Most aspirants applying for an MBA in the US or other foreign countries would’ve breathed easy at this time of the year – after completion of all their admission formalities. However, the scenario is totally different for the current batch of students. Almost all of them are rattled by an economic issue which others would rather glance through in a newspaper and then forget – the fall of the rupee in comparison to the US dollar.
The rupee, which stood at around Rs. 54 at the beginning of 2013, has shot up to Rs. 60, in a historic low against the dollar. So, an MBA at Harvard, one of the world’s top B-Schools, which would’ve cost Rs. 49 lakh ($91,000) will now cost Rs. 54 lakh, a difference of roughly 12.3%. Anxious parents have already started to look for sources to fund their wards’ degree, along with giving the option of a second loan a serious thought.
Stuck in a fix with their dream B-School on one side and lighter pockets on the other, all that students can do is hope to see a bounce back from the rupee.