Why MBA Colleges in Mumbai are Expensive to Study in?
Mumbai continues to be the epitome of the city of dreams. The reason being it provides an abundance of opportunities along with the fact that it is the Financial and trading hub of India.
Education remains to be one of the most important factors that shape the career of any individual. For graduates, an MBA degree is the most preferred degree. For a city like Mumbai where you might end up getting higher pay, studying in such cities will also turn out to be a bit more expensive otherwise. If you are planning to take up an MBA course in Mumbai, then get ready to spend a substantial amount. The Top companies provide lucrative job offers to these B-school postgraduates.
For example, if you take admission in a college that is located outside a village somewhere in Rajasthan, how much value will that degree hold compared to a degree obtained in Mumbai? Not much. A degree from a good university or B-School in Mumbai can also help you get job opportunities in other top cities of India. Whereas if you choose the latter, it will be difficult to scout for a well-paid job in any of the Indian Metro cities.
A degree from a well-rated B-school can help professionals get a better package. Likewise, it is important to consider the ranking of the University in the city where you want to work. A higher rated B-school, the higher would be the cost. Since the payback of the degree is higher, it will make the degree more expensive. Because of the very high cost of living, Mumbai can be termed as one of the premier cities to do an MBA in India. S P Jain Institute of Management and Research (SPJIMR) charges 17-18 lacs for a 2 year MBA program whereas NarseeMonjee Institute of Management Studies (NMIMS) can cost you around 19-20 lacs.
Let’s review some of the factors leading to the high cost of MBA in Mumbai:
- Cost of Living:
Mumbai remains to be the centre of finance, business, trade, and commerce, entertainment & advertising making it quite a pricey city to live in. Currently, it is India’s most expensive city and stands at 67th rank in the world as per Mercer’s 25th Annual Cost of living Survey. Buying a house, or renting a property, is an onerous task in a city like Mumbai.
- Great job prospects and more opportunities:
Due to the presence of headquarters of many large companies the opportunities of landing to a satisfactory pay is higher in the city. Since Mumbai is the financial capital and also the entertainment capital of India, Jobs in both Finance and Media/Advertising areas are more. The presence of Multinationals and conglomerates opens the door for job opportunities in sales & marketing, HR, Business operations, etc.
- Entrance Coaching Fees:
You can choose from the pool of Coaching centres available in the market to prepare yourself for the entrance exams like CAT (Common Admission Test) or GMAT (Graduate Management Admission Test) etc. The cost of preparation for Group discussions (GD) and Personal Interviews (PI) is separate.
Expect it to be a little higher in a city like Mumbai compared to Cochin or Ahmedabad or Kolkata.
- High Salary of Tutors/professors:
Because the B-schools professors are highly qualified and skilled, their salary is high that directly correlates with the fees structure of the B-school. Apart from the professors even the tutors and trainers need to be paid well, which makes the Coaching centre fees not so moderate.
Because of bright career options, the skilled and talented class tends to move to such cities. The lucrative job offers help to maintain a good lifestyle which is everyone’s career agenda.Apart from the reasons we discussed, do also keep in mind that life in Mumbai is pretty extravagant. The nightlife or food and drinks can be the factor you end up spending more. However, you can always keep an eye on these costs, but do not count them out for sure.
The decision of where to do MBA from impacts not only the student but the entire family. Hence if you are planning to settle down in Mumbai, it is important to have a degree from a good B-school while exploring MBA options to choose for. After all, not getting a good investment return can be inimical in the long run not only to the career but personal life as well. Keeping in mind all the factors/reasons we discussed, be ready to spend more while choosing any good Mumbai B-school.
Nevertheless, what the factors are, a reputed B-school has a brand value that will upskill you in the right direction to succeed in any leadership or management role. It will enhance your personality in a very commendable way. Keep in mind all the benefits, evaluate the cost, and make sure to assess your short-term and long-term goals before making any decision.
For more information related to business management & top MBA colleges in Mumbai visit https://www.shiksha.com/mba/ranking/top-mba-colleges-in-mumbai/2-2-0-151-0