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For College Students

MSc in Sustainable Luxury and Creative Industries from Excelia, France & Advanced General Management program from IMT Ghaziabad

Dual Credentials

12 months on-campus in Excelia, France

11 months online with IMT Ghaziabad

Start date for online program

Coming Soon

in degree cost

Save upto INR 23 Lakhs

Eligible to apply for up to 5 years PSW

VISA and PSW

    About the Program

    Blended Program

    Blended Program

    Study 11 months online with IMT Ghaziabad and 2nd Year on-campus at Excelia, France.

    Student Support

    Student Support

    Student Support is available. You can write to us via studentsupport@upgrad.com Or for urgent queries, use the "Talk to Us" option on the Learn platform

    End-to-end counseling and visa support

    End-to-end counseling and visa support

    End-to-end counselling and visa support: upGrad team will help you with application to Excelia, France, securing confirmed offer letter & support with France visa application.

    Program Overview

    Key Highlights

    Dual certification - IMT Ghaziabad as well as Excelia, France
    Dual certification - IMT Ghaziabad as well as Excelia, France
    Through this program, students achieve a remarkable 100% employment rate within six months post-graduation, ensuring a distinct competitive advantage
    Through this program, students achieve a remarkable 100% employment rate within six months post-graduation, ensuring a distinct competitive advantage
     Excelia boasts triple accreditation (EQUIS, AMBA, AACSB), setting apart its MSc Sustainable Luxury and Creative Industries program with dual recognition from EQUIS and AACSB
    Excelia boasts triple accreditation (EQUIS, AMBA, AACSB), setting apart its MSc Sustainable Luxury and Creative Industries program with dual recognition from EQUIS and AACSB
    Excelia ranked #61 in the Financial Times 2022 Top European Business Schools Ranking
    Excelia ranked #61 in the Financial Times 2022 Top European Business Schools Ranking
    Eligible to apply for up to 5 years PSW after graduation
    Eligible to apply for up to 5 years PSW after graduation
    In-built TOEFL/IELTS prep to be provided by upGrad
    In-built TOEFL/IELTS prep to be provided by upGrad
     End to end support for applications and visa
    End to end support for applications and visa
    World Class Faculty Members & Industry Experts
    World Class Faculty Members & Industry Experts
    Dedicated Student Success Team
    Dedicated Student Success Team

    Syllabus

    Best-in-class content by leading faculty and industry leaders in the form of videos, cases, and projects.

    download Syllabus

    Top Subjects You Will Learn

    Marketing Management, Business Communication, Accounting andview more

    Job Opportunities

    Brand Manager, Digital Marketing Specialist, Product Managerview more

    Who Is This Programme For

    Fresh graduates, experienced engineers, software and IT profview more

    Minimum Eligibility

    IMT Ghaziabad
    • Bachelor's degree in any disciplin
    view more

    Certificate

    Advanced General Management Program from IMT Ghaziabad
    Become part of the 10,000+ community of management leaders with associated alumni status from IMT Ghaziabad
    Advanced General Management Program from IMT Ghaziabad
    Click to zoom
    • Get certified from one of India's top B-schools
    • Join 10,000+ strong IMT Alumni Network
    • Gain industry relevant skills & advance your career

    Explore our Learning Platform

    Learn on an AI-powered & personalised platform with best-in-class content, live sessions & mentoring from leading industry experts.
    Explore our Learning Platform

    Syllabus

    Best-in-class content by leading faculty and industry leaders in the form of videos, cases and projects, assignments and live sessions

    Download Brochure
    23
    Months
    320+
    Hours of Learning
    60+
    Live Sessions
    10+
    Case Studies and Assignments

    Marketing Management (Year 1)

    4 Weeks
    1 Assignment/Project
    • Marketing Strategy
    • Consumer Behaviour
    • Marketing Channels

    Business Communication (Year 1)

    4 Weeks
    1 Assignment/Project
    • Effective Communication
    • Build a Personal Brand

    Decision Sciences (Year 1)

    4 Weeks
    1 Assignment/Project
    • Business Analytics Fundamentals
    • Hypothesis Testing
    • Regression Analysis

    Accounting and Finance (Year 1)

    4 Weeks
    1 Assignment/Project
    • Accounting Fundamentals - I
    • Accounting Fundamentals - II
    • Project Evaluation
    • New Heritage Doll Company Simulation

    Business Economics (Year 1)

    4 Weeks
    1 Assignment/Project
    • Micro Economics
    • Macro Economics

    Sales and Distribution (Year 1)

    4 Weeks
    1 Assignment/Project
    • Fundamentals of Sales
    • Territory Management
    • Channel Management
    • Team and Customer Management

    OB, HR Legal (Year 1)

    4 Weeks
    1 Assignment/Project
    • Individual, Group & Organisational Behaviour
    • Human Resource Management
    • Business Law and Ethics

    Supply Chain Management (Year 1)

    4 Weeks
    1 Assignment/Project
    • Operations Management
    • Supply Chain Management

    Business Strategy (Year 1)

    4 Weeks
    1 Assignment/Project
    • Fundamentals of Strategy
    • Growth Strategy

    Elective Course (choose any one) (Year 1)

    4 Weeks
    1 Assignment/Project
    • Business Analytics Specialization
    • Leadership Strategy Specialization
    • Market Research Specialization
    • Accounting and Finance Specialization
    • Supply Chain Specialization
    • HR Specialization

    Leadership, Engagement and People Performance (Year 1)

    2 Weeks
    1 Assignment/Project
    • What defines a leader?
    • Leading teams effectively
    • Leadership as a way of life

    Leading Change for Sustainable Futures (Year 1)

    2 Weeks
    1 Assignment/Project
    • Change Management from an individual perspective
    • Change Management from an Organizational perspective
    • Reimagining Change

    Enterprise and Risk management (Year 1)

    2 Weeks
    1 Assignment/Project
    • Understanding Risks in an Organization
    • Tackling Risks

    Digital Business Innovation (Year 1)

    2 Weeks
    1 Assignment/Project
    • Digital Innovation
    • Digital Business Transformation
    • Digital Businesses

    Fundamentals of Luxury Management (Year 2)

    6 ECTS

      Creative Industries: Onboarding (Year 2)

      6 ECTS

        Brand Management and Heritage (Year 2)

        6 ECTS

          Experiential Marketing (Year 2)

          6 ECTS

            Digital Marketing & Creative Industries (Year 2)

            6 ECTS

              Innovation Strategies and Design Thinking (Year 2)

              6 ECTS

                Channel Management, Retailing and Sales (Year 2)

                6 ECTS

                  Customer Relationship Management (Year 2)

                  6 ECTS

                    New Responsible Business Models (Year 2)

                    6 ECTS

                      Project in Sustainability & Ethics (Year 2)

                      6 ECTS

                        Industry Projects

                        Learn through real-life industry projects sponsored by top companies across industries
                        • Engage in collaborative projects with student-mentor interaction
                        • Benefit by learning in person with Expert Mentors
                        • Get personalised subjective feedback on your submissions to facilitate improvement

                        The upGrad Advantage

                        benefits

                        Student Support

                        Student Support
                        Student Support is available. You can write to us via studentsupport@upgrad.com Or for urgent queries, use the "Talk to Us" option on the Learn platform.
                          benefits

                          Expert Feedback & Learning

                          Expert Feedback & Learning
                          TA sessions
                            Regular live sessions by experts to clarify concept related doubt
                              Receive unparalleled guidance from industry mentors, teaching assistants and graders
                                benefits

                                Q&A Forum

                                Q&A Forum
                                Peer-to-peer discussion forum where you can post your queries and your peers/faculty/teaching assistants answer your queries within a day. Regular Q&A sessions with faculty to get clarification on conceptual doubts.

                                  Admission Process

                                  There are 3 simple steps in the Admission Process which is detailed below:

                                  Online Program Fee -

                                  ₹ NaN (No taxes applicable)

                                  View Plans

                                  On-Campus Program at Excelia Business School- EUR 12,750 (Indicative Tuition Fee)

                                  Indicative Living cost per annum in France is EUR 12,000

                                  Empowering learners of tomorrow

                                  Over 2, 000 students go to France to learn every year. Connect with our counselors to know how you can be next!

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                                  upGrad does not grant credit; credits are granted, accepted or transferred at the sole discretion of an educational institution. upGrad does not make any representations regarding the recognition or equivalence of the credits or credentials awarded, unless otherwise expressly stated. If you intend to pursue a post graduate or doctorate degree upon completion of this course or apply for employment which requires specific credits, we advise you to enquire further regarding the suitability of this degree for your academic and/or professional requirements before enrolling.

                                  Frequently Asked Questions

                                  Course Curriculum

                                  What is the scope of the MSc in Sustainable Luxury and Creative Industries program?

                                  The MSc in Sustainable Luxury and Creative Industries is an engaging yet rigorous 11 months online (with IMT-Ghaziabad) and 12-months on-campus (Excelia Business School, France) program designed for students to develop practical knowledge and skills, establish a professional network, and accelerate entry into the field of Brand Management, Digital Marketing, and Luxury Management. The student as part of this program will receive dual certification - an Advanced General Management Program from IMT Ghaziabad and a Master’s degree in MSc in Sustainable Luxury and Creative Industries from Excelia Business School, France.

                                  What should I expect from an MSc in Sustainable Luxury and Creative Industries?

                                  The MSc in Sustainable Luxury and Creative Industries program equips students with the skills needed to meet the high demand in the field of Luxury and Creative Industries. The curriculum focuses on essential areas such as Channel Management, Customer Relationship Management, and Brand Management. With diverse options, students can tailor their studies to align with their interests and career goals. Additionally, the program facilitates the development of a strong professional network, allowing students to connect with industry leaders. Graduates of the program can pursue rewarding careers as Project Manager, Marketing Manager, Merchandiser, Digital Marketing Specialist. Upon program completion, students also have the opportunity to apply for PSW in France, and receive support from Excelia Business School Career Services to kick start their careers in France.

                                  Which topics are going to be covered as part of the online coursework?

                                  The programme will be delivered on a new technology platform to create a superior learning experience for participants who want to be on the cutting edge of the management. With this programme, IMT-Ghaziabad & Excelia Business School, France together seek to develop the next generation of leaders. The topics that are going to be covered in the initial online program are Marketing Management, Business Communication, Accounting & Finance, Decision Sciences, Business Economics, OB, HR Legal, Sales & Distribution, Business Strategy, Supply Chain Management.

                                  What type of learning experience should I expect from the online coursework?

                                  The online learning experience will be a mix of interactive lectures from industry leaders as well as world-renowned faculty. Additionally, the program comprises live lectures dedicated to solving your academic queries and reinforcing learning. The on-campus learning experience will offer students the opportunity to engage directly with faculty.

                                  Is any certification granted at the end of the programme?

                                  Post successful completion of the online program, an Advanced General Management Program certificate would be awarded from IMT Ghaziabad and on completion of the on-campus degree program, a Master's degree in MSc in Sustainable Luxury and Creative Industries shall be conferred upon by Excelia Business School, France.

                                  Can I sign up only for a few specific modules if I am interested in it?

                                  No, the program is designed to be completed in its entirety, and cannot be taken as standalone modules.

                                  About Excelia Business School, France

                                  Why should you pursue an MSc in Sustainable Luxury and Creative Industries from Excelia Business School?

                                  Below are a few reasons why students should study MSc in Sustainable Luxury & Creative Industries:

                                  • Students gain a holistic understanding of sustainable business models, design innovation, and responsible consumption, making them valuable contributors to industries seeking to balance luxury and environmental consciousness.
                                  • Students explore the fundamentals of Luxury Management, Branding, Experiential Marketing, Business Strategy, Leadership, Project Management, and Ethics. The curriculum also includes cutting-edge topics such as Innovation, Sustainable Practices, Consumer Behavior, and Global Market Trends, ensuring a well-rounded education for individuals seeking expertise in sustainable luxury and creative industries.
                                  • The program boasts a diverse teaching team comprising French and international research-active faculty and industry professionals recognised for their management expertise. 
                                  • With a stellar 100% employment rate within six months post-graduation, students can expect a competitive edge, entering the workforce with an impressive average starting salary of €40K. This reflects the program's commitment to producing highly employable professionals in today's dynamic job market.
                                  • Students gain exclusive exposure to renowned companies, including Chanel, Guerlain Benelux, L'Occitane Group, Cartier, Galeries Lafayette, and Lancel, fostering valuable connections and potential career avenues within the esteemed realms of luxury and retail.
                                  • Collaborating with Excelia Lab, the research-active faculty brings innovative pedagogy while industry professionals impart real-life business insights.
                                  • Students have the opportunity to engage in curated visits to luxury sector companies, offering a unique and immersive experience that deepens their understanding of industry dynamics and practices.

                                  Can international students work to pay for their educational expenses?

                                  International students can work in France up to 964 hours per year, which is the equivalent of 60% of the standard working week. This means that you can work up to 20 hours per week during the academic year and full-time during breaks. The minimum wage in France is €10.57 per hour, so you can earn a decent amount of money by working part-time in France. Working in France is a great way to supplement your income and help pay for your education. It is also a great way to experience French culture and make some new friends. If you are considering studying in France, I encourage you to look into the possibility of working part-time while you are there.

                                  Will I be supported for TOEFL/IELTS/PTE or other English language exams during this program?

                                  Yes, upGrad will help you prepare for the English proficiency test to establish your current English proficiency to be eligible for the Master's program in France.

                                  When will I go to Excelia Business School, France?

                                  Excelia Business School offers only one intake for students coming through the accelerator route. The intake of the year will be the September (Fall) intake Though the application process for Excelia Business School will start during the IMT Ghaziabad online program, you will be able to go to Excelia Business School in the nearest intake which is at least 6 months away from completion of your IMT Ghaziabad program.

                                  When will I get an Offer Letter from Excelia Business School?

                                  upGrad will apply for you to Excelia Business School once all the documents are provided by you (as given in the offer letter issued to you by upGrad). Apart from the documents mentioned in the offer letter of Excelia Business School you will have to give proof of English proficiency for application of admission in Excelia Business School. upGrad will support you to get your English proficiency scores within 3 months of the start of the batch to accelerate this process.

                                  Selection Criteria

                                  How do I know if the program is right for me?

                                  • The MSc in Sustainable Luxury and Creative Industries program offers a robust academic foundation, paving the way for diverse roles like Merchandiser, Brand Manager, Product Manager, and Digital Marketing specialist.
                                  • Gain a comprehensive understanding of sustainable business, design innovation, and responsible consumption, preparing for roles that balance luxury and environmental consciousness.
                                  • With a diverse faculty, 100% employment rate, and exposure to luxury brands, the program provides practical insights and connections, ensuring a competitive edge in the job market.

                                  Is there any minimum educational qualification required to take this program?

                                  To be eligible for the program, the following criteria need to be fulfilled: 
                                  For IMT Ghaziabad:

                                  • Bachelor's degree in any discipline with minimum 60% marks or 6 CGPA or 3.0 GPA are eligible to apply.  

                                   For Excelia Business School:

                                  • An aggregate score of 60% and above in the Advanced General Management Program by IMT Ghaziabad with a minimum of 60% in each course.
                                  • English Proficiency Requirement-Medium of Instruction Certificate for English from Undergraduate Institution or IELTS (6.0), TOEIC (R&L) Total (785-940), Cambridge English Scale (160-179), or TOEFL iBT (72-94).

                                  Is work experience required for this course?

                                  A relevant professional work experience is recommended but not mandatory.

                                  What is the selection process for this program?

                                  There are 3 simple steps in the Admission Process which is detailed as:
                                  STEP 1 - Application and Document Submission - Apply on upGrad.com and submit your documents.
                                  STEP 2 - Shortlisting basis overall performance - Our admissions committee will review your profile. Upon qualifying, an offer letter will be sent to you.
                                  STEP 3 - Enrollment for Access to Prep Content - Make a quick block payment of INR 25,000 to reserve your seat and receive immediate access to the prep content and begin your upGrad journey. Complete balance payment with assistance from our loan partners where required.

                                  What are the list of documents required for the application ?

                                  • Scanned Copy of the Class 10th, 12th marksheet & certificate
                                  • Scanned Copy of the Undergraduate degree, Transcript and Semester wise Marksheets
                                  • Scanned Copy of Passport
                                  • Statement of Purpose
                                  • Two Letters of Recommendation (Academic/Professional)
                                  • Resume
                                  • Proof of English Proficiency/MOI

                                  Visa

                                  Will upGrad help me in writing Academic and Visa SOP?

                                  Yes, upGrad will help with your Academic and Visa SOP and will also organize training on how to write a good SOP.

                                  How much are living expenses for a year in France?

                                  Living expenses in France for international students are approximately EUR 12,000 per annum. The same needs to be reflected in your bank account.

                                  Time Commitment

                                  What is the time commitment expected for the Program?

                                  At least 12-15 hours per week of time commitment is expected to be able to complete this program.

                                  How will my doubts/questions be addressed in an online Program?

                                  Peer-to-peer discussion forum where you can post your queries and your peers/faculty/teaching assistants answer your queries within a day. Regular Q&A sessions with faculty to get clarification on conceptual doubts. 

                                  Payment

                                  No cost CC EMI FAQ's

                                  0% EMI with Finance partners /Credit card option availability will vary program wise.

                                   

                                  1. Which banks allow using 0% Credit card EMI or Credit card EMI?

                                  No cost EMI is available on credit cards from all major banks (American Express, Bank of Baroda, HDFC Bank, ICICI Bank, IndusInd Bank, Kotak Mahindra Bank, RBL Bank, Standard Chartered, Axis Bank, Yes Bank, State Bank of India, CITIBANK and HSBC)

                                   

                                  2. Is there any minimum transaction limit ?

                                  Yes. 50000 is the minimum.

                                   

                                  3. Standard Chartered Bank offers 18 or 24 months No Cost EMI ?

                                  No. ONLY 12 months is available irrespective of the Program enrolled.

                                   

                                  4. Will I have to pay any extra amount for EMI transaction?

                                  If you are availing 0% credit card EMI, upGrad will not charge any processing fees or down payment for these transactions. Your bank may levy GST or other taxes on the interest component of the EMI.

                                   

                                  5. Are there any fees or down payment?

                                  Certain banks charge nominal processing fees between INR 99 - 500 on 0% Credit Card EMI transaction. If charged, will be billed in the first repayment installment.

                                   

                                  6. Can I use my International credit card for 0% credit EMI or Credit Card EMI?

                                  Only the Indian bank credit cards can be used. But you can pay the amount using the Credit card option in one shot / part payments, and later you can convert into EMI from your respective bank. The tenures and interest charged will depend on your bank. upGrad will not charge any processing fees or down payment for these transactions, this will be purely between you and your bank.

                                   

                                  7. Are there any charges in case I opt for cancellation/refund from the course after paying balance with no cost EMI ?

                                  Yes, there will be additional charges to the extent of interest paid by the upGrad to the bank, you will be refunded only Principal amount, i.e. the amount actually deducted/blocked from your card. This deduction will be in addition to the amount mentioned in the refund policy shared with your offer letter.

                                   

                                  8. Can I Pay Using Multiple Credit Cards ?

                                  Multiple cards can be used to complete the payments using Part payment option make sure to inform the learner, minimum transaction is INR 50000 to opt for 0% CC EMI E.g. Amount to be paid: 150000. I can pay using 2 Credit cards. Yes, Example :

                                  HDFC Card – Part payment – INR 100000

                                  ICICI Card – Part payment – INR 50000

                                   

                                  9. How can I opt for Credit card EMI if my bank is not listed in the 0% Credit card EMI or Credit card EMI?

                                  You can pay the amount using the Credit card option in one shot / part payments, and later you can convert into EMI from your respective bank. The tenures and interest charged will depend on your bank. upGrad will not charge any processing fees or down payment for these transactions.

                                   

                                  10. Why is the entire amount blocked on my credit card?

                                  Initially your bank will block the entire amount from your available purchase limit and from your next billing cycle, you will be charged the EMI amount. As you start paying your EMI, your credit limit will be released accordingly. For example, if you have made a payment of ₹100000 on 6-months EMI and your credit limit is ₹200,000 then initially your bank will block your credit limit by ₹100000. After payment of your first month EMI of Rs.15000, the blocked amount will come down to ₹85000.

                                   

                                  11. Why is interest getting charged on No Cost EMI?

                                  Your bank will charge you interest. However, this interest charge has been provided to you as an upfront discount at the time of your payment, effectively giving you the benefit of a No cost EMI. The total amount paid during the entire EMI tenure to the bank will be equal to the amount to be paid to upGrad.

                                   

                                  Eg. Amount payable to upGrad: INR 405000

                                  Let's say Amount deducted at the time of transaction: INR 379850 (Principal amount) Bank charges interest of 12-15% per annum on INR 379850

                                  [Note: Interest factor is reducing rate and not Flat rate]

                                  EMI AMOUNT = INR 33750 x 12 = INR 405000

                                  Effectively, you have taken loan on 379,850 instead of 405,000

                                  Refund Policy

                                  Is there any deferral or refund policy for this program?

                                  Refund Policy: (Programs with prep-session component)

                                  • Students must pay applicable caution money for the enrolment in the Program. This caution amount will be adjustable against the total Program fee payable by the student.
                                  • You can claim a refund for the amount paid towards the Program at any time, before the Cohort Commencement Date, by visiting www.upgrad.com and submitting your refund form via the "My Application" section under your profile. Processing fee of INR. 20,000/- will be levied. If less than INR. 20,000/- have been paid in total, the student shall not be eligible for any refund in such case.
                                  • The student shall not be eligible for any refund under any circumstances if any such refund requests are raised post Cohort Commencement Date and the student will continue to pay the EMI for a loan (if applicable) and such loan cannot be cancelled. This is also applicable for those students who could not complete their payment and could not be enrolled in the cohort opted for. However, the student can raise a request for Pre-Program deferral as per the policy defined below for the same.
                                  • In case of a refund, the student will be solely responsible for any cancellation of the loan, including but not limited to applicable loan cancellation charges levied on the total cancelled loan amount.
                                  • Students must pay the full fee within 7 days of payment of Caution Money or Cohort Commencement Date, whichever is earlier, otherwise, the admission letter will be rescinded.
                                  • The refund will be processed within 30 working days of commencement of the program after being duly approved by the Academic Committee.

                                   

                                  Deferral Policy: (Pre-Program Commencement)

                                  • If a student, due to unavoidable circumstances is unable to commence with the cohort and requests for a deferral before the cohort starts, we provide the opportunity for the student to defer to another batch.
                                  • However, the student will be required to pay 50% of the total course fee amount (inclusive of taxes) before the deferral can be approved. Till this is completed, the student will be assumed to be continuing in the same cohort.
                                  • A student can request for deferral only once and to either of the scheduled cohorts to start in the next 1 year from the batch start date of the initial batch the student enrolled for.
                                  • The student has time till the current cohort launch date to make the payment of the 50% program fee, post which the deferral request will expire. Once the deferral window expires and the student now asks for a refund, the above-mentioned applicable refund policy will apply.
                                  • The fee applicable to the deferred student will be as per the prevailing fee for the batch student as opted to defer to (No additional deferral fee is required to be paid).

                                   

                                  Deferral Policy: (Post Program Commencement)

                                  • If a student is facing severe issues in dedicating time to the course, we provide the opportunity for the student to defer to another batch.
                                  • A student can request for deferral only once and to either of the scheduled cohorts to start in the next 1 year from the batch start date of the initial batch the student enrolled for.
                                  • The student will be required to pay a deferral fee of 10% of the total course amount fee + Taxes if any along with the differential program fees between the two cohorts.
                                  • The deferral request will be approved once the deferral fee is paid.
                                  • Till this is completed, the student will be assumed to be continuing in the same cohort.
                                  • The student has 7 days (including holidays and weekends) from the date of deferral request to make the payment of the deferral fee post which the deferral request will expire, and the student will continue as part of the current cohort.
                                  • If the student completes the deferral payment, the student’s login will be disabled, the student will leave the deferred cohort and the student will start learning on the new cohort from the point of the last assignment that was graded in the deferred cohort. All grades and progress till that point will be carried forward as it is to the new cohort. For clarification, the grades of the graded assignments will be carried forward, whether the student had submitted these grading during the initial stage.
                                  • The deferral can only be requested during the batch for which the student has enrolled is ongoing. Once the batch has been completed, deferral requests shall not be entertained. For clarification, the batch completion here shall mean the “last grace deadline” as communicated by upGrad.

                                  Disclaimer

                                  Disclaimer

                                  • upGrad facilitates program delivery and is not a college/university in itself. Credits and credentials are awarded by the university. Please refer to relevant terms and conditions before applying. The University program is accredited/recognised in the country where the University is established. 
                                  • The student assumes full responsibility for all expenses associated with visas, travel, and related costs. upGrad does not provide any assurance or make representations regarding visa approval or the procurement of the visa.
                                  • The above statistics depend on various factors and individual results may vary. Past performance is no guarantee of future results.