It is to be cleared first that the FPM course is completely equivalent to a Ph.D degree. It takes approximately 4-5 years to complete, along with accurate learning and research work.

The fact is that ISB generally pays Rs. 40000 as a stipend along with House Allowances to the candidates who are doing FPM on a full-time basis. Thereby you are not required to pay anything from their own pocket, but they can earn 40 thousand per month.

However, the most important thing is that FPM requires accuracy to complete the study without spending money. So, you have to study with full accuracy, and earn support from this institute to carry on your personal and family expenses. You have to enroll as a full-time candidate and should not have any other source of income. 

If you have any other second income, then it will not work. After completing this program, the student will get unlimited rewards, considering their knowledge and income.

The Fellow Programme in Management (FPM) of IIM Kozhikode is a full-time, residential program and is a financially supported doctoral program as was once initiated by the institute. 

Here is a breakdown of various vital points,

• The program is renowned for its rigorous, interdisciplinary training mandated in every domain of business management.
• The FPM graduates are one of the vital sources for management researchers, along the lines of faculty resources in top-notch educational domains, industries, businesses, governments, and societal advancements. 
• Two-thirds of the students belonging to the FPM program are now either placed at several national and international institutes.

Applicants holding an Executive PGDM from IIM Kozhikode, the applicants bearing a PGDM (full-time 2-year program) from any of the IIMs, despite their establishment, can be exempted from taking qualifying tests. 

Candidates would be eligible based on their recommendations, their profile and their qualifying scores. Candidates would have to further go through a personal interview (and/or written exams) at IIM Kozhikode. 

My cousin is in his sophomore year, pursuing FPM at IIM Rohtak, and here is what he has to say about the course.

Course structure:
In the very beginning of your first year, you will have to attend the classes with the students from PGP. From the second year onwards, you will attend classes that are a fair mix of several PGP classes and a few subjects of your own preference.
The only point of difference both the scenarios share is that in a class with the PGP students, you will have to sit with at least 50 students, while if you are in the FPM class alone, there will be about 5 other students at a maximum.The second-year usually is packed with submissions of certain mini-thesis papers and a comprehensive viva, following which you are transported on to research. The duration provided can be of 2 years or more.
Faculty:
The faculty at the institute are supportive and experienced. Every student secures a hand of support whenever required and obtains guidance from the very beginning of the first year. You can change your guide, from the second year, as per your choice.
Campus:
The main campus is yet under establishment.IIM Rohtak, at present, is operating from Maharishi Dayanand University. Other than that, the rooms you can avail of, have sharing policies and do not support family accommodation.
Career Exposure:
Following your studies, you can either go on to become a researcher or an academician. According to the recent placement highlights the average CTC offered at the institute is around 13 LPA. You can check the detailed placement stats of the institute, on the official website.
Here is a detailed outlook of the institute. Hope this helps you understand better.

My cousin recently joined the institute and has seen students frequently vacate the FPM program of IIM Rohtak. There can be several reasons for this. However, it is somewhat unlikely and vague as well. Especially, when considering the issues concerning the director, as is known by the students.

Nobody can vouch for the scenario taking place at the institute. Thus, it is always the right choice to analyze what you are going for. It is suggested to stay updated with any information at all.