MBA is a versatile course that can offer students a range of benefits. After attaining the degree students can choose to take up managerial positions in any deemed firm or MNC. Students are trained to become leaders and gain knowledge related to business from a different perspective. Students are prepared to handle positions in different sectors like finance, operations, sales and marketing, supply chain and many more.

Graduating with an MBA degree can kickstart a student's career. The curriculum is designed by most of the deemed universities in India to boost the self-confidence of an individual. This degree enhances decision-making and teaches cooperative capabilities. The everyday life of an MBA student nurtures them to excel in a professional atmosphere. Giving presentations, organising events, handling a team of professionals and brainstorming innovative business ideas are some of the areas where graduates become experts with this degree. For people who want to seek a high-paying corporate job, an MBA is necessary, as some good companies exclusively hire from B schools. An MBA plays a major role in transforming the personality of a student other than the professional environment. Let’s understand both aspects in depth.

While an MBA enhances career prospects, it also cultivates personal skills that will be extremely useful in the future. 

HIGHLIGHTS OF AN MBA PROGRAM

WHAT IS AN MBA?

The Master of Business Administration or MBA is a postgraduate professional degree emphasizing knowledge and skills related to business administration. An MBA program is developed along a standard curriculum even though electives can be used to delve deeper into specific areas of study.

A regular MBA (Master of Business Administration) is typically a two-years program that can be pursued after completing graduation in any stream.

Work experience is not required for admission to any management colleges in India for regular MBA courses, but colleges do award some additional points for work experience during the final selection process. During the selection process, weightage is also given to Class 10th, 12th and graduation marks and some colleges give additional marks to female students and non-engineers to make the batch more versatile.

Many IIMs and a few IITs, autonomous institutes under the Ministry of Human Resource Development, Government of India, are the country's leading colleges for management education. At the same time many colleges owned by the private sectors such as Xavier Labour Relations Institute Jamshedpur, SP Jain Institute of Management Research Mumbai, Management Development Institute Gurugram, Symbiosis Group of Institutes and Birla Group Colleges are also engaged in providing management degrees.

OTHER MBA-RELATED COURSES

After imparting management education for two years, some colleges provide degrees under different names such as Post Graduate Diploma in Management (PGDM) and Masters in Management (MIM), Masters in Management studies (MMS), Master of financial management (MFM), Master of Marketing Management (MMM), MA in human resource management and Labor Relations Master of Human Resource Management etc.

The most sought-after MBA-related course is the Postgraduate Diploma in Management (PGDM), which is provided by independent institutes that do not have university status and are also not affiliated with any university. This allows these colleges to create and improve their own curricula as well as implement tailored grading systems.

An MBA degree is offered by IIMs, which are government-designated institutes of national importance as well as by other universities such as BHU, AMU, Jamia Millia and other universities and colleges affiliated with any university. These colleges are bound to follow each and every guideline set by the university management. Other courses in marketing, finance, public policy and human resources are specialised MBA programs.

MBA TYPES

Aside from the traditional MBA there are several other types of MBA programs including executive MBA, online MBA, part-time MBA and integrated MBA.

Executive MBA is a 1-2 years degree course for working professionals offered by many of the country's top management colleges. The eligibility criteria for this program are the same as those for a regular MBA, with the exception of a 3-5 years work experience requirement varying by college. Most of the times this program is sponsored by the employer so people who want to advance to a senior position in their current organisation do opt this course.

Integrated MBA is BBA+MBA or BTech+MBA offered by many management and engineering colleges. Sometimes this program is taught jointly by an engineering and management college. Eligibility for this program is class 12th and some colleges have set a minimum percentage for class 12th and also the age limit.

As the name suggests, the other two programs online MBA and Part-time MBA, are designed for the convenience of the students who want to attend classes online or in the evenings.

LEADING MBA SPECIALISATIONS

1. Finance:

Finance is a highly sought-after MBA specialisation because it significantly increases job opportunities and offers the highest pay package in the industry.

This program covers everything from the fundamentals of finance to portfolio management, investment banking, accounting, and international finance. Students who graduate from this program can pursue careers as risk executives, finance managers or investment managers etc.

2. Marketing:

Marketing is a popular MBA specialisation that covers advanced techniques such as digital marketing, brand development, consumer rights and advertising. Students who complete this program will be qualified to work as a marketing manager, advertisement expert, brand promotion manager, campaign manager or market analyst.

3. Human Resource Management:

Human resource management is a specialisation in which all information about corporate or industry employees is disclosed, and related techniques are taught.

The main points of this specialisation are determining what kinds of ideas will work best for your organisation, hiring such people, training them on the company's policies and work, and monitoring their satisfaction.

After completing this program, students can obtain positions such as HR executive, HR manager, talent acquisition specialist diversity and inclusion manager.

4. Consulting:

Consulting students learn how to solve complex business problems, move organisations forward and grow. This is also one of the most in-demand specialisations, as graduates can find jobs at major corporations such as Accenture, Deloitte, PwC, and McKinsey.

5. Public Policy:

An MBA specialisation in public policy combines business administration skills with governance, policy formulation, and public administration. This specialisation is ideal for those who want to work in organisations such as non-governmental organisations (NGOs), international organisations or companies focused on corporate social responsibility.

6. Entrepreneurship:

As the name implies, this specialisation focuses on everything from the fundamentals to complex situations related to successfully starting and running a business.

This specialisation is ideal for those who want to start a business right away or in the future or who want to take over an existing family business, though some colleges for family-managed businesses also offer specialised MBA degrees.

7. Business Analytics:

MBA students studying business analytics are taught decision making related to data-driven techniques as well as machine learning and data management. Students who graduate in this manner are more sought after in fields such as e-commerce, planning, and health.

Following graduation, students work as data analysts, business analysts, analytical consultants, product analysts, market analysts and financial analysts.

8. Operations:

Operation management teaches how to improve a company's performance by improving business processes, supply chains and production among other things. Its primary focus areas are warehouse management, supply chain management, manufacturing, and quality management.

After this specialisation, one has to work in positions such as supply chain manager, warehouse manager, logistics coordinator and quality control manager.

9. International Business:

As the name of the specialisation in International Business itself suggests, in this the students are taught how to manage global operations, export-import, foreign investments and the business of multinational companies.

This is an excellent degree for those who want to work in multinational companies and learn how business is done in various parts of the world.

10. Information Technology:

This specialisation uses technology to combine management skills; students pursuing B. Tech in IT and computer science prefers this specialisation so it is in high demand these days. After completing an MBA in IT there is increased demand in technology-driven companies or IT consulting firms.

MBA FEES AND PACKAGES

The fees for a two-year regular MBA range between Rs. 2.00 lakhs and Rs. 50.00 lakhs. FMS DU, BHU Varanasi, Jamia Millia and JBIMS Mumbai are among the best colleges with the lowest fees. ISB charges the highest fees followed by XLRI and IIM Ahmedabad.

The fees for IIMs range from Rs. 15.00 lakhs to Rs. 27.00 lakhs with IIM Ahmedabad and IIM Calcutta charging the highest. IITs that offer MBA programs charge significantly lower fees than IIMs.

The highest average packages are offered to students from IIM Ahmedabad, ISB, IIM Bangalore, IIM Calcutta, and XLRI.

ADVANTAGES OF DOING AN MBA

Along with professionalism and career advancement, pursuing an MBA teaches you some very important skills that will help you throughout your life. Let us categorise these benefits into two groups: career prospects after an MBA and skill enhancement/personality development after an MBA.

CAREER PROSPECTS AFTER AN MBA

After completing an MBA, students' careers advance quickly because they have advanced skills and a strong network resulting in a significant salary increase and increased job opportunities.

1. Immediate career boost:

Campus placements begin in good colleges in the final year of the MBA program, and the placement percentage of top colleges is 95-100% indicating that students are placed even before the program is completed.

2. Higher employability:

Following the completion of an MBA, job opportunities in a variety of fields become available. This increases your chances of job retention and advancement.

3. Entrepreneurial Mindset

Entrepreneurial skills are developed during the MBA program through innovation, risk-taking, confidential presentation of ideas, development of business plans and interaction with corporate managers and start-ups.

4. Broadened Business Knowledge:

There are many specialisations to choose from when doing an MBA, but the fundamentals become very strong in many areas like marketing, finance, operations, supply chain, and human management.

5. Enhanced networking opportunities:

During the MBA program, students have the opportunity to network with their peers, former students, professors, managers, and industry leaders which can be extremely beneficial in situations such as changing jobs or starting a business in the coming years.

SKILL/PERSONALITY DEVELOPMENT AFTER MBA

An MBA brings positive changes not only in the careers of the students but also in their character. Whether it is about improving leadership qualities, time management, discipline or decision-making, the overall personality of the students improves a lot after completing the MBA program.

1.  Greater sense of self-confidence:

In the MBA program, students are required to take on leadership roles, participate in case competitions, and give presentations in which they overcome various challenges and gain self-confidence.

It teaches you how to perform well under pressure and enhances your leadership abilities which boosts your confidence.

2.  Enhanced communication skills:

Addressing various groups, attending public speaking workshops, and practicing interviews are just a few of the activities that help MBA students improve their communication skills.

3.  Time management and behavioral discipline:

In the busy schedule of an MBA program, students must balance classes, projects, and meetings for extracurricular activities which teaches them when to give priority to whom and how to complete work on time, improving their time management.

4. Resilience and Problem-Solving:

The MBA curriculum is designed in such a way that students learn to think and find solutions under pressure, overcome failures and move forward in the same way that they learn to solve any problem and succeed.

5. Lifelong learning:

While interacting with teachers and professors, or with their peer groups, they get to learn different perspectives on the same issue and understand well that learning is lifelong.