MBA (Master of Business Administration)
MBA (Master of Business Administration) is a highly valued post graduate degree designed to develop the skills required for careers in business and management. Attaining an MBA allows you to learn how to successfully manage, lead, organize and adapt in a variety of business environments. The skills learned through an MBA program prepare you with practical and theoretical skills and knowledge that you can further your business aspirations with. An MBA degree can translate your raw potential into great opportunities in a business environment.
Master of Business Administration, MBA is a postgraduate program with 2 years duration.
The core courses in an MBA program cover various areas of business administration such as accounting, applied statistics, human resources, business communication, business ethics, business law, business strategy, finance, managerial economics, management, entrepreneurship, marketing, supply-chain management, and operations management in a manner most relevant to management analysis and strategy.
While choosing an MBA specialisation area, it always works in your favour if your aptitude and interest is aligned with the career choice. If you choose a field only for the glamour or the salary associated with it, it may be possible that it wouldn’t sustain your long-term interest and you may experience burnout after a few years of work.
A business or an organisation has a number of complex functions and departments. During the MBA program the MBA institutions allow students to take up more courses and assignments in a certain area/domain such as Information system, Marketing, Human Resources or Finance as a part of their electives. When the student successfully completes these set of elective courses, he/she is awarded an MBA with specialisation in that particular area. It helps the students to develop in-depth knowledge in areas of their specific interest. The Following are some of the specializations in MBA.
MBA in Marketing is very popular among MBA aspirants. MBA in Marketing offers great opportunities to aspirants who wish to get in the fast lane of marketing. MBA in Marketing requires sharp skills and knowledge in the field of marketing, advertising, and public relations. one can accelerate their entry and progress in the corporate world.Students opting for this specialisation would be able to get insights into various key areas required for every organisation or corporation, some of which include market research and analysis, competitive analysis, consumer behaviour, customer analysis, business ethics, product management, brand management, advertising, digital marketing and e-commerce.
The increasing competition has necessitated the need for competitive positioning and excellent marketing skills including the ability to differentiate your product and create a niche for your company in order to sustain long-term profitability for your products or services.
The marketing department plays a crucial role in any organisation as they are responsible for bringing in new businesses, growing the revenue, increasing market share and contributing to the company’s growth and profitability.
2. General Management
General Management is consistently one of the most popular. General management students will learn a variety of management skills and perspectives that can be applied to organizations in any industry, from human resources and marketing to any other specialisation.
3. Human Resources
A specialisation in HR helps you understand how to acquire, manage and retain workforce within an organisation in a systematic and organised manner.
This area aims to provide you with the knowledge and ability to manage employees and execute the related work processes within a company covering various aspects including recruitment, selection, training and development, designing jobs, assessments and motivation (promotions/rewarding performance of employees), health and safety, compensation and managing exits from a company.
It also involves managing relationships or any issues arising between the management and the employees. They have to ensure that a cordial relationship exists between them for the smooth functioning and the success of the organisation. They may also be required to take charge of various activities like get-togethers or off-site visits which may be an integral part of the office culture.
Finance is one of the most sought after MBA specializations that focuses on management accounting and control, the Indian capital and money market, banking, privatization and international finance. After completing a degree in MBA Finance, one can opt for various jobs in banks, financial consultancies and financial institutions. One can also find job opportunities in areas like consumer and investment banking, institutional finance, merchant banking, corporate finance and international finance.
The specialisation helps you get thorough insights into how the financial world functions, the various financial theories and how these can be applied to solve the various business problems.
Your career choice could be in any of these areas: investment banking, asset management firms, hedge funds or private equity, portfolio management, credit risk management, hedge fund management or derivatives. Even the non-financial firms or companies would have their in-house finance department which would provide various job opportunities in finance.
5. Information Systems
In recent times, MBA in Information Technology has become very popular in Indian B-Schools. Since we are living in a technologically advanced world where everything is connected to technology, the IT industry needs highly qualified and skilled people to take on the mantle of managing teams and projects. MBA in IT Imparts knowledge and skills to future IT managers and also makes them understand various aspects of a project like planning, design, selection, implementation, use and administration of emerging and converging information and communications technologies.
The various areas that may be covered in this specialisation include systems analysis, network security, data analytics, supply chain management, e-business along with managerial decision-making as well as project management.
Consultants are hired when an outsiders’ opinion and expertise is needed to provide solutions to specific problems or challenges faced by the organisation or take charge of projects that may be beyond the capacity of the internal staff.
There are various sectors related to the consulting profession including the more popular ones like strategy consulting, IT/technology consulting, operations consulting, boutique consulting to the lesser known areas like HR, investments, public relations/media, education or advertising.
It develops knowledge and strategic skills and business concepts for launching your own start-up and networking with others with an entrepreneurial vision. Entrepreneurs face the challenging task of building a business model with the available limited resources.
The curriculum combines theory with real-world projects so that you are aware of the possible roadblocks and know ways to successfully handle different situations and take the right decisions.
You would be able to use your creativity and analytically assess the market scenario to create a business plan. You would be able to interact with successful entrepreneurs and learn from their successes and failures.
Innovation is in-built, it cannot be taught.? It’s time to change our outlook and move forward with the world. This program provides a strong foundation to future managers and helps them in developing their skills, knowledge, and thinking. To get success in innovation management, one must know how to manage effectively.
8. Corporate Social Responsibility
As a result of the global economic slowdown, MBA in Corporate Social Responsibility is increasingly becoming popular these days. It is a unique program that accumulates the teaching and learning in management with state-of-the-art thinking in corporate social responsibility. Students get to study the nature of different organizations, including private, public, and not-for-profit organizations, their management, and the dynamic environment in which they operate.
9. Operations management
The knowledge of operations management would empower you with the expertise required to efficiently manage the entire system related to manufacturing or services in a manner that the organisation has a competitive edge over others.
The newer perspectives and the analytical skills brought in by the MBA grads can help address the various issues faced towards managing the entire process which includes product design, manufacture, supply chain management, quality control, coordination between various teams including various decisions like outsourcing.
10. Rural Management
It is another unique programme that is offered to fulfill the huge industry demands of those managers that are skilled in the field of marketing with a focus on rural business. There is immense growth potential in rural markets and the organizations have realized that for overhauling the face of Indian Economy, rural management would be an appropriate specialization.
11. Event Management
It trains the students to manage events like organizational meetings, business promotions, wedding parties, corporate parties, marketing and advertising and other celebrations etc. Event Management is one of those areas that has become very popular these days. The program was designed to produce graduates who can serve the organisations and companies from the event management industry.
12. Pharma management/Health / Biotech
This is for those professionals intending to pursue their careers in pharmaceuticals, healthcare, diagnostics or the biotech industry. It covers the various aspects including legal, ethical and regulatory aspects of the pharmaceutical sector as well as product management and marketing research for introducing new products in the market.
13. Media Management /entertainment/sports
This specialisation prepares students for a management career in media or other creative streams. It equips you with the knowledge of various key factors in the area of media management. The topics taught may include the following: TV channels, music, publishing, theatre, sports, radio among others.
14. NGO Management/Non-profit
The focus is on preparing students to contribute to the social sector. They learn the required skills for the success of their non-profit organisation including various community change solutions, managing fundraising, marketing and fund allocation and leadership skills.
15. Disaster Management
Disaster Management refers to the conservation of lives and property during natural or man-made disasters. Disaster management plans are multi-layered and are planned to address issues such as floods, hurricanes, fires, mass failure of utilities, rapid spread of disease and droughts. India is especially vulnerable to natural disasters because of its unique geo-climatic condition, having recurrent floods, droughts, cyclones, earthquakes, and landslides.
16. Digital Marketing
Digital marketing is the promotion of brands or products via one or more forms of digital media. This course combines the creativity of developing new and interesting ways to get the marketing campaign’s message across, with their technical side of keeping track of data, and digital engineering and analytics. This program in digital marketing provides students with the technical foundation and digital literacy necessary to market goods and services on the internet. While they enrolled in one of these programs, they will learn how to implement, plan, and evaluate digital marketing strategies.
Agribusiness is an area of commerce and management that involves processing, warehousing, distribution, marketing and retailing of the products used in agriculture. It includes the management of agrichemicals, breeding, farm planning and farming, weather forecasting, soil management, farm machinery, harvesting, processing, marketing and supply chain operations, financing, food processing, etc. All the activities ranging from farm planning to bringing the food to the table are a part of Agribusiness.
Required Skills and Aptitude
The skills and aptitudes required for a career in MBA field include the following.
- Commercial awareness.
- Communication and motivation.
- Forward planning and strategic thinking.
- Interpersonal skills.
- Negotiation skills
- Organisation and delegation.
- Problem solving and decision-making.
- Project Management skills
The basic Eligibility criteria for admission to MBA is a degree in any discipline. But It might be varied from colleges to colleges and specialisation to specialisation. The common criteria for MBA admission in India is as follows:
- You need to have completed your graduation or must be in the final year of graduation.
- Your graduation score should be at least 50%. Premier institutes like IIMs and IITs ask for a minimum of 60% marks.
- Students of reserved categories like OBC, SC and ST get 5% relaxation in the percentage asked.
But some colleges ask for additional requirements such as work experience and 4 years course duration etc. Some details are mentioned below:
- XLRI Jamshedpur asks its applicants for 5 Years of work experience, that too in Managerial or Supervisory role. Even SP Jain Mumbai (SPJIMR) asks for 5 Years work experience.
- IIT Bombay asks for a mandatory 4 years of graduation course and not 3.
- For IIT Kharagpur admission, students need to have either completed their 4 years of graduation or should have done a masters in Science, Economics or Commerce.
- Your academic record in Class X, Class XII and Graduation matters a lot when it comes to admission in the top IIMs like IIM Ahmedabad. These are used to compute your final composite score.
MBA Admissions in India are mainly conducted through top entrance exams like CAT, MAT, XAT, CMAT, KMAT and NMAT. Some colleges also consider the score of state level exams and private exams conducted by universities.
- The most important exam for MBA courses in India is CAT, which is conducted for admission to IIMs.
- CAT Result is accepted by more than 1200 top MBA colleges in India, including the prestigious IIMs, IITs and other private B schools.
- Private institutes like NMIMS Mumbai and XLRI Jamshedpur conduct their own entrance exams for MBA admission. Some of these include NMAT, XAT, SNAP, etc.
- For international students, some IIMs consider the score of GMAT and GRE exams.
- The most important role in MBA admission is played by the internal selection procedure of the MBA colleges. Once you clear the entrance exam and are shortlisted by the college, you will have to go through rounds like WAT, GD, PI. However, not all the colleges conduct all of these rounds.
- IIMs’ Final Selection Process focuses on majorly Written Ability Test (WAT) and Personal Interview (PI). Most of them don’t organize Group Discussion rounds (GD).
- Most of the private B schools like SP Jain Mumbai and MDI Gurgaon organize GD rounds.
Some of the job profiles in the field of MBA are as follows:
- Account Manager
- Brand Manager
- Business analyst or strategist
- Business development analyst, associate, or manager
- Equity Research Analyst
- Financial analyst, associate, or manager
- Investment banker
- Management consultant
- Managing Director
- Market research analyst
- Marketing associate, analyst, or manager
- Operations analyst, associate, or manager
- Portfolio manager
- Product analyst, associate, or manager
- Program analyst, associate, or manager
- Project analyst or strategist
Followings are some of the top recruiters for MBA holders:
- T. Kearney,
- Bain & Company
- Credit Suisse
- Deutsche Bank
- Ernst & Young
- GE and Accenture
- Goldman sachs
- Johnson & Johnson,
- JP Morgan
- Morgan stanley
- Procter & Gamble
- Walt Disney
|Name of Institution||City||State||Rank|
|IIT New Delhi||New Delhi||Delhi||8|
|Management Development Institute||Gurugram||Haryana||10|
|National Institute of Industrial Engineering||Mumbai||Maharashtra||13|
|SP Jain Institute of Management & Research||Mumbai||Maharashtra||18|
Questions & Answers
Q) Which MBA course is the best?
A) It depends solely on the candidates and their aptitude and interest. All MBA courses or specializations have bright prospects for students in the field of business management. Some of the best MBA courses in India are MBA in Sales & Marketing, MBA in Operations, MBA in HR, MBA in Finance MBA logistics and MBA in Information Technology.
Q) I have a Bachelor degree in humanities. Which MBA specialization is best for me?
A) The most suitable MBA specialization for Bachelors in Arts degree holders are HR, Sales & Marketing, Tourism & Hospitality, Entrepreneurship and General MBA.
Q) Will I get a good placement after completing my MBA course from a recognised Institution?
A) Yes, most of the MBA colleges provide placement to its students at the end of the course. To ensure, you get a placement, check whether the college you shortlist for admission has a placement cell or not. Also check its placement records to know which companies participate in campus placement.