MBA is one of the most popular post-graduate courses in India and abroad. The full form of MBA is Master of Business Administration. For most of the managerial level jobs across domains and sectors an MBA degree is a necessity which is why, nowadays a large number of BTech, BBA, BCom, BA, BSc, BCA graduates opt for MBA in post graduation.
MBA admission is based on MBA entrance exams followed by a personality assessment test round (Group Discussion or GD, Written Ability Test or WAT and Personal Interview or PI). Typically, students are required to have more than 50 per cent in their undergraduate degree from any stream in order to pursue an MBA course. The most popular MBA entrance exams are CAT, GMAT, XAT among others. IIM Ahmedabad, IIM Bangalore, IIM Calcutta, IIM Lucknow, FMS Delhi, XLRI and ISB are some of the top MBA colleges in India which take admission via these exams followed by individual GD-PI rounds. The MBA fee generally ranges between INR 10-25 lakh depending on college to college, however there are certain very popular top colleges where the course fee is much lower than INR 10 lakh like FMS Delhi, JBIMS Mumbai among others.
What is MBA?
The MBA course is an academic programme oriented towards management and marketing. It includes subjects such as Organisational Behaviour, Marketing, Principles of Management, Supply Chain Management, Operations Management, etc. Top recruiters for MBA are Amazon, Apple, Bain & Company, Citigroup, Deloitte, Facebook, Accenture, etc. The roles on offer for MBA graduates are generally of middle management levels such as Finance Manager, Product Manger, Strategy Manager, HR Manager, etc. On completing the MBA degree, students can get jobs with salary ranging between INR 8 lakh to NR 30 lakh per annum.
MBA Course Overview
MBA is a two-year degree course which can be pursued only after completing graduation. Given below is the table indicating key highlights of MBA course:
|MBA Full Form||Master of Business Administration|
|Course Level||Post Graduation|
|Types of MBA||Full-Time MBA, Part-Time MBA, Distance MBA, Online MBA, Executive MBA and Integrated MBA|
|MBA Course Fee||INR 2 lakh to 27 lakh and above|
|MBA Admission Process||Entrance Exam+ Group Discussion+ Personal Interview|
|Top MBA Entrance Exams||CAT, MAT, XAT, CMAT, NMAT, ATMA, IIFT, IBSAT|
|Top MBA Colleges||There are 5000+ colleges in India offering Full-Time MBA. Most popular colleges include IIM Ahmedabad, IIM Bangalore, IIM Calcutta, IIM Lucknow, FMS Delhi, SPJIMR Mumbai, XLRI, IIM Indore, IIM Kozhikode among others|
|Top MBA Specialisations||Sales, Marketing, Operations, Finance, Human Resources, Digital Marketing and Business Analytics|
|Average Salary post MBA||INR 5 lakh to 25 lakh per annum|
|Top Recruiters post MBA||Boston Consulting Group, Mckinsey, Bain & Co, Morgan Stanley, Citibank, JP Morgan Chase, Amazon, Facebook, Google, Adobe, etc.|
MBA Course: Key Highlights
- MBA is a popular course because students from any background – Science, Commerce and Humanities – can pursue it.
A regular MBA is a two-year course divided into four or six semesters. However, there are certain private institutes that offer one-year PGDM programmes as well.
- One can pursue MBA in various modes, such as, Full-Time, Part-Time, Online and Distance-Education. Interested candidates can also find programmes customised based on their professional experience such as Executive MBA
- Many management institutes offer or Post-Graduation Diploma in Management (PGDM), Post-Graduate Diploma (PGD) or Post-Graduate Programme (PGP) in Management instead of an MBA degree. There is not much difference between the two, but for the recognition.
- The full-time MBA is the most popular among all the education modes. Full-time MBA includes theory classes, practical projects, student exchange programmes, summer internships and final placements.
- Fresh graduates as well as candidates with a few years of work experience opt for a full-time MBA. Some colleges prefer fresh graduates while some colleges give higher preference to candidates with a few years of work experience.
- On the other hand, the Executive MBA is fit for candidates with 5 plus years work experience as it is designed to enhance their managerial and leadership skills to stay relevant in the job market.
- Online MBA, Part Time MBA and Distance MBA programmes are ideal for candidates who wish to study while working.
Why Do MBA?
The simplest answer to this question is – to fast track your career. Given the fact that we are inhabiting a world where there is a cut-throat competition in business world and job market, one needs to be equipped with managerial skills and leadership qualities to be able to contribute to the organisation in more than one way. If you are an expert in a field, knowing how to manage a business will be an added advantage. MBA degree is the key assistant in setting up own business or in switching career. Listed below are a few advantages of MBA degree:
- Better Career Opportunities
- Higher Salary
- Developing Industry Network
- Develop Management Skills
- Develop Leadership Qualities
- Global Exposure of Business and Economy
- Entrepreneurial Skill Development
What are the Types of MBA Courses?
MBA course is available in various modes and formats. Traditionally, Full-Time MBA of two years duration has been the popular choice among management aspirants, however over the last few years, Executive MBA and Online MBA have gained immense popularity among aspirants owning to flexibility. Read below some key highlights of each type of MBA:
- Full Time MBA: Full Time is the regular MBA programme of two years duration. It is a residential programme which includes physical classes, live projects, semester wise assessment, summer internship and final placements. There are about 5000 Full Time MBA colleges in India. Tuition fee ranges between INR 2 lakh to INR 25 lakh on an average.
- Part Time MBA: Part Time MBA course is not a residential programme and best suited for working professionals who wish to learn key managerial skills. In part-time MBA programmes, there is no campus placement or internship opportunities. Both private colleges and government universities offer part Time MBA courses. There are about 300 Part-Time MBA colleges in India. Course fee ranges between INR 1 lakh to 10 lakh. Read All About Part Time MBA
- Distance MBA: In Distance MBA the candidate pursues the programme via remote communication and correspondence. The course is designed for people having limited time and resources as it is cheap and flexible. There is flexibility of completing the course in two to five year. There are over 490 Distance MBA colleges in India. The most popular being IGNOU. Read All About Distance MBA
- Online MBA: This is currently the most popular mode of MBA programme owing to convenience and flexibility. In Online MBA, lectures are imparted through video conferencing and the notes, tests, assessments are shared in Learning Management System (LMS). There are no physical classes in Online MBA, thus one can pursue a course in one city while living in another. There is also no boundation of attending classes, as the lectures are recorded and saved in the LMS. There are about 170 Online MBA colleges in India which are mostly private institutions. Read All About Online MBA
- Executive MBA: This programme is exclusively designed for working professionals with more than five years of work experience. The curriculum is similar to Full-Time MBA but it is of a shorter duration (15 to 19 months). Executive MBA programmes are expensive and some companies sponsorship facility to candidates. There are about 440 Executive MBA Colleges in India. Read All About Executive MBA
- 5 year- Integrated MBA: This is a five year dual degree course which includes UG and PG degree. Integrated MBA degree can be pursued after class 12. So, candidates who choose management as their choice of career early on can opt for Integrated MBA which is a BBA+MBA or BTech+MBA programme. The Integrated MBA programme is offered by top institutes such as IIM Rohtak, IIM Indore, IIM Ranchi, IIM Jammu, IIM Bodhgaya, NMIMS, Xavier University and Nirma University among others. Read All About Intergrated MBA
To pursue MBA abroad, candidates have to take a slightly different route from the traditional one. They have to appear for Graduate Management Aptitude Test (GMAT) and language proficiency tests Test of English as a Foreign Language (TOEFL) and International English Language Testing System (IELTS) for MBA abroad admission. Academic qualification for MBA abroad is same as that of domestic programmes, i.e. 50 per cent aggregate in graduation or equivalent from a recognised university. Work experience of three to five years is required for most of the MBA courses abroad.
Pursuing MBA abroad is a costly. Total expense of the course can go up to INR 80 lakh to 1 crore. Most popular countries for MBA abroad are UK, USA, Canada, Australia, Germany and New Zealand.
MBA Eligibility Criteria
Full-time MBA eligibility criteria are as follows:
The basic eligibility criteria for MBA (full-time) is graduation in any discipline or equivalent from a recognised university
Most of the institutes follow the minimum score criteria in Graduation which is 50 per cent in average or equivalent
For Reserved category students, the minimum score is 45 per cent in aggregate
Final-year graduation candidates are also eligible to apply for MBA, provided they present the proof of completion of Graduation degree within the duration specified by the institute
- Professionals with CA/CS/ICWAI and other degrees can also pursue MBA
A manager is expected to lead a team of professionals hence the most important skills for a successful manager are good communication and leadership qualities. Take a look at some of the skills required for MBA/PGDM, below:
Full-time MBA: Required Skillset
Good communication skills
Strong mathematical skills
Eye for detail
Goal-oriented & ability to work under pressure
Admissions to all B-schools typically take place through an entrance test. The test can be one of the following types:
- National-Level Test conducted by an apex testing body or a top national B-school on behalf of the other participating colleges. Eg: CAT, MAT, CMAT or ATMA
- State-Level Test conducted by a state level testing body or a top state B-school on behalf of the other participating colleges in that state. Eg: MAH-CET, OJEE, KMAT, TANCET or APICET
- Institute-Level Test conducted for admission to its own MBA programme. In some cases, these scores can be accepted as a qualifying criteria by other B-schools as well. Eg: XAT, NMAT, SNAP, IBSAT
- Test conducted by a university for admission to MBA programmes being offered by colleges that are affiliated to it. Eg: KIITEE, LUMET, HPU MAT
The qualifying exam is followed by a second level screening round that usually includes WAT-GD-PI conducted by the college. Final selection is based on the candidate’s overall achievements in academics, entrance test and WAT-GD-PI.