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Pursuing an MBA from IIM or IITs, Analysis Of Fees And Median Salaries

Pursuing an MBA from IIM or IITs, Analysis Of Fees And Median Salaries

Edited By Atul Ade | Updated on Nov 09, 2023 09:05 AM IST

Think of an MBA qualification and you are transported to the dreamland of IIMs A, B, C and L. Ask any MBA aspirant and they’ll tell you how they want either of these four campuses as their alma mater. A seven-figure salary, a well-settled job, and a high standard of living are what they imagine their life would be like after passing out from an IIM. But getting into an IIM is not possible for all.

Pursuing an MBA from IIM or IITs, Analysis Of Fees And Median Salaries
Pursuing an MBA from IIM or IITs, Analysis Of Fees And Median Salaries

Getting into IIM requires not only a higher percentile in CAT but comparably high fees which is around 18.34 lakh to get admission. There were only six IIMs in India till 2006. Post that IIM Shillong came up in 2007 followed by 13 more IIMs established in 2016. NITIE Mumbai which was only recently rechristened as IIM Mumbai has been left out of the list.

But, do you know apart from these new IIMs, another set of institutes of national importance that also provide high-quality education in the field of management? Yes, we’re talking about the IITs. While IIMs demand a lion’s share in the form of fees, the IITs provide the same salary at a much lower cost.

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For our analysis in this article, Careers360 has excluded the old IIMs as these institutions are the oldest management institutes of India. And there is no comparison between them and any newly established IIMs or IITs which started B-school programmes in their campuses much later.

So here is the analysis of management programmes at IIMs vs IITs with respect to their average fees, graduation rates, placement outcomes and median salary. Also included is the participation of students from socially disadvantaged backgrounds.

Average Fees

Average fees for all the IIMs (only second and third generation) are Rs.16 lakh for the duration of two years of MBA programme. While this average amount is four times higher compared to the IITs that offer a management postgraduate programme at Rs. 4.75 lakh.

IIM Udaipur and Trichy had the highest number of admission while their median salary was quite lesser than the other IIMs. Meanwhile IIM Shillong which was established in 2007 charges the lowest admission fees for MBA programmes and has the highest median salary compared to all the second and third generation IIMs.

Admission Fees At Second and Third Generation IIMs

2nd and 3rd Generation IIMs

In lakh per annum (INR)

Indian Institute of Management Raipur

15,62,960

Indian Institute of Management Rohtak

17,90,000

Indian Institute of Management Udaipur

21,23,000

Indian Institute of Management Kashipur

17,21,000

Indian Institute of Management Tiruchirappalli

21,00,000

Indian Institute of Management Ranchi

17,50,000

Indian Institute of Management Shillong

14,30,000

Indian Institute of Management Visakhapatnam

18,00,250

Indian Institute of Management Jammu

17,15,000

Indian Institute of Management, Nagpur

18,90,000

Indian Institute of Management, Amritsar

17,30,000

Indian Institute of Management Bodh Gaya

17,00,000

Indian Institute of Management Sambalpur

17,81,000

Indian Institute of Management Sirmaur

1600000


Average Of The Median Salary Of New IIMs Vs IITs

The average median salary provided by the new IIMs after charging such hefty fees is 15.05 lakh. This is 2.38 lakh less than the average median salaries of the top seven IITs with an MBA programme. Based on the information from the NIRF report of 2023, we've only considered the median salary data for the year 2021-22. Out of the 14 new IIMs, only IIM Shillong could provide a median salary higher than that of all the IITs.

However, the median salaries at seven of the new IIMs including IIM Kashipur, IIM Jammu, IIM Nagpur, IIM Amritsar, IIM Bodh Gaya, IIM Sambalpur, and IIM Sirmaur is less than the average of all median salaries of all the new IIMs. Four out of seven IITs with an MBA programme provided a median salary more than the average median salaries for all IITs. ISM Dhanbad is the only IIT with an MBA programme that provides a median salary less than all the new IIMs.

Median Salary Of IITs In Lakhs

Top IITs For Management Education

Median salary 2021-22

in lakh per annum

IIT Delhi MBA

20.06

IIT Bombay MBA

25.76

IIT Kharagpur MBA

18.08

IIT Madras MBA

16

IIT Roorkee MBA

18

IIT Kanpur MBA

15.14

ISM Dhanbad MBA

9

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The average median salary of all the seven IITs was Rs. 17.45 lakh per annum which is surprisingly more than the average median salary of second and third generation IIMs. While no one IIMs from second and third generation IIMs have managed to get a median salary as high as IIT Bombay.

Many IIMs have less median salary than their admission fees. These things create a question mark for CAT aspirants for preferring IITs over the IIMs.

Median Salary Of New IIMs In Lakhs

New IIMs

Median Salary 2021-22

Indian Institute of Management Raipur

16.95

Indian Institute of Management Rohtak

16.06

Indian Institute of Management Udaipur

16.5

Indian Institute of Management Kashipur

14.82

Indian Institute of Management Tiruchirappalli

16

Indian Institute of Management Ranchi

15.46

Indian Institute of Management Shillong

22.28

Indian Institute of Management Visakhapatnam

15.46

Indian Institute of Management Jammu

12.75

Indian Institute of Management, Nagpur

15.42

Indian Institute of Management, Amritsar

13.54

Indian Institute of Management Bodh Gaya

11.68

Indian Institute of Management Sambalpur

12.42

Indian Institute of Management Sirmaur

11.4


Top 7 MBA schools in IITs across India

The number of students joining MBA courses in IITs dropped by 1.3 per cent in the 2020-21 academic year, with only 698 students enrolling compared to 707 students in the previous year. The outbreak of Covid-19 might be a reason for this fall. The average percentage of students graduating from the MBA programme in 2021-22 was 89.27 per cent. This is 3.73 and 4.32 percentage points less than the average graduation rate of students graduating in 2020-21 and 2019-20 respectively. The percentage points here refer to the difference between percentage values.

In terms of placement, the percentage of students who secured jobs in 2021-22 fell by 4.23 per cent compared to the previous year. However, it was still 6.35 per cent higher than the placement rate in 2019-21.

There was a slight dip in median salary in 2020-21 in respect to 2019-21. This as mentioned before was the result of the outbreak of Covid-19 which had a detrimental effect on the job market. However, the median salary showed a hike of 19.99 per cent the next year in 2021-22 when compared to 2020-21. IITs have performed impeccably in terms of providing salaries to its students in 2021-22 as compared to the previous two years.

The COVID-19 pandemic impacted enrollment, graduation, placement and median salary of MBA programmes of top IITs in the country. However slowly they recovered from the pandemic's negative impacts. This showcases IITs' resilience and strength in assisting their students' career prospects. The median salary they provided to their students in 2021-22 is a perfect example of it.

Also check-Can I Do An MBA After Class 12?

Top IITs : Intake, Graduation And Placement Percentage With Median Salary

Fees For IIM And IIT

Top IITs For Management Education

Management Schools Of IITs

Students Admitted in 2020-21

%age Of Students Graduating in 2021-22

%age Of Students Placed in 2021-22

Median Salary 2021-22

IIT Delhi MBA

Department of Management Studies,IIT Delhi

117

95.73

100.00

20.06

IIT Bombay MBA

Shailesh J. Mehta School of Management

148

77.70

99.13

25.76

IIT Kharagpur MBA

Vinod Gupta School of Management

97

100.00

100.00

18.08

IIT Madras MBA

Department of Management Studies,IIT Madras

114

92.98

99.06

16

IIT Roorkee MBA

Department of Management Studies, IIT Roorkee

72

95.83

100.00

18

IIT Kanpur MBA

Department of Industrial and Management Engineering

75

97.33

100.00

15.14

ISM Dhanbad MBA

Department of Management Studies, ISM Dhanbad

75

65.33

89.80

9

Fees for IIM and IIT

OBC and general candidates have to pay the same number of admission fees for MBA programmes in the IITs. While students who belong from the scheduled caste and scheduled tribes need to pay the lesser amount of admission fee.

As per the latest NIRF ranking 2023, all the seven IITs were ranked among the top 50 management institutes across the country. While five IITs (Except IIT Kanpur and IIT ISM Dhanbad) were ranked among the top 20 NIRF management institutes. IIT Bombay charges the highest amount of admission fees for the students.

Many students, if they did not get admission offers from old IIMs, have preferred IIT Bombay and Delhi for MBA programmes instead of going for the second and third generation IIMs. Whether these two institutes are IITs but, they are among the top 10 management institutes of India.

MBA Admission Fees at IIT

IITs

Fees for General/OBC

Fees For ST/SC

IIT Delhi

12.63

1.43

IIT Bombay

14.08

6.08

IIT Kharagpur

11.59

2.60

IIT Roorkee

12.07

5.68

IIT Madras

7.20

1.20

IIT Kanpur

4.35

1.55

IIT ISM Dhanbad

2.84

0.59

Also check- An MBA Degree Does Not Guarantee Entrepreneurial Success

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