The one-year MBA programs in India are relatively new. They are meant for applicants with work experience who are looking to upgrade their management skills and fast track their career progress.
ISB started it, and now some IIMs such as the ones in Ahmedabad, Bangalore, and Calcutta have also started one-year MBA programs. S.P.Jain also offers a one-year program but only for those interested to specialize in manufacturing and operations or information management.
The cost of these MBA programs for working executives is much higher than those of the regular two-year programs in India. The one year executive MBA at the IIMs can cost between 22 to 24 lacs. At the ISB you would pay around Rs. 27 lacs. These are approximate costs at these schools including living expenses. Loans from banks to finance all or part of the expenses are available to the selected students.
There are more options available if you plan on going abroad for your one-year MBA. If you seek an international study experience and employment abroad on completion of the program, these programs provide good opportunities: INSEAD, IMD Switzerland, Said School of Business (Oxford University) and Judge Business School (University of Cambridge) in Europe. Kellogg and Emory University are the good options in the US for a 1-year MBA.
Costs including living expenses can be much higher in Europe and US. Euro 85,000 (Rs. 60 lacs) at INSEAD, Swiss Francs 120,000 (Rs. 81 lacs) at IMD Switzerland, UK Pounds 61,000 (Rs. 60 lacs) at Oxford. Among the US one-year programs, Kellogg could cost about $125,000 (Rs. 80 lacs) and Emory MBA about $104,000 (Rs.66 lacs). These are all approximate figures, based on previous year estimates. Please check directly with the schools for more precise budgets.
In addition to the higher expenses, MBA programs abroad can be more competitive too. You compete globally for fewer number of seats that may be allocated for applicants from India. There is no strict number that schools allot to applicants from each country but they don't take too many from each country to ensure diversity in the class.