You have decided to study an MBA, but not sure whether to study in India or Abroad? Well, we will present a few facts which can remove the dilemma. Management education in India is as good as any other countries in the world.
- Every year, at least 3,60,000 students graduate from top MBA Colleges in India.
- 5 MBA colleges appear in the list of top 200 MBA colleges in the world as per QS Ranking.
- IIM Ahmedabad and IIM Bangalore rank 6th & 8th in Asia as per QS Rankings.
- Bangalore, Mumbai & Delhi rank decent as student cities; they find a place among top 100 student cities in the world.
- India is also a decent place to study PG courses for international students, with a percentage representation of 16.15% of the total number of international students.
Top MBA Colleges in India
Let's discuss 3 top class and 3 decent and budget MBA Colleges in India here below:
1) Indian Institute of Management Ahmedabad (IIMA) - Without any doubt, this college figures among the top MBA colleges in India. IIM, Ahmedabad is established after the Indian Institute of Management, Calcutta. The B-school has a legacy of its and hence ranks 40 among top business schools as per QS Global Rankings. The college offers various management courses at different levels like Post-graduation, Diploma, Certificate, Executive and fellowship Programs. Currently, the most popular course is the Executive MBA (PGP-Ex). You will find this course rated in the top 5 courses by Financial Times in the world. Last year, 881 students were enrolled in this course, out of which 237 were female students.
- Entrance Exams - You must have taken CAT, GMAT, or GRE entrance exams.
- CAT Cutoff - Last year it was 99.6 percentile for CAT.
- Course Fees - The PGP program costs 23 Lakhs INR, PGPX costs 25 Lakhs INR & PGP in Agri-Business costs 22 Lakhs INR.
- Top Recruiters - 75 companies took part in the placement drive, out of which Amazon, Hindustan Unilever Limited are top recruiters.
- Placement Package - 70 Lakhs per annum in the last batch and the international package is of $1,17,631
2) Indian Institute of Management Bangalore (IIMB) - This MBA college came into existence in 1973. Since then it is among top-ranked MBA colleges in India. You can study an MBA as well as a Doctorate level course here. NIRF 2019 ranks IIM Bangalore at number 1 spot. PGP program is the most sought-after course in the world.
- Entrance Exams - You need to appear for CAT, GMAT, or GRE.
- CAT Cutoff - Last year the average cut-off was 90 percentiles for CAT.
- Course Fees - PGP program costs 10.58 Lakhs INR per year, MBA: 10.7 Lakhs INR per year & Executive PGP: 21.5 Lakhs INR in total.
- Top Recruiters - Boston Consulting emerged as the top recruiters.
- Placements - The Average package of the 2019 batch went as high as 24.54 Lacs INR per annum.
3) Indian School of Business (ISB), Hyderabad - This top-ranked MBA college comes 7th globally as per Forbes's ranking recently. The business school offers a plethora of courses in various disciplines of management in specializations like Infrastructure Healthcare, Business Technology, etc. The admission starts in June – July, and if you have scored the minimum cut-off in entrance exams, you may apply online. The most popular course is PGP in Management along with various other courses.
- Entrance Exams - You need to appear for CAT, GMAT, GRE.
- CAT Cut-off - The cut-off for GRE is 710
- Course Fees - PGP program costs: 65 Lakhs INR, PGP (Executive): 30.41 Lakhs INR.
- Top Recruiters - Reliance, Axis Bank, Infosys, KPMG, Aditya Birla Group, etc. are top recruiters.
- Placements - The Average package last year went as high as INR 24.35 LPA per annum.
Let's discuss a few good MBA Colleges in India with lower course fees for those whose budget is less
Following are among the better MBA colleges in India offering courses at reasonable cost and good placements:
1) Faculty Of Management Studies (FMS) - This is the management department of Delhi University. The university's MBA course ranks 7th and 35th amongst top MBA colleges in India as per the rankings of Recruitment Inbox and NIRF in 2019. The college offers various Postgraduate and Doctorate programs in different fields like MBA, EMBA, Ph.D., etc. at an affordable cost.
- Entrance Exams - It accepts CAT scores only.
- CAT Cut-off - The cut-off is generally 98 percentiles.
- Course Fees - MBA: 20,960 EMBA - 1 lakh, PhD - 52,400 INR.
- Top Recruiters - ICICI, KPMG, EnY, Axis Bank, etc.
- Placements - The Average package last year was INR 20 - 35 Lakhs per annum.
2) Christ University - This is a deemed private university. The university offers both UG & PG courses to students on a variety of verticals. Every year, more than 16,000 students take admission to various UG and PG courses available at Christ University.
- Entrance Exams - For MBA it accepts CAT, MAT, GMAT, CMAT, XAT, or ATMA Scores.
- Cut-Offs - For CAT: 70-75 percentile, MAT: 80 percentiles, GMAT: 450, CMAT: 70, XAT - 70 percentile.
- Course Fees - MBA fee is 7.61 Lakhs in total.
- Top Recruiters - Deloitte, KPMG, EnY etc.
- Placements - Average salary package is 6.85 Lakhs per annum while the highest is 13 Lakhs pa.
3) KJ Somaiya Institute of Management (SIMSR Mumbai) - Established in 1981, this college figures among the decent MBA colleges in India. The college is in the suburbs of Mumbai. It offers both master’s and Doctorate degrees in management. The institute has a track record of 99% placement almost every year.
- Entrance Exams - The college accepts MH CET, MAT, CMAT, CAT scores.
- Cut-Offs - MH CET: 100 - 130, MAT: 70 percentiles, CMAT: 90 percentile, CAT: 86 percentile.
- Course Fees - For MBA it is 14.93 Lakhs for 2 years, MBA (Executive) - 8.17 Lakhs in total and PhD is 1.20 Lakhs total.
- Top Recruiters - Daimler, Minex Metallurgy, HDFC Bank, Ambuja Cement, are top employers.
- Placements - Average package last year was 10.15 Lakhs INR pa.
So, we are quite sure that you got a clear idea about how effective MBA courses in India are. Now, we will share a detailed comparison between MBA colleges in India and Abroad in the next section.
Is study abroad MBA courses worth it? Let's find out
In terms of American exceptionalism, student loan debt stands out. The cost of studying in America for an MBA is quite expensive. It is not possible to afford such a costly education. And considering the current pandemic and the imminent economic crisis in Europe and the world at large, you must behave prudently on where to study and invest your money accordingly.
The obvious question is the ROI. Yes, if you study abroad, you will earn in Dollars and Euros for sure. The packages will also be good, but that will come against hefty loans that you may have to apply for. Another question is whether the job matches your qualities or not.
The recruiters interview international students if they have a labour certification (proof stating the shortage of qualified Americans for the position). This proof is difficult to obtain. Also, every day most countries will look to hire fewer and fewer foreigners as most countries are suffering from unemployment of its citizens.
Fewer companies will spend time and money hiring foreigners when about 31 million American citizens are searching for jobs. So, let's look at the comparison of the cost of study in MBA colleges in India & abroad:
|Areas of Comparison||The IIMs and other decent colleges||Foreign MBA Colleges in general|
|Exam||CAT, MAT, XAT, GMAT, CMAT, etc.||Only GMAT|
|Approx cost of course||20 - 30 Lakhs INR, some colleges offer even cheaper courses at even 2 Lakhs and offer decent packages||40-80 Lakhs INR, the total cost to study can be close to 1 crore sometimes.|
|Average annual salary (Domestic)||20 - 25 Lakhs pa, for other colleges it is 7 - 15 Lakhs pa on average||15 - 20 Lakhs pa|
|Average annual salary (International)||$120,000 (72 Lakhs INR) for IIMs||$60000 (36 Lakhs INR)|
|Max Rate of Return in years||Max 2 - 4 years||You may have clear debts for 10-15 years|
|Cost of Living||It is much lower than most countries. It is at least 60 percent less than that of United States||Foreign countries obviously have higher cost of living|
It is not that an MBA abroad will provide you lesser opportunities or the package. But to enjoy those opportunities you will have to spend in Lakhs. To sustain a 2-year MBA course in the USA or Europe can be challenging at times. Indian students often resort to part-time work after classroom hours to sustain daily living. The cost of living is also relatively higher in the western countries. Also, due to COVID-19 pandemic the economy of most countries has taken a downslide. So, if you are planning for an MBA, be prudent with your decision. In India as well you can enjoy the similar quality of education at a much lesser cost than the foreign counterparts and you can secure a good package as competitive as these foreign universities can offer. So, before locking on an option consider the MBA colleges in India as well as not every day and every time you will invest for an MBA!