Why Study in Top MBA Colleges is so expensive?
After engineering and medical courses, the Master’s in Business Management (MBA) is the most sought after course in India. It is a two-year post-graduate management course available for both students and professionals. Students can choose from a vast number of disciplines, including Marketing, Finance, HR, Operations Supply Chain, and IT. The course has gained momentum over the past decades, owing to the tremendous career opportunities and high packages offered to MBA pass-outs. People from any stream like Science, Commerce, Arts, Humanities, Engineering, etc. can apply for the MBA degree. The MBA degree highly attracts students because there are a lot of career opportunities in this sector like working in corporations, MNCs, starting their own business, etc.
The students seeking admission in MBA need to qualify the eligibility examinations to ensure admission to top MBA colleges of India. The reputed colleges offer academic brilliance, as well as provide hands-on experience of working in business administration. When the students apply for top MBA colleges in India; they look for various parameters, among which cost is a significant parameter. The cost of pursuing an MBA is relatively high in comparison to other post-graduation courses. Some prominent reasons are listed below:
- Brand value -The higher ranking of the institute also accounts for better career opportunities and job offers with high packages. The prestigious colleges assist the students in attaining relevant aptitudes, skills, and capacity for harnessing their business acumen in the work environment. The college with high badge value has higher fees.
- Expertise – When you choose a college for an MBA degree, it is essential to know what you are looking for. The top business schools offer experienced lecturers, professors, specific seminars, etc., that prepares you for the forthcoming career opportunities. The colleges also provide real-time business solutions for students. They rope in subject matter experts for quality education, which is reflected in the tuition fees.
- Global standards – The business schools of India are spending heavily to make themselves at par with the global standards. It includes steps like upgrading the infrastructure, high pays for expert faculty, top-notch educational tools, better academic standards, premium campus facilities, and more. It adds to the high cost of the MBA degree.
- Campus hostel facilities – Most of the MBA colleges are situated in the outskirts of the city. Hence the business school offers hostel accommodation for students from all over the country, as well as foreign countries. Thus, students need to pay extra hostel charges.
- Opportunity cost – When a professional or a salaried person pursues the regular two year MBA degree for boosting their salary packages and availing a higher job role. But for this course, the students need to let go of their present and future income, salary hike, and other company benefits for the next 2 years. The letting go of the present opportunities for future benefits is called opportunity cost. As one chooses to do a regular MBA course, they also have to consider the restrained financial flow, apart from the tuition fees for the course. This overall makes the MBA costlier for the working professionals.
- Placement cost – The premium MBA colleges have a well-established placement cell, where they groom the students for cracking the interviews. The team works on improving the soft skills and brushing the education accumulated in the college. The top colleges have the highest number of companies that visit for recruitment.
- International collaboration – The top MBA colleges in India have collaborations with foreign universities and prestigious companies. Under student exchange programs, the students are sent to foreign MBA universities for a semester. It is to broaden their perspective and better exposure. Students are also provided internships in prestigious companies for hands-on experience. These facilities also add to the cost of the degree.
When you pursue an MBA from a respected business school, it paves the way for becoming future managers, administrators, and leaders. Hence, the high expense on the MBA degree is worth the price when you are planning a career in the corporate sector, business, entrepreneurship, etc. It will essentially provide you with the extra edge in creativity, patience, logical thinking, planning, etc., required for reaching the pinnacle of success.
Jeff Morgan is currently associated with NetworksGrid as a technical content writer. Through his long years of experience in the IT industry, he has mastered the art of writing quality, engaging and unique content related to IT solutions used by businesses. Topics like network security, managed firewall services, managed IT services and cloud computing like Best QuickBooks desktop hosting are his favorite.