Affordable Online MBA Programs in India: Cost, ROI & How to Choose

Aspiring to pursue an MBA this year, but unsure about the costs involved? Here’s a dash of truth – an MBA degree doesn’t necessarily have to burn a hole in your pocket. Several Online MBA programs in India are easily affordable and also offer the added advantage of flexible learning schedules. 

What’s more? Online MBA courses also help equip students with much-desired industry-relevant skills, enabling them to build a strong career path upon course completion. All of this and much more at costs that easily fit in your budget! In this blog, we explore all that there is to know about an Online MBA program in India to help you make an informed decision.

How an Affordable Online MBA Adds Value to Your Investment?

An MBA program is meant to add value to your overall career path by providing a substantial return on investment (ROI) through rewarding salary packages upon course completion. However, with an Online MBA degree that is much more affordable than a traditional MBA (on-campus) program, the value of your investment is even higher. This is because of the following reasons:

• The tuition fees for online MBA programs are relatively lower than those for on-campus MBA programs. This also saves a considerable amount of money involved in commuting, infrastructure, accommodation, and other resources.
• The ROI on Online MBA programs is much faster than that of conventional MBA courses, as students can complete the program at their own pace, and apply their learnings real-time in their workplaces. This also means they can start working faster and achieve ROI more quickly through substantial earnings. 

Online MBA vs Traditional MBA: Key Differences

The emergence of online degrees has rapidly popularized the idea of flexible, remote learning, slowly doing away with the need to study on campus. This also means that an Online MBA is undoubtedly gaining more demand over traditional MBA programs, especially among the working professionals. The table below highlights some key differences between Online MBA and traditional MBA courses to help you decide which is the best option for your upskilling journey:

How to Select the Right Online MBA Program?

Affordability is not the only factor to consider when deciding to pursue an Online MBA program. There are so many more areas that must be looked into to make an informed decision. We share below a few of them to guide you through your choice:

• Course design and curriculum: These are essential considerations for Online MBA courses. The program’s content and its alignment with your career objectives are crucial.
• Faculty experience: The total experience and expertise of the college faculty offering the Online MBA degree must also be considered. The higher the experience, the more credible the faculty is believed to be, which helps to build trust among course applicants.
• Tuition fee: The cost of different Online MBA programs at different institutions must be researched. This helps make an informed decision.
• Financial aid: Also check whether the university you’re considering offers financial support, such as scholarships, EMIs, or tie-ups with banks/financial institutions for education loans.
• Type of university: Public universities offer relatively more affordable Online MBA courses than private ones.
• Student feedback: Feedback from university alumni can help shape your decision by informing you about the quality of the learning experience and other aspects of the program. 

Which is the Best University for an Affordable Online MBA in India?  

If you’re looking for quality education at affordable prices, the Online MBA program offered by Sikkim Manipal University (SMU) is your best bet. The accredited university offers the two-year degree program on the Online Manipal platform, ensuring absolute flexibility and convenience for students and professionals alike. Here are some reasons to opt for the Online MBA by Sikkim Manipal University:

• Its Online MBA program offers dual specialization, allowing students to gain expertise in two disciplines within a single degree. 
• The university is accredited with an A+ grade by the National Assessment and Accreditation Council (NAAC).
• Students graduating with an Online MBA from Sikkim Manipal University enjoy advantageous career prospects, landing dream job roles in a variety of domains with lucrative salary packages. A few examples include IT, Advertising, Financial Services, and the like.
• The Online MBA program is at par with its on-campus counterpart in terms of global recognition and academic quality standards, with the added advantage of flexible online learning.
• The course is pocket-friendly, with the full course fee at INR 1,10,000 (tax-inclusive). Easy EMI and scholarship options are also available.

How Much Does an Affordable Online MBA Course Cost in India?

The average cost estimated for pursuing an Online MBA in India that typically spans 24 months may range between INR 30,000 and INR 5,00,000 (approximately). Note that these figures are indicative only and the exact fee structure of any program may depend on various factors, including the specialization offered, the university offering the program, its course design/curriculum, etc. 

It is generally advisable to always check the accurate fee range for an Online MBA program directly with the institution that you apply to.

Who Should Consider an Affordable Online MBA?

While an Online MBA program offers the flexibility of learning anywhere to aspiring learner, besides being easy on the pocket, it is most suitable for the following sets of learners:

• Working professionals looking to upskill affordably without disrupting their career continuity.
• Entrepreneurs who can gain valuable business skills from an MBA program but do not desire to invest substantially in the course   
• Fresh graduates from any stream seeking rewarding jobs in the market and who stand a higher chance of substantial employment with an MBA degree credited to their name.  

What to Expect from Affordable Online MBA Programs

When choosing an Online MBA that is also cost-effective, students can expect to learn from a comprehensive curriculum that aligns with industry-relevant skills. They stand to gain leadership skills in areas such as marketing, finance, and strategy, as well as career guidance and rewarding full-time job prospects upon course completion.

Listed below are some of the key features to expect from Online MBA programs:

• Affordable cost: Online MBA courses are generally more affordable than their traditional counterparts, reducing the overall financial burden on students.
• Improved flexibility: Students pursuing an Online MBA enjoy the convenience and self-paced learning, as these courses are generally flexible, unlike the rigid learning structure of conventional MBA programs.
• Accreditation and high quality: Though budget-friendly, Online MBA programs do not compromise on the quality of learning offered. Competent professional bodies accredit them and ensure they meet the academic standards of on-campus MBA courses.

Key Factors to Consider Before Choosing an Affordable Online MBA Program

The key to choosing the right Online MBA program for your career goals is balancing the quality of learning with cost. Both are equally important, and focusing only on easy affordability may not be the best move. Here are some crucial pointers to note to help you make an informed decision:

• Total cost vs ROI: Perform a detailed comparison of the overall cost of Online MBA courses at different institutions and the corresponding ROI in terms of salary packages upon course completion. This would help you make a thoughtful choice. 
• Course curriculum: Not just the cost, but the course content also matters when deciding which program to choose. Check the program’s curriculum before opting for it, including the specializations it offers and whether they align with your career aspirations. 
• Reviews and testimonials: Make sure to check out the reviews of current and past students (alumni) before choosing a specific Online MBA program. It helps to get a clear picture of the course, the faculty, and the institution. 

Career Outcomes After An Online MBA

Students graduating with an Online MBA are well-equipped with the skills to pursue a wide range of career opportunities with promising salary packages. Some of the top job prospects after completing an Online MBA are tabulated below, along with their corresponding salaries in India, for your reference:

References:

https://www.glassdoor.co.in/Salaries/brand-manager-salary-SRCH_KO0,13.htm
https://www.glassdoor.co.in/Salaries/product-marketer-salary-SRCH_KO0,16.htm
https://www.glassdoor.co.in/Salaries/wealth-manager-salary-SRCH_KO0,14.htm
https://www.glassdoor.co.in/Salaries/supply-chain-manager-salary-SRCH_KO0,20.htm
https://www.glassdoor.co.in/Salaries/finance-manager-salary-SRCH_KO0,15.htm