Close on the heels of the Indian Institute of Management, Bangalore, hiking the fee for its two-year post graduate programme in management from this academic year, most IIMs are planning to raise their fees from anywhere between 9-15 per cent.
IIM-B has raised its fee from Rs 1.75 lakh to Rs 2 lakh per annum. The course will now cost the students a total of Rs 4 lakh. IIM-Lucknow is likely to raise its annual fee from the present Rs 1.69 lakh to Rs 1.84 lakh per annum.
"IIM-Lucknow will discuss the proposal to hike its fee in its upcoming board meeting in March. However, the fee could see a hike of Rs 15,000 from its current cost of approximately Rs 3.5 lakh," said an IIM-L professor.
While IIM-Ahmedabad will take a decision on the same in its board meeting scheduled to be held in March or April this year, IIM-Indore, which hiked its fee from Rs 1.25 lakh to Rs 1.50 lakh last year, says it has not yet decided on hiking the fee again.
IIM-Indore Director S P Parashar says, "We have our board meeting scheduled for the month of March and so far we have not thought of increasing the fee. A decision could be taken in the meeting."
IIM-Kozhikode however, will not increase the fee this year. The institute had increased annual fee for the PGP course from Rs 1.15 lakh to Rs 1.50 lakh last year. IIM-Calcutta will also hike its fee from Rs 3.5 lakh to Rs 4 lakh for this academic year.
Meanwhile, IIM-B has allowed its faculty to keep the first Rs 6 lakh they earn from consultancy services, after which they will have to give 50 per cent of the earnings to the institute against the current 40 per cent.
The faculty (visiting and regular) will be also be paid for teaching extra hours, over the minimum 100 hours in a academic year. IIM-B has a little over 100 faculty members.