Am I eligible today / Eligibility:-
A second-class Bachelor’s Degree or equivalent, with minimum 50% marks in any faculty is the requirement for any management institute in India including the IIMs.
In all cases candidates appearing for their degree exams in the current academic year, are eligible to appear for the entrance tests.
Given the large number of applicants (175,000 students took CAT 2005) the institutes eliminate students at each stage to arrive at the final list of candidates.
Stage 1 – The Test: Most institutes hold their tests between November and January. Most of the institutes conduct paper-based tests; some of the important tests in the Indian calendar are CAT, XAT, JMET, etc. The call letter is only sent to students who qualify the test. A report card is issued to every student who takes the CAT.
Stage 2 – The Group Discussion and the Personal Interview: This stage of the process is always held between February and March at most institutes.
Stage 3 – The Final Call for Admission – After having cleared the above two stages, the candidate receives that all-important Final Call letter of selection. Candidates are required to pay the first instalment of the fees at this stage.
What will it cost me / Cost of Education?
Compared to the lucrative placements that any premier Indian Management institute provides, the cost of education appears moderate. The fees range from Rs.1,20,000/- per year, at the IIMs which is a residential program, to Rs.35,000/- per year, at JBIMS which is a day-scholar program. While there are many institutes that charge more, around 2 – 2.5 lakhs per annum.
On closer observation you will notice that the fees charged by the top institutes are lower and more affordable.
Loans & Financial Assistance”The fact that a student needs financial assistance will not hamper his admission prospects” – is a line stated in the advertisement of the CAT by the IIMs.
The best institutes give priority and preference to talent and not capacity to pay the fees as a key criterion in the selection process.
The IIMs specifically mention that once a student is selected, his ability to pay the tuition fees is the last of the considerations. All IIMs state that no student, once selected, will be refused admission if he is not able to pay the tuition fees. Furthermore, there are numerous banks that offer loans. Apart from this, 25 percent of the PGP students at the IIMs can expect to get adequate financial assistance from the Institutes’ funds, trusts and companies.
One look at last year’s Scholarship Statistics released by the IIMs (A, B, L, K & I only, the figure for IIM C is not available) and it is clear that finance is not a constraint. The 5 IIMs disbursed a total of Rs. 1.8 crores as scholarships across 255 students, with an average funding of Rs. 70,000 per student. Further, based on students’ performance in the first year of the program, many institutes award scholarships for the second year.
The fees for NRI and foreign students are different at the top institutes. The differentiation in the fees however does not entail any preferential selection.