For 2024 MBA aspirants, the good news is that a new IIM has recently opened its doors, offering a choice of three new MBA programs.
In August 2023, the 60-year-old National Institute of Industrial Engineering (NITIE) officially transformed into IIM Mumbai. While it previously exclusively enrolled engineers on its management programs, as India’s 21st IIM, it will admit qualified students from all academic backgrounds.
IIM Mumbai’s strong reputation
IIM Mumbai starts from a strong position, inheriting NITIE's reputation as a prominent management institute, ranked 7th in the Indian National Institutional Ranking Framework (NIRF) in 2023. NITIE outperformed most IIMs in the 'Research and Professional Practice' component...
For 2024, IIM Mumbai has established The Center of Excellence in Logistics and Supply Chain Management. The center aims to conduct cutting-edge research, knowledge creation, and capacity-building programs to develop India's logistics sector through applied research and industry outreach to tackle real-time business scenarios.
According to IIM-Mumbai’s Director Manoj Tiwari: "The transition to IIM Mumbai has brought about significant changes. We recognised the strong appeal of the IIM brand in India, and this transition allows us to offer a more prominent and recognized business school. We've revamped our academic curriculum to address current industrial needs, incorporating components like data science and data analytics to equip students with tech-driven management skills."
IIM Mumbai says it will attract top-tier faculty. "We have already received 10-15 applications from prestigious global B-schools like Stanford from individuals who are keen to join our institution. I believe the prestigious IIM brand largely drives their interest in joining our faculty," said the director.
New MBA programs at IIM Mumbai
IIM Mumbai is introducing three MBA programs: a general MBA, an MBA in Sustainability and Management, and an MBA in Operations and Supply Chain Management. The fee structure for all three programs will be uniform, and admissions will be conducted through the Common Admission Test (CAT), aligning with the admission process of other IIMs.
IIM Mumbai MBA fees
IIM Mumbai MBA fees are around INR 21 lakh for its two-year programs (INR 10.2 lakh per annum), starting from the academic year 2024-25. While this is a steep increase of 40% on its previous annual fees, these are lower than those set to incoming students by other top schools, such as IIMs Ahmedabad (31.5 lakh), Calcutta (31 lakh), and Bangalore (24.5 lakh).
"We looked at the other IIMs that were similarly ranked and we were clear that we did not want to hike our fees by 3x or 4x. We want to be an institute that is affordable to the masses of India who have the merit to join us,” the director recently told The Times of India.
He also said: "The institute is considering keeping the fees stable for another one to two years, but the board will assess the college's financial reserves before making a final decision. While the institution has secured government funding for expanding its campus infrastructure, it is now on track to build its financial reserves and achieve financial independence starting from the next year."
IIM Mumbai MBA eligibility criteria
For the general MBA and the Sustainability and Management MBA, candidates from diverse academic backgrounds are eligible to apply. However, candidates for the MBA in Operations and Supply Chain Management are required to hold an engineering degree or a background in statistics and mathematics.
By welcoming candidates from diverse academic backgrounds, the institute says it aims to enhance diversity within its student body. To promote gender balance, IIM Mumbai has set a target of ensuring that at least 36% of the campus population are women. To achieve this goal, the institute plans to allocate an additional 5% of seats to female candidates. Furthermore, the eligibility criteria have been expanded to allow all candidates to apply for the general MBA program.
Candidates must hold a bachelor's degree, with at least 50% marks or equivalent CGPA [45% in case of candidates belonging to the Scheduled Caste (SC), Scheduled Tribe (ST) and Persons with Disability (PwD) categories], awarded by any university or educational institution as incorporated by an Act of Parliament or State legislature in India or declared to be deemed as a university under Section 3 of the UGC Act, 1956, or possess an equivalent qualification recognized by the Ministry of Education, Government of India.
Students in the final year of the above degrees can also apply subject to the following conditions:
Provided they qualify the above criteria for examinations.
Complete their examination, viva voce etc, by the time of joining the Institute.
Applicants should take the Common Admission Test (CAT) conducted by the Indian Institutes of Management (IIMs) in order to apply for the above programs.
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