Thinking of an MBA? Evaluate the actual cost

Presently, in India there are more than 4500 small and big Business schools, and the number is increasing with each passing year. While making a decision to pursue an MBA or not to pursue an MBA, one should always consider and evaluate all the relevant aspects such as return on investment, opportunity cost, tuition fee, living cost, career opportunities, etc. These points will help you in comparing the situations and making final decision for your desired MBA course.
 

• Tuition fee of the course: This is one of the most considerable and significant point, while choosing a course. Most of the leading B-Schools charge Rs. 12 lakh to 15 lakh for a programme, where as average B Schools charge tuition fee between Rs. 6 lakh to Rs. 10 lakh for the programme. GMAT generally accepts more experienced candidates and the fee level also increase accordingly. One should get ready to between Rs. 20 lakh to Rs. 22 lakh in India and Rs. 70 lakh to Rs. 80 lakh in foreign country.



• Residential programme/general programme: There are many B Schools which offers only residential MBA programmes, therefore all the students required to accommodate in the college hostel. IBS (Indian Business School), one of the leading B School of the country offers only residential course which increases the tuition fee. Aspirants should always consider the residential cost or compare the fee of general course and residential courses, which might increase your overall budget.



• Apply for Education loan: Nowadays, many banks offer education loans, even many colleges have tie-ups with various leading bank for hassle free educational loan process. Most of students apply for educational loan to pursue their MBA as the costs related to the programme are really high. Therefore, while evaluating other points you should also consider that if you are taking a loan, how much time you will get to repay to loan and how much interest you will pay over the total amount.



• Application fee: Nowadays, application fee can also make hole in your pocket. An average cost of filling any application form is somewhere around Rs. 2000 to Rs. 2500. If you have applied to 10 to 15 colleges it might cost you around Rs. 30,000. If you have enrolled yourself into any preparation institute which might cost you somewhere Rs. 40,000 to Rs, 50,000. In this way you will pay somewhere Rs 100,000 for whole preparation.



• Career Opportunities: While applying for any programme you should always research the market first and find out the career and growth opportunities available in that respective field. What are the salary packages offered, minimum salary offered and maximum salary offered to any candidate in campus placement. This will help you to under the future possibilities in the particular field.