Gain an understanding of the MBA

An MBA or master's degree in management is earned three years after graduation. Several highly esteemed and well-known institutes in India like 21 IIMs, a small number of IITs and numerous private sector institutions like XLRI Jamshedpur and NCR, SPJIMR Mumbai, SIBM Pune, MDI Gurugram and Murshidabad, ISB Hyderabad and Mohali, NMIMS Mumbai and XIM Bhubaneswar offer MBA programs. 

Students must pass highly competitive national, state or institute-level exams like CAT, XAT, SNAP, NMAT or GMAT to get into the best MBA programs in India. Students who score in the qualifying percentile on these tests must attend group discussions and personal interviews held by various institutions.

Different MBA types

Apart from the two-year classroom MBA, details of which have been mentioned above, there are some other MBA programs such as Executive MBA, Online MBA, Part-Time MBA, Global MBA and Specialised MBA.

The fees and average packages for the traditional MBA programme at the top 15 management schools, according to NIRF 25

When it comes to the viability of doing an MBA, fees and average packages provided to college graduates play a significant role. The table below shows the cost and average package offered to MBA graduates from the top 15 MBA colleges according to the NIRF 25 ranking.

Other colleges in the country with the best ROI include FMS, DU Delhi, JBIMS, and TISS (both in Mumbai) but they are not ranked in NIRF Ranking 25.

An MBA education is expensive in our country because doing an MBA from a mediocre to a leading college costs 20 lac to 50 lac and no other degree except doing medical from a private college/university is more expensive than this. Surprisingly the cost of a four-year B.Tech from an IIT is significantly less than that of a two-year IIM  despite the fact that both IITs and IIMs are autonomous institutes under the Ministry of HRD, government of India.

The viability of an MBA varies depending on the individual and these individuals can be classified into three groups.

Pursuing/Completed Graduation:

An MBA can be a powerful starting point for a recent graduate, providing immediate career advancement, a valuable network and access to elite jobs. However its value increases with prior work experience. The decision should be strategic, based on your specific career objectives, the programmes you want to pursue and a clear understanding of both the short-term and long-term return on investment.

The majority of first-generation successful businessmen and key executives in key corporates received their MBAs from top colleges. One must choose between pursuing an MBA immediately after graduation or after working for few years. In both cases, admission to a prestigious college must be their top priority. 

In our country 25-35% of MBA students lack work experience while the remainder want to pursue an MBA after gaining some work experience or failing to get into a good college in previous attempts.

Even if one does not have a strong financial background, education loans are readily available today. However, after completing the MBA, one must ensure that they have enough funds to cover the instalments.

Doing a decent job:

For someone doing a decent job, the advantages are less about basic employability and more about breaking through ceilings and unlocking optionality.

In this situation, the answer is not so simple because many factors must be considered such as job satisfaction, current package and average package of the MBA college you are attending as well as how long it will take to recover the financial losses incurred during the two years of MBA.

For someone doing a decent job, an MBA is not about fixing a problem; it's about buying an option on a much larger future. It's a deliberate, leveraged bet on yourself to transform a linear, predictable career into an exponential, leadership-oriented one. The key is to have a specific post-MBA goal. With that clarity the MBA becomes a powerful catalyst rather than just another degree.

Aside from that, one should keep in mind that after completing an MBA, one will be a stronger and more capable person as well as have good contacts which will be extremely useful if one ever decides to start one's own business.

Self-employed / running their own business

For the entrepreneur or business owner, an MBA takes on a fundamentally different meaning. It's no longer a "ticket to a job” but rather a strategic investment in your business and your own capabilities as a founder. The return is measured in enterprise value, survival rates and scaled growth not just personal salary.

For an entrepreneur, an MBA is a deliberate investment in your company's infrastructure and your own leadership capital. It's about moving from "doing business" to "building a business." It provides the missing manual, the expert advisors, the credibility and the network to de-risk your journey and maximize your odds of significant, sustainable success.

The question isn't "Will this get me a job?" but "Will the knowledge, network and credibility I gain increase the value and success probability of my venture by more than the total cost (tuition + lost opportunity)?" For many ambitious founders, the answer, especially from the right program is a resounding yes.

Many colleges and institutes provide an MBA in entrepreneurship and family-run businesses. This can be extremely beneficial for this group of people and they can move their businesses forward with new energy and new ideas after completing the aforementioned specialised MBAs.

In such a situation, many factors must be considered, the most important of which are the type of support system in place in the business, how it will perform in the absence of the key person, the amount of difference it makes and how much time it will be compensated for after completing an MBA.

Other advantages of pursuing an MBA include increased discipline, better time management, improved communication skills, increased resilience and adaptability, increased confidence and better decision-making abilities.

Is an MBA worth for engineering graduates: 

For an engineering graduate, the value of an MBA is exceptionally high and often represents one of the most powerful career combinations in the business world. It's the classic T-Shaped professional path- deep technical expertise (the vertical stem of the T) combined with broad business and management acumen (the horizontal bar).

For the majority of engineers seeking broader business impact, leadership roles or a strategic career pivot, the answer is a definitive YES.

The MBA unlocks doors that are typically locked for pure engineers. It transforms you from the person who implements solutions into the person who defines the problems and charts the strategic course.

If this describes you, an MBA is likely one of the highest-return investments you can make in your career. It leverages your analytical engineering foundation and builds the business superstructure on top of it, creating a uniquely powerful and in-demand profile.

Conclusion: Is an MBA worth

An MBA is unquestionably beneficial and financially viable for those interested in this field of study but each individual must make their own decision based on their financial situation, job satisfaction and after considering a variety of other factors mentioned above.