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In earlier times, unlike professional courses like Law or Medical courses, an MBA did not have much recognition among the masses nor was it considered much prestigious degree like the other two mentioned above.
It is about the 19th century, when industrialization took place and society witnessed a rise in the demand for leaders who could manage big organisations since such leaders were capable of understanding the relationship between expertise and the world force of a company. MBAs and MBA degrees became prominent in the management field in the middle of the 20th century. When the demand for MBA courses and specialisations increased, the cost of doing an MBA also increased.
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Along with the passage of time, MBA has built a solid reputation among the masses globally. The fact that this degree promises high employability and salary to fresh MBA postgraduates makes an MBA even a better opportunity as a career for students. But everything comes with a cost, so is a top MBA course. Once a student decides to pursue an MBA, along with appearing in top MBA entrance exams, he is expected to know about the hefty amount of fee he has to pay to the institution where he is pursuing his MBA degree.
Despite being an expensive one, this course has gained so much popularity in the last decade as it opens a gateway of numerous opportunities for MBA grads once they complete their degree. That's why MBA is so costly in India. MBA is a 2-year postgraduate programme that can be pursued in various disciplines like- MBA in Finance, HR, Marketing, and IT in India. The program is offered by the top and most prestigious B-Schools across the country and IIMs (Indian Institute of Management), Symbiosis Institute of Management Studies, Symbiosis International, Faculty of Management Studies, etc are some of those Institutes. The fee structure of each Management school differs from that of each other. The fee for an MBA degree in India ranges between 6 lakh to 22 lakh.
Here are the factors that play a significant role in making MBA an expensive course, By going through the below factors, candidates can easily understand why MBA is so expensive?
Expertise of Faculties
It is the responsibility of B-Schools to provide their students with expert faculties who have excellent academic credentials. The knowledge of such experts comes at a cost and taking insights from such professors and mentors is one of the main benefits of pursuing an MBA. Hence, it’s quite reasonable for B-schools to invest in such faculty.
MBA is not just a qualification
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While pursuing an MBA, one doesn’t only pay for their studies but also for the experience that they would miss out on otherwise. Studying MBA could cost more than just a tuition fee especially when one decides to move abroad and study at prestigious Management schools in America or Europe. It is needless to say moving out of your home country to another country for the purposes of study becomes substantially expensive.
Resources
B-Schools do not provide for faculties and tutorial classes only, rather, these institutes always endeavor to offer their students more and more facilities such as school resources which include- hostel, library, mess, etc. Along with these resources, management institutes are also encouraging e-learning and digital learning models in order to make it easier for MBA students to learn through online programs. Such learning resources come at a cost.
Student Trips
Apart from studies, MBA students at B-Schools add value to their experience by participating in various kinds of abroad trips to conduct big projects, workshops, programs, career fairs, etc. Such programs also incorporate a huge cost of learning.
Before enrolling in an MBA programme, one must thoroughly go through ways that might make their journey in B-school affordable. They can go for the options like:
Scholarships
MBA is an expensive course, hence, to help bear the expenses, there exists an MBA Scholarship. One must research the MBA Scholarship opportunities available to them as it will open the doors for them to pursue a popular yet expensive course and help them to cover a part of their education expenses.
Also, there are available scholarships for students belonging to a particular group or community, which they can avail by fulfilling the basic eligibility criteria for such scholarships.
Student loan
In case, where one fails to find any MBA scholarships or if no scholarships are available to them, they can also go for student loans with lower interest rates also.
MBA is an expensive course, but at the same time it promises career growth, personal development, and high salary along with great learning experiences.
The MBA course fee offered by the various B-schools are mentioned below. Going through the below table, MBA aspirants can get the answer to the question, Why MBA so expensive?
B-School | IIM Fee Ranges (Approx in Rs.) |
IIM MBA Fees | Rs 12,00,000 to 28,00,000 |
IIT MBA Fees | Rs 4,00,00 to Rs 21,00,000 |
XLRI Jamshedpur | Rs 16.8 lakh |
Rs 24.16 lakh | |
Rs 16.50 lakh | |
Rs 21.25 lakh |
Doing an MBA is only worth the expense, time, and effort when a graduate plans to work in a business-related sector, in management, or as a company founder.
One of the most significant reasons behind the expensive nature of the MBA programs in India is the need for robust facilities and infrastructure. In order to deliver high-quality education, B-schools require well-equipped libraries, modern classrooms, audio-visual aids, computer labs, and other amenities.
An MBA programme is designed to develop candidate's skills in various domains. However, Engineering course follows a single path. MBA degree is a qualification that gives a student a step-up in their careers and enhances their skills and competence. The MBA fee also includes an opportunity cost.
Usually, the highest fee in Tier-1 MBA colleges ranges from Rs 15,00,000 to Rs 30,00,000. Apart from that the MBA fee structure in top IIMs ranges from Rs 15,00,000 to Rs 28,00,000.
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 .
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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.
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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.
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