Cost of MBA from IIM – Check MBA Fees at IIMs, ROI & Scholarships

IIM MBA fees: The Indian Institutes of Management (IIMs) are significant management education and research institutions of our country, having national and international recognition for their academic rigor, large and diverse alumni base, and excellent placement records. One noticeable constraint the candidates face pre-admission is understanding the nuances related to the financial aspect of pursuing an MBA. People believe that cost of MBA from IIM lies between 30 to 35 lakhs for the older IIMs. Let us try to understand factors like how correct is this number, how do we arrive at this number, is this the same across all IIMs and other aspects of the same. This in turn, will help you identify the best fit for you and understand the return on investment.

In this blog, we will be covering the classification of cost of MBA from IIM across old IIMs, Baby IIMs and New IIMs, additional expenses associated with the IIM MBA fees, education loan, scholarships and financial aid, different factors affecting the MBA fees at IIM and more.

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Cost of MBA from IIM – Classification of Old, New & Baby IIMs with Fees

Presently, we have 21 IIMs across the nation which are segregated in three generations. Let’s look at each one of them and the actual cost of MBA from IIM. This section is quite important for the candidates who are willing to pursue their management degree from IIMs and plan their finances in advance to cover the cost of MBA from IIM. The overall classification covers the old generation IIMs along with their tuition fees, IIM MBA fees of new generation IIMs, as well as baby IIMs.

Old Generation IIMs: Complete Cost of MBA from IIM

IIM Calcutta covers the highest IIM MBA fees structure among the old generation IIMs which is 27 lakhs, IIM Ahmedabad covers 26.10 lakhs which is not a major difference and so on. Rest, cost of MBA from IIM of different old generation Indian Institutes of Management along with their fees structure is mentioned in table below.

College	Tuition Fees
IIM Ahmedabad	26.10 Lakhs
IIM Bangalore	26.20 Lakhs
IIM Calcutta	27 Lakhs
IIM Lucknow	20.75 Lakhs
IIM Kozhikode	20.50 Lakhs
IIM Indore	21.16 Lakhs
IIM Mumbai	21 Lakh

Also Read – IIM Fees for MBA 2 Years

New Generation IIMs – IIM MBA Fees (Starting Year – 2006-11).

In the new generation IIMs, IIM Shillong covers the highest IIM MBA fees structure of around 26.18 lakhs, post that IIM Trichy covers 21 lakhs. Rest complete information regarding MBA fees at new generation IIMs are mentioned below. Have a look.

College	Tuition Fees
IIM Shillong	26.18 Lakhs
IIM Rohtak	17.90 Lakhs
IIM Raipur	18 Lakhs
IIM Ranchi	17.50 Lakhs
IIM Kashipur	17.30 Lakhs
IIM Trichy	21 Lakhs
IIM Udaipur	20.43 Lakhs

Also Read – Top 10 IIM

Cost of MBA from IIM – Baby IIMs (Starting Year – 2015-16)

Among all the baby IIMs, IIM Amritsar, IIM Vishakhapatnam and IIM Sambalpur has highest fees structure around 21 lakhs. The complete information of the Baby IIM MBA fees structure is mentioned below in a detailed manner.

College	Tuition Fees
IIM Amritsar	21 Lakhs
IIM Bodhgaya	18 Lakhs
IIM Nagpur	18.90 Lakhs
IIM Sirmaur	17.50 Lakhs
IIM Sambalpur	21 Lakhs
IIM Jammu	20.73 Lakhs
IIM Vishakhapatnam	21 Lakhs

Also, note that all the IIMs function autonomously as they fall under the IIM Act and are declared as institutes of national importance.

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Additional Associated Cost of MBA From IIM

In addition to the MBA fees at IIM (tuition fees), other costs like hostel and mess charges, laptop and utility charges, student activities and clubs and living expenses form the major chunk of the expenditure on campus. This totals up to a figure of 4 to 5 lakhs. Most IIMs also provide foreign exchange programs amounting to 2 to 3 lakhs which is another factor which also needs to be looked at. These numbers in addition with the tuition fees makes the total cost exceed 30 lakhs for older IIMs. This is why the real cost of MBA from IIM is always appearing to be high.

Another critical factor overlooked by candidates is opportunity cost. For example, the candidate is in a job and earning a certain salary and then decides to quit the job and opt for an MBA. While taking his best option (an MBA, in this case), he has to forego his second-best option (here, job). The salary of two years which he would have earned had he stayed in the job is the opportunity cost or the money an individual loses over the next two years. To illustrate, suppose a candidate is currently employed and earns an annual salary of INR 10 lakhs.

Opting to leave this job for a two-year MBA, results in a direct financial sacrifice of INR 20 lakhs in gross earnings over that period – this is the opportunity cost. However, it is very essential to take into account that post-MBA, you would have a probable salary hike, more connections and altogether different exposure to the business world. Thus, the tangible and intangible benefits pave the path for an accelerated career progression.

Complete List of Cost of MBA from IIMs

Given below is the combined list of IIM MBA fees structure.

College	Tuition Fees (INR Lakhs)
IIM Ahmedabad	26.1
IIM Bangalore	26.2
IIM Calcutta	27
IIM Lucknow	20.75
IIM Kozhikode	20.5
IIM Indore	21.16
IIM Mumbai	21
IIM Shillong	26.18
IIM Rohtak	17.9
IIM Raipur	18
IIM Ranchi	17.5
IIM Kashipur	17.3
IIM Trichy	21
IIM Udaipur	20.43
IIM Amritsar	21
IIM Bodhgaya	18
IIM Nagpur	18.9
IIM Sirmaur	17.5
IIM Sambalpur	21
IIM Jammu	20.73
IIM Vishakhapatnam	21

Education loans, Scholarships and Financial aid

Now, that we have realized the total cost required to pursue MBA at premier B-schools, let us try to understand financing mechanisms possible for the same. Most of the public and private sector banks as well as certain financial institutions offer collateral-free education loans at attractive interest rates. The loan amount can range from 20 to 30 lakhs. Interest rate varies from 8 to 10 % and disbursement of the loan hardly takes any time.

Also, one can take a part of the fees as the loan or the whole fees. In a scenario, where someone has already paid upfront, they can get the money reimbursed and take the loan for the fee amount (including for the one they already paid). All these loans have a moratorium period during which no payback of the loan is required. There can be some concession for female or for candidates from economically weaker sections of the society.

Almost all IIMs offer a variety of scholarships – merit means, and need-based. This aids in lowering the financial burden on the candidates. Need-based scholarships and Family income-linked tuition fee waivers are available. For merit-based scholarship, Aditya Birla Scholarship and scholarships pertaining to performance in 1^st and 2^nd year of MBA are also there. Thus, it becomes obvious that there are multiple options available to finance your MBA with minimal emotional and physical hassle.

Cost of MBA from IIM vs ROI – Is IIM MBA Worth the Fees?

First things first, the hike in salary. Almost 30% of the batch at IIMs are freshers who get their first pay-check post MBA. The compensation they receive generally is more than the one offered at entry level market salaries. At the same time, most of the candidates with work experience also get a spike in their salaries compared to their pre-MBA salary. Next up, the brand value of an IIM opens newer avenues across domains like Consulting, Finance, General Management, Operations, IT & Analytics and Sales & Marketing. Also, the diverse, robust and large alumni base acts as a lifelong asset. Mentorships, referrals and partnerships become an integral component of post-MBA life. An MBA, in general can also facilitate domain switch for candidates which becomes easier with extensive alumni reach. The IIM ecosystem also offers consistent mentoring, guidance and collaboration throughout corporate life via alumni engagement platforms.

Fees Comparison Between IIMs and Private B-schools

In addition to IIMs, there are numerous other high quality private B-schools offering amazing and integrated academic experience, excellent brand and good placement records. These institutes are comparable to the top IIMs of the country and should be considered while preparing for your management exams. Hence, it is always better to look beyond cost of MBA from IIM while making a career choice.

College	Fees	Average Package
ISB Hyderabad	38 Lakhs	34.20 LPA
XLRI Jamshedpur	30 Lakhs	28.07 LPA
SPJIMR Mumbai	22 Lakhs	33 LPA
MDI Gurgaon	26 Lakhs	27 LPA
SIBM Pune	26 Lakhs	28 LPA
NMIMS Mumbai	27 Lakhs	25.13 LPA

Factors Affecting the Cost of MBA from IIM

The cost of MBA from IIM is not just the tuition fees that you are actually paying during admission. There are different factors that are responsible for the complete expense in IIM MBA fees of pursuing management degrees like PGDM/PGP/MBA from IIMs. By covering these factors, candidates can plan their finances in advance and evaluate the actual financial plan which is required during the MBA journey.

1. IIM MBA fees structure including tuition fees: The cost of MBA from IIMs completely varies according to the generations whether it is Old IIM, Baby IIM and New IIM. If we are talking about old IIMs like IIM Ahmedabad, Bangalore and Calcutta have higher fees along with higher RoI (Return of Investment) due to their established brand name, quality of management education, top faculties, and several international collaboration. In comparison to the old IIMs, baby IIMs and new IIMs are having lower fees.
2. Additional Expenses including living expenses: There are different other expenses apart from IIM MBA fees covering the hostel and mess charges, laptop fees, students club fees and more. There are many IIMs which are offering international exchange programs which additionally covers 2-3 lakhs of expense, so with the help of that overall cost of MBA from IIM extends 30 lakhs and especially in old IIMs.
3. Long term ROI in Pursuing IIM MBA: One cost that almost every one forgets is the opportunity cost that actually works in case of working professionals, and it is a salary that candidate give up while pursuing the two year MBA from IIMs. But instead it is IIM, so definitely later you will receive high ROI while working in top firms that actually cover your cost of MBA from IIM along wit additional expenses.

Non-IIMs with low fees

Now that we have already understood about the cost and ROI pertaining to IIMs and compared them with private B-schools, let us also try to analyze the same with some institutions which have relatively lower fees. These institutions also provide top notch management education and research opportunities at affordable rates.

College	Fees	Highest Package	Average Package
FMS Delhi	2 Lakhs	1.2 CPA	34.20 LPA
TISS Mumbai	2.4 Lakhs	49 LPA	27.22 LPA
IIT Delhi (DMS)	11.1 Lakhs	41 LPA	25 LPA
IIT Bombay (SJMSOM)	14 Lakhs	72 LPA	28.88 LPA
JBIMS Mumbai	6 Lakhs	35.45 LPA	28 LPA
IIT Madras	10 Lakhs	29.65 LPA	16.93 LPA
IIT Kanpur	2.80 Lakhs	24 LPA	18.14 LPA
IIT Kharagpur	9 Lakhs	43.37 LPA	22.12 LPA

Key takeaways: Cost of MBA from IIM

Pursuing an MBA from IIM is a decision which needs to be thought of carefully from multiple perspectives and one must not limit it to the cost of MBA from IIM. There is no doubt that the complete journey of two years would demand a substantial amount. However, the returns – in terms of career growth and opportunities are immense making it an investment for longer term. As such, it becomes critical to have a holistic understanding of all the factors at play – do consider the financial input required but also take into consideration the B-school which aligns with your values, objectives and career growth.

So, final points to be kept in mind are –

Doing an MBA is still worthwhile, it is just that the dynamics have a lot. Now, must adapt to the changing times quickly.

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FAQs: Cost of MBA from IIM