Is management degree from top colleges like IIM, ISB, XLRI, SP JIMR etc worth the money?
If you are considering pursuing an MBA in India, it is important to note that all great B-schools in the country offer post-graduate diplomas/programs, but not degrees. However, obtaining a diploma/program from a reputable institute can have long-term benefits for your career. Here are some points to consider:
- While a diploma/program may not be a degree, it still holds significant value in the job market, especially if it's from a well-respected institution.
- The brand association that comes with being an alumnus of a prestigious institute can be invaluable throughout your career. It's not just about short-term benefits like campus placements, but the long-term network and reputation you build over time.
- In challenging times, such as a downturn in the job market, having an association with a top B-school can provide a significant advantage. Recruiters and potential employers are more likely to take notice of your credentials if they recognize the institute's name.
- Conversely, during good times, people may not be as concerned about your educational background or institute affiliation, making it more important to establish and maintain connections while you can.
- When selecting an MBA program, it is crucial to consider the long-term view of your career. Think beyond immediate benefits like campus placement and focus on factors like the institute's reputation, network, and alumni presence.
- A diploma/program from a great institution stays with you for a lifetime, so it's essential to choose wisely. Make sure to do your research and select an institute that aligns with your career goals and values.
Indian B-schools may offer post-graduate diplomas/programs rather than degrees, obtaining a diploma/program from a respected institution can have significant long-term benefits for your career. Be sure to consider factors like the institute's reputation, network, and alumni presence when selecting a program, and think beyond immediate benefits like campus placements.
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Every year thousands of students appear in entrance examinations like CAT, MAT, and others with the goal to get admission in MBA, preferably at a tier-1 or tier-2 B-school. Many working professionals also do the same after 2-5 years of experience. If it was not worth it, the number of aspirants for MBA courses would have been much lower.
Many of the top B-Schools have tie-ups with public and private sector banks to provide education loans to deserving students.
- For example, the 1-year long PGPM degree from ISB costs around 36 lakhs including the course fee and shared accommodation and excluding some miscellaneous charges like food, electricity, etc.
- The fee is fully funded by banks. So, if banks didn’t have any assurance of repayment, they won’t have provided education loans in the first place.
- Even after paying an EMI of around 40,000 per month, students from these institutes can pay their education loans and maintain a standard of living with the CTC they get through campus placements.
- Education loan repayment is eligible for income tax benefits so it is actually a win-win situation.
So, degrees from institutions like IIM, ISB, XLRI, SP JIMR are definitely worth the money. The only thing which is difficult in this entire process is securing admission at these institutions in the first place.
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