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CAT 2008 Discussions Read and write opinions abut CAT, XAT, SNAP, IBSAT, JMET, CET etc. . Get expected cut-offs and know how other people fared in the exam. |
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Of the post-graduation options available in
India, none has attracted as much attention as the MBA degree. One of the main
reasons for this is the fact that the Indian Institutes of Management (IIMs),
established along the lines of IITs, have set extremely high standards for
Management education in India. Of course, this has led to the other MBA
institutes putting in equal effort in India, and the result is that we have
almost a dozen institutes in india whose quality of education is impeccable by
any standard.
As a result of this growth of MBA, multi-national corporations operating in
India have never had the need to look for talent elsewhere. They have been
regular visitors to the campuses of the top B-schools, and have offered
managerial designations coupled with sky rocketing pay packets to the graduates
of these B-schools. The average salary offered at the top 10 B-schools last year
for Indian postings was Rs. 9 lacs per annum.
Moreover, some of the best international international companies (particularly
Consulting and Banking firms) have now been recruiting from Indian campuses for
placements abroad!! Needless to add, they offer dollar pay packets for these
jobs, with postings in USA, UK, Singapore, Hong Kong etc. The average dollar
salary at the top 10 B-schools last year was $80,000 per annum (around Rs. 35
lacs/year).
Yet another factor responsible for the MBA craze in India is the low cost of
education. While an MBA from a good foreign university (say, a private US
B-school) costs between Rs. 30-40 lacs, an MBA from a top B-school in India,
like an IIM or XLRI or Bajaj, costs just about Rs. 2.5-3 lacs. Moreover, there
is easy availability of student loans and scholarships for MBA here in India as
compared to the availability of the same abroad. One should also note that
applying to a foreign MBA university involves very high initial expenses (e.g.
the GMAT costs around Rs. 11000, the cost of the application form of each
college is around Rs. 6000 ($125 each)). So if you apply even to 10 good MBA
colleges, you end up spending around Rs. 75000 (courier, counseling etc.).
Hence, students looking for good quality affordable management education have
preferred doing their MBA in India. Those who have the resources have preferred
studying at top international management institutes abroad.
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