After graduation, a lot of students look toward post-graduation courses for better employment opportunities. MBA is one of the famous courses for pursuing after graduation. MBA programs require students to choose a specialization in the field of accounting, marketing or entrepreneurship.
Master of business administration is an analytical degree that teaches you about business ethics and its application. Investing your two years not only help in shaping up your career by giving you a professional edge but also expand your business network. MBA provides you a platform to share your ideas related to business and broaden your horizon of thoughts.
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What you think, Is the cost of MBA degree justified?
Pursuing MBA degree after graduation is a big investment of both money and time. But a question that has always been asked- “Is the cost of MBA degree justified?” According to researchers, a few years back the total fee of pursuing full-time MBA from top 10 schools in India was around 3 lakhs. Those top B schools include IIM, NMIMS (Mumbai), SP Jain (Mumbai), XLRI (Jamshedpur), and MDI (Gurugram). Even the expensive schools did not charge more than 5 lakhs. The fee structure of these colleges at that time never became much of a hurdle in taking admission. The reason behind was the 100% assured placement after the completion of the degree. Moreover, the average salary used to be the twice of what students paid in colleges.
At the time, the scenario of fees in these B-schools of India has changed to a great extent.Leaving some elite colleges of India like FMS (Delhi) and JBIMS (Mumbai) which are highly subsidized, the rest of top schools of business have raised their fee to thrice of earlier. Currently, IIM charge approx. 11Lakhs. NMIMS charge almost Rs.14.5 lakh for a PGDM program and Rs.17.5 lakh for MBA or MBA HR. Now, the question that follows is -“Is there an increase in salaries well?”
The answer is no’. There are multiple reasons behind the current situation like slowed down economy and increased competition. India is the country with the largest population of MBA graduates. These days, MBA is considered as a compulsion after graduation for professional skills. Every year the number of students appearing for MBA entrance exams has increased and so there is an increase in intake of elite and non-elite MBA colleges of India. Hence producing more number of MBA graduates. But the finance industry has less opening for candidates which lead to simply more competition in the field of business and management. In such situation managing just to a get job is a big deal. Moreover, global crises and slowed down economy has made the recruitment and relative salaries stagnant.
There are many students who take admission in MBA College and pay the fee by loans. After the completion of the degree, they struggle to find employment and hardly find any return on their investment. Instead, they forgo the salary of two years for paying off debts.
Coming up to the conclusion, it is necessary to count reasons for pursuing MBA as an individual while deciding. It is true that MBA from a top business school will add a lot of technical and life skills which value more than just a job. Still, it is better to make sure if the benefits of an MBA degree are worth the resource you’ll devote to earning one.