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how to manage mba cost

The quote “Good things come with a price” is relatable to MBA. An MBA is a sought-after graduate degree which is used all around the globe. It is one of those degrees that give a tremendous boost to your career, but it costs you a whopping amount of money. Cost of doing an MBA is substantial and has a significant impact on the personal finance, but there is a gamut of benefits of doing an MBA that outweighs the cost associated with it. The cost of an MBA varies depending on many facets like the type of university- public or private and type of program- full-time, online, associate or part-time program.

MBA Cost in India

The MBA cost in India varies depending on the type of B-school- public or private. We’ve put together the fees at top B-schools in India (For Academic year 2016-18)-

1 . IIM-Ahmadabad: Rs. 19.5 lakh
2 . IIM-Bangalore: Rs. 18.7 lakh
3 . IIM-Calcutta: 19 lakh
4 . XLRI-Xavier School of Management, Jamshedpur: Rs. 16.8 lakh
5 . IIM-Lucknow: Rs 14 lakh
6 . MDI (Management Development Institute), Gurgaon: Rs. 15.96 lakh
7 . SP Jain Institute of Management and Research, Mumbai: Rs. 14.5 lakh
8 . FMS (Faculty of Management Studies), Delhi: Rs. 20,960
9 . IIM-Kozhikode: Rs. 16 lakh
10. IIM-Indore: Rs. 13 lakh
11.ISB (Indian School of Business) Hyderabad: Rs. 30 lakh

Things Contribute to the MBA Costs

There are many things that make up the MBA costs. There are additional costs involved besides the tuition fee such as, preparation cost, application cost and cost of living. Some of these expenses are not covered in the initial MBA costs, but add up to the complete MBA costs.

Tuition Fees: The tuition fee for a 2-year MBA studies at premier B-schools in India will cost on an average 12 to 15 lakhs.

Cost of Living: The cost of living varies depending on the type of accommodation-on-campus or off-campus. This factor has a major impact on the MBA cost.

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Preparation Cost: To gain admission into the B-school, preparation for the entrance is required. The preparation cost includes the cost of classroom coaching, interview preparation and for GMAT aspirants- essay writing. The average preparation cost is about Rs. 50,000.

Opportunity Cost: The opportunity cost covers the foregone salary, the promotion and professional experience. The total MBA cost is the cost of an MBA + Opportunity Cost.

Cost of Application: In India, B-schools require students to undertake entrance examination like CAT, MAT, XAT, etc. The CAT (Common Admission Test) application fee is around 1700 where you can apply to MBA programs from IIMs. If you want to apply to other leading B-schools in India accepting CAT, an extra fee of around Rs. 1500 to Rs. 2000 for their application forms is to be paid.

How to Make Your Business Studies Affordable?

After you have decided to go for an MBA, you are now probably thinking of how to make it affordable. There are ways to make your business studies affordable like scholarships, employer-sponsored MBA programs, low-interest student loans, etc. Here are a few ways to make your Business Studies affordable-

Student loans: The financial institutions in India offer funding that covers majority percentage of the program expenses. Many B-schools in India have tie-ups with banks, who can offer loans to students. These loans have low-interest rate as compared to the regular loans and are to be repaid after a certain period of your MBA graduation.  The best education loan providers in India are Government of India in consultation with the RBI (Reserve Bank of India), Credila – a non-bank finance company that exclusively focus on education loans, State Bank of India, Axis Bank, IDBI Bank, Punjab National Bank and HSBC India Student Education Loan.

Looking For Financial Aid?
Check-Out Funds Avilable For Your MBA?

Scholarships and grants: Most B-schools in India and the State Governments offer scholarship and grants to the deserving candidates with less financial resources. Merit-based or need-based scholarships are on offer for students who are economically weak.  Some scholarships have specific requirements like a minimum threshold for scores/grades obtained, entrance exam scores, a maximum completion time and others.  These scholarships cover the full or partial cost of study. Example: IIM-A offer special scholarship on need-basis, family-income linked tuition fee waiver scheme, industry scholarship on need basis, GOI merit cum other means of  scholarships, SC/ST scholarships and several other scholarships. IIM-B offers Aditya Birla Scholarship on merit basis, Ocwen Scholarship, etc.

Personal Fund: This includes personal savings and family resources. It is a zero-percent interest method.

Employer Sponsorship: Ask Employer to foot some of the bill. Convince your employer the value the MBA degree holds and what you can bring to the table after obtaining the MBA degree. Explain the employer how you holding an MBA degree will benefit the company. Though, there will be caveat attached to it, and that is, you will have to return the money back to the company after graduating. Some MNCs offer tailored MBA programs in association with the top b-schools.

Internships/Working part-time: While studying MBA, you can go for internships or work part-time to earn money that will cover your sundry expenses. Also, many B-schools offer part-time MBA programs and online MBAs that are specifically designed for working professionals; this will help you in your workplace as well as MBA studies.

Research on the post-MBA salary: Before committing to the business studies, research about the salary you may receive after completion of the MBA studies. This research and estimation assess your ability to pay off the bank loan. Also, research on whether the business school you are applying to can expose you to the companies and if you can get a job placement with good pay package after graduation from the MBA.

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