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Why are the IIMs fees so high when you don't require any labs and expensive machines?

Because, labs and state-of-the-art machines are not the only major expenses a college can incur.An IIM batch is typically 400 people. Since the course is for 2 years, total population size is 800. Plus 200 people doing their fellowship, or attending other programs like the AFP (Armed Force Program), MDP (short term Management Development Program) etc, bring the total population at any given time to 1000.Fees is around 9L for 1 year. So, 90Cr of revenue per year from fees.I was unable to find the income statement of IIM-A, but a rough breakdown would be:Total income from the tuition fees = 1000 students (2 batches) * 900,000 (fees/year/student) = 90 crores.Salary expense = 15L per professor * 100 professors = 15 croresSalary expense for teaching assistants and other auxiliary staff = 10 croresHostel/electricity/maintenance cost = 20 croresThen there are costs like the cost of the teaching material from Harvard Business School, cost of pension for the retired professors and employees etc.Also, the institute provides merit-cum-need scholarships to a large chunk of the batch. There are loan schemes wherein you do not even have to provide any collateral. The average salary package is 16L per annum, almost equal to the 2 year fees.The material from Harvard is very expensive. A lot of effort goes into compiling every single casebook and course material. Plus, the faculty are some of the most renowned figures in the industry and academia, and you need to pay them the basic minimum to keep them on board.EDIT: A few more pointers:Firstly, the fee isn't exactly high. Compared to the fee/salary ratio, they are infact really economicalRead: Deepak Mehta (दीपक मेहता)'s answer to What makes MBA at IIMs so expensive from expenditure point of view?I am not saying that other courses are not expensive. So stop with the "XYZ course requires this expensive piece of tech." It might be expensive but the cost is spread over years.Stop comparison with IITs and other institutes that receive funding from state/central governments. IIMs are autonomous institutes that do not receive any subsidies (not anymore)

What are the top five most important lessons learned in business school?

1. The time value of money. It underlies virtually everything in business, is non-intuitive, and completely reorients your perspective on a wide range of issues. (Nearly as important is the inverse: the money value of time, also known as "Opportunity Cost").The time value of money is the value of money figuring in a given amount of interest earned over a given amount of time. The time value of money is the central concept in finance theory.For example, $100 of today's money invested for one year and earning 5% interest will be worth $105 after one year. Therefore, $100 paid now or $105 paid exactly one year from now both have the same value to the recipient who assumes 5% interest; using time value of money terminology, $100 invested for one year at 5% interest has a future value of $105. This notion dates at least to Martín de Azpilcueta (1491–1586) of the School of Salamanca.The method also allows the valuation of a likely stream of income in the future, in such a way that the annual incomes are discounted and then added together, thus providing a lump-sum "present value" of the entire income stream.All of the standard calculations for time value of money derive from the most basic algebraic expression for the present value of a future sum, "discounted" to the present by an amount equal to the time value of money. For example, a sum of FV to be received in one year is discounted (at the rate of interest r) to give a sum of PV at present: PV = FV − r·PV = FV/(1+r). http://en.wikipedia.org/wiki/Time_value_of_money2. Operations Research. The fact that there is likely to be a mathematically derivable answer to virtually any business question you can ask, gives you a different way of considering questions that you would previously have answered based on 'gut feel'.Operations research is a discipline that deals with the application of advanced analytical methods to help make better decisions. Employing techniques from mathematical sciences such as mathematical modeling, statistical analysis, and mathematical optimization, operations research arrives at optimal or near-optimal solutions to complex decision-making problems.Because of its emphasis on human-technology interaction and because of its focus on practical applications, operations research overlaps with other disciplines, notably industrial engineering and operations management, and draws on psychology and organization science. Operations Research is often concerned with determining the maximum (of profit, performance, or yield) or minimum (of loss, risk, or cost) of some real-world objective.http://en.wikipedia.org/wiki/Operations_research3. Negotiation basics. Once you understand the three critical components of your negotiating position (the overall market, everyone's alternatives, and your true bottom line) negotiating anything becomes a piece of cake.Negotiation is a dialogue between two or more people or parties, intended to reach an understanding, resolve point of difference, and to produce an agreement upon courses of action. Negotiation is a process where each party involved tries to gain an advantage for themselves by the end of the process. Negotiation is intended to aim at compromise.The study of the subject is called negotiation theory. Professional negotiators are often specialized, such as union negotiators, leverage buyout negotiators, peace negotiators, hostage negotiators, or may work under other titles, such as diplomats, legislators or brokers.http://en.wikipedia.org/wiki/Negotiation4. Financial statements. While these are purely technical rather than theoretical, understanding them is critical for anyone engaged in any facet of business operations.For a business enterprise, all the relevant financial information, presented in a structured manner and in a form easy to understand, are called the financial statements. They typically include four basic financial statements, accompanied by a management discussion and analysis:Statement of Financial Position: also referred to as a balance sheet, reports on a company's assets, liabilities, and ownership equity at a given point in time.Statement of Comprehensive Income: also referred to as Profit and Loss statement (or a "P&L"), reports on a company's income, expenses, and profits over a period of time. A Profit & Loss statement provides information on the operation of the enterprise. These include sale and the various expenses incurred during the processing state.Statement of Changes in Equity: explains the changes of the company's equity throughout the reporting periodStatement of Cash Flows: reports on a company's cash flow activities, particularly its operating, investing and financing activities.http://en.wikipedia.org/wiki/Financial_statements5. Integrity and Ethics. Last on this list relative to its specific relationship to business school, but first on any list of critical business concepts, it is imperative to understand how *pragmatically* important integrity is in the real world of business.Business ethics is a form of applied ethics that examines ethical principles and moral or ethical problems that arise in a business environment. It applies to all aspects of business conduct and is relevant to the conduct of individuals and entire organizations.The range and quantity of business ethical issues reflects the interaction of profit-maximizing behavior with non-economic concerns. Interest in business ethics accelerated dramatically during the 1980s and 1990s, both within major corporations and within academia. Today, most major corporations promote their commitment to non-economic values under headings such as ethics codes and social responsibility charters.http://en.wikipedia.org/wiki/Business_ethics

What should everyone know about accounting?

1. Financial vs. Managerial: Accounting has two main disciplines: managerial is the one you use internally for keeping track of things and financial is the one you present externally to investors, banks and the government. For instance, in your managerial accounting you will enter the day-to-day expenses and sales, while your financial accounting will be a summary of all those transactions.2. Double entry book-keeping: Every transaction must be entered in two accounts and these must eventually balance. This ensures that you are on the right track. Although accounting is as old as human civilization, double entry book-keeping was invented only in the 14th century. Fundamentally, all an accountant does is balance the books - make sure all the transactions are entered in two accounts and they all eventually balance (like the last line in the image below).3. Assets & Liabilities. These are the foundations of accounting. Assets include everything you own - your home, car, factory, equipments are all your assets. Liabilities include everything you owe - this includes all your loans. A lot of transactions involve increasing both. For instance, when you buy a home with a loan, you increase both your assets and liabilities.4. Equity. The gap between assets and liabilities is your fundamental worth - equity. For instance, if you own a car worth $10,000 and your auto loan balance is only $3000, your equity on the car is $10,000 - $3000 = $7000. If your overall equity is less than zero, that means you are broke.Equity = Assets - Liabilities5. Credit vs. Debit. This is the yin & yang of accounting system. Credit (Cr) is an entry that increases your liabilities and debit (Dr) is an entry that increases your assets. Debit in general means adding a positive number to an account and Credit in general means adding a negative number. Credit is traditionally written on the right side of a ledger, and debit is usually written on the left side of a ledger.6. Ledger. The image that you see above is a part of a ledger. A ledger is a principal book, where you enter the money transactions in the format above. Companies typically keep 3 types of ledgers: General Ledger - for keeping track of all expenses, income, assets, liabilities and equity, Sales Ledger - for keeping track of customers who have purchases, but not yet paid for their goods and Purchase Ledger - for keeping track of all purchases we have made for which we have not paid yet.From the ledger, we create financial statements that summarize a company's overall position. International standards mandate companies to keep four main types of financial statements. See: Financial statement7. Balance sheet - This is the snapshot of a business. It states how much assets are there in various categories (bank accounts, buildings, equipments and the amount you need to receive from your customers), how much liabilities are there in various categories (short term loans, long term loans, amount you need to pay your suppliers) and the overall ownership equity - how many shares of the company are held and how much money was got from the owners.8. Income statement - This records the incomes and expenses in various categories. For instance, following is a part of Coca Cola's income statement. http://www.thecoca-colacompany.com/investors/pdfs/form_10K_2011.pdf You can see that they have made $46,542 million (top line) in 2011 and are left with a profit of $8634 million (bottom line). Given that the profits are written in the bottomline, you have this common expression bottomline that refers to the final results, while topline is used to show the overall sales that a company makes.9. Cash flow statement - If you have run a business, you know that cash is the king & it is very important to understand how a business manages its cash. For instance, if you have made a sales of $10 million, but none of your customers have repayed yet, you can no longer afford to be happy that you have made $10 million in sales. The cash flow statement records how a company got and spent its cash. The cash flow statement shows whether the company is growing its cash and how it is spending the cash (new equipments, repaying loans, paying more wages, etc).10. Accounting is not an exact science. Accounting, contrary to popular perception, is not an exact science but involves a lot of judgment. For instance, if 3 of your customers have not paid in 6 months, you must decide if you have to keep them in the account receivable or write it off. Also, you are required to understand tax policies, how inventories are increasing/decreasing in prices and what is the lifetime of the assets you are own.See more: Basic Accounting Concepts | AccountingCoach.comWikipedia: AccountancyRelated:Balaji Viswanathan (பாலாஜி விஸ்வநாதன்)'s answer to What should everyone know about investing?What should everyone know about economics? Which websites or books do you suggest for someone dipping their toe into the subject?Balaji Viswanathan (பாலாஜி விஸ்வநாதன்)'s answer to How does the stock market work? Who decides the price of stocks? What is the logic behind the valuation of stocks?

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