Most of the colleges shows only tuition fees on their website while hiding the other details which add up to the cost.. today we will check out the total cost of MBA in India.
College Tution Fees
– 8 Lakh per year.
First and most important is the College tuition fees. College fees varies drastically with brand name of the college example IIM Ahmedabad charges 20 Lakh plus tuition fees while JBIMS is only 6 Lakh as per Ck Calculations.
Hostel & Admin Fees
– 50k per year
Second most important is the hostel fees which is included sometimes in residential programs. Example some IIMs total fees is inclusive of hostel fees while colleges like Welingkar and SIES do not include hostels as estimated by Ck.
Books notebooks and stationary
3k per year Cetking estimate
You have to buy books when doing MBA. Few BSchools provide books for free (included in the tuition fees) while others have to buy the books. At times library can suffice the need but library can’t provide books for each of the students.
Laptop
40k one time average cost of laptop by Ck estimate.
One of the most important tool for MBA is a laptop. Though not compulsory but you need one. So better to buy one.
Food
5k per month
One time food is easy and cheap but when calculating for the next two year it adds to substantial amount. Average mean at BSchool is around 100/- when eating at canteen and while eating outside canteen it can go upto 300/- per meal Ck estimate approximately.
Parties and Eat Outs
2k per month
Parties and eatjng outside are regular features of MBAs. Which adds too the cost of your living. Considing one decent eat out can cost upto 1k per person. Eating out twice a month can cost around 2k according to estimate by Ck.
Guest lectures Workshops
2k per year
Special lectures and workshops are arranged from time to time which students can attend. They are usually cheap and need based. Which can cost upto 2k per year as estimated by Cetking.
Clothes
6k one time Ck estimate.
Off course even if you are not doing MBA you will be buying new clothes but here we are talking about college formals. Standardised Blazer or Suit is compulory with formal shirts and shoes which is part of every MBA College culture.
Travel Cost
15k per year
Going home on festivals is one of the most beautiful feeling but during these days price of the flights is always high. So considering frequent trips to home (usually 3 to 4 per year) it will add to the cost of mba.
Opportunity Cost
– 10k per month
If you were not doing mba you would be working and earning some money. Let’s consider usual working person can save 10k per month which is the opportunity cost. Which have to be factored in.
However these costs are immaterial when compared to the gains offered by MBA and this is not the cost but investment in the brighter future.
