MBA, acronym for the term Master in Business Administration is the most popular degree course among the Indians who want to seek higher education. It is the master’s degree which specializes you in proper administration of an organization using new scientific approaches of management and attracts people from a wide range of academic disciplines. Nowadays, it the most common degree course preferred by the youths irrespective of the field.
Being originated in United States in late 19th century, it gained momentum in India about 15 years ago and since then it is among the top ranked post- graduation programs. The core courses in the MBA program are designed to introduce students to the various areas of business such as accounting, finance, marketing, human resources, operations management, etc.
Who should Do MBA?
The students who have good knowledge in Mathematics, Commerce and Economics at their Bachelor’s level can go for the MBA course but it is not condition in the eligibility, as students of any background can apply for the MBA course. But you must have qualities like quick and correct decision-making, interacting with people and persuading them by your statements, good fluency in spoken languages and other.
As in entrance exams you are asked questions related to aptitude, English and general mathematics so you must have adept command in these subjects. Some exams also ask for general awareness questions. To prepare for the admission tests, students can join some good coaching centers or can buy reference books to prepare themselves for the exam.
Students who have completed their graduation from any background can apply for the MBA program. There is no age limit for this course. You must have 55% marks in your graduation course in order to qualify for the MBA course.
Foreign nationals or NRIs can also apply for the MBA course offered by the Universities. The major requirement needed is that the students must have a valid passport and a student visa.
Types of MBA programs
The course of MBA offers you to select the most convenient way for your study. There are different types of MBA courses which you can opt for. If you are a regular student or a professional or running your own business there are options for everyone. The different types of MBA programs are described below:
Two-year (Full Time) MBA program: This is the most common form of MBA which normally takes two academic years (i.e. approximately 18 months of term time). The session begins normally in late August/September of year and continues until May of year two. This a regular course where students need to attend the classes on the weekdays.
Accelerated MBA program: This is a speed up program with higher course load and more intense class and examination schedules. There is no three to four month summer break, and between semesters there might be seven to ten days off rather than three to five weeks vacation. You can complete the course in 1 to 1.5 years.
Part-time MBA programs: For those who have their business or are working in a company can apply for the course. It holds classes on weekday evenings, after normal working hours, or on weekends. But it’s a long duration program normally lasts for three years or more.
Executive MBA (EMBA): This type of MBA course is opted by those who are working professionally in a company and they want to upgrade themselves to the position of managers and executives in the same. It’s a degree course of two years or less while working full time. EMBA students typically have a higher level of work experience, often 10 years or more, compared to other MBA students while working in the company.
Distance learning MBA programs: This program is gaining a rapid popularity among those which want to hold classes off-campus. You can do the course while sitting at home and you need not to go to the regular campus classes. It can be in different formats like correspondence courses by postal mail or email, non-interactive broadcast video, pre-recorded video, live teleconference or videoconference, offline or online computer courses.
Dual MBA programs: These programs combine MBA degree with others (such as an MS, MA, or a J.D., etc.) to let students cut costs, save time on education and to adapt the business education courses to their needs. Some colleges also allow you to pursue a dual course of Bachelor’s degree and master’s degree in MBA for a 4 year program.
Fields in which you can Pursue MBA
Most top MBA programs cover similar subjects within their core required courses. You can go for a variety of subjects to choose from to specialize yourself in a particular area. Basically, the first year includes a wide range of subjects and from the second year you can opt for any specialized curriculum. Full-time students also go for an internship during the interim. The major fields or subjects in which you can pursue MBA are accounting, economics, entrepreneurship, finance, international business, management science, marketing, operations management, organizational behavior, project management, real estate, IT and strategy.
Methods of Entrance:
There are different modes of entrance for pursuing the MBA course may it be an entrance exam or it can be done directly without qualifying for the exam. In India there 1600 business schools offering two year MBA programs and there are many entrance exams through which aspirants can take admission. The top colleges require good score in CAT exam. If you go for the distant learning course then there is no need of entrance exam. You just need to take admission in the college and keep clearing the semester exams.
Major Entrance Exams
There are several modes and many exams through which you can take admission in the business schools. The Best and one of the toughest exams of India is Common Aptitude Test (CAT) through which you get admission in Indian Institutes of Managements (IIMs). While admissions in other colleges require passing either CAT, XAT, GMAT, JMET, MAT or others. Apart from these entrance tests there are few business schools which conduct aptitude tests individually for admission to that particular business school. Qualifying in the GMAT exam will allow you to pursue MBA from foreign colleges. MAT examination is conducted for those who want to take admission in the colleges of Uttar Pradesh apart from IIT and IIM.
If you say which college is the best for pursuing MBA course in India then the first obvious answer will be the IIMs and the IIT which provide MBA courses. After that there are many other colleges like FMS, NITIE Mumbai, XLRI Jamshedpur, Bharathidasan Institute of Management, Indian Institute of Foreign Trade, Jamnalal Bajaj Institute of Management Studies, Loyola Institute of Business Administration, Narsee Monjee Institute of Management Studies, S. P. Jain Institute of Management Studies and Symbiosis Institute of Business Management and others which take students on the marks obtained in CAT or their own Aptitude examination.
Besides these top colleges there are many other universities affiliated colleges in different states through which you can pursue MBA.
Method of Selection
After you appear for any of the Aptitude exam related to MBA course, you need to score good percentile. There is also a minimum cut off which you have to clear in order to be eligible for any college. Different exams have different cut offs. The process of ranking and priority is based upon the percentile you score.
You get nominated for the Particular College in the counseling process but still the admission is not yet confirmed you have to cross one more hurdle by participating in the Group discussion (GD) program or the Personal Interview (PI). After all the process is complete the final list represents the selected students for the course.
Career in MBA
The major question arises that what is the scope or career after completing the two year course of MBA.
MBA, one of the most popular courses has its own values that make it superior to other courses, and hence it has wide scopes and job prospects. After completing the course you can apply for the wide range of jobs and career prospective in the industrial sector on the managerial or executive level. Starting at this level you can even reach to the top with your hard work and determination.
Defining specifically one can work as marketing manager in which he needs to manage the marketing processes of the company which includes sales, advertisement, and promotion of the products or can work as a financial manager, who is responsible to control the investment of the capital of the company. You can also go for the Human Resource manager where you need to manage the man power of the company, and hence holds one of the most important positions in the company.
Apart from these basic designations you can go for other fields of work like research and development if you did you course with IT field or can also work with the elite panel of administration after gaining the experience.
But nowadays as the number of students going for MBA course is increasing rapidly there is also an increment in competition level. There are many colleges from where students are not able to get the job from the campus and they are struggling in the market. So the better option is to get selected in top elite colleges by working hard and build your career from there to secure your life.
Fees of Top Colleges
Normally completing an MBA program requires a good amount of finance. Different colleges have different fees criteria. The approximate fees of complete courses in top colleges are listed below:
IIMs: Rs. 13, 00,000- Rs.15, 00,000
IITs: Rs. 2, 00,000- Rs. 3, 00,000
FMS Delhi: Rs. 25,000
Symbiosis: Rs. 8, 00,000 – Rs. 10, 00,000
IIFT: Rs. 1, 75,000
XLRI Jamshedpur: Rs. 8, 00,000 – Rs. 10, 00,000
The other colleges usually charges around Rs.2 to 6 lakhs for the two year program. Apart from the college fees there are also hostel and mess fees which further add up to the total.
Conclusion: After going through all the above topics you must now realized all the aspects of MBA course and the purpose of the course. The scope of MBA course is continually rising and the candidates are showing immense interest in opting for the course. The key point of the whole discussion says that if you want to pursue a good promising career in the world of market industries and want to be on the top level of management in top MNCs and other domestic companies then you must go for the course. The course will prove to be a ladder for your enhanced future life. But still the proper knowledge about the college and its placement is necessary before taking the admissions.