There are many people who would not
accept 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 ambitions. These points are just a
guideline to show you that there is so much more to the world than an MBA
degree.
Things you will have to pay for
Time(duration of the course)
Your MBA can take up to 12 to 24 months to
complete. Now, that period embarrasses 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 reactionary for some.
Opportunity cost
Suppose you are earning Rs 8 lakh per
annum 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.
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 acquire during your course and that could be living costs and a
whole emcee of other things.
If you are planning to study abroad for
an MBA you can assume 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.
The Loan
For such a big amount, there is a huge
chance that you will have to take a loan. At best you may get 75% of your
tuition fee as a loan based on your deposits and the 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 a loan)+other expenses ~ Rs 32 to 40 lakh in India.
Things you may gain
Qualification and knowledge
An MBA definitely increases your
knowledge and certainly widens your color of eligible jobs in the market.
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.
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 master's degrees.
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.
Conclusion
Now the main question is still simple
and easy to answer, but only useful if you are ready to take make a bold move.
You need to know if you really enjoy business and its distinctions. Does it excite
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.
Dev Bhoomi Campus, Chakrata Road
Navgaon, Manduwala, Dehradun- 248007, Uttarakhand, INDIA
Phone No: 0135-2694241, 42,43,44,45
Toll-Free: 1800 103 4049
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