In this article let’s take a look at what IIM is all about & is MBA from IIM in India worth it or not by looking at benefits and drawbacks of studying MBA in IIM in detail.
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Table of Contents
Is MBA from IIM in India worth it?
To explain in brief words, getting your MBA from IIM in India is definitely worth it IIM MBA is one of the best things you can do in your career because IIM institutes are top business schools in our country and also one of the top in the world and the average package is around 30 lakh rupees per annum, You can get placement in top companies and IIM tag can greatly impact your career in terms of opportunities and you can also have great network to access.
The only problem with IIM is It is actually very expensive compared to other business schools and now let’s take a look at all the benefits and drawbacks of getting your MBA degree from IIM in India.
Benefits and drawbacks of studying MBA in IIM
Benefits of studying MBA in IIM
- Higher salaries-one of the main benefits is You can get higher salary and income if you study MBA in IIM, The average package is around 26 lakh rupees per annum whereas the highest package is around 1.32 crore rupees per annum for student graduated from with MBA degree, You can get into different management positions in various companies and placement in top companies like E&Y, Deloitte, Walmart, Accenture, JP Morgan Chase, Barclays, Morgan Stanley, Tolaram, Squareyards & Protiviti, EXL, KPMG, HSBC, Goldman Sachs, Amazon, Zomato, ICICI Bank, Bajaj.
- Become entrepreneurs-another benefit of IIM is there is something called Centre for Innovation, Incubation and Entrepreneurship (CIIE) which will help mentoring the startups founded by the students of IIM Ahmedabad and also help them get some funding and succeed and you can also get a opportunity to get mentorship and some funding or soft loan and guidance from this organisation which will really help you in the initial days of your startup journey
- Lots of fests- another advantage is there are many events and festivals celebrated in IIM, This is a benefit because you can participate in this events and festivals, learn new skills and It can be great memory for you
- Grow their network-one of the main reasons why majority of the people consider MBA degree is to get access to a strong network because many people who pursue MBA degree would like to shift their career into a different path and want to become entrepreneurs and, You can participate in various clubs and meet like-minded people in IIM having access to these people can really help you grow a lot in terms of getting opportunities and sharing ideas with them and You could also get in touch with international students because not only Indians but many internationals study in IIM as IIM is ranked 46th in the top 50 business schools in the world
- Self confidence-Another benefit of studying in IIM is that it can greatly enhance your self-confidence because out of more than 2 lakh students who write cat exam for only 5000 seats available in all IIMS combined, if you get a seat in IIM it can increase your self confidence because you have got admission into top business schools in our country after clearing one of the toughest exams of huge competition
- Great faculty and infrastructure-Another benefit is that you can get great faculty As most professors who teach in iim have PhD degrees in their respective backgrounds and they also get high salaries and top people in the area and about infrastructure is awesome, You can have libraries cafeteria hostels sports complex, labs, gym, ATM post office, music room AC classroom Wi-Fi campus auditorium hospitals Syndicate room convention centre research centre and many more facilities and the reviews is around 4.7 out of 5 star for IIM Ahmedabad.
- Increase your credibility-another benefit of studying in IIM is It can greatly increase your credibility of your degree because IIM institutes are top in our country and also one of the top in the world and getting your MBA degree from these institutes can significantly increase your credibility and trust on your skills for employers, and the tag of IIM can really benefit you a lot in your career in terms of getting the opportunities and promotions.
- Grow your soft skills from internship-another benefit of studying in IIM is You can grow your soft skills such as communication, leadership, teamwork, negotiation, logical thinking, and You can practical implement all the concepts you learnt in the college by participating in the summer internship in IIM and it is really great that you get opportunity of internship as it will help you a lot in your real life job.
- Scholarships available-another benefit is that you can get scholarship if you want to study in IIM and Special Need-Based Scholarship Scheme is present as (Candidates can avail of this scholarship on the basis of annual gross family income, ownership of assets, and the number of dependants in the family. The application for this scholarship is invited every year in the month of July)
- Manages finances better- This is a non-professional benefit but is of huge benefit. Finances are a part of everyone’s life. The finance skills MBA students learn in college can be applied to their personal life as well. They will be much better at seeing the short and long-term impact of their expenditure. They will be able to assess risk and benefits much better and deal with economic fluctuations and changes in the market promptly and smartly.
These are all the benefits of studying MBA in IIM, now let’s take a look at the drawbacks and disadvantages.
Drawbacks of studying MBA in IIM
- Expenses of IIM-one of the main disadvantages is the expense of the education, the MBA course fees in IIM is around 23 lakh rupees for 2 years program, it is really costly but thankfully you can get scholarship as need based depending upon your family income and your assets but it is not for everyone
- Limited seats & High competition-another disadvantage is there are only 5000 seats available and there are caste reservations in those seats but in order to get admission into IIM You need to attend and pass CAT exam and more than 2 lakh students write CAT exam every year for less than 5000 seats available so it is very competitive and difficult to get admission into IIM
- Opportunity cost-another disadvantage of MBA is the opportunity cost because you can only do MBA after completing your undergraduation so you will have to sacrifice two more years of your life which you could have used to get a job, increase your network and salaries and get some promotion but you get none of those if you study 2 years full time MBA program in IIM, You can consider distance MBA if you don’t want to sacrifice 2 years and the opportunity cost of it
These are both advantages and disadvantages or benefits and drawbacks of studying MBA in IIM.
With that said let’s conclude the blog.
These are all the things you need to know about benefits and drawbacks of studying MBA in IIM.
Do comment down what are your thoughts about studying MBA in the comment section below.
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