Get ready to pay more to earn an MBA degree this year

Getting an MBA degree has now become a trend among young aspirants, but those who are aspiring to get an MBA tag, should get ready pay more. IIM-Lucknow is the only institute which has reduced the fee for its flagship programme by 10%. Besides, other leading B-Schools are following a different path and increase the fee of their programmes.

Aspirants are required to pay 10-15% hiked fee from this year onwards. To beat the inflation and meet the miscellaneous expenses, B-Schools have decided to hike the fee for their various management programmes for the upcoming session. This year, IIM Bangalore has increased the fee, so far the highest among others at 13.3%, up Rs. 17 lakh from Rs. 15 lakh, whereas other institutes have increased their fees by 5% to 15%.

With the amended fee, IIM Bangalore’s management course has become most expensive than one at IIM-Ahemdabad, which will charge its 2013-15 batch Rs. 16.6 lakh. IIM-B has increased their fee by Rs. 15% last year too.

IIM-Bangalore statement said, “The new fee for the two-year course will cover tuition, hostel accommodation, health insurance, course and reading material including cases and books, computing facilities, library and other academic and co-curricular expenditure.”

Other than IIMs, United World School of Business, has raised its tuition fees by 5.5% from Rs. 4.50 lakh to Rs. 4.75 lakh. However, the institute has not increased the number of intake in the batch, which will be same as 180 as last years.

Ritesh Hada, managing director of United World School of Business, said, “ If you hire good faculty members and that too full time, cost of operations become very high. In last four months, we have added eight full time faculty members to the existing crop of 12, taking the total number of full time faculty to 20. This has forced us to raise the fees to meet our additional cost of operations.”

ICFAI Business School (IBS) has also hiked its tuition fee by 7.70% from Rs. 6.50 to Rs. 7 lakh, this year for its flagship PGDM programme. Similarly, Delhi-based International Management Institute has also raised its fees by 10%, up from Rs. 10.5 lakh to Rs. 11.58 lakh.