From next year, the 2-year degree fee at IIM Mumbai will be Rs 21 lakh

The country's newest Indian Institute of Management (IIM), IIM Mumbai, which gained its designation just in August this year, has set its fee structure at Rs 21 lakh for two-year programmes beginning in the academic year 2024-'25. Only IIMs in Ahmedabad (31.5), Calcutta (31) and Bangalore (24.5) charge less, although the cost is among the highest in the new generation IIMs. Following passage of the Indian Institutes of Management (Amendment) Bill 2023 earlier this year, the city's National Institute of Industrial Engineering (NITIE) was elevated to the status of IIM.

After receiving the IIM title, the institute conducted its first board meeting on Monday, when it reviewed, among other things, the fee structure. The institute intends to begin accepting students for the new MBA programs in the following academic year. Shashi Kiran Shetty, Chairman of the Board of Governors, and Professor Manoj Kumar Tiwari, Director of IIM Mumbai, attended the meeting.

MBA (general), MBA in Sustainability and Management, and MBA in Operations and Supply Chain Management will be offered by IIM- Mumbai. The tuition will be the same for all three, and admission will be through the Common Admission Test (CAT), as with other IIMs.

While students from diverse backgrounds will be admitted to the first two courses for the MBA in operations and management, candidates must have an engineering degree. According to modifications in the eligibility requirements announced last year, students with a background in statistics and mathematics will also be considered for the course.

"Aside from the fee structure, the board meeting also finalised the syllabus, curriculum, and infrastructural development plan," said a senior official from IIM Mumbai. The infrastructure enhancement project will be phased, concentrating on different regions of the campus and their needs. Apart from educational classrooms, dorms, and staff quarters, it will also feature the establishment of research centres and fintech study models."

Prior to its transformation into IIM-Mumbai, the NITIE offered postgraduate diploma courses in three areas: industrial engineering, industrial management, and sustainability management. Admission to these courses was limited to engineering graduates. The fee structure was Rs 7.5 lakh at the time.