Everything about MBA: Colleges, Fees, Entrance Exams
In today’s competitive job market scenario, choosing a promising degree program is essential if one wants to ensure bright career prospects. In recent times, a Master of Business Administration (MBA) degree has become one of the most prestigious career choices for graduates. Despite being an expensive and highly competitive career choice, there are plenty of benefits of choosing an MBA program as it is a highly rewarding undertaking with unlimited potential. We have often heard people saying that they would like to pursue a degree in MBA after they are done with their undergraduate course. Moreover, a lot of households emphasize the importance of an MBA and want their children to receive a degree in it. But what exactly is MBA and how does it benefit students like us?
What is MBA?
MBA is one of the most popular post-graduate courses in India and abroad. The full form of MBA is Master of Business Administration. First introduced by Harvard University Graduate School of Administration in 1908 (now Harvard Business School), the MBA is the original graduate degree offered by business schools globally.
It is a graduate-level business and management degree with a focus on leadership and managerial skills. As a generalist degree, the MBA gives us fundamental management knowledge, meaning we will be getting a holistic view of the business across areas like marketing, finance, and accounting, all while developing those vital soft skills and leadership skills.By earning this degree, we can equip ourselves with the skills and knowledge to accelerate our careers, transition to new industries, or even launch our own business.
For most managerial level jobs across domains and sectors, an MBA degree is a necessity which is why, nowadays a large number of BTech, BBA, BCom, BA, BSc, BCA graduates opt for an MBA in post-graduation. MBA graduates can work across a variety of industries, though a 2021 survey of corporate recruiters found that there is high demand for MBA graduates in the health care, technology, consulting, products and services, and finance and accounting industries.
Importance of MBA:
MBA is one of the most pursued post-graduation programs, throughout the world and there are countless benefits of pursuing this degree, some of them being:
Better career opportunities:
An MBA opens up a wide variety of career options for students. Many companies prefer candidates with an MBA for a variety of different roles. Thus, earning this degree significantly expands one’s potential career opportunities. After an MBA degree, one is not constrained and restricted to work in any specific sector or area as they can choose a specialization of their choice and work in that area.
Better remuneration and salary
An added advantage to obtaining an MBA degree is the increase in one’s potential salary. A master’s graduate is usually better paid and they also have greater job security. Furthermore, it focuses on practical knowledge that prepares students more thoroughly for the contemporary challenges faced by the job industry.
Wider social networks
When it comes to the corporate world, networking and connections hold utmost importance. This degree gives one the opportunity to connect with more people, thus widening their social networks. One gets an opportunity to interact with individuals from all social backgrounds and age groups who are career-oriented and focused, in the process, getting to learn from them, which might help them in the long run.
Developing entrepreneurial and managerial abilities
By enrolling in an MBA program one can acquire the requisite knowledge and skills needed to develop and operate their own business. Students learn from their faculty important entrepreneurial skills which allow them to come up with a business plan, handle business management and financial matters.
New skill acquisition
Apart from the subject knowledge and skills, this degree helps an individual develop his/her personality by honing their thought process, fine-tuning their communication skills, and strengthening their logical and reasoning ability. Much of the knowledge and qualities like leadership, critical thinking, creativity, effective communication gained from this degree is applicable across different industries and sectors.
To be eligible for MBA admission a student needs to go through entrance Exams, personality tests (Group Discussion or GD, Written Ability Test or WAT, and Personal Interview or PI). Typically, students are required to have more than 50 percent of their undergraduate degree from any stream in order to pursue this course. The most popular MBA entrance exams are CAT, GMAT, XAT among others.
IIM Ahmedabad, IIM Bangalore, IIM Calcutta, IIM Lucknow, FMS Delhi, XLRI, and ISB are some of the top best colleges in India which take admission via these exams followed by individual GD-PI rounds.
Distance MBA (MBA Distance Education):
This is a lucrative career option for those who cannot pursue a full-time MBA program due to many circumstances like lack of money to afford the course, work schedule, etc. A Distance learning degree is a flexible and affordable option that does not require candidates to attend the classes regularly. Distance Education programs are recognized by UG/AICTE.
Few universities and institutes in India offer MBA courses in distance mode. Nowadays most of the universities offering distance MBA courses have established placements cells so that candidates are placed in multinational companies, government jobs, etc in profiles like Corporate Associate, Portfolio Manager, Finance Analyst, Credit Risk Manager, Executive, Senior Executive, etc. Many colleges like the Institute of Management Technology (IIM) in Ghaziabad, NarseeMonjee Institute of Management Studies, Symbiosis Centre for Distance Learning, Indira Gandhi National Open University, Sikkim Manipal University, etc., offer courses of MBA distance learning.
MBA in India:
The best colleges in India for this course include IIM Ahmedabad, IIM Bangalore, IIM Calcutta, IIM Kozhikode, and IIM Indore according to the MHRD-NIRF rankings 2021. Other popular B-Schools such as XLRI Jamshedpur, MDI Gurgaon, IMI, SPJIMR, IMT, VIT, Fore School of Management, and Department of Management Studies of the IITs also rank among top colleges in India as per the NIRF rankings as well as other B-school surveys such as by India Today, Outlook and Business Today.
Among the top MBA colleges in India, a few of them are also usually ranked as the best among all globally. For example, In the Asia-Pacific B-Schools ranking 2021 by Bloomberg Businessweek the Indin School of Business has been ranked at the fifth position while IIM Bangalore has been ranked sixth.
IIM Ahmedabad, IIM Bangalore, and SPJIMR have also been ranked among the global top 50 institutes in the latest Financial Times Masters in Management (MiM) Rankings 2021. IIM Ahmedabad has been ranked 26th, SPJIMR has been ranked 39th and IIM Bangalore has been ranked 47th.
In conclusion, earning a professional business degree, or an MBA can have a number of both expected and unexpected benefits in our life. In fact, those benefits often extend beyond our career and professional goals and are applicable to our non-work life as well. You can also pursue a specialization in your MBA, read more about that here.
How can Dheya help you make the most out of your degree?
A lot of students tend to be confused and select MBA as the next step in their professional life, hoping that this degree will help them get a job immediately. We strongly advise against this. We at Dheya, believe that every student is different and needs to pursue a career path that is relevant to them and not to what society pushes them to. This is why we offer comprehensive and holistic career guidance and planning programs for students and professionals all over the world.