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Master of Business Administration (MBA) Course Admissions 2023 - 2024 Academic YearMaster of Business Administration (MBA) is the most popular post-graduate degree in the world. An MBA degree requires a Bachelor degree (or a four-year degree) either in business or other related disciplines. In this section of Indiastudychannel.com describes more about the scope and traits of a post-graduate degree in MBA.
In the recent decade, the world has seen a rise in the quality of entrepreneurship. The number of corporations have risen exponentially and thus has risen the requirement of able managers who are able to manage these enterprises efficiently. Managing an enterprise requires the ability to skilfully strategize, have a clear vision and know the concepts right. MBA is the degree that equips one with the skills required by the job. MBA is a postgraduate level degree which is known for improving one's theoretical and practical knowledge regarding the operations of a business. It is one of the most sought after courses today. As we know that one of the most important factors for success in business is having good soft skills, implying good communication skills, ability to work as a team and the ability to lead. MBA as a professional course teaches one these. Apart from these, an MBA student also gets to work on the hard skills which are required to achieve success in the world of management. MBA is a gate to endless opportunities today, especially because of the startup boom. It is a specialized degree that not only offers a wholesome personality development but also comes with a lot of networking opportunities. In an MBA course, a student is trained in various business segments such as finance, marketing, HR, operations, etc. The importance of this course clearly reflects in the pay packages that companies are willing to offer to IIM graduates.
Duration of MBA Course - The general duration of an MBA course is 2 years. However, it must be noted that there are more than one type of MBA. The general MBA course is the most sought after course and most management institutions offer the general management course. However, there are part time MBA courses, executive MBA courses and also MBA by distance education. The part time MBA is self explanatory. Talking about the executive MBA, it is a course that basically suits the needs of working individuals who must find it almost impossible to find time out of their busy schedules to attend classes on the weekdays. Thus, the executive MBA basically caters to the needs of working managers and entrepreneurs and is the darling of IAS officers these days. Apart from these, some business schools also offer an MBA Law course. The duration of MBA Law course at Narsee Monjee Institute of Management Studies, Mumbai is 2 years. So, clearly the duration of the education varies as per the kind of MBA one is willing to do. Apart from this, variations in duration also occur when one is pursuing a specialized MBA. For instance, S. P. Jain Institute of Management and Research, which is a well known private business school in India, offers a PGP Development Management course the duration of which is 1.5 years. Also, variations may happen depending on the management institute from where one is pursuing this course. For instance, the duration of executive programs at some business schools is one years, while at some others the same may be one and a half years.
Eligibility for MBA Course - The biggest entrance test which opens the doors for qualifying students to the reputed premier IIMs is the CAT. To be eligible to sit in CAT, the candidate must have a bachelor's degree with at least 50% marks. However, the requirement is a little low for reservation category candidates – 45% in undergrad. If the marks obtained in the bachelor's degree are not in the form of percentage but in CGPA, then the same is converted into the former form based on the procedure certified by the institution from where the candidate pursued his bachelor education. Candidates who are in their final year of bachelor degree are also eligible to attempt CAT. The eligibility requirement for other entrance tests such as XAT and MAT are also somewhat same. Students willing to enrol with international business schools can take the GMAT (Graduate Management Admission Test). For the GMAT, there are no age limits. However, the candidate must be 18 years old at the minimum and must have a bachelor's degree from any recognized institution.
Cost of Study for MBA Course - MBA is a costly course. The cost of study not only varies by the business school from where the course is being pursued but also with the kind of MBA one is pursuing. To mention a few instances here, the PGDM course costs 13.6 lakhs for two years while the executive course at the same institution costs a whopping 22 lakhs. Again, the cost of Energy Management Course at MDI Gurgaon is 10.33 lakhs, that of Human Resource Management is approximately 15 lakhs. The part time management course at MDI Gurgaon is just 9.27 lakhs for 3 years. On the other hand, the price of the executive MBA at IIM Indore is a 18 lakhs while the full time PGPM course costs 15 lakhs for two years. There are some other management courses which are somewhat cheaper. The fee for PGDM Banking and Finance Management at Narsee Monjee Institute of Management Studies, Mumbai is just 0.69 lakhs for two years. At the same institute, the part time MBA costs only 4.71 lakhs for 2 years. On the whole, it can be stated that the cost of studying an MBA course from a reputed business school may be as high as 25 lakhs.
Admission Procedure for MBA Course - To get into an MBA course at one of the premier IIMs, as already stated, one needs to take the CAT. The score of CAT is considered by a large number of non-IIM institutions as well, while admitting candidates into this course. Same goes for other reputed tests like the XAT and the MAT.
Career Prospects for MBA Course - It is not untold that MBA graduates have a very bright career ahead of them especially if they studied at a reputed institute like any of the IIMs, XLRI etc. MBA graduates can be invested in management of client relations, consultation, business planning, etc. MBA graduates can be involved in banking and finance wherein they are to indulge in security and investment analysis and portfolio management. Banks, security firms and insurance companies are some of the offices which need qualified MBA graduates to do these tasks. MBA grads also serve in information system management wherein they perform a thorough cost analysis for using the right technology. One of those segments that welcomes MBA grads with open hands is the investment banking market. MBA professionals are experts with the adequate skills required to act as a nodal point between investors and organizations that require funds. Other areas where MBA grads can be used are data analytics, management consulting and private equity. And nobody ever said that there's a problem with an MBA grad in starting his own venture and become an entrepreneur. In any of these segments of business, MBA graduates receive extremely handsome pay packages. This is why this course is in huge demand these days. It must not come as a surprise that the highest salary offered to students who are recruitment from IIM Ahmedabad via campus placement crosses 50 lakhs per annum with the average salary being somewhere close to 20 lakhs per annum.
Higher Study Opportunities in MBA Course - MBA is not the end of the world. There are a number of things an MBA grad can do after completing his course. An MBA grad can pursue the course of Chartered Financial Analyst or Ph.D. in Management Studies, Ph.D. in Business Administration, PGPSCL, PGDMLM, Post Graduate Diploma in Logistics and Shipping, Doctor of Business Administration, Chartered Accountancy, NSE's certificate course in Financial Markets. In fact, there are a number of courses that can be recommended to MBA grads based on the segment in which they did their MBA. For instance, the best courses for a student who did an MBA in HR are Ph.D. in Human Resource, Diploma in Labour Law, Post Graduate Diploma in Labour Law and Administrative Law etc. Those having an MBA in Marketing are recommended to pursue a Certificate Programme in Sales and Marketing, Post Graduate programme in Marketing, a Ph.D. in Marketing, CFA, CS, Diploma in Retail Management etc. MBA Finance students can go for M.Phil in Business Finance Economics, Diploma in International Banking and Finance, Post Graduate Diploma in Management Development and Sustainable Finance, Certified Financial Planner Certification Program, Financial Risk Manager Course etc. Apart from these, MBA grads do have the option of UPSC, although it is not usually recommended because an MBA degree could be better utilized in many other ventures. They can also choose the teaching profession and lecture in business schools.