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Too steep a hike
MADHU NAG
Management education comes at a big cost is the message one can draw from the announcement of a steep fee hike made by the Indian Institute of Management, Ahmedabad, recently. The quantum jump in its fee structure raising it from the present Rs. 2.5 lakh per annum to Rs. 5.5 lakh for the first year and Rs. 6 lakh for the second year of the postgraduate programme in Management took everyone by surprise, especially those awaiting the final results for the big league B schools.
No doubt an IIM degree is the best commodity one can sell in today’s job market. That does not mean you have to make the commodity costlier to the consumer and simply make it out of his reach. The fierce nationwide competition for a few hundred seats in IIMs through an examination that is tough and considered fair in its selection has added an aura of respectability to it.
Over the years it had been the gateway for the bright and intelligent student community to make it to big times in the corporate world. Whatever may be the background, rural or urban, rich or poor, a candidate, if he had the right grey matter and confidence, could aspire for stepping into these institutions by his sheer mind power. Till recent past it was the affordable education system that brought about blossoming of the youth power in the country in diverse fields ranging from IT to Fashion.
With the two year course at IIM-A costing Rs.11.5 lakh, it looks like the so-called middle class and lower middle class dreams of sending their children to these institutions are getting shattered. Although the institute may say that no student, if found eligible for admission, would be deprived of the opportunity purely for financial reasons, the sheer monetary burden on the students and their parents may weigh down the very idea of taking the exam and pursuing the course. The need-based financial aid available to eligible students who qualify for financial support through educational loans comes at a cost and lingers on for the initial years of the person landing a job.
The institute may claim the existing fee structure “was not cost effective” and did not allow efficient functioning of the institution, but the reasoning would not simply justify the doubling of the fee overnight. Even if the costs are increasing, why pass on the whole burden onto the student? Why not equally tax the corporates that hire from these institutes and are the ultimate beneficiaries of the education system? The corporates should not mind coughing up the extra money to the institute which produces an excellent readymade product.
Cascading effect
The fee hike by an IIM should not be seen in isolation as one has to remember that it becomes the trend setter for other institutions to follow suit. The field of education has different strata — the ordinary degree colleges, the professional institutions and, above all, the IITs and the IIMs. Increasing IIMs’ fees could trigger a similar move by other institutions, restricting the chances of the really eligible ones. The decision is not in the best interests of the system.
What can be seen in the coming days in such an unregulated environment is a costlier education system from nursery to management schools wherein the gulf between the ‘haves’ and the ‘have-nots’ will get widened further.
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