This rich crop of talented managers is harvested from more than 5,000 schools spread across the country. From pioneers such as telecommunications giant Gopal Vittal, to successful entrepreneurs like Richa Kar, India’s MBA graduates lead from the front.
But there are a wide range of business schools and graduate management colleges offering MBA degrees (often called a Postgraduate Program in Management, PGDM) in India. Studying an MBA degree in India can require significant investment.
So what’s the cost of an MBA in India in 2023? And which schools offer more affordable options?
Know the types of MBA colleges in India
To understand the cost of an MBA in India you first need to understand the various types of schools that offer MBA degrees.
In India, there are three types of colleges offering MBAs—public, university-run, and private institutions.
Most public schools function under the Government of India’s Ministry of Human Resources Development (MHRD). They have reasonable operational autonomy, while adhering to the policy and governance frameworks of the ministry. The Indian Institutes of Management (IIMs) are the most widely known public schools.
There are also a variety of university-run colleges such as the Faculty of Management Studies, Delhi University.
Private institutions are the third category of MBA colleges in India. These are independent colleges and faculties operated by private universities. The Xavier School of Management (XLRI), and the Amity Business School, Amity University, are examples of private institutions in India.
How much does it cost? IIM MBA fees in India
The fees for full-time IIM MBAs vary. Most colleges offer programs costing INR23,00,000 ($28k) per annum but some IIMs cost less, such as IIM Sambalpur with its fees of INR13,03,300 ($16k).
Indian Institute of Management fees
When figuring out the cost of a program, you should also consider the return you can expect on your investment. For example, Bangalore is among the most expensive IIMs, but its MBA graduates on average enjoy a 147% salary uplift in the three years following graduation.
Cost of MBA at private business schools in India
Among India’s private business schools, ISB Hyderabad is by far the most expensive with tuition fees costing INR34,63,000 ($42k).
This cost is balanced out by the school’s impressive salary statistics. The average student on the Hyderabad MBA-equivalent Program in Management (PGP) sees a 184% increase on their pre-enrollment salary within three years of graduation.
This was the highest salary percentage increase among graduates from business schools anywhere in the world in 2022, according to the Financial Times.
Indian private MBA college fees
Who are the top business schools in India?
Tuition fees will have a significant impact on deciding where you study an MBA in India. But knowing that you’re picking a reputable institution is also important.
Many applicants choose to explore lists such as the NIRF, and the Financial Times MBA 2022 ranking before making their choice. These lists rank business schools according to a wide range of criteria including employability, graduate salaries, diversity, and course content.
The NIRF ranked these colleges as the top-five in India in 2022:
Top Indian MBAs: NIRF ranking
These four colleges appeared in the Financial Times (FT) 2022 Global MBA Ranking:
Top Indian MBAs: FT ranking
What are some affordable MBA options?
Online studying has become much more common in the wake of the Covid pandemic. Fees for online postgraduate degrees can be considerably lower than in-person options, although it’s worth weighing up the benefits before making your decision. For example, there may be fewer opportunities to network when studying online.
Some renowned business schools in India offer online MBAs at affordable prices. An online MBA with well-regarded NMIMS Mumbai costs INR164,000 ($2k). Studying at Amity University’s School of Business – the highest-ranked Online MBA in India according to the 2022 QS Online MBA Ranking – comes in at INR253,000 ($3k) for a two-year course.
Don’t overlook all the costs
You should also consider some of the extra costs associated with an MBA degree before making your final decision.
For example, you might need to budget for accommodation and course materials on top of the course fees. These costs vary between schools, so it’s best to consult the respective colleges to determine the total cost of enrollment.
It can also help to look up the cost-of-living index of the city where you plan to pursue your MBA to give you a better idea of how much you could pay in total.