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Pranjal Singhal

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The top MBA colleges in Maharashtra include premier national institutes like IIM Nagpur and many other top private MBA colleges.

  • There are a total of 573 MBA colleges in Maharashtra, out of which 517 are private while 56 are public MBA colleges.
  • The list of top MBA colleges in Maharashtra includes IIM Nagpur, SPJIMR Mumbai, SIBM Pune, IIT Bombay, and IMT Nagpur among many others.
  • IIT Bombay’s Shailesh J. Mehta School of Management [SJMSOM] has been ranked as the best MBA college in Maharashtra by NIRF in 2020.

Continue reading to check some of the top MBA colleges in Maharashtra and their cutoffs. We have also described the admission process of some top colleges in detail later in this article.

Check  Government MBA Colleges in Maharashtra through CET.

Top MBA Colleges in Maharashtra: Rankings

Multiple ranking agencies have released the rankings for various management colleges in India. These agencies also release rankings for other streams including Engineering, Medical, Pharmacy, Law, and Architecture. These rankings are carefully curated considering many parameters like Faculty Quality, Placements, Perception of the University, Gender Diversity, etc.

Given below are rankings of top MBA colleges in Maharashtra by some of the top-ranking agencies in India.

Top MBA Colleges in Maharashtra: NIRF Ranking

NIRF or National Institutional Ranking Framework is a government-sponsored and the most authentic ranking agency in India for colleges and universities. Given below is a list of these colleges as ranked by NIRF Ranking 2020.

College Name NIRF Ranking 2020 NIRF Ranking 2019 Change Average Annual Fee
IIT Bombay 11 10 -1 INR 4,24,000
NITIE Mumbai 12 29 +17 INR 3,60,000
SPJIMR Mumbai 18 16 -2 INR 17,50,000
SIBM Pune 22 20 -2 INR 9,60,000
NMIMS Mumbai 24 20 -4 INR 9,25,000
IIM Nagpur 40 NP - INR 6,87,500
KJ SIMSR Mumbai 56 54 -2 INR 3,30,000
IMT Nagpur 60 70 +10 INR 8,20,000
IMED Pune 63 55 -8 INR 2,42,000
L N Welingkar Institute of Management Development and Research 68 NP - INR 5,50,000

NIRF has ranked IIT Bombay as the best MBA college in Maharashtra this year.

  • Other top entrants in the list include NITIE Mumbai, SPJIMR Mumbai, SIBM Pune and IMT Nagpur.
  • SPJIMR Mumbai has shown a drop of 2 ranks as compared to the NIRF ranking 2019.
  • IIT Bombay has also slipped by 1 position. The institute ranked 10th last year and 5th in 2018.
  • NMIMS Mumbai is another top MBA college in Maharashtra which has seen a drop in ranking this year.

NIRF Ranking 2019 Parameters Weightage

Source: NIRF Official Website

Top MBA Colleges in Maharashtra: Business Today Ranking

The fortnightly magazine also releases a comprehensive ranking list of top MBA colleges in India every year. The following table shows which all colleges have been included in the list this year.

College Name Business Today All India Rank 2019 Business Today All India Rank 2018 Change from Previous Year Average Annual Fee
SPJIMR Mumbai 4 6 +2 INR 17,50,000
NMIMS Mumbai 9 11 +2 INR 9,25,000
NITIE Mumbai 11 Not Participated - INR 3,60,000
SIBM Pune 15 18 +3 INR 9,60,000
JBIMS Mumbai 23 23 0 INR 50,000
SCMHRD Pune 24 24 0 INR 8,13,000
KJ SIMSR Mumbai 25 26 +1 INR 3,30,000
Prin. L.N. Welingkar Institute of Management Development and Research, Mumbai 33 34 +1 INR 11,00,000
SIMSREE Mumbai 39 44 +5 INR 69,000
SIIB Pune 43 67 +24 INR 7,30,000

Business Today has ranked SPJIMR Mumbai as the best MBA college in Maharashtra.

  • Other entries in the list are NMIMS Mumbai, NITIE Mumbai, SCMHRD Pune and SIMSREE Mumbai.
  • Almost all top MBA colleges in Maharashtra have shown an improvement in their rankings this year.
  • Both the top 2 entries, SPJIMR Mumbai and NMIMS Mumbai have improved their rankings by 2 positions this year.
  • The Symbiosis Institute of International Business [SIIB], Pune has improved its ranking by a whopping 24 positions.

The following chart shows the Business Today Ranking Parameters division:

business today ranking parameters

Source: Business Today Official Website

Top MBA Colleges in Maharashtra: The Week Ranking

The Week and Hansa Research conducted a collective survey of the top B-schools in India including almost all the major education hubs. The magazine has released a list of top MBA colleges in India along with many other lists like top MBA colleges in Mumbai, top MBA colleges in Delhi NCR, etc.

Given below is a list of top B-schools as released by The Week.

College Name The Week Ranking 2019 The Week Ranking 2018 Change Average Annual Fee
SPJIMR Mumbai 8 8 0 INR 17,50,000
JBIMS Mumbai 10 12 +2 INR 50,000
SIBM Pune 11 14 +3 INR 9,60,000
NITIE Mumbai 12 15 +3 INR 3,60,000
IIT Bombay 14 16 +2 24,000
SCMHRD Pune 19 21 +2 INR 8,13,000
SIIB Pune 15 32 +17 INR 7,30,000
Prin. L.N. Welingkar Institute of Management Development and Research, Mumbai 29 31 +2 INR 11,00,000
IMT Nagpur 35 40 +5 INR 8,20,000
SITM Pune 38 44 +6 INR 5,90,000

The Week-Hansa Research survey has also listed SPJIMR Mumbai as the best MBA college in Maharashtra.

  • Every college from Maharashtra mentioned above in this list has shown an improvement in ranking this year.
  • SIIB Pune has shown a good improvement of 17 positions in rank this year.
  • IMT Nagpur and SITM Pune are the 2 top institutes which had missed the top 10 list last year but are present this time.

This survey was conducted in August and September 2019. The validated data and perceptual scores were calculated after the involvement of the following task force.

Academic Experts 276
Current Students 585
Aspiring Students 529
Recruiters 75
Interviews 1465

Top Private MBA Colleges in Maharashtra: ROI (Return on Investment)

MBA education is expensive, thus it becomes important to consider the ROI factor before deciding the college. Listed below are some of the top MBA colleges in Maharashtra according to their ROI value.

College Name Average Annual Fee Average Placement Package ROI Rank*
NITIE Mumbai INR 3,60,000 INR 19,77,000 1
IIT Bombay INR 4,24,000 INR 20,80,000 2
IMED Pune INR 2,42,000 INR 7,00,000 3
KJ SIMSR Mumbai INR 3,30,000 INR 9,40,000 4
NMIMS Mumbai INR 9,25,000 INR 17,58,000 5
SIBM Pune INR 9,60,000 INR 17,48,000 6
SPJIMR Mumbai INR 17,50,000 INR 22,90,000 7
IMT Nagpur INR 8,20,000 INR 7,64,000 8

NITIE Mumbai ranks as the best MBA college in Maharashtra ROI wise.

  • IIT Bombay’s Shailesh J. Mehta School of Management [SJMSOM] also offers a good return on investment. The average package offered here is almost 5 times the fee of 1 year.
  • SPJIMR Mumbai has been ranked No. 1 by most of the ranking agencies but pursuing MBA from this college is a bit expensive when adjusted with the placement package received.
  • Other top MBA colleges in Maharashtra which offer a good ROI are IMED Pune and SIMSR Mumbai.

Top MBA Colleges in Maharashtra: Cutoffs

The table below shows some of the top MBA colleges in Maharashtra and their cutoffs. Most of these colleges accept MAHCET, CAT, MAT, CMAT score.

College Name Cutoff
SJMSOM IIT Bombay, Mumbai CAT Cutoff
NITIE, Mumbai CAT Cutoff
SPJIMR, Mumbai XAT and CAT Cutoff
IMT, Nagpur Cutoff for CAT, XAT and CMAT
SIBM, Pune CAT and SNAP Cutoff
SIIB, Pune SNAP Cutoff

Top MBA Colleges in Maharashtra: Admission Process

There are a total of 573 MBA colleges in Maharashtra, out of which 517 are private and 56 are public. The following graph explains their ratio in a better way.

top MBA colleges in Maharashtra

Source: Official Survey

Admissions to the top MBA colleges in Maharashtra are done mainly through top MBA entrance exams like NMAT, XAT, CAT, etc.

  • Most of the colleges select students on the basis of 4 criteria: Entrance Exam, Written Ability Test, Group Discussion (GD) and a Personal Interview (PI).
  • Some colleges also conduct additional rounds like speaking events or an extempore speech round alongside an aptitude test.

IIT Bombay

IIT Bombay’s Shailesh J. Mehta School of Management [SJMSOM] offers excellent career opportunities to students.

  • The institute has been ranked No. 1 in Maharashtra by the NIRF in 2020.
  • It has also been ranked 4th in QS World University Rankings 2019.
  • Admissions are done on the basis of CAT score followed by a written ability test.
  • IIT Bombay’s MBA program is divided into 8 terms spanning over a period of 2 years.

Given below is a comparison of IIT Bombay’s batch 2017-19 and 2018-20.

Batch 2017-19 2018-20
Batch Size 110 113
Average Work Experience 24 months 27 months
Average Placement INR 20.8 lakh (Annual CTC) INR 1.77 lakh (Monthly Stipend)

The institute offers good placement opportunities to students. The highest package in 2019 went to INR 32.4 lakh. The comparison for the average package offered to different students is shown in the graph below.

IIT Bombay MBA Placements

Source: IIT Bombay Official Website

Narsee Monjee Institute of Management Studies (NMIMS)

NMIMS Mumbai is one of the most popular top MBA colleges in Maharashtra. The institute has its campus in many cities in Maharashtra including Mumbai, Pune, and Navi Mumbai. Not just that, NMIMS also has its campuses at Chandigarh, Hyderabad and Bangalore.

  • The institute has scored 3.59 CGPA on the NAAC accreditation scale.
  • It has been ranked as the 4th best private B-school 2018 by India Today.
  • NMIMS Mumbai has also earned the AACSB Accreditation, earned by less than 5% of the world’s business schools.
  • The course curriculum includes special classes for French, Spanish and German languages to help students fetch better opportunities.
  • The full-time MBA program is of 111 credits with 63 credits reserved for the first year and 45 for the second year. The remaining 3 credits are for the summer internship.

The seat intake of NMIMS Mumbai MBA programs is given below:

NMIMS Mumbai MBA Program

Source: NMIMS Mumbai Official Website

NMIMS Mumbai has seen an excellent performance in the 2019 placements.

  • 179 companies had visited NMIMS campus for summer placements while 166 companies came for the final placements.
  • The highest package for the 2017-19 batch placements was INR 30.37 lakh per annum (LPA).
  • The highest stipend for the 2018-20 batch summer placements was INR 3 lakh.

Have a look at the following table to see the comparison between the two batches.

Batch 2017-19 2018-20
Gender Ratio 67:33 62:38
Average Work Experience 18 months 18 months
Average Age 24 years 23 years
Professionally Certified Candidates 311 312

The following graph shows a course-wise placement comparison of NMIMS Mumbai in 2019.

NMIMS Mumbai MBA Placements

Source: NMIMS Mumbai Official Website

SIBM (Symbiosis Institute of Business Management) Pune

SIBM Pune is a constituent of Symbiosis International (Deemed University). The institute, established in 1978, is consistently ranked among the top 10 private MBA colleges in India.

  • Symbiosis International (Deemed University) is ranked among the top 150 universities in the BRICS nations by the QS World University rankings 2018.
  • The institute’s 2-year full-time MBA program gives specialization options in the fields of Marketing, Finance, Operations and Human Resource.
  • There are international students in the university from more than 75 countries.

The institute has a total intake of 180 seats for the 2-year full-time MBA program. The reservation division for these seats is shown below.

SIBM Pune MBA Seat Intake Reservation

Source: SIBM Pune Official Website

So far, SIBM Pune has updated the placement data for the year 2019 on its website. The following table gives the key insights into SIBM Pune MBA Placements 2019. The table also includes some important batch profile details.

No. of Visiting Companies 90+
No. of Participating Students 180+
Pre-Placement Offers 87
No. of Offers Made 186
Female Students Share 31%
Average CTC INR 20.14 LPA
Highest CTC INR 34.26 LPA
Average Work Experience 25 months
Top Recruiters TATA, ITC, Nestle, Colgate, Godrej, Airtel,etc.

Top MBA Colleges in Maharashtra: Entrance Exam Wise

Admissions to the top MBA colleges in Maharashtra are done through various top MBA entrance exams like CAT, SNAP, NMAT, XAT, etc. Many colleges and universities also entertain the score of local state-level MBA entrance exams like MAHCET and BVP BMAT.

Mentioned below are some of the top colleges according to the entrance exam scores they accept and not accept.

Top MBA Colleges in Maharashtra Through CET

MAH CET or the Maharashtra Common Entrance Test is an entrance test conducted by the Directorate of Technical Education (DTE), Maharashtra for admission in the top MBA colleges in Maharashtra. The exam is spread over 2 days period and is conducted in 2 slots, morning slot and the afternoon slot.

  • The exam is conducted in 47 cities in India.
  • MAH CET registrations generally start in the second or third week of January every year.
  • There are 200 questions in the exam, divided into 4 sections: Logical Reasoning (75 questions), Abstract Reasoning (25 questions), Quantitative Aptitude (50 questions) and Verbal Ability and Reading Comprehension (50 questions).
  • MAH CET Cut off percentile for most of the best colleges is generally 98+.

Listed below are some of the top MBA colleges in Maharashtra through CET.

  • Jamnalal Bajaj Institute of Management Studies [JBIMS], Mumbai
  • Sydenham Institute of Management Studies, Research and Entrepreneurship Education [SIMSREE], Mumbai
  • DoMS, Savitribai Phule Pune University [PUMBA], Pune
  • Shivaji University, Kolhapur

Top MBA Colleges in Maharashtra Accepting MAT Score

MAT or Management Aptitude Test is conducted by the All India Management Association (AIMA) for admissions in more than 600 management colleges in India.

  • The exam is conducted 4 times in a year in both online and offline modes.
  • The exam is commonly held in the months of February, May, September and December.
  • The exam duration is 2 hour 30 minutes for solving a total of 200 questions. Each question carries 1 mark.
  • There is no restriction on the number of attempts for a candidate.

These are the top MBA colleges in Maharashtra accepting MAT score.

  • SIES College of Management Studies, Mumbai
  • Balaji Institute of Modern Management, Pune
  • Bharati Vidyapeeth Institute of Management Studies and Research [BVIMSR], Navi Mumbai
  • Mahatma Gandhi Missions Institute of Management [MGM], Aurangabad

Also Check,

Top MBA Colleges in Maharashtra: Placement Wise

Placements in the top MBA colleges in Maharashtra have shown excellent performance in the past years. With some of the top MBA colleges in India located here, like SPJIMR Mumbai, NMIMS Mumbai and SIBM Pune, the state witnesses the influx of some of the best companies from the world during the placement season.

  • The average placement offers in some of the top institutes like those affiliated to the Symbiosis University are 180-200.
  • The average placement package in the top MBA colleges in Maharashtra is INR 7-8 lakh.
  • An average MBA college gets 50-60 recruiters every year.

The below graph shows the average CTCs offered in some colleges.

CTCs offered in top MBA colleges in Maharashtra

Source: Official Websites

The top recruiters in these companies include:

Bain & Company Accenture Strategy CISCO
Amazon Capgemini Gartner
Boston Consulting Group (BCG) Morgan Stanley BYJU’s
Barclays Capital McKinsey & Company TCS
Godrej Airtel J P Morgan

Placements depend a lot upon the stream you choose. So, check the best colleges stream-wise by clicking on the links below.

Top MBA Colleges in Maharashtra For Finance

The finance industry is booming more than ever in India and so the job prospects are also getting better. The industry which has shown an overall growth of 15% till now, is now growing at a rate of around 8.5%. Mentioned below are some of the top MBA colleges in Maharashtra for finance.

  • Shailesh J. Mehta School of Management [SJMSOM], IIT Bombay
  • SP Jain Institute of Management and Research [SPJIMR], Mumbai
  • Prin. L.N. Welingkar Institute of Management Development and Research [WESCHOOL], Mumbai
  • SIES College of Management Studies, Mumbai

Top MBA Colleges in Maharashtra: FAQs

Ques. Which college is best for MBA in Maharashtra?

Ans. IIT Bombay has been ranked as the best MBA college in Maharashtra by NIRF. The list also includes SPJIMR Mumbai, SIBM Pune and ITM Nagpur.

Ques. What is the fees of MBA in Mumbai?

Ans. Mumbai houses the highest number of top MBA colleges in India. The average fee for pursuing MBA from these colleges is INR 7 lakh.

Ques. Which MBA degree pays the most?

Ans. As per the latest trends, MBA Business Analytics and MBA Marketing have proved themselves to be the most lucrative MBA specializations.

Ques. Which is the best college for MBA in Pune?

Ans. Pune houses some of the top MBA colleges in Maharashtra including SIBM Pune, Flame University, and PUMBA.

Ques. What is the salary of MBA in IT?

Ans. The average annual MBA in IT salary is INR 9.8 lakh.

Ques. How can I join MBA in IIM?

Ans. IIMs give admissions on 2 basis:

(i) For National Students: Score of CAT is considered.

(ii) For International Students: Score of GMAT is considered.

Ques. Which IIT is best for MBA?

Ans. IIT Bombay has demonstrated its caliber when it comes to management education. The institute has been ranked 1st in Maharashtra by NIRF Ranking 2019. QS has also named IIT Bombay as the best university in India.

Ques. Is Amity Mumbai good for MBA?

Ans. Amity Mumbai admits students on the basis of various criteria like CAT, XAT, NMAT, MAT, GMAt, etc. The average placement package is around INR 3-4 lakh.


Course Curriculum Overview :

The course remains the same for all first year students ( 3 trimesters per year). This is to equip students with basic knowledge of all subjects. The students get an option to chose subjects of their choice in second year. Specialization is decided based on the maximum numbers of subject chosen from each domain. The decision to chose a subject is mostly dependent on the quality of the faculty, the feedback from the seniors and the interest of the student considering the relevance of the subject in today's world It is mandatory for all students to undergo a one month long social internship (most of the students get their internships under an NGO chosen by the college in their hometown) - a unique thing about NMIMS Day to day learnings in classes are driven by case based study approach. Harvard case studies are used for all subjects along with the regular text books. There are marks for mid terms, final terms, class assignment and class participation.

Campus Life :

NMIMS has many committees where students can get into. There are committees that have huge responsibility on them like Placement Committee, Student Council, Industry Partnership cell and then there are domain wise clubs and cells like NJM (for marketing), Finomenon (for Finance) and Optimuz (for Operations). Joining any one of them basis the interest will guarantee additional knowledge and exposure apart from few extra lines on the CV. Apart from these there are interest based cells and societies for dramatics, dancing, photography etc. The annual business fest is Paragana which is held every year around October ( It contains inter college competitions, fests, seminars and corporate events. Classroom infra is quite modern and comparable to any top college of India. Lack of hostel is a major disadvantage for peer learning.

Loan/ Scholarship Provisions :

Affordability is an issue. The overall cost of MBA including accommodation and food is approximately 5-6 lacs more than the tuition fees. There were very less scholarship opportunities from the college (benefitting less than 5% of the students as far as I remember), however there are options of corporate scholarships. The college's affinity for money could be judged from the fact it is one of the few colleges which charges you even for attending the group discussion and personal interviews NMIMS MBA could arguably be one of the costliest MBA programs in India.

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9.7 /10

Campus Life :

UBS organizes various events where students from various programs participate and enjoys a lot. There is a club called ExCoLearn Pvt Ltd. (ELC) which is actually a student led business enterprise offering a diversified set of students the opportunity to get a gist of the corporate world.

Course Curriculum Overview :

Highly qualified faculties and are very supportive in nature. Teaching method is really awesome by giving practical examples and are always ready to solve queries.

Placement Experience :

UBS provides top placement in various companies from all over the world. Students get an opportunity to select job as per their specialization and skills.

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8.7 /10

Course Curriculum Overview :

Two courses offered by this college:- MBA and PGDM. Each and every faculty is helpful and kind hearted. If you face any problem reach them, Librarians also give the access to you for their digital library if you find difficulty in finding any books physically. Most of the faculties are from PHD Background. It is a 2 years course. I have chosen MBA in Marketing because here u can learn all aspects of marketing and then can apply in your real life also. Summer Internship and Winter Internship also been arranged by the college to get trained and for final placements you will be in a confident position if you read in this college. This college changes me a lot. Teaching Method of each and every teacher is through video presentation. Faculty:Student=8:8 Ratio. Equal Contribution from both ends. You have to enter 15 mins prior to enter the examination hall. Question is set by Pune University for MBA students only. You have to maintain 90% attendance without fail & work hard for success.

Campus Life :

Campus is well organised by our late Batch In charge and also the placements Department. Many companies come from various sectors.Corporate Session also take place in our campus on Every Saturday and also many corporate Events arranged. Tech Fest such as JW Marriott, Guruwardwara Event, Durga Puja, Shivajijayanti, Ganesh Chaturthi and many such events organised in our pibm college. Sports such as Cricket, Football, Volleyball etc. organised in our campus. Our Chairman Ramanpreet Sir also focuses on welfare of the students. Many E commerce Websites are also launched by us.

Placement Experience :

From 3rd Semester Students become eligible for campus placements. Companies Visited so far:- Tech Mahindra, Ecelerx, Safilo India, Dabur, HUL, Wipro, Tata Housing, Amazon, ITC Limited,etc. Highest Package:- 16 Lakhs Average Package:- 4 Lakhs Profiles:- Banking, Digital Marketing, Market Research, Sales, FMCG/FMCD. 90% of the students getting placed in the field of Marketing. My plans after getting the degree is to get a job working in a good working company. My hard work focuses on my loved ones also.

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7.9 /10

Campus Life :

Life in college is very dynamic and interesting. The college will take you to various corporate visits during BOP like Mapro garden and UNO Minda plant, conduct various sports events, and conduct many interesting events(Show your talent, Aarambh). Every year they celebrate Ganesh Chaturthi and Shivaji Jayanti with huge preparation and rituals. There is an annual fest GLORY every year mostly in the month of April but this year it was cancelled due to COVID 19. College provides you with Digital and physical library with all types of books, journals and research papers. Also, they provide the Economic Times newspaper daily to each student. There are clubs and committees formed every year like hostel, transport and food committee, marketing, digital marketing, finance and HR clubs for various events handled by students and guided by HOD

Placement Experience :

Placements are pretty good in college. They try their best to place each and every student. You get eligible for placement as soon as you jump into 3rd semester. You have an extra edge from other college students as the college provides you with 2 internships in first-year Winter and summer internship. Currently, I have entered in 3rd semester, and approx 12 companies as already came for placement and this year 2020 there will be difference and changes in packages offered by the company due to recession and economy slowdown. The highest package for previous year students was 16 L and min was 4 L. College provides 100% placement but in the end, it depends upon how much hard work or time-pass you have done in the first year.

Course Curriculum Overview :

I took Marketing specialization because I have a technical background (Btech IT) and a very low interest in finance and HR. There are a total of approx 900 students and divided into 60 students per section. The faculty members are highly educated and past experience in the corporate sector. The teaching and pedagogy of the college curriculum very intense so that you don't spend any unproductive hours and they strive you to give as much as knowledge as they can

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