MBA is a highly sought-after course in India. There are more than 3000 business schools in India offering MBA courses. But in most of the top MBA colleges in India, the cost of pursuing this course is increasing annually. Moreover, MBA course fees in India are comparatively cheaper than in other countries. However, it is still expensive even for Indian standards, and aspirants cannot afford it without applying for an educational loan. Here are some of the reasons why top MBA Colleges’ fees are expensive in India:
- Tuition fees: Pursuing a two-year residential MBA course from any top MBA College in India will cost around Rs 15-20 lakhs. Besides that, top MBA colleges in India accept CAT, MAT, and GMAT scores for enrolling in MBA courses. And these CAT, MAT, and GMAT entrance exams cost higher fees. The total MBA course then costs approximately Rs 25 lakhs-30 lakhs. So, to pursue an MBA course in India, aspirants need to apply for educational loans from various Indian banks.
- Opportunity cost: MBA courses can make one’s career better for future opportunities than the existing career. Hence, before you opt for an MBA course in India, consider the opportunity cost. Opportunity costs include your professional experience, past salary, and the probability of a promotion.
- Preparation cost: MBA course entrance examinations are tough. All the top MBA colleges in India accept the score from MBA admission entrance exams. Several coaching centers are there to help the students prepare for these entrance exams. These coaching centers charge an average of Rs 40,000-50,000 for the coaching. So, for only written exam preparation, aspirants need to spend a good amount of money.
- Hostel fees: Many top MBA colleges in India offer residential courses. Aspirants from all over the globe enter these top MBA colleges to study MBA courses, and they opt for residential/hostel services. This means they have to pay additional hostel fees for their courses over the tuition fees.
- Application form cost: Aspirants who want to pursue MBA courses from IIMs need to clear the Common Admission Test (CAT). The application fees for this test cost around Rs 1600. Similarly, the other top MBA colleges in Indiaaccept scores of other entrance examinations. The application fees of these tests cost around Rs 1400-2000. The GMAT application form cost is also very high. To buy the application form of each MBA college will cost you around Rs 5000-10,000.
- Full-time or part-time MBA courses: Fresh graduate students always opt for full-time MBA courses, whereas professionals above the age of 30-33 years generally prefer part-time MBA courses. The tuition fees of the part-time MBA course costs around Rs 5 lakhs-15 lakhs depending on the college. These professionals pursue MBA courses to enjoy further benefits of their job, such as a promotion and a hike in the pay package.
Pursuing an MBA from the top MBA colleges in India is an advantage for aspirants to become successful in their corporate careers. However, the financial cost that is associated with an MBA course may become a constraint for the aspirants. But before concluding that MBA is an expensive degree, one cannot deny the value of an MBA degree in the corporate sector. The future benefit of an MBA degree surpasses its course expenditure. Therefore, before deciding to pursue an MBA course, it is best to look into its pros and cons.