Hi Shamli, IIM MBA fees are high because the IIMs provide good infrastructure and excellent faculty. However, IIM fees pale in comparison to the average salary that IIM MBA graduates get.
IIM fees are around 20 lacs for 2 years, whereas the average pay for MBA students who have just graduated is close to 30 lacs. Given the high average packages, banks are always there to provide education loans to IIM students without any collateral or guarantors. This is also true of all MBA colleges which are ranked highly.
If you compare this with the top business schools in the world, the fees will be much higher (typically about a crore or more), as the infrastructure, faculty and average roles and salaries will also be correspondingly higher. Check out our response on this here -
As every student who gets through a high-ranked business school (https://mockat.com/infozone/college/top-business-schools/) will get an education loan from banks without any issue, the fees should not matter much. For some extreme reason, if a student is unable to get a loan and cannot afford the fees, there are MBA colleges such as FMS Delhi, where the fees are quite low (around 2 lacs at the time of writing).
All the best!
Aren’t IIM MBA fees very high?
Okay. thanks for the suggestions.
Hey Mahima, first of all, congratulations on getting IIM interview calls. However, we encourage you to give another shot at CAT and other management tests next year. A lot of students settle for the average without proper guidance and awareness. You can land up on old IIMs next year if you approach CAT with the right mindset and mentorship.
Coming to your next question, institutes like FMS, SP Jain and IIFT are considered better institutes compared to new IIMs, and that is why they typically require a higher percentile (especially FMS). SP Jain prioritises students' profiles and is also considered a very good institute, as is IIFT Delhi. The placements and salary will also be better typically, and the brand value is also quite good. FMS also has one of the best returns on investment with low fees which makes it very popular.
Of course the top 6 IIMs are typically considered better, as they have an edge in terms of placements (especially companies and roles). If possible, you should hold out for another year, as you can get more senior roles with more responsibilities, better designations and higher salaries. Check out more at https://mockat.com/infozone/college/top-business-schools/
Hope this answers your question. All the best!
I graduated in arts last year and got interview calls from baby and new iims. should i go ahead and join them or should i take cat 2022 to get in to better b-schools? is fms iift sp jain better than new iims to spare one more year?