If getting to know your classmates and instructors face-to-face is less important to you than saving money and maintaining your schedule, then doing your MBA online might be the right choice. If you are a working professional who is also receiving the famous MBA degree through an online form of study, then an online MBA will, in essence, give you a superb return on your investments. This is especially true if you work full-time while pursuing your education. In this scenario, you can earn money in addition to a degree at the same time. You not only save time but also money, making this a win-win situation.
Online MBA Program Fee 2022
In India, earning a Master of Business Administration degree comes with a significant financial investment. There are only a handful of excellent public universities that provide an MBA; the rest of the excellent institutions are private business schools that charge exorbitant tuition rates.
However, these top business schools have been delivering a practical and inexpensive solution by introducing an online Master of Business Administration degree at an incredibly reasonable price. Following is a list that includes, along with the total cost of their MBA programs, some of the most reputable educational institutions in India that present online MBA courses at reasonable prices.
| University Name | Total Fee (in INR) |
| Narsee Monjee Institute of Management Studies (NMIMS) | 1,44,000/- |
| Lovely Professional University (LPU) | 1,56,000/- 1,42,000/- (if paid lump sum) |
| Amity University | 2,64,000/- 2,55,000/- (if paid lump sum) |
| UPES | 1,45,000/- |
| Chandigarh University | 2,00,000/- |
Online MBA Salary: Return on your Investment
It is a fact that the compensation that is paid to graduates of online MBA programs is a little lower than the salary that is offered to graduates of full-time MBA programs. However, if this is the case, why do some believe that getting an online MBA will provide you with a superior Return On Investment (ROI)? This is because the cost of an online MBA program charge is significantly lower than the cost of a full-time MBA program.
There is a significant difference between the cost of an online MBA and a traditional MBA, but there is not nearly as big of a disparity when it comes to the income that may be expected. After completing a regular full-time MBA program, you are eligible for high compensation packages that range from 10 to 20 lakhs Indian rupees (INR), but you are also required to pay a massive price that ranges from 18 to 20 lakhs Indian rupees.
And this doesn’t even cover the cost of textbooks! Other fees, such as moving to a new area, living expenses, and transportation costs, can add thousands of dollars to the overall price of a full-time MBA program.
On the other hand, if you acquire your MBA online, you will pay less than three lakhs of rupees and be eligible for income packages that range from seven to ten lakhs. In this scenario, you will not be required to move to a new location or make daily commutes to the college. You are able to attend classes in a relaxed manner from virtually any location on the planet. For an improved comprehension, please refer to the table that is provided below.
| University Name | Online MBA | Full-time MBA | ||
| Total Fee (in INR) | Average Salary (CTC in INR) | Total Fee (in INR) | Average Salary (CTC in INR) | |
| Narsee Monjee Institute of Management Studies (NMIMS) | 1,44,000/- | 7,00,000/- | 21,90,000/- | 23,00,000/- |
| Lovely Professional University (LPU) | 1,56,000/- 1,42,000/- (if paid lump sum) | 5,00,000/- | 7,60,000/- | 7,00,000/- |
| Amity University | 2,64,000/- 2,55,000/- (if paid lump sum) | 5,00,000/- | 12,16,000/- | 7,00,000/- |
| UPES | 1,45,000/- | 4,00,000/- | 15,26,000/- | 5,66,000/- |
| Chandigarh University | 26,400/- | 3,50,000/- | 6,08,000/- | 5,00,000/- |
Online MBA vs Full-time MBA: Pros & Cons
Both full-time and online MBA programmes come with their own set of advantages and disadvantages. Which of these choices is preferable? That is completely up to the individual, given that everyone has their own specific requirements and needs.
- Flexibility–You can save time, money, and effort by attending your classes remotely, which is one benefit of the flexibility offered by this option. You have the advantage of being able to attend colleges in other states without having to physically move. You will have access to video lectures, allowing you to learn at your own pace and at your own convenience. All of these things constitute a significant benefit, particularly for those people who are working professionals.
- Networking- Building a strong professional network is an essential part of getting an MBA. There is little doubt that a full-time MBA offers a distinct advantage in this regard because it is simpler to network and communicate with individuals in person. On the other side, if you do your MBA online, you’ll have the chance to network with a more diversified group of people who will virtually join you from all over the country and the world.
- Cost- The difference between an online MBA and a traditional MBA, which could cost you over 18 lakh rupees, is that an online MBA can be completed for less than 3 lakh rupees.
- Placement–When it comes to placement, a full-time MBA has a distinct advantage because it provides students with better prospects to find jobs with higher starting salaries. Having said that, an online MBA can also offer great income packages even after taking into account the decreased overall tuition costs. As a result, the ROI is superior. An online Master of Business Administration degree is a fantastic option for working professionals to improve both their compensation and their designation without having to quit their current position.
Accreditations and Approvals
When looking for an online institution, this is the most important aspect to look into and make sure it meets. A master of business administration earned online is only considered legitimate if the awarding institution possesses the necessary accreditations and permissions.
In recent years, the prevalence of online education has led to the establishment of a number of schools that falsely advertise the awarding of a Master of Business Administration degree. You ought to be wary of attending one of these bogus universities. Check to see whether the college or university in question holds any of the following accreditations or approvals in order to determine whether or not it is a reputable educational institution.
- UGC-DEB
- AICTE
- NAAC
- UGC
Program Fee and ROI
In light of the fact that cost is frequently cited as one of the primary motivating factors behind a student’s decision to enroll in an online MBA program, it is essential that you investigate the college’s full fee structure before submitting your application. In addition to the cost of tuition, there may also be other, less obvious fees, which the vast majority of students are unaware of. Therefore, it is essential to examine the tuition and fee schedule for the college in great detail.
Checking the program charge is the first step; after that, you should investigate the placement data that the college has provided in prior years. You are required to look at these placement reports in order to determine the typical benefits packages that are granted to students who enroll in the program that you will be attending.
Flexibility and LMS
Another important factor that contributes to the popularity of online MBA programs is the flexibility that they offer to students. Knowing in advance as much as possible about the college’s Learning Management System (LMS) is therefore an absolute requirement. The LMS refers to the electronic instructional environment that the university will make available to its students online. You need to investigate the platform’s technological aspects and determine whether it can be accessed and used at any time of the day or night. The question of whether or not the learning environment is synchronous or asynchronous is another factor to take into consideration.
When students are enrolled in synchronous classes, it means that they are required to attend live online classes at the designated time. When it comes to classes like this, having live interactions can be beneficial. These classes are recorded so that people who cannot attend the live classes can still have access to the recordings later.
Classes that are asynchronous mean that there will not be any live classes but recorded lectures that will be available to everyone. The students will be able to see these movies whenever they want and as many times as they like. These videos will always be available to the students.
Curriculum, Webinars, and Industry Exposure
If you want a successful job after earning an MBA, the curriculum of the school you attend and the industry experience you gain while taking the course are two of the most critical factors. Unfortunately, because of online education, in-person interactions are limited. Because of this, it is imperative that the college provide direct industry exposure to the students. This can be accomplished through regular webinars, live online interactions with industry experts. In addition, this established alumni network allows students to contact graduates working in the industry, live projects, seminars with industry veterans, and more.
Is Online MBA Really Worth It In India? The Verdict
To address the question, “Is it worthwhile to do an online MBA?”: yes. Well YES! When you consider the other benefits it provides, such as cost-effectiveness, return on investment (ROI), and flexibility, there is no doubt that it was worth the investment. You can participate in the same classes, gain the same experience, and broaden your horizons without giving up any other important things to you in your life.
Online MBA Review 2022 – What Students say about Online MBA Programs
Maheshwar, a Manipal University student, is working toward earning his MBA through the school’s online program (online). He thinks that everything has gone well for him up to this point. According to him, the online learning environment functions in a very satisfactory manner. I truly appreciate how supportive my mentor, Dr. Sunishtha, and all of the other mentors are, and I’m hoping that this wonderful learning program will continue till the conclusion of my term.
In addition to working as a software engineer for an IT company, Yash is currently enrolled in the NMIMS’s online MBA program. He expresses a high level of contentment with both the university’s learning management system and the career services that are made available to students. “I was concerned that I might be required to quit my employment to pursue a Master of Business Administration degree. However, I was not in a position where I could afford to go an entire year without having any source of income. As a result, I decided to participate in the Executive MBA program that NMIMS offers online. You can also choose from various career services packages that include assistance with interviews and placements. The atmosphere conducive to study is lovely, and at the end of the year I am hoping to see some progress in my professional life!
Conclusion
In conclusion, do not be hesitant to get your MBA through an online program. You just need to exercise caution while picking out the ideal business school for you, one that provides a satisfactory rate of return on your financial investments, in order to ensure that you get the most out of your investment. For example, suppose you are unsure which business school to choose for your online MBA program. In that case, you can use the Compare Feature on College Vidya to narrow down your options and choose the institution that offers the most desirable curriculum.
FAQs
Q1. Is it truly beneficial to get an online MBA?
Ans. A traditional MBA will provide you with a similar curriculum and experience. Still, an online MBA will allow you to complete the program from the convenience of your own home while saving significant money. In addition, you have the opportunity to construct a strong network since you have the benefit of connecting online with people from all over the world, which helps to expand your network. The return on investment (ROI) is also greater than a traditional MBA; hence, an online MBA is worth it.
Q2. What is the return on investment (ROI) of an online MBA?
Ans. The typical tuition for an online MBA is lower than INR 3 lac. In comparison, the specific salary increase after completing an online MBA is anywhere between INR 6-7 lac per year. Therefore, the ROI is practically twice, which is highly unusual in a conventional MBA program.
Q3. Is it true that an online MBA offers a higher return on investment than a traditional MBA?
Ans. When compared to a traditional MBA program that costs between INR 6-7 lac per year, the return on investment (ROI) for an online MBA is approximately twice as high with a total tuition cost of less than INR 3 lac. On the other hand, the return on investment (ROI) for a conventional MBA is not exceptionally high because the typical fee is between INR 15-20 lac, while the average package is between INR 10-25 lac per year.
