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The cost of the priceless MBA degree from Indian Institutes of Management has more than trebled in the past five years, after yet another round of fee hikes this year. From 5 lakh or less for the class of 2009, fees at the IIMs in Ahmedabad, Calcutta and Bangalore have risen to Rs 13.5-15.5 lakh for the class of 2014, according to data collected from top B-schools. Students signing up this year face a 7% increase in fees at IIM-Ahmedabad and a 15% increase at IIM-Bangalore. Other institutes such as IIFT and XIM-Bhubaneswar have also raised fees by 15-16%.
IIMs have increased class capacity by 54% after the HRD ministry directed them in 2008 to implement 27% reservation for other backward castes (OBCs). "The cost of infrastructure has been one of the major reasons for the fee hike since the OBC quota implementation meant that student numbers were increasing dramatically," said Pankaj Chandra, director, IIM-Bangalore. New facilities to be set up"We need to set up new facilities and provide better resources to enhance the quality of education," said Pankaj Chandra, director, IIM-Bangalore. Different IIMs rolled out the 54% increase in seats over three years in different ways. For instance, IIM-A increased the number of seats from 250 to 385 over the three-year period. Though the increase was spread out, B-schools have had to expand existing infrastructure, including classrooms, hostels and other facilities. "If we don't increase fees we might be able to meet our operational expenses, but it won't be enough for capex," said Ashok Banerjee, dean (new initiatives & external relations), IIM-C. IIMs in Lucknow, Rohtak, Ranchi and Kozhikode and ISB Hyderabad have not increased fees this year. Some B-schools have waiver schemes for financially weak students. At IIM-A, for instance, around 25% of the students in the first year (class of 2013) received some form of fee waiver this year. At IIM-Calcutta, 22% of the students have received waiver. Conversely, this increases the bill for those who are able to pay.
Courtesy: The Economics Times
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