India, home to the second-largest pool of MBA graduates globally, boasts 23.4 lakh individuals aged between 20 and 34 with a graduate management education (GME) master’s degree, including a significant number from MBA colleges in Maharashtra.
Students who want to pursue their dream of becoming a successful manager, entrepreneur or leader are always in search of the best MBA colleges in Maharashtra, But what makes an MBA college top?
This blog presents MBA aspirants with information on what determines the top status for an MBA college. To help students choose from the best, this blog compiles the list of the top 10 MBA colleges in Maharashtra with fee structure.
Who Can Pursue an MBA?
An MBA, or Master of Business Administration, is a graduate degree that helps individuals/working professionals advance their career, increase their salary, and expand their professional network.
Here are some common criteria that most MBA programs look for in their applicants:
| Requirement | Description |
| Bachelor’s Degree | A degree from an accredited institution is essential, though some programs may consider equivalent work experience or professional certifications. |
| GMAT or GRE Score | Standardised tests evaluating verbal, quantitative, and analytical skills, crucial for assessing academic potential and readiness. |
| Professional Background | Preferably 2 to 5 years of relevant work experience, demonstrating the skills, knowledge, and motivation needed for success in business. |
| Clear Career Goal | Applicants must articulate their reasons for pursuing an MBA, how it aligns with their career aspirations, and the value they bring to the program. |
| Well-Rounded Personality | Leadership, teamwork, communication, and ethical qualities demonstrated through various means. |
What Distinguishes a College as a Top MBA Colleges in Mahrashtra?
A key aspect that sets a college apart as a leading MBA institution in Maharashtra is its ranking by the National Institutional Ranking Framework (NIRF). This system was introduced by the Ministry of Education, Government of India in 2015. It assesses higher education institutions in India using five criteria:
- Teaching, Learning and Resources (TLR)
- Research and Professional Practice (RP)
- Graduation Outcomes (GO)
- Outreach and Inclusivity (OI)
- Perception (PR)
Note: Through in-depth research and careful evaluation of NIRF 2023 data, we’ve hand-selected these 8 leading MBA colleges in Maharashtra for 2024 admissions. This list will be revisited and updated based on the imminent NIRF 2024 rankings.
1. Indian Institute of Management (IIM), Mumbai
Previously known as National Institute of Industrial Engineering (NITIE), IIM is a top-tier management institute in India. Renowned for its Master of Business Administration (MBA) program, the institute offers specialisations in MBA, MBA (Sustainability Management), and MBA (Operations & Supply Management).
Key Highlights
- NIRF Ranking: 7
- Course: Post Graduate Diploma in Management (PGDM)
- Accepted Entrance Exam: CAT
- Approx. Fees: INR 13,00,000-INR 14,70,000
- Official Website: https://iimmumbai.ac.in/
2. Indian Institute of Technology (IIT), Bombay
IIT Bombay is one of the most prestigious engineering and technology institutes in India that also offers a master of business administration (MBA) program through its Shailesh J Mehta School of Management.
The MBA program at IIT Bombay focuses on developing analytical, problem-solving and decision-making skills among students, along with imparting knowledge of various functional areas of management.
Their MBA program has a strong emphasis on research and innovation and offers electives in areas such as analytics, entrepreneurship, finance, marketing, operations and strategy.
Key Highlights
- NIRF Ranking: 10
- Course: Master of Business Administration (MBA)
- Accepted Entrance Exam: CAT
- Fees: INR 2,00,000-INR 7,00,000
- Official Website: https://www.som.iitb.ac.in/
3. Symbiosis Institute of Business Management (SIBM), Pune
SIBM Pune is one of the flagship institutes of Symbiosis International University that offers a full-time MBA program with specialisations in finance, human resources, marketing and operations management.
SIBM Pune has a state-of-the-art campus with modern facilities and infrastructure. It has a strong alumni network and industry linkages that facilitate placements and internships for students.
Key Highlights
- NIRF Ranking: 17
- Course: Master of Business Administration (MBA)
- Accepted Entrance Exam: SNAP
- Fees: INR 21,00,000
- Official Website : https://www.sibm.edu/
4. S.P. Jain Institute of Management and Research (SPJIMR), Mumbai
SPJIMR is one of the leading private management institutes in India that offers postgraduate diploma in management (PGDM) programs in various domains such as finance, information management, marketing, operations and supply chain management.
SPJIMR also offers specialised programs including:
- PGPM – Post Graduate Programme in Management (for experienced professionals)
- PGPFMB – Post Graduate Programme in Family Managed Businesses (for family-managed businesses)
- FPM – Fellow Programme in Management (fellow program in management)
SPJIMR has a unique pedagogy that combines classroom learning with experiential learning through projects, simulations, social internships and international immersions.
Key Highlights:
- NIRF Ranking: 20
- Course: Post Graduate Diploma in Management (PGDM)
- Accepted Entrance Exam: CAT/GMAT
- Fees: INR 20,00,000-INR 29,00,000
- Official Website: https://www.spjimr.org/
5. SVKM’s Narsee Monjee Institute of Management Studies (NMIMS), Mumbai
NMIMS is a deemed-to-be university that offers a wide range of management programs including:
- MBA (with specializations in finance, marketing, operations, analytics etc.)
- MBA in HR
- MBA in Pharmaceutical Management
- MBA in Business Analytics
NMIMS has a sprawling campus with world-class facilities and amenities. It has a strong corporate interface and placement record with top recruiters from various sectors.
Key Highlights
- NIRF Ranking: 21
- Course: Master of Business Administration (MBA)
- Accepted Entrance Exam: NMAT by GMAC
- Fees: INR 19,76,000-INR 22,38,000
- Official Website: https://sbm.nmims.edu/
6. Indian Institute of Management, Nagpur
IIMN’s flagship program is the two-year full-time residential Master in Business Administration (MBA), also known as the Post Graduate Programme in Management (PGP). It is designed to nurture leaders, managers, and entrepreneurs by imparting strong conceptual foundations and analytical precision within the framework of socio-economic understanding.
Key Highlights
- NIRF Ranking: 43
- Course: Post Graduate Programme in Management (PGP)
- Accepted Entrance Exam: CAT/GMAT
- Fees: INR 13,75,000-INR 15,50,000
- Official Website: https://www.iimnagpur.ac.in/
7. K J Somaiya Institute of Management (SIMSR), Mumbai
SIMSR is a constituent institute of Somaiya Vidyavihar University that offers a full-time master of business administration (MBA) program with specialisations in finance, marketing, human resources, operations and international business.
The institute also offers part-time MBA programs for working executives, executive MBA programs in collaboration with foreign universities, postgraduate diploma programs in various domains and doctoral programs in management.
SIMSR has a sprawling campus with modern amenities and facilities. It has a strong alumni network and industry linkages that facilitate placements and internships.
Key Highlights
- NIRF Ranking: 45
- Course: Master of Business Administration (MBA)
- Accepted Entrance Exam: CAT/XAT/CMAT/GMAT
- Fees: INR 7,00,000-INR 9,00,000
- Official Website: https://simsr.somaiya.edu/en
8. Prin. L.N. Welingkar Institute of Management Development and Research (WeSchool), Mumbai
WeSchool is one of the top private B-schools in India that offers a two-year postgraduate diploma in management (PGDM) program with specialisations in marketing, finance, human resources, operations, retail management, rural management, healthcare management and e-business.
WeSchool also offers an executive PGDM program for working professionals, a hybrid PGDM program for distance learners and a doctoral program in management.
Key Highlights
- NIRF Ranking: 73
- Course: Post Graduate Diploma in Management (PGDM)
- Accepted Entrance Exam:
- CAT (Common Admission Test)
- XAT (Xavier Aptitude Test)
- GMAT (Graduate Management Admission Test)
- ATMA (AIMS Test for Management Admissions)
- CMAT (Common Management Admission Test
- Fees: INR 11,00,000-INR 12,00,000
- Official Website: https://www.welingkar.org/
Online MBA Colleges in Maharashtra
Management enthusiasts can now opt for an MBA through fully online learning (OL) modes, thanks to the UGC-DEB’s approval. According to their guidelines, an MBA obtained online from a duly accredited and approved university or college will hold the same academic and professional weight as its regular, campus-based counterpart.
This development opens doors for students to pursue an Online MBA not just from colleges in Maharashtra but from any highly accredited institution across India, all while enjoying the convenience of learning from the comfort of their own home.
Below are some of the top MBA colleges in Maharashtra that offer an MBA online format.
- Dr. D. Y. Patil Vidyapeeth
- Datta Meghe Institute of Higher Education & Research
- DY Patil Deemed-To-Be-University
If you’re unsure about selecting the best online universities, you can seek guidance from a MyDegreeOnline advisor at no cost.
Conclusion
For students who want to pursue MBA, they can explore the above mentioned colleges.
Sometimes, students want to pursue their dream MBA, but they face time constraints to pursue a full-time, offline degree. Reasons could include ongoing studies, employment, or personal commitments. In such cases, students can opt for an online MBA. The University Grants Commission (UGC) has approved the validity of online MBA, and these programs have equal relevance to the offline MBA.
As the pursuit of higher education adapts to the evolving needs of students, the availability of online MBA options acts as a bridge between students’ aspirations, accessibility, and academic achievement.
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