Top 5 MBA colleges in Mumbai

Top 5 MBA colleges in Mumbai

There are so many questions that the ever-popular 3-letter acronym i.e. M.B.A. generates every year, from new higher education aspirants. Like “What’s an MBA?’’, “How many years to complete an MBA? What is the average course duration? ’’, “What subjects does the course list cover?’’, “How much do I need to study for this course?”, “What is the typical MBA course fee?” and of course, “Is it right for me?” For better understanding the answers of these questions, detailed description of this course is being provided below.

 
Types of MBA courses

MBA courses can come in a wider variety of formats. The most common types of MBA courses are as follows: Full-time MBA, Executive MBA, Part time MBA, Correspondence Course, Distance MBA Courses, Online MBA courses. Each one has its pros and cons. Though there is no single best format, the full-time MBA format can get you the biggest career opportunity.

The average duration of full-time MBA programs can range between 1 to 2 years. You’ll find programs like INSEAD that are shorter than 1 year. The duration of part-time programs can extend up to 3 years, since students are working and studying at the same time.

MBA course fees

While the MBA fees of many low ranking programs (that often struggle to get students enrolled) might be very low, the fees can really shoot up for the elite management programs.

And it’s not just the course fees that you need to consider. There are other costs too like the books, laptop, study trip expenses and the biggest (hidden) one that most MBA students overlook – the opportunity cost.

Best suggestion is that it doesn’t make much practical sense to go for a business degree when you haven’t spent enough time in a real job understanding how the corporate world works.

Since good MBA courses are expensive, many students fund their MBA courses using education loans. Students are now availing these facilities using online loan providing firms like OnFees. It is very popular for online loan and online fee payments among students as well as colleges.

MBA course details

In the initial period, the course syllabus covers the following core subjects:

Accounting, Economics, Corporate finance, Strategy/Frameworks, Human Resource Management, Organizational behavior, Leadership, Marketing, Information Technology

Once the basic foundation has been laid, you’ll have the option of specializing in any area that you want. This can be done by choosing several electives.

Teaching techniques and methodology for MBA students

Apart from the regular lecture based teaching that most students are already familiar with, MBA pedagogies also employ new methodologies to ensure that the learning is maximized. Two popular techniques are the Case study method and Group assignments.

Case study method

For learning business and becoming a successful manager, theory itself is not sufficient. Different business situations need to be simulated and presented to the students so that they workaround and find the best possible practical solution for a given set of circumstances.

The case studies may contain useful data as well as data which may not be of much use. So the students learn to collect all the relevant information, organize it, analyse it from the perspective of the person in the case study and then arrive at a decision.

Here it is not just the final answer which is important but also the thinking, deriving and learning process which is emphasized upon so that the students get trained to deal with various real-life corporate-situations.

 

Group work

Group work is another way in which students can enrich their learning experience. Groups should preferably be formed among students with diverse cultural and professional backgrounds. Each group would ideally comprise of 4-5 students. We can see in the fig.2 below about interaction among students for group work.

 

Fig.2 Interaction among students for group work

The interaction among the group members gives them a chance to understand other’s point of view and way of thinking. Each member should make it a point to actively be involved in the discussions and while presenting the final outcome.

The success of the group work depends on the full-fledged co-operation and participation of each team member. The essence of teamwork is thus stressed upon through this exercise.

 After understanding the MBA course in detail we can now select the best colleges based on their ranking of placement and yearly fees and courses offered as per our comfort and suitability. Below are the top 5 MBA colleges in Mumbai which offer this course with effective placements as well as understanding. Serial no is based on the ranking in Mumbai provided by ‘collegedunia.com’.

  1. Jamnalal Bajaj Institute of Management Studies- It is an MBA college with 26th ranking out of 50 colleges as ranked in business today and 20th ranking out of 89 colleges as ranked by business line. It cost a student almost three lacs per annum as an average to get an MBA degree from here and provides AICTE (All India Council for Technical Education) approved degree. Acceptable exams for getting enrolled in this college is MAHCET (Maharashtra Common Entrance Test).
  2. Shailesh J. Mehta School of Management- This is a college with least average fees i.e. 1.52 lacs per year among all the top 5 MBA colleges in Mumbai. It has got 18th rank out of 89 colleges by Business line and 5th out of 25 colleges by Edu360. Here, students can get their enrollment based on their CAT (Common Admission Test) score and will get AICTE (All India Council for Technical Education) approved degree.
  3. National Institute of Industrial Engineering- It has 12th rank among 50 colleges as in business today and 13th out of 89 colleges as in business line. It takes almost 3.95 lacs per year for this course. It also provides AICTE (All India Council for Technical Education) affiliated degree.
  4. Bharatiya Vidya Bhavan’s S.P. Jain Institute of Management and Research- It is one of the top colleges of MBA among such colleges in Mumbai. It has been awarded 4th position out of 50 colleges by business today in the year 2015 and 16th position out of 50 colleges by MHRD (Ministry of Human Resource and Development). Its average fees for this course is almost 8 Lacs per year. It provides degree affiliated with AICTE (All India Council for Technical Education) and NBA (National Board of Accreditation).
  5. K J Somaiya institute of management studies and research – [SIMSR], Mumbai- It provides AICTE (All India Council for Technical Education) and NBA (National Board of Accreditation) approved MBA degree after charging an average fees of 6.04 lacs per year. This college has been given 23rd rank in business line out of 89 colleges considered and 29th in business today out of 50 colleges.

All of the above mentioned colleges are equipped with the latest technologies for study as well as administration. They accept their fees via online modes which helps students a lot. They uses online fee collecting platforms like OnFees for this purpose. These colleges also motivate their students to use technology for their task to be done easily. These colleges also take admissions online to avoid the stress of their managing staff. Hence we can say that they are also promoting the Digital India campaign launched by our Prime Minister Mr. Narendra Modi Ji. Now, the best college for MBA in Mumbai as per our suggestion will be National Institute of Industrial Engineering as it has best ranking and also it do not charges more out of these five colleges.

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