Is Spending Over 20 Lakhs for Two Years at IIMs Worth It?

This is a highly subjective question, and it depends largely on your career goals and personal aspirations. Let#39;s explore the two possible future career pathways you might consider:

High-Paying Corporate Jobs

For those who desire a high-paying corporate job, an MBA from an IIM is often seen as an absolute necessity. In the corporate world, employers typically value the degree over other qualifications. An MBA from a top institution like an IIM serves as a stamp of capability and can significantly enhance your employability. However, the return on investment is debatable.

Learning and Entrepreneurship

On the other hand, if you are driven to learn and start something of your own, an MBA may not be the best investment. Life is the biggest teacher, and the experience gained by running your own venture or pursuing careers like the Indian Administrative Service (IAS) can be invaluable and far more rewarding. These paths offer opportunities to apply and refine your skills in real-world settings.

In my personal opinion, 20 lakhs is just like insurance money that secures a corporate job. However, for many, this investment might not yield the expected returns. I am an IIM Lucknow graduate, and I can attest that joining IIMs for corporate jobs is not always a wise choice unless you are already in a very affluent situation. Even if you secure a good job, many entrepreneurs or take up the IAS after a few years. From a purely financial perspective, there are often better returns in tech jobs or other industries.

Return on Investment (ROI)

The returns on an IIM education, both monetary and otherwise, need to be carefully evaluated. Financial returns alone are insufficient for making such a significant investment. Consider the ROI for the next 20 years, and compare it to other potential career paths, especially if you did not pursue an MBA or if you pursued it earlier in your career.

Alternative Education Models

Expecting to get only placements from a college degree that is immensely valued defeats the whole purpose of education. There are numerous opportunities for learning outside of formal institutions. In the past year, I have gained more in my education than in my previous four years of work experience. The connections I have made and the internships I have done are priceless. The opportunities that come from a campus-to-career transition can be overwhelming and beneficial.

Fee Structure and Evaluation

The fees at IIMs are certainly on the higher side. For the batch of 19-21, the fee structure was around 14 lakhs. In my opinion, while the fees are steep, the value they bring might be worth it. However, this evaluation is subjective, and it depends on your personal and professional goals.

I wanted to address any questions you might have. Feel free to reach out to me on my Instagram profile mentioned on my Quora profile.

Happy reading!

Author: Sahib Chawla