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The Master on Business Management (MBA) program has now become one of the most secure career options chosen by a candidate after completion of their undergraduate degree course. According to a study, 7 out of 10 graduates opt for further education and aim to join an MBA college in India. The remaining 30% opt for a job or startups. However, one of the most important factors when doing so is deciding which MBA college to go for. While it is easy to put an IIM as your top choice, it is neither possible nor practical for every student to join an IIM.
Each college available for MBA admission has its own speciality and with a plethora of B schools in the country, it gets difficult to decide which college is a good choice. Some of the key factors which can be considered by the candidates while they are shortlisting colleges are hostel availability and costs, fee, placements (number of students placed, average and highest salaries), faculty profile, location and infrastructure. There are many good b-schools available in India, and you must always do proper research before shortlisting your choices.
|Factors to Consider When Choosing a B-School|
Students who are finding colleges for admission usually don't measure the placement gap between the highest salary and the average salary. They only look at the placement history and placement percentage. It is advisable to calculate the gap between the highest and the average salary package offered before finalising a good B school. Suppose the college you select has the highest salary package of RS. 11 lakh then you must check if the average salary package lies in the ratio of 3:5 or not.
Fee Structure & Return on Investment (ROI)
The second most important factor is the fee structure and returns on investment. You can also check the information brochure of the college or the official website to get an idea about the total expense for pursuing the two year MBA program at the college of your choice. If you are looking to finance your education then you should calculate the final amount which you will have to return after adding the interest percentage for the selected period. Apart from this, you should also check the return on investment(ROI) of the college. The return on investment is the measurement of the return you will get after investing the money i.e the difference between the placement package and annual fee. Let’s take an example. Suppose there are two colleges, College ‘A’ and College ‘B’. College ‘A’ has a total fee of Rs. 6 Lakh and an average placement of Rs. 6 Lakh and College ‘B’ has a total fee of Rs. 9 Lakh but its average placement is Rs. 8 lakh then college ‘B’ has better ROI as compared to College ‘A’. If you are enrolling for finance facility then you must check if you are comfortable in repaying the final amount of loan calculated after adding the annual interest.
It is recommended to choose the college which is approved by any government organisation such as AICTE. It is not necessary that all the colleges will be affiliated to any of the state or central university or will be approved by AICTE. There are some colleges/ universities which offer an MBA program without approval from a government organisation. Candidates are advised to apply for only those universities which have got affiliation from AICTE.
Number of Seats
It is advisable to choose a college wherein the strength does not exceed 360 students. A college has an average of 6 batches with each batch consisting of 50-60 students. The total intake here is a collective number of all the batches including MBA (Finance), MBA (Human Resource Management), MBA (Operations & SCM), MBA (Retail), etc. Good placement is the main reason for the limited number of intake available in the top B-Schools in the country. They focus on grooming all students equally so that they can achieve a target of placing almost every student in a good company with a good profile and salary. Also, there are very few institutions offering AICTE approved MBA / PGDM programs with an intake of more than 500 because AICTE is very strict with the approval of more than six batches, i.e. 360 students.
Date of Programme Commencement
Most of the reputed management colleges/ B-Schools start the classes in the first or 2nd week of January and the 2-year program ends by February or March beginning. According to research, companies are busy hiring students from the month of March to May. Thus the commencement of program by the end of May allows the students to mark their presence in the placement period. You should find out colleges where the PG management program concludes by the last week of March or even earlier.
Location of the College
Location of the college is also the most prominent factor while selecting the college. Students usually search for the colleges which are situated nearby. Some people prefer to find out colleges which are situated in metro cities as metro cities have good job opportunities. While looking for a perfect B-School which meets all the criteria, you must keep metro cities as a preference before the medium-sized or small cities as the potential for placement and the scope for corporate interaction in such cities may be limited.
Selecting a good MBA college is not just limited to its location or placement but you must choose a college which offers a course which is in demand or whose demand may arise in future. Most of the time students end up choosing an irrelevant specialisation. Let’s take an example. As we know Business Analytics is trending these days then you can choose this option as the demand for this program will surely rise. In addition to this, some of the specialisations such as Marketing, HR and Finance have a 12 month season as industries are always open to hiring quality HR and Finance Managers.
Here is some more information on how to choose an MBA specialisation.
Every B-School is rated for its academics. The quality of education is directly proportional to the quality of faculty members available at the institute. The expertise and skills of the B-School faculty should determine the quality of instructional delivery. The faculty member should have some experience in academia as well as industries. He/ she must also have qualified from reputed colleges/institutions. A ratio of 3:15 between faculty members with PhD and total faculty members is of no use. You should also check the institute from where the faculty members got their doctoral degrees. You should also check if the college has enough number of faculty members. A decent ratio of the faculty members with the total intake is 1:15.
It is a good practice to check multiple resources before finalising a college. You should take a look at the prospectus, reviews, history, school website, reviews from heads and owners of reputed coaching institutions, staff members, present students and faculty members to rate the college according to your listed factors. Also, there are some websites and resources which give a rating to the college on the factors mentioned above.
Popular MBA Colleges in India
If you are confused about which MBA colleges are best, here is a list of some of the popular private MBA colleges in India that you can consider.
|College||Location||MBA Course Fee|
|MET Mumbai||Mumbai||Rs. 5.76 - Rs. 22.00 lacs|
|GITAM Deemed University||Bangalore||Rs. 5.84 lacs|
|University of Petroleum and Energy Studies (UPES)||Dehradun||Rs. 9.70 - Rs. 13.34 lacs|
|International Institute of Business Studies (IIBS)||Bangalore||Rs. 7.46 lacs|
|Lovely Professional University (LPU)||Jalandhar||Rs. 5.80 - Rs. 8.00 lacs|
|International College of Financial Planning (ICOFP)||Mumbai||Rs. 5.62 - 7.20 lacs|
|Amity University Manesar||Gurgaon||Rs. 3.16 - 12.76 lacs|
|Jagannath Institute of Management Sciences (JIMS) Rohini||New Delhi||Rs. 5.34 lacs|
|VELS University||Chennai||Rs. 4.20 lacs|
For convenient and hassle-free applications to top b-school in India, fill the Common Application Form (CAF). If you require any help with your b-school selection process, please call our helpline number 18005729877 and get personalised admissions counselling for free.
CollegeDekho wishes you all the best for your B-school selection process. Check out these other related articles for more information on MBA admissions.