The first question pointed at any career counselling session is where do you see yourself 10 years down the line? Irrespective of how confused you are, there is a slight image of someone you adore or the kind of lifestyle you want. Who doesn’t follow Isha Ambani or Akash Ambani or for that matter isn’t Sundar Pichai an inspiration for us? Don’t you want to own a swanky car, magnificent office and a grandeur villa and make your name in the business world? If you have the business acumen and need a platform to polish your skills then MBA is the professional degree which can help you in ways beyond your thoughts.
What is MBA?
Master of Business Administration is a professional degree which is conferred by the institutes accredited by UGC or AICTE in India. The Wharton School of the University of Pennsylvania, United States established its first business school in 1881. Later in 1900, Tuck School of Business gave the first degree of Master of Science in Commerce to its students. Post that, Harvard Graduate School of Business Administration developed its first MBA program in 1908 and since then MBA has been one of the most sought after professional degrees across the globe. India’s tryst with MBA degree started with the establishment of Xavier’s Labour Relations Institute, Jamshedpur in 1949. But it was IISWBM (Indian Institute of Social Welfare and Business Management) which was the pioneer in India to offer an MBA degree because XLRI didn’t offer MBA degree since its inception. IIMs (Indian Institutes of Management) have revolutionized the whole scenario of MBA in India and as per a report; IIMs are ranked in the top 20 institutes across the world for pursuing an MBA degree.
What makes an MBA degree important?
A graduate in any stream has to pursue a professional degree to gain entry in the corporate world and for that, holding an MBA degree is the first step. Students with MBA degrees stand at a better chance of getting into decision making and other strategic roles in the organization. Your technical knowledge on a particular subject can never be undermined but if you wish to see yourself on the other side of the table, an MBA degree is a must which teaches you the art of effective communication, the skills of leadership and the diligence to manage the funds of the organization.
What is the duration of the MBA program?
MBA is a 2 years program and you can enrol yourself in any of the following courses:
- Full-time MBA course
If you wish to gain something out of the MBA degree, then attending a two year MBA program makes perfect sense. Going to the institute, interacting with the faculty and gaining a hands-on experience in the classrooms is going to give you an edge in the years that follow.
- Accelerated or one year MBA
In a year MBA program the curriculum is crunched and everything is fast-paced. This program works best for those who want to speed up the entire process of promotion and growth in their career.
- Executive MBA
If you are a working professional and need an MBA degree for growth in your career then opt for a part-time or Executive MBA program where classes are held as per the timetable of the working professionals.
- Evening MBA
This is just like a regular 2 year MBA program with the only difference that classes are held in the evening.
- Modular MBA
If an MBA degree has to be shown for the namesake in your resume then opt for this short-cut MBA program where the syllabus is cut short and all that matters is the degree in the end.
What are the top 5 specializations in MBA program in India?
Once you have decided that you want to pursue an MBA degree, the next question you need to ask yourself is what has to be the area of specialization. In India, the most popular specializations are:
- Finance: From credit managers to financial analysts to investment bankers etc specialization in finance gives you a direct understanding of the financial statements of the firm.
- Marketing: The role of a Brand or Project Manager or Market Research Analyst or Chief Marketing Officer will fall in your kitty if you have a marketing specialization.
- Operations: For those interested in production and operations management in the factories, this specialization surely suffices their needs.
- Information Technology: IT professionals take this specialization for it opens fronts in their area of knowledge and skill.
- Human Resource: Now this is a tricky one for you have to manage people and this specialization helps you gain an edge in dealing effectively and efficiently with the people around.
Prepare for the entrance exam, choose wisely, and enter the business world with a bang!