Preparing for admission to an MBA college in 2019/2020? - Here's how to pick the best one for your needs

Admission in MBA College

Applying for an MBA program is something that you do when you’ve finally made up your mind to take that big leap into the unknown! It can prove to be a very major turning point in your life.

There are over 3000 MBA college options in India today and a large number of them boast about excellent management education, not to forget very good placements. However, if you dig a little deeper you’ll find that many such boasts are exactly that, without any substance. In order to pick the best MBA College for your needs, you will need to thoroughly evaluate the performance of all business schools you’re considering, on some important parameters. If you diligently follow this process, you’ll discover that there are actually some very good MBA college options that can give you just the right kind of start in your career. This selection will also need to be done much ahead of time, well before the start of MBA entrance applications.

Apart from that, you will also need to ask yourself some very important questions as follows:

  • You’ll need to ponder why do you want to do an MBA in the first place? Is it just for a high paycheck or are you really looking forward to enjoy the ride.
  • Where do you want to work? You’ll need to decide where would you like to live and work in the future? If it’s some foreign country, you might be better off pursuing an MBA program in that country itself.
  • Do you have the right focus? For instance, Richard Branson knew exactly that he wanted to be an entrepreneur from a very young age. You should be aware of your strengths, whether they lie in general management, finance, entrepreneurship, marketing or some other field.
  • Parttime or full-time? If you’re keen on majorly advancing or relaunching your career, a full-time MBA will be the best choice. However, there are many professionals who don’t want to give up their thriving careers and opt for part-time MBA instead.

It’s no news that an MBA program will benefit you only if you pursue it from one of the top business schools. But the definition of top may differ from person to person, and may change from time to time. Let’s take a look at the factors that will determine the selection of the best MBA College for your needs.

Factors you should look at to pick the best MBA College

Placements

An MBA can provide you with amazing long-term and short-term career opportunities, not to forget the variety of roles you can enjoy and the speed with which you can advance your career. These and many more such advantages should be the primary reason for you to do an MBA. Although salaries are important, they shouldn’t be the only driving force. But since the various other parameters can be measured only after one has completed an MBA program, it’s the salaries offered during the campus placements which are normally used as a measure to determine the success of the MBA program.

Many business schools use all kinds of statistical gimmickry while reporting their students’ salary figures. Some schools list out only the companies visiting their campus without providing any other details like the offered job profiles and salaries. Then there are schools that load their prospectuses up with names of all the companies that have visited the campus in the past, just to impress the candidates.

Including inflated salary figures, adding variable pay to the reported pay packages and other methods are commonly followed by business schools. On the other hand, none of them provide data related to the number or percentage of students who couldn’t secure jobs.

Best MBA Colleges in India placement-wise

When it comes to the best MBA colleges in India placement-wise, the IIMs clearly rule the roost, consistently scoring the highest average salary packages year after year. Below provided is a table with the placement statistics for the year 2018:

MBA College                                              

Average Yearly Salary during Placements in 2018 (₹ in Lakhs)

IIM Ahmedabad

24.45

IIM Calcutta

24.20

SPJIMR, Mumbai

22.24

FMS New Delhi

21.10

XLRI, Jamshedpur

20.10

IIFT New Delhi

19.23

MDI Gurgaon

19.17

JBIMS Mumbai

18.91

IIM Indore

18.17

IIM Kozhikode

17.80

SIBM Pune

16.23

IIM Shillong

15.50

IIM Ranchi

15.09

IIM Tiruchirappalli

14.28

IIM Udaipur

13.16

IIM Kashipur

12.19

IMI New Delhi

12.23

IIM Rohtak

11.70

IMT Ghaziabad

11.60

TAPMI Manipal

11.00

GIM Goa

10.61

IIM Bodhgaya

10.60

IIM Sambalpur

10.55

Entrance cut-off

It’s the students that strengthen a business school’s brand and in turn the brand value of a business school helps the new students get a head start in their career. Therefore, the best business schools select only the best students, and the brightest students are keen on admission to only the best B-schools.

Please note that the quality of students who get into a business school has a significant impact on the learning quality of that school, especially because there’s plenty of peer learning that happens in these institutes. In that context, cut-off percentile is a very good indicator of the type and quality of students in a particular business school. The higher is the cut-off percentage, the better will be the quality of its students.

Some business schools might give a lot of weightage to other parameters such as work experience and academics, but even in these places, the percentile cut-offs are very high compared to the other regular business schools.

School fee

Please note, this isn’t a direct indicator of a business school’s quality and you shouldn’t pick or dump a school solely based on this parameter. There are several top-rated MBA College options where you might be expected to cough up ₹ 20 lakh or more for the MBA program. Then there might be some top schools that would charge a fee as low as ₹ 3 lakh. You should use this parameter along with other parameters such as the school’s brand value and placement record to make your decision.

It’s very important that you calculate your return on investment (ROI) if the business school’s fee is very high. It means that the school might not make much financial sense if you’d need to get the highest pay package (during Campus placements) to get a good ROI. This becomes all the more important when you consider the business schools that aren’t top rated.

Top MBA Colleges in India in 2019 with Fee Structure

If we talk about the top MBA colleges in India in 2019 with fee structure, there are some that have considerably increased their fee over the last 3 to 4 years, for instance, the IIMs. Here is the fee structure of some of the top MBA colleges in India for the academic session 2019:

MBA College

Fees (₹ in Lakhs)

IIMs

16 – 24

FMS, New Delhi

0.22

ISB, Hyderabad

33.34

IMT Ghaziabad

16.95

SPJIMR Mumbai

16

JBIMS Mumbai

6

NMIMS Mumbai

18.50

XIMB

17.30

Delhi School of Economics

0.35

IMI Delhi

16.95

MDI Gurgaon

21.34

BIMTECH Greater Noida

12

Location

Just like the fee of an MBA College is not the most straightforward parameter while shortlisting the college options, location of the institute is also the same. There are some excellent business schools situated in inferior locations and vice versa. Please also note that location doesn’t play a major role in attracting the best companies and faculty to the campus.

If the MBA College has a very good brand, it can easily overshadow the location aspect, and can attract the best of the companies and faculty to even relatively less popular places. This is also the reason why you will find all the new IIMs opening up in remote places, yet commanding a good amount of respect from both the industry as well as the academia.

While assessing the faculty of a business school you shouldn’t get carried away by the number of visiting faculty, PhD faculty etc., as many names listed in the prospectus might not actually be teaching in the campus at all. The number of part-time vs full-time professors can also be a misleading figure. Neither a low, nor a high number in this regard indicates the inferiority or superiority of the MBA College.

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