MBA (Master of Business Administration) is a most sought after management degree that is preferred by students nationwide. It is highly regarded as one of the best post-graduation course in the world. Common Admission Test or commonly known as CAT witnesses nearly 2 Lac registration every year.
MBA is a major stream which accumulates various specializations that help students to gain a specific knowledge in their field of interest along with study of business administration. Various Specializations under MBA include MBA in Marketing Management, MBA in Supply Chain Management, MBA in Business Management, MBA in HR, MBA in Finance, MBA in International Relations, MBA in Operations Management among many other.
MBA course spans for 2 years and minimum eligibility for admission to this course is bachelor’s degree in related discipline along with qualified entrance exam score. There are various national level and university level exams conducted for MBA. Some of these entrance exams are CAT, NMAT, XAT, IBSAT, MAT, and CMAT.
The two main types of MBA programme are:
- Regular MBA- This is for all the candidates who have finished their undergraduate degree and do not have a work experience. The course is spread over 2 years with 4 semesters with a compulsory internship during the break between the first and second year of the course.
- Executive MBA- This is for the working professionals in the country who wish to pursue this course. This an online MBA or e-MBA with a duration varying from 1 to 2 years.
There are various specializations under the Regular MBA course and Executive MBA course, to give you a brief about some prominent and most sought after specializations, we have listed down some courses along with their brief elucidation
- MBA in Marketing Management
A Master of Business Administration programme in Marketing Management broadly teaches you about sales, product management, market strategies, executive and leadership management skills, and market research and consumer trends.
MBA Marketing Management focuses on practical strategies and emerging technologies in the marketing field.
- MBA in Logistics and Supply Chain Management
A Master of Business Administration programme in Logistics and Supply Chain Management teaches you about lean supply chain, transportation management, warehousing, supply chain network design, strategic sourcing, material management and performance-based logistics.
MBA in Logistics and Supply Chain Management is inclusive of management processes such as implementation, control, planning of the flow of the product or service from the supplier to the consumer and monitoring of the ability of the flow of resources- goods and services.
MBA in Business Management
A Master of Business Administration programme in Business Management prepares students for leadership roles in a wide variety of sectors. MBA in Business Management prepares the candidates for different roles in sectors like government, education, technology retail and non-profit.
MBA in Finance
A Master of Business Administration programme in Finance helps the candidates to gain skills in the fields of finance as well as business. MBA in Finance develops the understanding of investment strategies, mergers and acquisitions, local and global economics, insurance and corporate risk.
MBA in International Business
A Master of Business Administration programme in International Business is designed to develop the resources and capabilities with respect to the global economy. MBA in International Business focuses on the understanding of the organizational capabilities required for international operations, international marketing, finance and human resource management.
MBA in Operations Management
A Master of Business Administration programme in Operations Management develops the skills of the candidates in the fields of planning, organizing and supervising in production, manufacturing or the provision of services. The main areas of focus in MBA in Operations Management course are supply chain management and logistics.
MBA in Entrepreneurship
A Master of Business Administration programme in Entrepreneurship can bring an entrepreneur up to speed in marketing, finance, valuable mentorship, networking opportunities and sources of capital.
MBA Entrepreneurship course imparts knowledge to students on how to become successful entrepreneurs. The course is a study of teaching how to transform innovations into economic goods. It overall helps aspirants to understand the whole business acumen.
MBA in Business Analytics
A Master of Business Administration programme in Business Analytics emphasizes on the mix of arts, science, and technologies that make up as analytics that modifies data into information and knowledge that drive business decisions. MBA in Business Analytics develops the knowledge of analytical tools and technologies to analyse data for generating business intelligence and support different functional areas of organizations.
MBA in Insurance
A Master of Business Administration programme in Insurance furnishes the learning and abilities of the protection field, fund administration, commodity and brand advancement in the business sector and current structure of the business. MBA in Insurance also teaches about protection-related laws and marketing aptitudes.
MBA in Healthcare Management
A Master of Business Administration programme in Healthcare Management with a specific aim of meeting the training needs of the fast-growing Healthcare Industry and Healthcare organizations in the country. The main areas of focus in MBA in Healthcare Management programme are general management, aimed specifically at corporate or entrepreneurial hospital management.
MBA in Tourism and Hospitality Management
A Master of Business Administration programme in Tourism and Hospitality Management prepares students to help them in join services such as retail travel, currency exchange, tour operators and tourist boards. MBA in Tourism and Hospitality Management teaches you hospitality management, tourism planning and marketing, strategic management, and tourism business environment.
MBA in Sales and Marketing
A Master of Business Administration programme in Sales and Marketing mainly prepare the candidates for understanding consumer behaviour and effectively targeting and closing the sale. MBA in Sales and Marketing course helps students to prepare for management and executive positions, brand management, sales strategizing and public relations and also the know-how of launching their own business.
MBA in Project Management
A Master of Business Administration programme in Project Management provides the foundation for leadership and problem-solving. MBA in Project Management program prepares students to act decisively and strategically in real-world scenarios and time and cost management.
MBA in Supply Chain Management
A Master of Business Administration programme in Supply Chain Management aims at making the candidates prepared to consider how supply chains function as a product moves from one country to the next. MBA in Supply Chain Management has ample of job opportunities from different sectors like manufacturing, retail, e-commerce, service industry, shipping, aviation, and consulting firms.
Executive MBA in Finance
A Master of Business Administration programme in Finance is a unique course for working professionals who wish to pursue the course without interrupting their careers. Executive MBA in Finance program provides real-time learning based on experience in the modern day financial markets. The students are prepared for positions in the financial institutions, leading banks, intermediaries, brokerage houses, and global financial markets.
Executive MBA in HR
A Master of Business Administration programme in Human Resource management is a course of the working professionals and helps the candidate to prepare the participants to head the HR function in different divisions. Executive MBA in HR programme offers advanced knowledge for acquisition, retention, management of talent and knowledge, job evaluation, competency mapping, and strategic fit analysis.
What are the Top Colleges for MBA?
Various Institutes offer MBA in India. Average course fee charged by various institutes ranges from INR 2 to 17 Lacs depending on the institute and type of course.
The top colleges in the country that offer MBA courses to the aspirants and their approximate annual fee structure are given in the below table:
|Institute||Annual Fee (in INR)|
|Indian Institute of Management (IIM), Ahmedabad/ Bangalore/ Calcutta||1,012,500|
|Indian School of Business (IBS), Hyderabad||2,472,500|
|Xavier Labour Relations Institute (XLRI), Jamshedpur||1,480,000|
|Jamnalal Bajaj Institute of Management Sciences (JBIMS), Mumbai||3,00,000|
|Faculty of Management Studies (FMS), New Delhi||1,00,000|
|Narsee Monjee Institute of Management Studies (NMIMS), Mumbai||6,58,000|
|ICFAI Business School, Hyderabad||6,25,000|
|Prin. L N Welingkar Institute of Management Development and Research, Mumbai||4,30,000|
|IIT Madras, Chennai||2,09,000|
|Amity Business School, Noida||5,52,000|
How to get Admission to MBA course?
There are different exams which qualify the aspirants to gain admission into the top colleges of the country. Some of the major ones are:
CAT: Common Aptitude Test is a national level entrance examination conducted by the Indian Institutes of Management and a lot of colleges accept CAT scores.
XAT: XLRI Aptitude Test is a college level entrance examination conducted by XLRI to allow candidates to gain admission in the management courses offered by the institute.
CMAT: Common Management Aptitude Test is a national level online admission test that facilitates students to provide admission to students in all the management courses approved by AICTE.
NMAT: NMIMS Management Aptitude Test is conducted by Graduate Management Admission Council (GMAC) and is a college level entrance examination for candidates who wish to secure admission into NMIMS University and 23 other business schools in the country which accept this score.
MAT: Management Aptitude Test is a national level online admission test conducted by All India Management Association (AIMA) to allow candidates to gain admission into more than 600 business schools in India.
What after MBA?
The MBA course is for individuals who take interest in solving challenges related to business and administration. It is also beneficial for people with good communication skills, team management qualities and those who have the ability to make decisions in tough situations. The career opportunities after successfully completing the MBA programme are unlimited and belong to a wide range which includes sales, marketing, operations, human resources, supply chain, insurance and the graduates can also choose to be entrepreneurs.
The most famous job sectors after MBA are:
- Management Consultancy-A highly demanding yet rewarding job, a person will be expected to formulate original and realistic solutions to meet business needs. Management Consultants are expected to have strong analytical and interpersonal skills.
- Investment Banking– MBA in Finance grads are prone to this area of banking as it is a low risk and highly rewarding industry who recommend companies to invest in shares, bonds, portfolios etc.
- Product and Brand Managers-. A Brand Manager’s responsibilities include coordinating and overseeing a variety of divisions of a corporation to ensure the efficient and timely flow of a product to the market.
- Real Estate– Real estate is another area where MBAs find their position as they manage buying, selling, leasing, and financing property.
- Media & Entertainment– People interested in digital marketing can enjoy their positions in these industries as they are evergreen zones which flourish at all times in a year.
The different job profiles are:
- Account Manager: Account Manager is Responsible for achieving high sales targets and building relationships with new clients and leading team productivity. They also work to develop new business from existing clients and seek new sales opportunities. The average salary package is INR 5 to 6 Lacs annually.
- Brand Manager: Brand Manager plans, develop and put direct marketing efforts to increase value and performance of a brand, service or product. They must focus on increasing profits and minimize loss of the brand, and also actively seek opportunities to improve brand image and positioning as compared to the competitors. The average salary package is INR 9 to 10 Lacs annually.
- Marketing Manager: Marketing Managers are responsible for developing, implementing and executing strategic marketing plans for an entire organization in order to attract potential customers and retain existing ones. The average salary package is INR 4 to 5 Lacs annually.
- Project Manager: Project Manager Plan, Budget and look after all the aspects of the specific project. They work with upper management to make sure that the scope and direction of each project are on schedule, as well as other departments for support. The average salary package is INR 7 to 8 Lacs annually.
- Equity Research Analyst: Equity Research Analyst analyse financial data and public records of companies and use this analysis to determine the value of the company’s stock and to predict the company’s future financial picture. The average salary package is INR 3 to 4 Lacs annually.
- Management Consultant: Management Consultant’s key roles are to solve issues, create value, improve business performance and maximize growth. They give advice and help an organization to develop any skill set it might be lacking. The average salary package is up to INR 10 Lacs annually.
The salary trends for MBA professionals have seen a continuous rise over the years as all the corporate organizations are more than willing to employ MBA graduates and invest in them to use their experience and expertise in the betterment of the organization.
MBA is considered one of the most aspired courses by the youth. 38% of graduates are able to secure a job for them by the time they graduate. More than 2 Lac students aspire to make a successful career for themselves by pursuing MBA degree from top B Schools in India.