not depends on your career goals and what you want to achieve in life. If you want to add flamboyance to your resume without any thoughts of working after 2 years, then settling for anything ordinary is fine. But if you want to enter the business world with a bang then investing in the right kind of college will fetch you good returns.
There are a couple of factors which determine the fees structure of an MBA program and theses are:
- Tuition fees: IIM (Indian Institute of Management) is the big daddy of the MBA program in India. It is known for its education and superb track record of placements. With such high stakes, the tuition fee at IIMs is skyrocketing and can be afforded if you apply for an education loan.
- Cost of living: The residential MBA program is bound to be expensive because you shall be using the hostel facilities, canteen, library etc during your stay of 2 years.
- Infrastructure: IIMs, XLRI, MDI etc are known for their magnificent infrastructure. The cost of this is added in the fees by the students.
- Faculty: Top-notch colleges in India hire the best faculty from abroad and within the country and as they say there are no free lunches in the world so how can the fees be less!
- Curricular activities: Apart from the regular curriculum, top B-schools are known for their indulgence in curricular activities. These too come at a cost because people who are the best in their fields are hired and getting them to the campus for guest lectures, seminars or other development courses comes at a whopping cost.
Though these factors accumulate to a big number and might give a candidate and his/her family jitters, yet the positive outcome by making this investment cannot be undermined. However, you must weigh your short and long term goals before getting the fees deposited.
What is the fees structure of MBA in India?
The top B-schools are known for increasing the fees every year by 5-7% but as per AICTE guidelines, the fees will not be revised for the academic batch of 2020-22 because of COVID-19. The fees for IIMs ranges between Rs 10 lakhs-Rs 23 lakhs and as far as top institutes like MDI, XLRI or SPIJMR are concerned, the fees bracket is Rs 15 lakhs-Rs 23 lakhs. But that doesn’t mean that all the colleges fall under the same bracket. Depending on numerous factors like infrastructure, faculty, cost of living etc. the colleges have been segregated into different heads in terms of the fees they charge. You can have a look at the following segregation for a better understanding:
- Fees for IIMs
While IIMs are known for the quality of education they impart, there is no denying the fact that they charge excessively for the two year MBA program. Out of the 20 IIMs in India, MBA from IIM Ahmedabad costs Rs 23 lakhs and that from IIM Sirmaur and Bodhgaya is Rs 11.75 lakhs and Rs 10.60 respectively. Cost of MBA program from IIM Bangalore, Calcutta, Lucknow, Kozhikode and Indore is Rs 22.50 lakhs, Rs 23.20 lakhs, Rs 19.25 lakhs, Rs 19 lakhs and Rs 17.07 lakhs.
- Fees from 5-star institutes
The top institutes like MDI, ISB, SPJIMR, IIFT, XLRI etc are not behind in the race of charging a big amount from the students. While MBA from MDI costs Rs 20.87 lakhs, ISB Hyderabad charges Rs 35.99 lakhs. Fees of XLRI Jamshedpur are Rs 23.60 lakhs. IIFT Delhi costs Rs 17.50 lakhs and NMIMS Mumbai charges Rs 18.50 lakhs.
- Fees of 4-star institutes
Institutes like Welingkar Institute of Management Development and Research, IMT Ghaziabad, GIM Goa, SIBM Bangalore, IRMA Anand, TAPMI Manipal, EDI Ahmedabad, BIMTECH Greater Noida, KJ Somaiya Institute of Management Studies and Research etc charge between Rs 5 lakhs-Rs 15 lakhs!
- MBA Colleges with fees less than Rs 5 lakhs
MBA from Patna University, Patna, SIMSREE Mumbai, MANAGE Hyderabad, Amrut Mody University Ahmedabad and FMS New Delhi is under Rs 5 lakhs and thus becomes affordable.
- MBA Colleges in India where fee is less than Rs 1 Lakh
MBA from Delhi University and Guru Gobind Singh Indraprastha University comes with a decent tag and at a price which is manageable.
The weight an MBA degree carries is too massive to ignore. Check the financial aspects before making any decision.