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 answer to this question varies depending on the individual and these individuals can be classified into three groups.

Doing an MBA is a very good option for those who are still in school or have graduated as 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 1-2 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 widely available today. However after completing the MBA, one must ensure that they have sufficient funds to pay the instalments.

2. Doing a decent job:

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.

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.

3. Self-employed / running their own business

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.

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.

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.

Conclusion:

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 a variety of other factors.