There are many people who would not admit to themselves that even if they knew what they really wanted to do in life, they still wouldn't leave their well-paying, high-status job for it. But, would you? Or could you? Read on to find a few relevant answers to some of your questions with respect to your MBA aspirations. These points are just a guildeline to show you that there is so much more to the world than an MBA degree.Things you will have to pay for: 1. Time(duration of the course):
Your MBA can take up 12 to 24 months to complete. Now, that period hampers your total experience count and it might get even worse if you do not find yourself a seat in a respectable college. In other words, it could be regressive for some.2. Opportunity cost:
Suppose you are earning Rs 8 lakh per anum right now and in the majority of cases there is a 10% increment each year. So, for a two-year program, your potential earnings lost would be around Rs 16.80 lakh.3. Tuition fee and costs:
An average cost for a two year MBA course in India comes to about 12 to 15 lakhs. This is excluding every other cost you will incur during your course and that could be living expenses and a whole host of other things.
If you are planning to study abroad for an MBA you can assume it is going to cost around Rs 35 lakh in a decent college. You can also include the loans you will take to go on those trips during your courses which is also an integral part of building deeper relationships.
The fees could go up to Rs 25 lakh in India and more than Rs 70 lakh abroad for the top colleges. Recent stats show that a two-year, full-time MBA program at Stanford will now cost you a whopping Rs 1.20 Cr, which in itself is a new record.4. The Loan:
For such a big amount, there is a huge probability that you will have to take a loan. At best you may get 75% of your tuition fee as a loan based on your collaterals and school you get a seat into. If you get a loan of Rs 9 lakh at an interest rate of 10% p.a., for a duration of 10 years, you would have paid Rs 15.85 lakh at the end of the term.
Total: Rs 16.80 (Opportunity cost)+Rs 15.85 (fees with loan)+other expenses ~ Rs 32 to 40 lakh in India.Things you may gain: 1.Qualification and knowledge:
An MBA definitely increases your knowledge and certainly widens your spectrum of eligible jobs in the market.2. New opportunities
The first year in an MBA course has common subjects for all and thus, no specialization. This gets you ready for many aspects of business and opens up new opportunities for you.3. Increased relevant network
As Steve Winwood said, “Networking is rubbish; have friends instead.” I hope you got the point.4. Increased pay
This is the biggest single reason why most of us go for an MBA and yes it does pay well and not just well, but one of the best in the industry as compared to other masters degrees.
A list of Colleges with Tuition fee under Rs 35 lakh
(Note: Tuition fees and average salaries have been taken from business school websites and various other sources)
Most of the colleges provide scholarships as per your past record but the main thing you need to decide is which college suits you the most for your subject.
A look at the affordability in abroad as compared to India
A pack of bread in the US costs 7 times more than that in India.
Now the main question is still simple and easy to answer, but only useful if you are ready to take make daring move. You need to know if you really enjoy business and it's nuances. Does it excites you as your career, or you are just doing it to get that higher salary or to make that shift from your boring field? Now, I won't say any of this is wrong, but first you've got to do what is necessary and then what is possible and only then if you think your MBA would act as a ladder to your dream career, you should go for it, otherwise here are is a list of people who did not have an MBA and still succeeded.