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5 Money Saving Tips For Your MBA

5 Money Saving Tips For Your MBA

Edited By Alen Tom Shaji | Updated on Apr 18, 2024 03:22 PM IST | #CAT

MBA is one of the most demanding master’s programmes chosen by the candidates after the completion of a bachelor's degree in any stream. As per the latest reports, the cost of studying MBA in the USA and UK ranges from Rs. 60 lakhs to Rs. 65 lakhs. However, the cost of studying MBA in India is around Rs. 26 lakhs to Rs. 35 lakhs. The MBA course fee can vary from one institute to another based on its rankings and reputation. Following some money-saving tips for an MBA helps students achieve their goals and complete the course at an affordable MBA fees. Read this article further to understand some of the tips that help candidates save money for doing an MBA course.

How to save money for an MBA?

Due to the high demand for an MBA, the course fee required to join the management programme at top B-schools in India or abroad will be higher. Candidates who wish to do the MBA must know some money saving tips for doing MBA. When choosing an MBA, the important thing to be considered is the financial investment for completing the course. The course fee for doing an MBA programme at tier 1, tier 2 and tier 3 institutes from India is different from one to another.

Money Saving Tips For MBA Students

The below 5 money saving tips will help the candidates to do an MBA at an affordable cost. These cost-saving techniques will help MBA aspirants to do an MBA from any of the top B-schools in India. The money saving tips for doing an MBA are mentioned below.

Tip 1: Research about MBA Specialisations and Job Market

MBA opens the door to new opportunities and enhances our professional skill set. So, before choosing an MBA, the candidates must do thorough research regarding the MBA specialisations, reputation of the MBA institutions, best MBA ROI, MBA salary, and MBA placements. The result of this research will help the candidates save money for an MBA by making the right decision and achieving their dreams without burdens.

Tip 2: Apply for a Bank loan

Candidates who are worried about the payment of course fees and other expenses to pursue an MBA can directly approach the banks. The bank offers education loans for students who wish to do MBA in India or abroad. Only one thing to keep in mind while applying for an educational loan, choose a loan with a favourable interest rate, and ensure the repayment of the loan on time without failure.

Tip 3: Avail of the MBA Scholarships

Many MBA universities and colleges offer financial aid to students by offering scholarships based on their academic performance and other extracurricular activities. In addition to this, the central and state government also offers scholarships to the students to pursue their higher studies.

Check out | Scholarship for MBA Students in India: Types, Qualifications

Tip 4: Start to earn during the course period itself

Try to start saving money during your study period by doing part-time jobs, paid internships or freelancing. This practice will help the students to ease the financial burden and source of income for living expenses. The main advantage of doing a job during your study period will be an added advantage to your career.

Tip 5: Maximise the use of B-Schools facilities and resources

Most of the top MBA institutes offer academic and infrastructure facilities for students. The candidates can make use of the library, online study materials, and other learning materials to enhance their knowledge and skills. Students can attend the workshops, placement-oriented training sessions, and other placement-related activities offered by the institutions. Students can avoid paying charges for similar services outside the campus.

MBA aspirants also search for:

Best MBA Colleges in India with Low Fees

MBA aspirants can also apply for various management specialisations offered at low-cost colleges. Some of the MBA Institutes offering management courses with lower fees in India are mentioned below.

Cheapest MBA Colleges in India

Best Cheapest MBA Colleges Abroad

MBA aspirants who wish to do an MBA from abroad has also plenty of opportunities. Candidates can avail the scholarships based on their profile. Some of the top B-schools available outside India with low fees are mentioned in the table below.

Top 10 Cheapest MBA Colleges Abroad

MBA Colleges Abroad

MBA Fees

MBA Scholarships

Memorial University of Newfoundland, Canada

Rs. 3,93,200

Faculty Of Business Administration MBA Entrance Scholarships


Faculty Of Business Administration MBA Indigenous Entrance Scholarship

University of Victoria, Canada

Rs. 29,61,700

Ritchie Foundation MBA Entrance Scholarship


MBA Pay-it-Forward Award


James A. Mossey Award

EU Business School, Barcelona

Rs. 19.28,690

EADA Scholarships


Barcelona GSE Master Scholarship


University College of Birmingham, UK

Rs. 26,44,290

Academic Excellence Scholarship

Sporting Excellence Scholarship

Technical University of Munich, Germany

Rs. 12,00,000

-

University of Tuebingen, Germany

Rs. 8,00,000

-

Kaplan Business School, Sydney

Rs. 27,00,000

Asia- International Student Scholarship

International Institute of Business and Information Technology, Sydney

Rs. 32,00,000

Federation University Australia Global Excellence Scholarship

Deusto Business School, Spain

Rs. 10,00,000

-

EAE Business School, Spain

Rs. 24,00,000

Academic Excellence Grant

Also Read:

MBA in India vs MBA Abroad: Which one is better?

MBA with low Fees in India

MBA aspirants looking for management courses can check out the top colleges with low fees located in different cities in India from the links below.

MBA Colleges in India: Location-wise

Frequently Asked Question (FAQs)

1. How can I do an MBA with lower fees in India?

Interested candidates can apply for the MBA after the completion of 3 years bachelor’s degree. The main thing the students need to face is the expenses required to do an MBA programme. The candidates can apply for MBA specialisations with low fees offered by the below institutes.

  • Pune University Department of Management Sciences (PUMBA)

  • Tata Institute of Social Sciences (TISS), Mumbai

  • IGNOU Delhi

  • Delhi School of Economics, DU

  • Dr. D.Y. Patil Institute of Management and Entrepreneur

2. Are there any scholarships available to do MBA courses in India?

Yes, MBA aspirants can apply for the various scholarships offered by the government or private. The IIMs and other NMBA institutes also provide scholarships for eligible candidates. The scholarships are offered based on some eligibility criteria, entrance exam scores, and academic performance.

3. What are the expenses of doing an MBA in India?

Candidates who wish to do an MBA from India can expect expenses like college application fees, tuition fees, mess fees, admission fees, entrance examination fees and preparation fees.

4. What are the 5 steps to save money for an MBA?

The 5 money saving tips for your MBA are as follows:

  • Research about the MBA specialisation and institutes.

  • Apply for educational loans from banks at favourable interest rates if required. 

  • Apply for the scholarships or grants offered by the government or MBA Institutes.

  • Start to earn during the study period itself by doing part-time jobs, internships or freelance work.

  • Try to utilise the resources available at the MBA colleges.

5. Can I do an MBA without money?

Yes, the candidates can do MBA without paying course fees from the top B-schools based on their previous academic performance, entrance exam score and performance in other extra curricular activities.

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Questions related to CAT

Have a question related to CAT ?

Hello aspirant,
The CAT exam syllabus is not officially prescribed, but it generally includes topics from the following sections:

1. Verbal Ability and Reading Comprehension (VARC)
2. Data interpretation and logical reasoning
3. Quantitative ability

  • Arithmetic

  • Algebra

  • Geometry and Mensuration

  • Number System

  • Modern Math

It seems unlikely that you would be able to get admission in the BTech CS branch at BIT Sindri or Mesra with a CML rank of 2058 and category rank of 433.

Key points:

1. The search results indicate that a CML (Common Merit List) rank of 2058 is quite low for admission to premier engineering colleges like BIT Sindri or NIT Mesra.

2. The cutoff ranks for BTech CS branch at these institutes are usually much higher, often in the range of 1000-2000 for the general category.

3. With a category rank of 433, you may have a better chance of getting admission in the reserved category quota, but the competition is still quite high.

4. The search results do not provide specific cutoff details for BIT Sindri or NIT Mesra, but the general trend suggests your current ranks may not be sufficient for the CS branch in these institutes.

My advice would be to:

1. Check the latest cutoff ranks and admission criteria on the official websites of BIT Sindri and NIT Mesra.

2. Explore other options like state-level engineering colleges or NITs where your current ranks may have a better chance of securing admission.

3. Consider improving your performance in the next attempt of the entrance exam to increase your chances of getting into your desired BTech program.



For VARC, read daily from diverse sources (newspapers, novels, journals) to improve comprehension and vocabulary. Practice RC passages and verbal ability questions regularly. For DILR (Data Interpretation and Logical Reasoning) and QA (Quantitative Aptitude), solve previous years' papers and take mock tests to identify weak areas. Join a coaching institute or online courses for guidance and stay consistent with your study schedule. Review and analyze your performance in mocks to understand mistakes and improve. Maintain a positive mindset and stay disciplined in your preparation.

Hello aspirant,

Every year, IIMs conduct the Common Admission Test (CAT), a national MBA entrance exam, in rotation. For admission to over 1,200 institutions and premier B-schools in India, as well as PGDM, Executive MBA, PhD, and FPM programmes, the IIM CAT exam is regarded as one of the most difficult MBA entrance exams to pass. One of the best MBA schools in India, IIMs offers PGDM and MBA programmes for students who pass the CAT exam with scores in the 82nd to 99th percentiles.

For complete information you can visit our website by clicking on the link given below.

https://bschool-careers360-com.cdn.ampproject.org/v/s/bschool.careers360.com/exams/cat/amp?amp_gsa=1&amp_js_v=a9&usqp=mq331AQIUAKwASCAAgM%3D#amp_tf=From%20%251%24s&aoh=17204523672625&csi=1&referrer=https%3A%2F%2Fwww.google.com&ampshare=https%3A%2F%2Fbschool.careers360.com%2Fexams%2Fcat

Thank you

Hope this information helps you.

Hello!

The educational qualification required for CAT exam is bachelor's degree or its equivalent from a recognized university with minimum of 50% for the open category and 45% for the SC/ST/PwD category. Since you have secured more than the required percentage in your bachelor's degree, you are eligible for CAT exam.

For more information, please visit the website by clicking on the link given below:

https://bschool.careers360.com/articles/cat-eligibility-criteria

I hope you will find this information helpful. Best wishes ahead!

View All

1-radian measures 600. (True/False)

Option: 1

True


Option: 2

False


$111111^2$ = 

Option: 1

123456654321


Option: 2

123454321


Option: 3

123454321


Option: 4

12345654321


1111112 =___________ 

Option: 1

 123456654321


Option: 2

1234554321


Option: 3

123454321


Option: 4

12345654321


159702 is divisible by

Option: 1

7


Option: 2

9


Option: 3

11


Option: 4

6


1600 satellites were sent up by a country for several purposes. The purposes are classified as broadcasting (B), communication (C), surveillance (S), and others (O). A satellite can serve multiple purposes; however a satellite serving either B, or C, or S does not serve O. 

The following facts are known about the satellites: 

1. The numbers of satellites serving B, C, and S (though may be not exclusively) are in the ratio 2: 1:1. 

2. The number of satellites serving all three of B, C, and S is 100. 

3. The number of satellites exclusively serving C is the same as the number of satellites exclusively serving S. This number is 30% of the number of satellites exclusively serving B. 

4. The number of satellites serving O is the same as the number of satellites serving both C and S but not B. 

Question:

What best can be said about the number of satellites serving C? 

Option: 1

Must be between 450 and 725 

 


Option: 2

Cannot be more than 800 
 


Option: 3

Must be between 400 and 800 

 


Option: 4

Must be at least 100 


1600 satellites were sent up by a country for several purposes. The purposes are classified as broadcasting (B), communication (C), surveillance (S), and others (O). A satellite can serve multiple purposes; however a satellite serving either B, or C, or S does not serve O. 

The following facts are known about the satellites: 

1. The numbers of satellites serving B, C, and S (though may be not exclusively) are in the ratio 2: 1:1. 

2. The number of satellites serving all three of B, C, and S is 100. 

3. The number of satellites exclusively serving C is the same as the number of satellites exclusively serving S. This number is 30% of the number of satellites exclusively serving B. 

4. The number of satellites serving O is the same as the number of satellites serving both C and S but not B. 

Question:

What is the minimum possible number of satellites serving B exclusively? 

Option: 1

100


Option: 2

200


Option: 3

500


Option: 4

250


1600 satellites were sent up by a country for several purposes. The purposes are classified as broadcasting (B), communication (C), surveillance (S), and others (O). A satellite can serve multiple purposes; however a satellite serving either B, or C, or S does not serve O. 

The following facts are known about the satellites: 

1. The numbers of satellites serving B, C, and S (though may be not exclusively) are in the ratio 2: 1:1. 

2. The number of satellites serving all three of B, C, and S is 100. 

3. The number of satellites exclusively serving C is the same as the number of satellites exclusively serving S. This number is 30% of the number of satellites exclusively serving B. 

4. The number of satellites serving O is the same as the number of satellites serving both C and S but not B. 

Question:

If at least 100 of the 1600 satellites were serving O, what can be said about the number of satellites serving S? 

Option: 1

At most 475 

 


Option: 2

Exactly 475 
 


Option: 3

At least 475 

 


Option: 4

No conclusion is possible based on the given information 


1600 satellites were sent up by a country for several purposes. The purposes are classified as broadcasting (B), communication (C), surveillance (S), and others (O). A satellite can serve multiple purposes; however a satellite serving either B, or C, or S does not serve O. 

The following facts are known about the satellites: 

1. The numbers of satellites serving B, C, and S (though may be not exclusively) are in the ratio 2: 1:1. 

2. The number of satellites serving all three of B, C, and S is 100. 

3. The number of satellites exclusively serving C is the same as the number of satellites exclusively serving S. This number is 30% of the number of satellites exclusively serving B. 

4. The number of satellites serving O is the same as the number of satellites serving both C and S but not B. 

Question:

 If the number of satellites serving at least two among B, C, and S is 1200, which of the following MUST be FALSE? 

Option: 1

The number of satellites serving C cannot be uniquely determined 

 


Option: 2

The number of satellites serving B is more than 1000 
 


Option: 3

All 1600 satellites serve B or C or S 

 


Option: 4

The number of satellites serving B exclusively is exactly 250 


2839155 is divisible by

Option: 1

2


Option: 2

7


Option: 3

55


Option: 4

None of the above


'a' for which x^{2}-ax+9= 0 can be written as square of a linear factor is

Option: 1

6


Option: 2

-6,6


Option: 3

\left ( 6,\infty \right )


Option: 4

\left ( -\infty,-6 \right )


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