How Much Does MBA Cost? Is it Worth it?

There are thousands of B-schools in India that offer all kinds of management courses including the well-known MBA itself. However, it’s no secret that an MBA course is one of the most expensive courses that you can apply for. So, the question is- is it worth it? First, let’s first take a look at all the costs of an MBA program.
The Cost of MBA

The tuition fee for an MBA course isn’t the only major cost that you have to bear. The following cover all the important costs;

Preparation Costs

Whether you are preparing for GMAT or CAT, if you take a private tuition for the same, which many MBA-aspirants do, then you can easily expect it to set you back by Rs. 30,000 to Rs. 50,000 depending on the coaching center.

Tuition Fee

This is the biggest expense you have to bear. If you are going to study MBA in India, then the average fee is around Rs. 20 to 25 lakhs. However, if you have opted for a foreign university then you should be willing to spend at least Rs. 60-70 lakhs.

Accommodation and Food

If the institute is located in a different city then the cost of accommodation and food will be more than Rs. 1.50 lakhs per year.

Other Expenses

These include course books, laptop, etc. which can easily be tens of thousands of Rupees.

The Verdict

Now that you know the various costs of MBA, it’s time to address the million-dollar question- is it worth it?
According to a survey, that took inputs from 10,882 alumni from 274 graduate business programs, 94% respondents said their business school education was personally rewarding, 89% said it was professionally rewarding, and 73% said it was financially rewarding.
Overall, although MBA programs are expensive, they can give a big boost to your career. In fact, if you manage to get into a good institute, you can easily double or triple your salary within 2-3 years. So, if you are committed to it and willing to learn, an MBA is certainly worth it.