The demand for MBA graduates in India started increasing substantially with rising private and foreign investment post the economic liberalization of India during 1961. Moreover, with multinationals and Indian corporate houses rising across the country, qualified and competent MBA graduates are still in high demand.
An MBA degree, especially from a top-ranked institute, offers plenty of advantages ranging from top-notch positions in the business world and a handsome salary to building a strong professional network and readiness to start your venture.
If you plan to go for an MBA course, you must have a fair idea of the top institutes, the course fee, eligibility, prospects, and other vital factors.
Eligibility to Apply for an MBA Course
The general eligibility criteria to apply for MBA in India are as follows:
- The candidate must have completed a 3-years graduate degree or an equivalent qualification from a college/university recognized by the government of India.
- The candidate must have secured at least 50% in the above course. The minimum requirement is 45% for SC/SCT or candidates in the PWD category.
You need to clear the relevant entrance exam such as CAT, GMAT, CMAT, XAT, NMAT, etc.
Top MBA Colleges in India
The National Institutional Ranking Framework(NIRF), Ministry of Education ranks the participating institutes every year based on parameters such as teaching standards, research practices, outreach, peer perception, etc. The latest rankings for MBA institutes has been released for the year 2021, and the top institutes are as below:
| Rank | B-school |
| 1 | IIM Ahmedabad |
| 2 | IIM Bangalore |
| 3 | IIM Calcutta |
| 4 | IIM Kozhikode |
| 5 | IIT Delhi |
| 6 | IIM Indore |
| 7 | IIM Lucknow |
| 8 | XLRI |
| 9 | IIT Kharagpur |
| 10 | IIT Bombay |
Source: NIRF 2021 Rankings
[READ: How to Get into IIM with a Low Academic Profile]
Fee and Other Costs
Before applying to a business school, you must evaluate the ROI or return on investment on particular courses. There may be different costs involved in getting an MBA degree, such as preparation costs for CAT/MAT, living costs, and tuition fees. But the tuition fee remains the most crucial one for obvious reasons. Also, for assessing the ROI, you must consider the job prospects and average salary package that a particular MBA program can offer you post-completion.
Let’s look at the fees and average median salary of the IIMs in India.
| B-school | Total Fees (Approx.) in Rs | Average Median Salary (Approx.) in Rs |
| IIM Ahmedabad | 23 L | 25 LPA |
| IIM Bangalore | 19-23 L | 28.6 LPA |
| IIM Calcutta | 23-24 L | 24.59-26.67 LPA |
| IIM Indore | 16.61-28.64 L | 22-22.26 LPA |
| IIM Lucknow | 19.25 L | 23.5 LPA |
Source: Shiksha.com
[READ: ISB is More Expensive than a US Top-10 MBA School]
Job Prospects, Major Industries, and Recruiters in India
MBA graduates are needed everywhere and in each industry, since they contribute to strategy making, financial planning, operations, marketing, management of human resources, and other vital functions of an organization.
Most MBA grads opt for a job as per their specialization, background, and interest area, while others choose entrepreneurship to launch their startups. Also, many candidates take up the management course to boost up their profile in the existing job or contribute to enhancing their family businesses.
Despite the decline in the country’s economic growth, the placements in IIMs and other top-ranked institutes have boosted in the year 2021. Also, there has been a significant increase (around 3-10% ) in salary offered to MBA graduates this year.
Some of the major sectors and Recruiters that hire MBA grads in India are:
- Consulting: BCG (Boston Consulting Group), McKinsey, Accenture Strategy, KPMG, PwC, EY, etc.
- Finance: Goldman Sachs, Citibank, JP Morgan, Bajaj Finserv, Avendus Capital, etc.
- IT/E-Commerce: Accenture, Amazon, Microsoft, TCS, IBM, Flipkart, Facebook, etc.
To further understand the placement patterns at IIMs and other management institutes, you can check out the placement reports for 2021 and previous years here.
[READ: How to Prepare for CAT]
MBA in India Vs Abroad
While the decision of pursuing an MBA from India or abroad depends on personal preferences, you may consider the following factors before making the final choice:
| Parameters | MBA From India | MBA From Abroad |
| Course Fee | The Fee of an MBA program in India can vary from Rs. 5 lakhs to up to Rs. 28 or 29 lakhs. The overall cost is relatively lesser than abroad. | The cost of an MBA from abroad is pretty higher. In the US, the tuition fee for a full-time MBA can range from $90,000 to up to $1,40,000. |
| Entrance Test | CAT is the most widely accepted test for admission to IIMs and many other notable institutes. Other exams include XAT, SNAP, NMAT, etc. | Candidates have to take up GMAT/GRE, conducted on a rolling basis. |
| Duration | The duration of a full-time MBA program is 2 years. | Full-time MBA programs in the US are also completed within 2 years. However, other countries like Germany also offer a full-time MBA with a duration of 12 or 15 months. |
| Placements | The placements are good for competent candidates from top colleges. Towards the end of the course, the candidates are placed through a campus placement drive. The placements are generally 100% for top-ranked institutes. | There is no campus placement drive, but some of the institutes help their students get placed. The students have to hunt for jobs themselves by applying to different organizations as per their specialization and interest. |
I have written a more comprehensive article on MBA in India vs MBA abroad. Have a read here.
MBA- A Course That Enhances All-Round Development
Whether you wish to start your business, learn business competencies to kick start your professional journey, upgrade your profile or make a shift in your career, an MBA degree offers you innumerable possibilities. It ensures professional growth and helps you evolve as an individual in the competitive world.
If you have limitations in pursuing MBA from abroad, India also offers brilliant opportunities to deserving and competent candidates.
