MBA (Master of Business Administration)

MBA (Master of Business Administration)

A Master of Business Administration (MBA) is a postgraduate degree focused on business administration. The core courses of an MBA program cover various areas of business administration such as accounting, applied statistics, human resources, business communication, business ethics, business law, strategic management, business strategy, finance, managerial economics, management, entrepreneurship, marketing, supply chain management and operations management as it relates to management analysis. It was born in the United States at the beginning of the 20th century when the country was industrializing and companies were looking for scientific management.

Some programs also include elective courses and concentrations for further study in a particular area, for example, accounting, finance, marketing, and human resources, but an MBA is intended to be a generalized program. MBA programs in the United States typically require the completion of about forty to sixty credits (seventy to ninety in a one-fourth system), many above the thirty credits (thirty-six to forty-five in a term system) generally required for degrees covering some of the same material as the M. Sc. in Economics, Master of Finance, Master of Accountancy, Master of Science in Marketing and Master of Science in Management.

The MBA is a terminal degree and a professional degree. Accreditation bodies specific to MBA programs guarantee the consistency and quality of teaching. Business schools in many countries offer tailor-made programs for full-time, and part-time, classes are usually held in the evenings or on weekends) and distance learners, many of whom have specialized concentrations.

An "Executive MBA", or EMBA, is a degree program similar to an MBA program that is specifically structured for and targeted towards corporate executives and senior managers who are already in the workforce.

Course Highlights

MBA is a two-year degree course that can be pursued only after completing graduation. Given below is the table indicating the key highlights of the MBA course:

MBA is the most straightforward way to accelerate your career. Students focus on the placement opportunities that come after completing an MBA degree. As the world is becoming more and more competitive it is becoming necessary to have managerial skills and knowledge. This will help an individual, lead a team in a field where he/she is an expert.

(i). Developing Managerial Skills

The syllabus Master of Business Administration focuses on providing knowledge and case studies that help manage a firm or company. It includes accounts, financial management, leadership skills, marketing knowledge and much more.

(ii). Entrepreneurial Opportunity  

Students acquire knowledge about running a business. This is very helpful for students who have a family business. The MBA will help in the smooth running of the business with better returns.

(iii). High Placement and Salary

According to reports, almost every student gets a hike after doing an MBA course. Colleges provide placement opportunities to students where students get a chance to choose from their dream companies. The average MBA Salary ranges from INR 7,00,000 to INR 9,00,000 which may rise to INR 15,00,000 to INR 20,00,000 depending on the college.

(iv). Different MBA Formats are Available

Students have the option of going for a Distance MBA, Online MBA, or even a Part-Time MBA course. Due to the high demand for MBA, colleges have introduced different types of MBA courses for people from different backgrounds. Online MBA and distance learning MBA are a boon for workers who cannot quit their job. Executive MBAs help individuals with high knowledge of the subject matter to gain managerial expertise.

(v). Building Connections

Apart from the placement opportunities the college also provides a platform to interact with other students or alumni. These connections help students to get into the companies they like or get the salary they want.

(vi). Diversify your Career Prospects

There are various MBA Specializations that help students to focus on any particular segment of business management. MBA course specializations include MBA Finance, MBA HR, MBA Marketing, MBA Business Analytics, MBA IT, etc.

Admission Process

Many programs base their admission decisions on a combination of undergraduate grade point average, academic transcripts, entrance exam scores (for example, the GMAT or the GRE test score), a résumé containing significant work experience, essays, letters of recommendation, group discussions, and personal interviews. Some schools are also interested in extracurricular activities, community service activities, or volunteer work and how the student can improve the school's diversity and contribute to the student body as a whole.

 Types of MBA Courses

Owing to the high demand for MBA, various types of MBA have emerged, each focusing on a distinct sort of student. Working individuals or those engaged in some kind of employment can pursue an MBA branch such as an Executive MBA, a Distance MBA, or an Online MBA.

Different types of MBA courses are available in various specializations such as MBA HR, MBA Finance, MBA IT, etc. The various types of MBAs are mentioned below:

(1). Part-Time MBA

The Part-time MBA program is the best program for working professionals. It is not a residential program. Anyone wishing to improve their management skills can opt for this program. Many private and public universities offer part-time MBA courses. The annual MBA course fee can range from INR 1 lakh to around 10 lakh. The MBA program is slightly different from that of the regular course.

(2). One-Year MBA

One-year MBAs are designed for professionals who don't want to leave their jobs to pursue an MBA. The MBA duration of this course is 1 year. Institutions can also run One-year MBA programs in different specializations, such as one-year MBA funding. A one-year MBA program is suitable for candidates who wish to study the MBA for working professionals and do not wish to pursue a full-time 2-year residential MBA program.

(3). Full-Time MBA

This is a regular two-year full-time course offered by most BS schools in India. Candidates can discover the classroom environment for theoretical courses, internships, and projects based on practical knowledge. Approximate MBA course fees for any two-year full-time course start from INR 2 Lakh and can exceed up to INR 25 Lakh, per year. The MBA course fees of the top three IIMs (Ahmedabad, Bangalore, and Calcutta) are around Rs 23 lakh. The program is divided into 4 or 6 semesters depending on the MBA major and the college.

(4). Executive MBA  

Executive MBA is a part-time MBA program designed for working professionals with significant work experience. The duration of the MBA in Executive format is 1 year. The Executive MBA course is useful for managers, entrepreneurs, technocrats, and other business leaders and has a strong emphasis on teamwork and achieving a common goal. Executive MBA is the best MBA for professionals who want to take their careers to the next level.

(5). Online MBA  

The Online MBA is the most advanced course in the industry. a UGC-approved part-time MBA. The duration of the MBA in the online format is 1 to 4 years. Online MBAs are flexible courses offered by Indian and foreign business schools for students who want to study MBA for professionals and students who do not wish to pursue a regular full-time 2-year MBA.

(6). Distance Learning MBA  

MBA Distance Learning is a two-year postgraduate MBA correspondence management program. Distance-learning MBAs are best suited for students who cannot pursue a regular MBA. The duration of an MBA in distance/correspondence format is 25 years. An MBA from IGNOU is one of the most popular Distance MBA programs in India.

(7). Integrated MBA Course

The integrated MBA course is for students who have just passed Class 12th. It is a 5-year program where candidates will pursue the graduation level as well as post-graduation level courses. The MBA syllabus for the MBA Integrated course is completely different. Students can either opt for BBA/B. Tech/BA/B. Sc+ MBA subject course. The annual MBA course fees start from INR 1 to INR 17 lakhs. Right after graduation, students can easily get MBA jobs in the private and public sectors.

Eligibility Criteria

Full-time MBA eligibility criteria are as follows: 

(i). The basic eligibility criteria for MBA (full-time) is graduation in any discipline or equivalent from a recognized university.

(ii). Most of the institutes follow the minimum score criteria for Graduation which is 50 percent on average or equivalent.

(iii). For Reserved category students, the minimum score is 45 percent in aggregate.

(iv). Final year graduates are also eligible to apply for the MBA, provided they present the proof of completion of the Graduation degree within the duration specified by the institute.

(v). Professionals with CA/CS/ICWAI and other qualifications can also obtain an MBA

Admission Process

MBA Admission takes place through Entrance exams. MBA colleges accept multiple entrance exams for Admission. In this way, students have the opportunity to pass more entrance exams and present the evaluation form with the best scores.

Accepted Entrance Exams

A candidate's ranking in the entrance exams determines their admission to the top MBA colleges in India. There are different forms of MBA entrance exams. Some help applicants gain admission to colleges nationwide, some help statewide, and some colleges arrange some for MBA admissions.  Following are the entrance exams conducted at the national and university level for MBA courses:

Skills Required

A manager is expected to lead a team of professionals, so the most important skills for a successful manager are good leadership and communication skills. Check out some of the required skills for MBA below:

Fee Structure

There are over 6,500 business schools offering MBA courses in India.MBA fees vary from institution to institution. Average MBA course fees range from 3 LPA to 30 LPA. Below is the MBA fee structure of top colleges:

Selection Criteria

After the written test, special group meetings and personal interviews are organized for the formation of the final ranking of the candidates. Once all assessments are completed, colleges or universities communicate and publish the merit list of the selected candidates on the basis of a written test, a group discussion and an individual interview. 

The final allocation of places to applicants will follow the admissions process. The candidate will have to pay the course fees and register for the respective academic year.

 Course Comparison

An MBA course develops theoretical concepts and focuses on developing technical knowledge. Apart from MBA, there are other postgraduate courses in various disciplines that candidates can pursue upon completing their undergraduate. Below is a list of comparisons of the MBA to other postgraduate courses.

MBA v/s M.Com

The table below contains the differences between MBA and M.Com:

 Top MBA Specializations

The MBA program aims to give students experience in a range of industries. It is typically divided into two sections, the first of which concentrates on specialization and the second of which concentrates on general management or business administration. Students often have the option of choosing between core and elective programs in their first and second years.

Top Colleges

MBA is one of the most sought-after courses in India that is opted for by many students right after they complete their Bachelor's. Many working professionals also do their MBAs, as it helps them improve their chances of growth in their careers. Here is the list of top 10 MBA colleges in India according to the NIRF ranking:

City-wise Best MBA Colleges in India

The table below lists the top city-wise MBA colleges in India:

Top Government & Private MBA Colleges in India

In India, government & private MBA colleges are the most sought-after by students and are regarded as the most effective in terms of ROI and placements. Candidates can find a list of the top government & private MBA schools in India in the table below:

Job & Placements

Students go for MBA for placement opportunities provided by top Colleges. Online Services, IT & Healthcare, and consulting are some of the top sectors for MBA Placements. The specialization chosen by the student determines the type of industry an individual will be working in. IIMs in India generally more offers than students providing ample opportunities for the students.

Jobs Roles and Salary

An MBA degree holder gets jobs that include team lead and managerial responsibility of the department. A manager’s job profile broadly includes planning, strategizing, execution, leading the team, liaison with clients, coordinating with other departments, delegating work and responsibilities, and reporting to higher authorities regarding projects undertaken. Given below are some of the popular job options after an MBA and their corresponding salaries:

Top Recruiters

The scope of an MBA is huge in the current job market. MBA graduates are in high demand in every industry and in every domain. Most of the MBA institutes provide campus placement to their students on completion of the full-time MBA course for a smooth beginning of their careers.

All organizations, big or small, private or government, hire MBA degree holders in various capacities. Below is the list of some of the top companies that hire MBA graduates through campus placements:

Top MBA Colleges in India for Placements

Listed below are the top 30 MBA colleges in India as per MHRD-NIRF rankings 2021. Also, mentioned are the average CTC offered made during the latest campus placements.

Salary after MBA

The average salary depends on many factors such as company policy, skills of individuals,  knowledge, and experience of aspirants, and many more. The average MBA salary range is INR 4-15 LPA. It goes without saying that pursuing an MBA in India will reward graduates with a highly successful career and a promising salary.

Career/Scope

As India is on its way toward development and growth, it offers a variety of jobs in diverse fields. With ongoing infrastructure, agricultural, industrial, and various other government projects, there are great jobs for MBA graduates.

Career Options after MBA

Many students take up MBA degrees in order to get a job after completing their studies. After getting an MBA, many of them find MBA job opportunities in various industries such as Human Resources, Finance, and Operations.

(1). Manager 

A manager is responsible for the management of a team, department, or organization. He or she works as a leader of a team and supervises the work of its members.

(2). HR Manager 

A human resource manager is responsible for the management of the human resources function of an organization. His or her responsibilities include the recruitment process, employee relations, and professional dispute resolution.

(3). Sales Manager: 

A sales manager is responsible for the management of all the tasks involved in the sales process. This professional is also responsible for ensuring that the targets are met and that profits are maximized.

(4). Marketing Manager 

A marketing manager is responsible for various tasks and responsibilities related to marketing such as campaigns, sales tasks, client proposals, and marketing of different products.

Scope of MBA Course for Higher Education

The MBA course offers an extraordinary scope of work in various industries including sales, marketing, institutions, automotive, banking, etc. After completing the master's program, the aspirant can pursue different types of certification courses, which will increase their credibility in the corporate world and strengthen their CV.  Students can also choose to take many courses after the MBA, such as the Ph.D.in management if you have a deep affinity for research and want to offer real-time management solutions. 

List of courses MBA graduates can pursue:

(i). Ph.D.

(ii). CFA

(iii)CMA

(iv). Fellowship Program in Management

(v). Ph.D. in Management

Skills that make you the best manager 

Skills form the basis of any profession. Here are the skills that make graduates professionally strong and competent:   

(i). Interpersonal Skills  

(ii). Communication Skills  

(iii). Digital Marketing  

(iv). Problem Solving  

(v). Teamwork  

(vi). Creativity  

(vii). Critical Thinking

FAQs

(1). What is an MBA course?

Ans. The MBA course is a postgraduate degree program in management that prepares students for management positions later in their careers.

(2). What qualification is required for MBA?

Answer: People who have bachelor's degrees in the arts, sciences, or commerce can choose to pursue an MBA postgraduate degree.

(3). Which MBA course is the best?

Ans. All MBA courses or specializations have bright prospects for students in the field of business management. However, the best MBA course depends solely on the candidates and their interests. Some of the best MBA courses in India are MBA in Sales & Marketing, MBA in Operations, MBA in HR, MBA in Finance, and MBA in Information Technology.

(4). How much does a program leading to an MBA cost?

Ans. The average fee of an MBA degree program ranges from Rs 4 lakh to Rs 25 lakh for the complete program.

(5). What is the duration of an MBA?

Ans. The total duration of a full-time MBA degree program is two years equally segregated into 4 equal semesters.

(6). Do I need to appear for the entrance exam for MBA admission?

Ans. Most of the Tier-1 and Tier-2 MBA institutes in India accept candidates on the basis of MBA entrance exam scores. So, if you want to pursue MBA from a reputed MBA college, taking an entrance exam is a must.

(7). Is MBA a good career?

Ans. If you wish to advance your professional career, getting an MBA is a good decision. Because of the skills that students can acquire, a Master of Business Administration (MBA) degree is more in demand than ever. MBA is a degree program that provides students from all backgrounds with a wide range of employment options at higher job positions.

(8). Which MBA has the highest salary?  

Ans. An MBA graduate with a tier-1 school and appropriate skills can easily earn between Rs. 10 lakh to Rs. 15 lakh per annum.

(9). What is the difference between MBA and PGDM?

Ans. After completing the MBA course, the student gets a bachelor's degree while after completing the PGDM, the student gets a diploma. However, the skills and training offered in degree and diploma are the same.  

(10). What is the admission process for an MBA degree program?

Ans. Admission to MBA degree programs in private and government colleges is provided on the basis of national, state, or university-level entrance examinations.

(11). I have a Bachelor of Arts degree. Which MBA specialization is best for me?

Ans. The most suitable MBA specialization for Bachelor of Arts degree holders is Human Resources, Sales & Marketing, Tourism & Hospitality, Advertising & PR, Entrepreneurship, and General MBA.

(12). Can I pursue MBA through correspondence?

Ans. Yes, many universities like IGNOU, Annamalai University, and Osmania University offer MBA programs in correspondence (distance education mode). Many private universities also offer online MBA courses, which you can take up.

(13). What to do after the MBA course?

Ans. There are several options candidates can consider after completing the MBA course. They can either apply for a job or can opt for further studies. Job opportunities available after MBA are:

(i). Business operations manager.

(ii). Financial manager.

(iii). Human resources manager.

(iv). Information technology, or IT, manager.

(v). Management consultant.

(vi). Marketing manager.

(vii). Medical and health services manager.