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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.
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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:
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.
Colleges | Course Fees |
Rs. 2,00,960 | |
Rs. 48,000 | |
Rs. 31,392 | |
Rs. 1,14,600 | |
Rs. 1,32,000 | |
KJ Somaiya Institute of Management Studies and Research, Mumbai | Rs. 12,35,850 |
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.
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 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
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
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.
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.
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.
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.
The student cannot join the postgraduate MA program directly in the second year of the MA after completing the MBA.
Universities generally expect students to begin the first year of a masters' program even though they had qualifications at the level of a bachelor's degree. The university's curriculum along with the courses are planned to give an in-depth knowledge of the subjects.
But you could opt for:
Postgraduate Studies:
Research Career: In case research interests you, then you can pursue a Ph.D. in your specific interest.
Specialized Master's Programs: Find any specific master's course that supports the career goal.
Professional Certifications:
Make a professional certification in CFA, CA, or FRM to enhance the professional skills and better opportunities in the career field.
Job Entry via MBA
After gaining an MBA from a renowned institution, it's possible to get entry into the corporate world where the diversity in the career field is assured.
In the end, it would depend on what you would like and what you are particularly interested in. It will be better if you take a suggestion from your academic advisor or career counselor.
Hello Pratik,
If your family income exceeds 8 LPA, it will affect your eligibility for the NC-OBC category under the CAT reservation rules. The NC-OBC category requires that the family income should be below 8 LPA to qualify. If you anticipate that your income will exceed this threshold, you should update your status and notify the CAT authorities .
Here's what you can do:
Email the CAT authorities
: Inform them about the potential change in your income status and request to be considered under the
General
category, if applicable. You should do this before the examination or any further processing, as your eligibility for the OBC category depends on the income criteria.
Documents and Proof
: Make sure you have a valid
OBC certificate
and any relevant documentation regarding your family income, in case they require verification. Also, be aware that if your income exceeds 8 LPA, you might need to apply under the
General
category, as the OBC-NC reservation is no longer applicable.
General Category Consideration : If your application is accepted as General, you will be evaluated based on the General category criteria, including cutoffs and ranking.
To summarize, notifying the CAT authorities is the correct approach to avoid discrepancies later, and if your income is above the threshold, you will be treated as a General candidate for the admissions process.
For more details about CAT exam you can check out an article by Careers360 whose link is given below:
Link: https://bschool.careers360.com/exams/cat
I hope this answer helps you. If you have more queries then feel free to share your questions with us we will be happy to assist you.
Thank you and wishing you all the best for your bright future.
Hi Shreya ,
Having a tattoo on your wrist should not create a problem during the CAT exam as long as it does not contain any content that violates exam rules , such as communication-related symbols , unauthorised messages or any text resembling formulas or answers .
For a safe side , it is recommended :
1. Inform the Invigilators : Let them know about your tattoo during the identification check , so there are no misunderstandings .
2. Follow the Guidelines : Ensure you follow all instructions regarding permissible items and dress code on the exam day .
Hope this helps you .
ALL THE BEST .
To know about this please prefer our college predictor
Hello,
Yes, you can also join IIMs two years after graduation, depending upon the justification in interviews and your performance in entrance exams. If you are not sure about CAT, try those other management exams less hard:
Common Management Admission Test: Easier than CAT; 4-5 months of continuous preparation will suffice.
MAT : Much easier and takes place thrice a year.
SNAP (Symbiosis National Aptitude Test): A bit easier than CAT, apt for Symbiosis Institutes.
Xavier Aptitude Test or XAT : Hence, easier than CAT but the unique decision-making section.
Use exams like CMAT and MAT as a challenge to be competitively prepared. This can be given about 4-5 months, along with a few rounds of mock tests and smart studying.
A career as Marketing Director is also known as a marketing expert who is responsible for the overall marketing aspect of the company. He or she oversees plans and develops the company's budget. The marketing Director collaborates with the business team to plan and develop the marketing and branding strategies for the company's products or services.
A Business Development Executive (BDE) is a professional responsible for identifying growth opportunities and fostering strategic partnerships to enhance a company's market position. Typically, a BDE conducts market research, analyses industry trends, and identifies potential clients or business prospects. He or she plays a crucial role in developing and implementing sales strategies to achieve revenue targets.
A BDE often collaborates with cross-functional teams, including marketing and product development, to align business objectives. Strong communication, negotiation, and relationship-building skills are essential for success in this role. BDE strives to expand the company's customer base, drive sales, and contribute to overall organisational growth in a dynamic and competitive business environment.
Content Marketing Specialists are also known as Content Specialists. They are responsible for crafting content, editing and developing it to meet the requirements of digital marketing campaigns. To ensure that the material created is consistent with the overall aims of a digital marketing campaign, content marketing specialists work closely with SEO and digital marketing professionals.
A sales manager is a revenue-generating source for a company. Any organisation or company which sells a commodity or service requires sales to generate revenue. A Sales manager is a professional responsible for supervising the sales team. An Individual as a sales manager works closely with salespeople, assigns sales territories, sets quotas, mentors the members of the sales, assigns sales training, and builds a sales plan.
The Sales Manager work also includes hiring and laying off sales personnel after evaluating his or her work performance. In bigger entities, sales quotas and plans are usually set at the executive level. He or she is responsible for overseeing the set target or quotas met by salespeople or upholding any policy. He or she guides his or her fellow salespeople and allows them to sell.
Individuals who opt for a career as a business analyst look at how a company operates. He or she conducts research and analyses data to improve his or her knowledge about the company. This is required so that an individual can suggest the company strategies for improving their operations and processes.
In a business analyst job role a lot of analysis is done, things are learned from past mistakes and the successful strategies are enhanced further. A business analyst goes through real-world data in order to provide the most feasible solutions to an organisation. Students can pursue Business Analytics to become Business Analysts.
A marketing manager is a person who oversees a company or product marketing. He or she can be in charge of multiple programmes or goods or can be in charge of one product. He or she is enthusiastic, organised, and very diligent in meeting financial constraints. He or she works with other team members to produce advertising campaigns and decides if a new product or service is marketable.
A Marketing manager plans and executes marketing initiatives to create demand for goods and services and increase consumer awareness of them. A marketing manager prevents unauthorised statements and informs the public that the business is doing everything to investigate and fix the line of products. Students can pursue an MBA in Marketing Management courses to become marketing managers.
An SEO Analyst is a web professional who is proficient in the implementation of SEO strategies to target more keywords to improve the reach of the content on search engines. He or she provides support to acquire the goals and success of the client’s campaigns.
Digital marketing is growing, diverse, and is covering a wide variety of career paths. Each job function aids in the development of effective digital marketing strategies and techniques. The aims and objectives of the individuals who opt for a career as a digital marketing executive are similar to those of a marketing professional: to build brand awareness, promote company services or products, and increase conversions. Individuals who opt for a career as Digital Marketing Executives, unlike traditional marketing companies, communicate effectively through suitable technology platforms.
Admissions Open | Globally Recognized by AACSB (US) & AMBA (UK) | 17.3 LPA Avg. CTC for PGPM 2024 | Application Deadline: 1st Dec 2024
Highest CTC: INR 28.25 LPA | Average for Top 100 offers: INR 17.34 LPA | Ranked #63 in India under Management category by NIRF | 148 Recruiters
180+ Companies | Highest CTC 15 LPA | Average CTC 7.5 LPA | Ranked as Platinum Institute by AICTE for 6 years in a row | Awarded Best Business School of the Year
Ranked No. 1 Business School in India and no.35 in world by Financial Times MiM 2024 Ranking | Highest CTC: INR 81 LPA
Highest CTC 70 LPA | Avg CTC 11.22 LPA | Ranked #55 by NIRF
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