Updated on Nov 17, 2023 20:43 IST
Tasbiya Khan

Tasbiya KhanSenior Executive

Top MBA Colleges in Maharashtra 2023: Rank, Fees, Cutoff, Placements, Admission

There are a total of 12 top MBA colleges in Maharashtra that offer MBA courses. Among them, 9 colleges are privately owned and 2 colleges are owned by public/government organisations, and public-private entities own only 1 college. CAT, CMAT, and XAT are the most accepting entrance exams in top MBA colleges in Maharashtra. National Institute of Industrial Engineering, IIT Bombay, and S P Jain Institute of Management & Research are some of the most famous MBA institutes in Maharashtra.

The revised rankings of  MBA top colleges in Maharashtra  are mentioned below:

  • National Institute of Industrial Engineering improved its ranking as it shifted to rank 7 in 2023 as compared to rank 9 in 2022.
  • S. P. Jain Institute of Management & Research improved its ranking as it shifted to rank 20 in 2023 as compared to rank 21 in 2022.

Top MBA Colleges in Maharashtra: Highlights 2023

Four aspects in general determine admission to an MBA programme. This includes the CAT score, academic standing, written ability exam, group discussion, and personal interview. They take place following the release of the CAT results. Candidates are shortlisted for WAT and PI if they meet the CAT cutoff. Final admission decisions are made based on a candidate's entire profile, which includes their CAT, academic, work, and category scores as well as their WAT and PI scores.

The table below mentions key highlights of the top MBA colleges in Maharashtra:

Parameters

Particulars/Statistics

No. of top MBA Colleges

12

Annual Fees

INR 3-5 lakh: 1 college

INR > 5 lakh: 11 colleges

Top Specialisations

Finance, Sales and Marketing, Operations, Human Resources, IT & Systems, etc.

Accepted entrance exams

CAT

CMAT

MAT

Predict your chances here: MBA 2023 Cutoff Predictor

Top MBA Colleges in Maharashtra: Eligibility Criteria

The requirements for an MBA may vary from one college to another. However, the following are the fundamental requirements for pursuing an MBA:

  • Candidates must have completed their undergraduate degree in any discipline or equivalent degree from a recognised university to qualify for an MBA (full-time).
  • The majority of institutions adhere to the average or equivalent minimum score requirement of 50% for graduation. Students from reserved categories can also receive a five percent relaxation from some universities' requirements.
  • Candidates for graduation who are in their final year may also apply for an MBA if they can offer documentation that their degree was earned within the institute-specified time frame.

Popular Exams Accepted by Top MBA Colleges in Maharashtra: Exam Schedule 2023

The two most popular entrance exams accepted in MBA top colleges in Maharashtra  are:

  • XAT: XAT (Xavier Aptitude Test) is a national-level management entrance examination conducted by XLRI, Jamshedpur for admission to MBA/PGDM programmes. XAT preparation needs at least six to nine months. Being one of the tougher MBA entrance exams among its peers, XAT requires dedicated time and effort. It comprises four sections: Decision Making, Verbal Ability and Logical ReasoningQuantitative Ability & Data Interpretation, and General Knowledge.
  • CAT: Common Admission Test (CAT) is a national-level management aptitude test for admission to the MBA courses offered by 20 IIMs and over 1,200 B-schools in India. CAT question paper is divided into three sections: Verbal Ability and Reading Comprehension, Data Interpretation and Logical Reasoning, and Quantitative Aptitude. The preparation for CAT exam should include phase-wise completion of the CAT syllabus, mock test practice, and revision.
  • MAT: Management Aptitude Test or MAT is a national-level entrance exam conducted by the All India Management Association (AIMA) for admissions to MBA/PGDM courses. The exam is conducted in multiple sessions in four phases – February, May, September, and December. MAT exam is conducted in offline (Paper Based Test or PBT), online (Computer Based Test or CBT), and remotely proctored (Internet Based Test or IBT) modes.

Preparing for CAT 2023? Click to practice:

Which are the most popular entrance exams accepted by Top MBA Colleges in Maharashtra?

The top MBA colleges in Maharashtra accept scores obtained by students in numerous national-level examinations. See the table below for a detailed overview of the top exams to get admitted to the top MBA colleges in Maharashtra along with their number of colleges and cut off 2023 predictor:

Exams Number of Colleges Cut off 2023 Predictor
CAT 8 CAT 2023 Predictor
CMAT 6 CMAT 2023 Predictor
XAT 5 XAT 2023 Predictor
NMAT 2 NMAT 2023 Predictor
ATMA 1 ATMA 2023 Predictor

Listed below are the following admission dates for best MBA colleges in Maharashtra along with their dates and their schedule:

Exam Name

Dates

Schedule

CAT Exam 2023

26 Nov ‘23

CAT Schedule

XAT Exam 2024

7 Jan ‘24

XAT Schedule

CMAT Exam 2024

May '24

CMAT Schedule

MAT CBT 1 Exam 2023

3 Dec '23

MAT Schedule

NMAT Exam 2024

To Be Announced

NMAT Schedule

Read more about CAT, MAT, and CMAT Mock Tests:

Top MBA Colleges in Maharashtra with NIRF Ranking 2023

Every year, NIRF rankings are published in accordance with the annual data gathered by the framework. Five factors, including graduation rate, research and professional practises, teaching and learning resources, and the overall impression of the institution, are used to determine rankings and ratings.

Following is a list of the top MBA colleges in Maharashtra ranked by NIRF from 2021 to 2023:

College Name

NIRF 2021

NIRF 2022

NIRF 2023

IIM Mumbai (formerly known as NITIE)

12

9

7

Indian Institute of Technology, Bombay

10

11

10

Symbiosis Institute of Business Management

20

17

17

S. P. Jain Institute of Management & Research

19

21

20

SVKM`s Narsee Monjee Institute of Management Studies

22

25

21

Indian Institute of Management, Nagpur

40

43

43

Principal L N Welingkar Institute of Management Development and Research

72

68

73

K.J.Somaiya Institute of Management

56

71

45

READ MORE: MBA Courses

Top Private MBA Colleges in Maharashtra

Here is a list of top private MBA colleges in Maharashtra along with their total course fee/seat intake and entrance exam/eligibility criteria:

College Name

Total Tuition Fee/Seat Intake

Entrance Exam/Eligibility

Symbiosis Institute of Business Management Admission

INR 22 lakh

Seats: 282

Entrance Exam: SNAP

Graduation with 50% aggregate

S. P. Jain Institute of Management & Research Admission

INR 20 lakh

Seats: 780

Entrance Exam: CAT

Graduation with 50% aggregate

SVKM`s Narsee Monjee Institute of Management Studies Admission

INR 12 lakh

Seats: 990

Entrance Exam: NMAT

Graduation with 50% aggregate

Principal L N Welingkar Institute of Management Development and Research Admission

INR 14 lakh

Seats: 12,830

Entrance Exam: CAT, XAT, CMAT, ATMA

Graduation with 50% aggregate

READ MORE: MBA Syllabus

Top Government MBA Colleges in Maharashtra

Here is a list of top public/government MBA colleges in Maharashtra along with their total course fee/seat intake and entrance exam/eligibility criteria:

College Name

Total Tuition Fee/Seat Intake

Entrance Exam/Eligibility

IIM Mumbai (formerly known as NITIE) Admission

INR 6 lakh

Seats: 338

Entrance Exam: CAT

Graduation with 60% aggregate

Indian Institute of Management, Nagpur Admission

INR 19 lakh

Entrance Exam: CAT

Graduation with 50% aggregate

Top Semi-Private MBA Colleges in Maharashtra

Here is a list of top public-private MBA colleges in Maharashtra along with their total course fee/seat intake and entrance exam/eligibility criteria:

College Name

Total Tuition Fee/Seat Intake

Entrance Exam/Eligibility

National Institute of Bank Management Admission

INR 14 lakh

Seats: 180

Entrance Exams: CAT, XAt, CMAt

Graduation with 50% aggregate

READ MORE: MBA Admission 2024

State-wise Top MBA Colleges in Maharashtra

Listed below are the state-wise distribution of top MBA colleges in Maharashtra:

Top MBA colleges in Pune

The table below shows the top MBA colleges in Pune along with their NIRF ranking (2023) and total tuition fee:

College Name NIRF ranking (2023) Total Tuition Fee
SIBM Pune  17 INR 22 lakh
National Institute of Bank Management 76 INR 14 lakh
Institute of Management and Entrepreneurship Development 101-125 INR 5 lakh
National Insurance Academy 101-125 INR 9 lakh 

Top MBA colleges in Mumbai

The table below shows the top MBA colleges in Mumbai along with their NIRF ranking (2023) and total tuition fee:

College Name NIRF ranking (2023) Total Tuition Fee
IIM Mumbai 7 INR 6 lakh
SPJIMR 20 INR 20 lakh
NMIMS School of Business Management 21 INR 12 lakh
KJ Somaiya Institute of Management 45 INR 17 lakh

Top MBA colleges in Nagpur

The table below shows the top MBA colleges in Nagpur along with their NIRF ranking (2023) and total tuition fee:

College Name NIRF ranking (2023) Total Tuition Fee
IIM Nagpur 43 INR 19 lakh
IMT Nagpur 101-125 INR 14 lakh

ROI of Top MBA Colleges in Maharashtra

Return on investment, or ROI, is the sum of money that students receive as a placement offer in return for investing a sizable sum of money in attending a college and completing a degree of study.

The best MBA colleges in Maharashtra with the total course fee and annual median package are tabulated below:

College Name

Total Tuition Fee

Annual Average Package

IIM Mumbai (formerly known as NITIE) MBA

INR 6 lakh

INR 22 LPA

IIM Nagpur MBA INR 19 lakh INR 17 LPA

Symbiosis Institute of Business Management MBA

INR 22 lakh

INR 24 LPA

 S. P. Jain Institute of Management & Research MBA

INR 20 lakh

INR 33 LPA

Note: Above statistics are based on the latest available data.

Read more about MBA colleges in different locations:

Top Recruiters for MBA Graduates in Maharashtra

Below is the list of MBA top colleges in Maharashtra and a few top companies that recruit MBA graduates along with their placement ackage:

College Name

Placement Package

Top Recruiters

IIM Mumbai (formerly known as NITIE)

INR 22 LPA

Britannia, Emami Agrotech, Bain & Co., EY GDS

Indian Institute of Management, Nagpur

INR 17 LPA

Deloitte India, ZS Associates, V-Guard, Tech Mahindra

Symbiosis Institute of Business Management

INR 24 LPA

EY, Accenture, Google, Wipro, Flipkart, PwC, Jio

S. P. Jain Institute of Management & Research

INR 33 LPA

Amazon, Flipkart, Tata, Goldman Sachs, Paytm

How affordable is Studying MBA in Maharashtra?

Pursuing MBA courses in colleges in Maharashtra is expensive as most of the colleges have a total tuition fee of more than INR 5 lakh. Tabulated below is the names of MBA colleges in Maharashtra along with their total tuition fee structure:

Fee Range

Namesof Colleges

INR 3-5 lakh

Institute of Management and Entrepreneurship Development

INR > 5 lakh

IIM Mumbai, SIBM Pune, SPJIMR, etc.

READ MORE: Career After MBA

Top Specialisations offered by Top MBA Colleges in Maharashtra

In Maharashtra, the MBA degree is offered in various specialisations. See the table below for a detailed overview of the top specialisations offered by the best MBA colleges in Maharashtra:

Top Specialisations Number of Colleges
Finance 11
Sales & Marketing 10
Operations 8
Human Resources 7
IT & Systems 4

Top MBA Colleges in Maharashtra: Comparison

To check the comparison between the best MBA Colleges in Maharashtra, click the link below:

Read More

Selected Filters

Location

Total Fees

Rating

Ownership

Specialization

Exams Accepted

7
NIRF ' 23
(All India)
Indian Institute of Management Mumbai
4.5

Placements

4.8

Infrastructure

4.2

Faculty & Course Curriculum

4.3

Crowd & Campus Life

4.6

Value for Money

4.9
(39)
Fees: 6.40 Lakh
Salary : 22.00 Lakh
Not Ranked
Business Today ' 23
Not Ranked
Times ' 23
Not Ranked
Outlook ' 24
17
NIRF ' 23
(All India)
Symbiosis Institute of Business Management, Symbiosis International, Pune
4.4

Placements

4.4

Infrastructure

4.7

Faculty & Course Curriculum

4.1

Crowd & Campus Life

4.7

Value for Money

4.2
(81)
Fees: 22.20 Lakh
Salary : 24.00 Lakh
14
Business Today ' 23
1
Times ' 23
Not Ranked
Outlook ' 24
20
NIRF ' 23
(All India)
S.P. Jain Institute of Management and Research, Mumbai
4.3

Placements

4.2

Infrastructure

3.9

Faculty & Course Curriculum

4.4

Crowd & Campus Life

4.4

Value for Money

4.3
(36)
Fees: 20.42 Lakh
Salary : 32.89 Lakh
5
Business Today ' 23
Not Ranked
Times ' 23
Not Ranked
Outlook ' 24
21
NIRF ' 23
(All India)
NMIMS School of Business Management, Mumbai
4.2

Placements

4.2

Infrastructure

4.5

Faculty & Course Curriculum

4.5

Crowd & Campus Life

4.1

Value for Money

3.9
(142)
Fees: 11.95 Lakh
10
Business Today ' 23
Not Ranked
Times ' 23
Not Ranked
Outlook ' 24
43
NIRF ' 23
(All India)
IIM Nagpur - Indian Institute of Management
4.3

Placements

4.3

Infrastructure

4.0

Faculty & Course Curriculum

4.3

Crowd & Campus Life

4.3

Value for Money

4.7
(3)
Fees: 18.90 Lakh
Salary : 16.85 Lakh
24
Business Today ' 23
Not Ranked
Times ' 23
20
Outlook ' 24
45
NIRF ' 23
(All India)
K J Somaiya Institute of Management
4.2

Placements

3.9

Infrastructure

4.4

Faculty & Course Curriculum

4.1

Crowd & Campus Life

4.3

Value for Money

4.3
(199)
Fees: 17.29 Lakh
25
Business Today ' 23
Not Ranked
Times ' 23
Not Ranked
Outlook ' 24
73
NIRF ' 23
(All India)
Prin. L. N. Welingkar Institute of Management Development and Research, Mumbai
4.0

Placements

3.6

Infrastructure

4.3

Faculty & Course Curriculum

4.1

Crowd & Campus Life

4.1

Value for Money

3.7
(208)
Fees: 14.00 Lakh
39
Business Today ' 23
Not Ranked
Times ' 23
Not Ranked
Outlook ' 24
76
NIRF ' 23
(All India)
National Institute of Bank Management
4.5

Placements

4.6

Infrastructure

4.2

Faculty & Course Curriculum

4.8

Crowd & Campus Life

4.2

Value for Money

4.8
(17)
Fees: 13.72 Lakh
Salary : 10.50 Lakh
Not Ranked
Business Today ' 23
Not Ranked
Times ' 23
Not Ranked
Outlook ' 24
101-125
NIRF ' 23
(All India)
Institute of Management and Entrepreneurship Development, Bharati Vidyapeeth
4.3

Placements

4.3

Infrastructure

4.1

Faculty & Course Curriculum

4.5

Crowd & Campus Life

4.2

Value for Money

4.4
(291)
Fees: 5.00 Lakh
Salary : 7.40 Lakh
Not Ranked
Business Today ' 23
Not Ranked
Times ' 23
Not Ranked
Outlook ' 24
101-125
NIRF ' 23
(All India)
IMT Nagpur - Institute of Management Technology
4.1

Placements

3.6

Infrastructure

4.5

Faculty & Course Curriculum

4.2

Crowd & Campus Life

4.4

Value for Money

3.8
(285)
Fees: 13.77 Lakh
Salary : 9.60 Lakh
44
Business Today ' 23
Not Ranked
Times ' 23
Not Ranked
Outlook ' 24
101-125
NIRF ' 23
(All India)
National Insurance Academy- NIA
4.4

Placements

4.6

Infrastructure

4.4

Faculty & Course Curriculum

4.1

Crowd & Campus Life

4.4

Value for Money

4.5
(17)
Fees: 9.43 Lakh
Salary : 13.00 Lakh
Not Ranked
Business Today ' 23
Not Ranked
Times ' 23
Not Ranked
Outlook ' 24
101-125
NIRF ' 23
(All India)
Pune Institute of Business Management
4.0

Placements

4.4

Infrastructure

3.4

Faculty & Course Curriculum

4.5

Crowd & Campus Life

3.7

Value for Money

4.1
(130)
Fees: 7.95 Lakh
Salary : 7.10 Lakh
69
Business Today ' 23
34
Times ' 23
Not Ranked
Outlook ' 24

Other popular MBA/PGDM colleges in Maharashtra

2 Courses
10 L
19.2 LPA
8 L - 20 L
26.64 LPA
11.95 L
10.5 L - 29.07 L
Ranked 29th all over India by TOI Rankings '18 Minimum 9 months paid internship in final year
3 Courses
16.03 L - 21.73 L
9.72 - 11.02 LPA

#41 Business Today

6.01 L - 7 L
14.8 - 27.6 LPA

#10 Outlook

9.09 L
3.9

Top 10 in Mumbai

6.5 L - 23.76 L
KIM is ranked "A++" consistently by Business India.
9.1 L
2 Courses
40 K - 7.2 L
4.8

#70 Business Today

8.9 L - 10.6 L
4.3

#128 Business Today

6 L - 13.3 L
11.7 L - 12.8 L

Confused about which college or exam to opt for?

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Get your personalised list of colleges & exams.

10.6 L
4.4
BIIB is among top 11 B-schools in India-Source : Times Of India B-School Survey (February 2021)
3.17 L - 3.8 L
3.3

#117 Business Today

2.71 L - 7.8 L
Admissions Open for AICTE Approved PGDM 2022 - Apply Now!
6.5 L - 23.76 L
3.8
KIM is ranked "A++" consistently by Business India.
9 L
4.3

#23 Times

Great Indian Institute 2018- by Forbes India Marque.Top Recruiters: Amul, Apollo Munich
8.8 L
Ranked 10th among B-Schools in Mumbai by The Times of India B-School Survey 2022
3 Courses
14.9 L
4.6

#50 Business Today

3.2 L - 7 L
5.5 LPA

Top 25 in Maharashtra

9 L
Great Indian Institute 2018- by Forbes India Marque.Top Recruiters: Amul, Apollo Munich
7.95 L
Ranked #2 for Placement Performance – Times B-School Survey 2022
2 Courses
13.2 L - 13.86 L
12.58 LPA

#76 Business Today

1.94 L
2.28 LPA

#223 Business Today

2.6 L - 4.9 L
Confused about which Course & Career to choose?
Take Shiksha Career Test and make the right Course & Career decision!
Get Unique Recommendations based on your Personality, Hidden Strengths and Natural Abilities

Top MBA Colleges in Maharashtra FAQs

Q: Which are the best colleges for MBA in Maharashtra?

A: Every year, the NIRF rankings are issued in accordance with the framework's annual data. Rankings and ratings are based on five factors: graduation rate, research and professional practices, teaching and learning resources, and overall impression of the school.

Following is a list of the top MBA colleges in Maharashtra ranked by NIRF from 2021 to 2023:

College Name

NIRF 2021

NIRF 2022

NIRF 2023

IIM Mumbai (formerly known as NITIE)

12

9

7

Indian Institute of Technology, Bombay

10

11

10

Symbiosis Institute of Business Management

20

17

17

S. P. Jain Institute of Management & Research

19

21

20

SVKM`s Narsee Monjee Institute of Management Studies

22

25

21

Indian Institute of Management, Nagpur

40

43

43

Principal L N Welingkar Institute of Management Development and Research

72

68

73

K.J.Somaiya Institute of Management

56

71

45

Q: How many MBA colleges are there in Maharashtra?

A: There are 12 top MBA colleges in Maharashtra that provide MBA programs. 9 of them are privately held, 2 are owned by public/government organizations, and 1 is owned by a public-private partnership. The most popular entrance examinations in top MBA colleges in Maharashtra are the CAT, CMAT, and XAT. Some of the most well-known MBA institutes in Maharashtra are the National Institute of Industrial Engineering, IIT Bombay, and S P Jain Institute of Management & Research.

Q: Which are the job profiles offered after completing an MBA from top MBA colleges in Maharashtra?

A: Some of the job profiles offered by companies after completing an MBA from top MBA colleges in Maharashtra are:

  • Finance Manager
  • Marketing Manager
  • Sales Manager
  • Human Resources Manager
  • Operations Manager
  • Product Manager
  • Data Analytics Manager
  • Digital Marketing Manager

Q: Which is the best college for an MBA in Maharashtra with the highest package in placement?

A: The following is a list of the top MBA colleges in Maharashtra, as well as a few prominent organizations that recruit MBA graduates along with their placement packages:

College Name

Placement Package

Top Recruiters

IIM Mumbai (formerly known as NITIE)

INR 22 LPA

Britannia, Emami Agrotech, Bain & Co., EY GDS

Indian Institute of Management, Nagpur

INR 17 LPA

Deloitte India, ZS Associates, V-Guard, Tech Mahindra

Symbiosis Institute of Business Management

INR 24 LPA

EY, Accenture, Google, Wipro, Flipkart, PwC, Jio

S. P. Jain Institute of Management & Research

INR 33 LPA

Amazon, Flipkart, Tata, Goldman Sachs, Paytm

Q: Who are the top recruiters participated in MBA colleges in Maharashtra?

A: The top recruiters who hire students from MBA colleges in Maharashtra are as follows:

Flipkart Britannia
Deloitte ZS Associates
Accenture Google
EY Wipro
Jio Amazon
Goldman Sachs Paytm

Q: Which are the most affordable and best colleges in Maharashtra for an MBA?

A: The table below shows the most affordable and best MBA colleges in Maharashtra having fees of INR 3-5 lakh along with their total tuition fees:

College Name Total Tuition Fee
Institute of Management and Entrepreneurship Development INR 5 lakh

Q: Which top MBA colleges in Maharashtra give admission through CET?

A: There is only 1 MBA college in Maharshtra which give admission through MAH CET entrance exam. Listed below is the total tuition fee and placement of MBA college accepting MAH CEt score in Maharashtra:

College Name Total Tuition Fee Annual Placement Package
Pune Institute of Business Management INR 8 lakh INR 7 LPA

Q: Which are the best MBA colleges in Maharashtra to get a decent job?

A: Refer to the table below for a detailed overview of the top MBA colleges in Maharashtra which provide good placement opportunities to their students along with their total tuition fee and placement package offered to their graduates:

College Name

Total Tuition Fee

Annual Average Package

IIM Mumbai (formerly known as NITIE) MBA

INR 6 lakh

INR 22 LPA

IIM Nagpur MBA INR 19 lakh INR 17 LPA

Symbiosis Institute of Business Management MBA

INR 22 lakh

INR 24 LPA

 S. P. Jain Institute of Management & Research MBA

INR 20 lakh

INR 33 LPA

Q: Which is top 10 MBA colleges in Maharashtra?

Q: Which is the best course offered by top MBA colleges in Maharashtra?

A: The MBA degree is available in a variety of specializations in Maharashtra. See the table below for a thorough breakdown of the top specialisations provided by Maharashtra's leading MBA colleges:

Top Specialisations Number of Colleges
Finance 11
Sales & Marketing 10
Operations 8
Human Resources 7
IT & Systems 4

Q: What is the fees of top MBA colleges in Maharashtra?

A: SIBM Pune has the highest total tuition fee of INR 22 lakh, while IIM Mumbai has the lowest total tuition fee of INR 6 lakh.

Listed below is the total tuition fee of top MBA colleges in Maharshtra:

College Name

Total Tuition Fee

Symbiosis Institute of Business Management Admission

INR 22 lakh

S. P. Jain Institute of Management & Research Admission

INR 20 lakh

SVKM`s Narsee Monjee Institute of Management Studies Admission

INR 12 lakh

Principal L N Welingkar Institute of Management Development and Research Admission

INR 14 lakh

IIM Mumbai (formerly known as NITIE) Admission

INR 6 lakh

Indian Institute of Management, Nagpur Admission

INR 19 lakh

Select any publisher to see further ranking
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