How Much Does It Cost To Do An MBA In 2018?

As students prepare for b-school GD-PIs, we look at approximately 50 Management schools across India to assess the fees that they charge and rank them accordingly.
This comes after we released the list of India’s Most Desirable B-Schools , where we ranked Management Schools across India on the basis of how desirable our users feel these b-schools are.

For this analysis, we first asked aspirants on InsideIIM what they think is an acceptable cost for an MBA.
You can find out more about this in our report What Is The Reasonable All-Inclusive Cost Of Doing An MBA?
We then came up with the list of what it actually costs to do an MBA from a b-school in India.
In this report, you will find that:

  • Compared to last year, b-schools have maintained the trend of an average fee of almost 14 Lakh Rupees for 2-year MBA programmes.
  • The top 3 old IIMs have hiked their fees as compared to last year, while IIM Lucknow remains the cheapest old IIM to do an MBA from.

The b-schools are listed in descending order of the fee that they charge. None of the figures here include costs of Foreign Exchange or Excursions. The range for the cost of accommodation has been mentioned along with the respective fees of the b-school.

The table below is inclusive of the fees as well as the batch size of the respective colleges.

Rank

B-School Programme Fees

(Hostel Fees and Accomodation Costs included wherever applicable)

Batch Size

1 ISB Hyderabad PGP 2018-19 33,34,073 905
2 IIM Ahmedabad PGP 21,00,000 441
3 SIBM Pune MBA 20,21,000 NA
4 IIM Calcutta PGP 20,10,000 460
5 XLRI Jamshedpur PGDM (BM & HRM) 20,00,000 364
6 MDI Gurgaon PGPM/PGP-HRM 19,80,720 NA
7 IIM Bangalore PGP 19,70,000 405
8 MISB Bocconi PGP Business 2018-20 18,25,000.00+tax 84
9 IMT Ghaziabad PGDM 17,50,000 543
10 IIM Kozhikode PGP 17,50,000 374
11 NMIMS Mumbai MBA/MBA HR 17,50,000 697
12 SIBM Bangalore Full Time MBA 17,37,000 NA
13 SCMHRD MBA 17,10,000 227
14 BIMTECH, Greater Noida PGDM 17,00,000
15 XIM Bhubaneshwar MBA-BM, MBA-HRM 16,70,000 NA
16 Great Lakes Chennai PGDM 16,45,000 NA
17 IIFT Delhi and Kolkata MBA (IB) 17-19 16,25,000 167
18 SPJIMR PGPM/PGDM 16,25,000 242
19 IMI Delhi PGDM 15,41,000 NA
20 Goa Institute of Management PGDM 15,21,700+Hostel Fees ranging from 1,30,080 to 3,36,840 NA
21 NMIMS Hyderabad/Bangalore/Navi Mumbai PGDM 14,50,000 NA
22 IIM Lucknow PGP 14,16,000 462
23 Welingkar Mumbai PGDM 14,09,000 NA
24 TAPMI Manipal PGDM 14,03,500 NA
25 IIM Indore PGP 14,00,000(Domestic)/21,00,000(NRI) 545
26 Welingkar Bangalore PGDM 13,86,000 NA
27 IIM Ranchi PGP 13,60,000 247
28 IIM Trichy PGP 13,60,000 179
29 BIM Trichy MBA 2018-20 13,50,000+80,000 Mess Expenses NA
30 MICA Ahmedabad PGDM-C 13,50,000 180
31 IIM, Kashipur PGP 13,15,200 NA
32 IIM Udaipur PGP 12,99,100 233
33 IIM Shillong PGP 12,50,000 178
34 IBS Hyderabad MBA Program (2017 – 2019) 12,50,000 NA
35 IIM Raipur PGP 2017-19 12,31,200 NA
36 IIM Rohtak PGPM 2017-19 12,16,000 262
37 Institute of Management, Nirma University MBA full-time 12,12,000 NA
38 IRMA Anand PGDRM 12,08,400 NA
39 IFMR Chennai MBA 12,00,000 NA
40 IIM Nagpur PGPM 2017-19 11,00,000 NA
41 MYRA School of Business PGDM 10,00,000+1-2,00,000 Hostel Fees NA
42 IIT Delhi MBA/MBA (Telecom) 8,00,000 NA
43 VGSoM MBA 7,31,830 NA
44 NITIE Mumbai PGP 6,26,500 NA
45 JBIMS MMS 6,00,000 139
46 TISS Mumbai HRM & LR 2,38,000 (Hostellers)/ 1,14,600 (Non-Hostellers) 67
47 SJMSOM, IIT Bombay MMS 2,29,600 113
48 SIMSREE Mumbai MMS & PGDBM 1,38,000 NA
49 FMS Delhi MBA 60,480 217

ISB Hyderabad maintains its position as the most expensive b-school in India. This was expected, considering it is globally the highest ranked Indian b-school. It is also a 1-year programme, so although it is expensive, it allows students to complete the course faster than other programmes, which subsequently allows students to start earning sooner.

If you compare these figures with those in our report How Much Does It Cost To Do A MBA In India In 2017 , you will discover that the top 3 IIMs have hiked their fees, with IIM Ahmedabad jumping 5 places and actually going above the likes of MISB Bocconi and XLRI Jamshedpur to become the 2nd most expensive b-School in India. Other top colleges such as MDI, IMT and SIBM Pune have also hiked their fees, with SIBM Pune jumping from the 8th most expensive to the 3rd most expensive b-school. XLRI has seen no change in their fees.

Coming to other IIMs, IIM Lucknow maintains its fee structure as in 2017, and remains the cheapest of the old IIM, while IIM Indore sees a slight hike.

IIM Kozikhode has hiked its fees as compared to 2017. Symbiosis b-schools are gradually becoming more expensive, with SIBM Pune, SIBM  Bangalore, and SCMHRD featuring in the top 15 of the list.

The other end of the list features FMS Delhi, one the most sought after Management Institutes; with such a high ranking, relatively small batch size, great return on investment, and fees less than 3% of the fees of other top Institutes, there are no points for guessing why.
TISS and JBIMS also feature in the less expensive spectrum of the list.

While pursuing an MBA becomes more expensive almost every year, top b-schools such as FMS, JBIMS and even IIM Lucknow come as a relief to those who are ambitious but quiver at the thought of being in debt of education loans for 5-6 years of their lives.

So as an aspirant reading this analysis, what amount do you think you would want to pay for a 2-year MBA programme in India? Does an IIM tag compensate for these costs? Or would you consider spending a higher amount than what you would pay at ISB and study abroad?
Let us know what you think in the comments.

(Please point out any discrepancies in the comments section.)

(If you have interview calls for GD-PI, you can get an edge over everyone else by taking Deepali Nair’s Course On GD-PI at Konversations.com)

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