In today’s age, an MBA is one of the most sought-after courses all over the world. Pursuing this course would require the student to have a sound financial plan, and if you are someone who is aiming for an MBA in India, one of the first things you should think about is arranging the finances for the course.
Here’s what one should keep in mind regarding the finances when it comes to pursuing an MBA:
Any business school that you plan to apply for would include a certain fee for their application form. There are thousands of applicants, and it would obviously cost business schools to employ manpower to review all the applications that they receive. This is why business schools charge applicants for the application forms and the application process since they have to be reviewing all the applicants’ academic documents too.
On average, business schools charge about Rs. 1,500 to Rs. 2,500 for each application form. This would, however, differ with each business school, so check with each one before you start applying to various business schools.
This is where the major part of the academic expenses will be made. Applicants have to pay the tuition fee for every semester they study at a business school. Most students that go for the usual 2-year course would have to shell out an amount ranging from about 10 lakhs to 15 lakhs.
This fee would obviously differ since there are many business schools in India that charge different tuition fees. So, always research about the academic fees of business schools as this would help you in shortlisting those business schools whose expenses come under your budget.
Before you can get into a business school, you would have to apply for an entrance test. Since you are applying for a business school in India, you have to give the Common Entrance Test (CET) or CAT (Common Admission Test). Applying for a CET would cost you Rs. 1,000, while CAT would cost you Rs. 2,000.
For preparation, most students enroll in coaching classes. Any top coaching institute would cost you around Rs. 30,000 to Rs. 40,000. You can always research and find an institute that suits your budget.
If you live in the same city where you are pursuing an MBA, then your expenses will be less considering you are already living there. But you will have to start thinking about the living expenses in case you move to a different city. For instance, there are a lot of students that move to cities like Bangalore, Kolkata, Pune, Nashik, and so on as they have got admission in business schools in these cities.
In these cases, they have to figure out renting a place and calculating all the expenses of living in the city they would be studying in. The living expenses and accommodation costs would differ in each city, and hence students should do thorough research so that their finances are under control.
Speaking of finances, we at Avanse can help provide the financial support you need. Get in touch with us and we’ll surely see to it that you get to pursue your dreams without any problems!