Management Education in India has become one of the expensive courses. MBA Colleges have decided to hike their fees to increase the cost anywhere between 6-19% by the year 2016.
Well Known B-School in India such as XLRI Jamshedpur, International Management Institute Delhi, MDI Gurgaon, SP Jain Institute of Management and Research, XIM Bhubaneswar and IIM Ranchi has already affirmed the fee hike. The other Institutes fee structure like IIM Calcutta, IIM Kozhikode, and IIM Udaipur will finalise the cost in the coming two to three weeks.
The increase in the cost can anywhere be in the range of Rs 50,000 to Rs 2.5 lakh depending on the colleges.
Most of the B-Schools say these hikes simply couldn't be put off given inflation, higher administrative expenses and the rising salary levels of faculty members.
IIM-Calcutta for example has not increased its fees from previous four years.Its last hike was by 50% to Rs 13.5 lakhs in the year 2016. Now there are chances for raising the fees to Rs 16 lakhs upalmost to 19%.
IIM-Udaipur whose current fee structure for the two years program is Rs 8 lakh, may increase to Rs 9 Lakh this year. This was said by the Director Janat Shah and shah also said that this will be the first time we are increasing the fees sicne we came into existence.
In the Mean time IIM Ahmedabad whose fee structure is Rs 16.6 lakhs and IIM Bangalore whose fee structure is Rs 17 lakhs have decided not to increase the fees this year. IIM-Tiruchirappali, IIM-Kashipur and IIM -Lucknow also have decided not to increase the fees.
Apart from IIM’s, the other b-school like XLRI will increase the fees to 7% from the amount of Rs 14.6 lakhs to Rs 15.6 lakhs.
The top Business schools in US are also planning to increase the MBA fees. As per the business week MBA Class of 2016 saw an average hike of 4% compared to the previous years.