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Pursuing an MBA this year is going to be a costly affair for the students. Close on the heels of most IIMs hiking their fees for the two-year PG programme in management, other prominent B-schools in the country too have decided to do likewise for their MBA programmes.
The Indian School of Business (ISB) Hyderabad, for instance, will hike the fee from Rs 13.65 lakh (Rs 1.365 million) to Rs 14 lakh (Rs 1.4 million) for its flagship one-year management programme.
Narsee Monjee Institute of Management Studies (NMIMS) Mumbai, too has decided to hike its fee from Rs 1.45 lakh (Rs 145,000) to Rs 1.75 lakh (Rs 175,000) per annum.
Says an NMIMS professor,"We have hiked the fee marginally. We work out the cost per student every year and based on it we revise our fee. However, inspite of this revision, we will not be able to bring down the cost per studentthis year." NMIMS' cost per student works out to be Rs 1.85 lakh (Rs 185,000) currently and with the fee increase the figure will stand at Rs 1.60 lakh (Rs 160,000)."
SP Jain Institute of Management Studies (SPJIMR) Mumbai, too has increased fee for its MBA programme from Rs 1.75 lakh per annum to Rs 2 lakh (Rs 200,000) per annum.
"We have made a nominal increase in the fee keeping inflation and rising cost in mind. We also do not get any financial assistance from anywhere," said Rajan Saxena, director, SPJIMR.
At the Xavier's Institute of Management (XIM) Bhubaneshwar, a fee increase from Rs 3.96 lakh (Rs 396,000) to Rs 4.35 lakh (Rs 435,000) for the two-year business management programme will come in effect this year.
Says an XIM-B professor, "Every year we revise our fee. The increase in cost of education along with other expense like infrastructure maintenance, salary revision of faculty members and upgradation of facilities for students et al makes us revise our fee structure." The institute has applied to the AICTE for permission to increase the number of seats for its business management programme.
At the IIMs too the students will have to shell out more to pursue their two-year post-graduate management programme. The Indian Institute of Management Bangalore (IIM-B), has increased fee for its PGDM course from Rs 1.75 lakh per annum to Rs 2.5 lakh (Rs 250,000) per annum, that is the cost of the two year programme will be Rs 5 lakh (Rs 500,000). The fee hike comes in after three years at IIM-B.
IIM Indore too in its board meeting decided to increase its annual fee from Rs 1.50 lakh (Rs 150,000) to Rs 1.90 lakh (Rs 190,000). The institute will also increase the seats to 195 students with quota in effect this year. IIM Indore hiked its fee from Rs 1.25 lakh (Rs 125,000) to Rs 1.50 lakh last year.
IIM Lucknow is likely to raise its annual fee from the present Rs 1.69 lakh (Rs 169,000) to Rs 1.84 lakh (Rs 184,000) per annum. Said an IIM L professor,"IIM Lucknow will discuss the proposal to hike its fee in its upcoming board meeting in March. However, the fee could see a hike of or above Rs 15,000 from its current cost of approximately Rs 3.5 lakh (Rs 350,000)."
While IIM, Ahmedabad, will take a decision on the same in its board meeting scheduled to be held on 31 March this year, it says it has not yet decided on hiking the fee again. IIM-A had increased its fees from Rs 1.58 lakh (Rs 158,000) to Rs 1.77 lakh (Rs 177,000) last year, marking a hike of around 12 per cent.
IIM Kozhikode however, will not increase the fee this year. The institute had increased annual fee for the PGP course from Rs 1.15 lakh (Rs 115,000) to Rs 1.50 lakh last year.
IIM Calcutta will also consider a fee hike from Rs 3.5 lakh to Rs 4 lakh (Rs 400,000) for this academic year in its board meeting. The per student annual cost of the course at IIMs works out to anywhere between Rs 3 lakh (Rs 300,000) to Rs 3.5 lakh.
