Renu Kishore

How to pursue MBA in IIMs If I am not financially strong?


by Renu Kishore
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2 answers

RE: How to pursue MBA in IIMs If I am not financially strong?

Meghna Mukherjee
Meghna Mukherjee
Verified Career Expert
Counselor at Adaptive Minds
  • Mumbai

Hello Renu, 

Where there is a will there is a way. 

Now a days, finance is never an issue for those who deserve. 

There are many financial institutes who provides scholarships to the deserving candidates. Approach those centres and avail scholarships.

At the sametime even institutes that you wish to study from also provides scholarships. 

Last but not the least you could also take loans from the banks.

Hope this helps.

Wish you good luck...

RE: How to pursue MBA in IIMs If I am not financially strong?

Avadhut Desai
Avadhut Desai
Verified Career Expert
Career Counselor / President at Foresight Foundation
  • Kolhapur

Hi,

Yes, you can do MBA in IIM and you will get some Financial Assistance/Scholarships there in IIM itself. You have options of Education Loan also which you can pay back after getting into employment.

 

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First, upon, it will be a great achievement for you to crack the CAT – Common Admission Test which is considered somewhat difficult and tough one.

The CAT is based on:-

  • Quantitative Aptitude,
  • Data Interpretation and Logical reasoning,
  • Verbal and Reading Comprehension.

There are as many as 20 IIMs in India where recently IIM Jammu (Indian Institute of Management, Jammu) has been established in 2016. In all these IIMs, IIM Ahmadabad is considered a prestigious one and the alumni of the IIM-A are successfully running world’s top businesses and companies.

Dear Aspirant, Every IIM has its own set of scholarships which you can avail the same on the basis of your economic background i.e. on the basis of your family income per year.

Procedure for application for PGP- Postgraduate programs in IIM:

You need to have a Bachelor degree with at list 50% marks or equivalent CGPA (45% for the SC/ST/Persons with Disability). You can appear for the entrance exam (CAT) even if you are pursuing your final year of bachelor degree provided you will have to produce mark sheets afterward as you will get a provisional admission.

There are different standard tests (CAT/GMAT/GRE/GATE/UGC-JRF) and the score of these tests is required for various areas of specialization in IIMs. CAT score will be valid for two years.

Scholarships offered by IIMs:

There are different sets of scholarships for different IIMs. If we talk about IIM Ahmadabad then there are following type of Scholarships:-

  • Scholarships offered by IIM-A
  • Scholarships offered by Government of India
  • Scholarships offered by Alumni
  • Scholarships offered by Industries/Corporations

As mentioned above you will have different scholarships in IIMs. Scholarships are often called as Financial Assistance and the deserved students get it for sure. So I would suggest you not to worry about the financial status of yours instead you must focus on your CAT preparation. Clearing the CAT with good percentile itself would make sure of getting financial help easily for you are going to be an alumnus of the India’s finest and premier management schools. So focus on your preparation.

Bank Education Loans

These days, pursuing education or aspiring for higher education from reputed college has become easy thanks to the various financial assistance facilities on the level of government, educational institutions, banks, etc. even when any student is not able to avail the scholarship from the educational institution, he or she has an option to approach the bank for educational loan. Banks offers educational loans easily provided the student will submit the required documents to the bank as prescribed by the banks rule. This process even become smooth if the college is reputed one or has been governed/aided by the government. You know the satisfying thing with this kind of bank loan is that they you are not to worry about the loan amount while taking education. You are supposed to pay the amount after you become employable and join any job on the basis of your education for which you have been assisted by that concerned bank. So, again the same thing repeat here and that is nothing but the suggestion for you that you should concentrate on your CAT preparation. The things will become easy at its best once you are selected for any one of the IIMs.

Thus, there are no need to worry about financial assistance; once you crack the CAT and are allotted PGP/MBA course in IIM, you will get due scholarships on the basis of your family income, your reservation category and your score/rank in the CAT exam. So I would suggest you concentrate on your CAT study and be prepared well so that you can get admission in IIM and that’s what the most important thing. For further information feel free to have talks with the Professional Experts at CareerGuide. Hope this will help you!

RE: How to pursue MBA in IIMs If I am not financially strong?

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