MBA degrees have caught the world in their grasp and won’t get out of relevance anytime soon. And why shouldn’t they? It has become common knowledge that anyone looking to get moving up the corporate ladder can benefit from an MBA program.
In this blog, we explore everything there is to know about these programs so that you can know what to expect in case you are considering pursuing this degree program.
An MBA is a postgraduate degree program that was first introduced in 1908 at Harvard Business School. This program teaches students all about how to run a successful business, or at least some aspects of it, depending on whether you choose a specialization from the MBA subjects list or not. These days, MBAs are offered by B-schools all over the world as they offer a fast-track entry to management positions in global conglomerates like Facebook, Samsung, Tata, JP Chase, etc.
To know more about MBAs in general, check out the table below.
|Course Name||Master of Business Administration (MBA)|
|Duration||2 years or more|
|Mode of Examination||Semester System|
|Average Course Fee||INR 2 – 27 lakh and above|
|Mode of Study||Full-Time MBA, Part-Time MBA, Distance MBA, Online MBA, Executive MBA, and Integrated MBA|
|Admission Process||Entrance Exam + Group Discussion + Personal Interview|
|Common Entrance Exams||CAT, MAT, XAT, CMAT, NMAT, ATMA, etc.|
|Top Specializations||Sales, Finance, Human Resources, Marketing, Operations, Digital Marketing, Business Analytics, etc.|
|Average Starting Salary||INR 5 – 25 LPA|
|Top Recruiters||Citibank, JP Morgan Chase, Facebook, Morgan Stanley, Google, Adobe, Mckinsey, Amazon, etc.|
With the rising popularity of MBAs worldwide, it is no surprise that MBAs have evolved much since the days of yore. Nowadays, you can pursue MBAs in various modes which we’ll discuss now.
This is the regular MBA with a duration of 2 years and includes regular physical classes. Also included are all the experiential learning modules of an MBA program like internships, industry visits, guest lectures from industry leaders, live projects, case studies, placements, etc.
These allow for more flexibility and are ideal for those who want to specialize in a specific field for better career prospects. For example, a part-time MBA in healthcare management would be ideal for someone already working full-time in the admin department of a hospital.
These are designed to cater to people who might not live in the same city where the college in which they are pursuing the MBA is situated. Also known as correspondence MBAs, these types are more relaxed, offering between 2 -5 years for the student to complete the course.
This form of MBA has become rather popular since Covid-19 forced institutions to either move their coursework online or shut down completely. The reason for the rising popularity of online MBAs is simple really – it offers flexibility like no other form of MBA – with online lectures, and everything else done through an LMS (Learning Management System).
These types of MBAs are targeted toward professionals with full-time jobs, often already working in important roles in managerial positions. These are shorter programs (15 – 19 months) and are usually more expensive than other MBAs too. Still, they are extremely valuable (so much so that some employers even foot the bill for executive MBAs!).
These are 5-year courses that combine the undergraduate BBA degree with an MBA, and teach the coursework of both courses in that time. This type of MBA can be an especially good option if you are sure that an MBA is the route you want to take after graduation, and then get a head start in that direction after your 10+2. Integrated MBAs can be done with specializations too, like an integrated MBA in Hospital Management, Finance, Business Analytics, etc.
The eligibility criteria for admission to different MBA programs at different MBA colleges also differ slightly. Most colleges will require the candidate to have at least 50% marks in graduation from any stream. Some colleges, like Cheran Arts and Science College, also specify a compulsory subject (Accounts or related subjects) that the student needs to have in their UG degree.
Many colleges also take admission on the basis of admission tests like CAT, GMAT, XAT, etc. Similarly, some colleges require the candidate to have at least a few years of experience to be eligible, while some do not.
The syllabus of an MBA course generally covers business management and related subjects. These can range from MBA marketing, business planning, entrepreneurship, business laws, and much more. Most MBA programs these days come with a specialization in one subject or the other too, and these programs go more in-depth into the subject they specialize in.
Some of the common specializations that anyone can pursue are:
MBAs are a great option whether you want to get higher qualifications after your graduation or make a jump in career prospects as they develop a host of skills that are necessary to flourish in the corporate world. The graph below shows the results of a survey conducted by OnilneMBA.com, asking people why they chose to pursue an MBA.
To get an idea of how much an MBA can improve your salary package if you’re already employed, we have another graph for you. This one shows some of the common job roles you can land with an MBA, as well as their average salaries and growth rates internationally.
MBAs offer tremendous value for money, especially in India, where an MBA will cost you INR 2-25 Lakhs but still provide you with job opportunities that pay INR 5-25 LPA. The immense variety of modes that you can pursue an MBA program in, as well as the plethora of specialization options make it one of a kind when it comes to general postgraduate degrees. Maybe that is why it has gained cult status today and can be a great choice for anybody looking to upskill.
1. Which is best course for MBA?
The best course for MBA depends on a lot of factors like your objective, background, experience, purchasing power, type of classes, etc. However, most MBAs get the job done in terms of upskilling you enough to get that promotion you’ve been yearning for.
2. How many years is the MBA program?
Most full-time general MBA programs go on for a duration of 2 years. Online and distance MBAs offer more time, while Executive MBAs get wrapped up in 15-19 months.
3. Is MBA good for future?
Yes. MBAs are extremely effective in breaking the management barrier in most cases, offering you managerial opportunities in most industries.
4. Which exam is easier for MBA?
There are no easy MBA entrance exams per se. You’ll need to study thoroughly if you want to get into an MBA course that requires an entrance exam. While CAT (Common Admission Test) is considered the hardest exam in India, you can go for a state-level or autonomous entrance exam to have lesser competition.