Indian Institutes of Management (IIM) are a group of 20 institutes spread across the country. Additionally, IIMs hold the highest global rank in the country as compared to other institutes for Master of Business Administration (MBA) and Postgraduate Diploma in Management (PGDM). Further, the IIM Ahmadabad, IIM Calcutta, and IIM Bangalore rank 19th, 21nd and 27th respectively by the financial times for the MBA course. Also, IIM Ahmedabad is the top-ranked in India for full-time MBA whereas IIM Bangalore ranks 1st in the world for one year MBA program (EPGP). Thus, getting admission to MBA is a top priority for any MBA aspirant in the country. Along with that, it is also necessary to know the IIM fees among other important details. Hence, we have dedicated this blog to IIM fees, factors affecting the IIM fees, and more.
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With the declaration of the CAT 2020 results, there is chaos and confusion everywhere. Everyone wants to know if they will get admission in IIM, what is the admission process, how to apply to IIM and the IIM fees, etc. Hence, we have covered the above topics in separate blogs, so don’t forget to read what next to do after CAT, etc on our blog page.
Why should you know the IIM Fees?
After CAT results, students are all over the internet, searching frantically for details like IIM cut-off marks and percentile, the number of seats available in IIM, and the IIM fees. But why should you know the IIM fees?
The most important reason is to calculate the Return Of Investment (ROI). It is extremely important to know how much you are investing in your education and how much you can regain in the first few years of your job. Though IIMs are quite expensive but passing out from there will open up a plethora of opportunities to high paid jobs. Yet, you should get in touch with IIM Alumni and assure yourself of the claims that IIM makes. This step of ROI calculation is important so that you don’t fall into debt and regret later in life. With that said, we assure you that IIM is the best in India, in fact in the world for MBA so your research should turn out to be positive.
Factors affecting the IIM Fees
There are various factors that affect the IIM fees and also the fees for different IIMs are different. Hence, the entire fee package details of each IIM are not discussed here. Thus, we have listed only the overall program fees of all the IIMs in the table below.
The IIM fees vary with the quality of education of the IIM, the rank of the IIM, the location of the institute, the market value of the institute, as well as the type, of course, you want to pursue in the institute. The higher the market value of the institute the higher is the fees. The globally known IIMs cost 2 to 3 percent higher than others. In addition, the full-time MBA is costlier than other programs like PGDM, PGP, FPM, executive MBA, etc.
Also, note that the IIMs increase their fees every year by 2 to 3 percent. Further, the average fee of the IIM is INR 10 to 23 lakh per annum. The fee includes the following, tuition fees, boarding, mess charges, internet, course material, laptop and computer, library, course material, boarding charges, personal expenses, and miscellaneous expenses.
The fee of each IIM is given below in the table:
|INR 14,20,000 (excluding boarding charges)
|INR 11,75,000 (excluding fee for international immersion)
|INR 10,70,000 (excluding fee for international immersion)
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In conclusion, we have mentioned the fee structure, the factors affecting the IIM fees, and the importance of calculating ROI. If you want to know what scholarships are applicable in MBA, and if you are eligible for any grants or scholarships then contact us at ForeignAdmits or give us a call at 8080679810.