Master of Business Administration – it is the full- form of MBA. This degree is one of the most popular graduate level courses that students aspire to study globally, including in India. An MBA is a prerequisite usually for managerial level jobs in any sector or domain; so many students who have completed their undergraduate studies aim to do an MBA to pursue lucrative careers ahead.
MBA is a two-year program and enables one to pursue various job roles and responsibilities. Students from any stream such as Science, Commerce, Engineering, or Humanities can enrol in an MBA. A regular MBA comprises four semesters, although there are a few private institutes that offer a one-year PGDM as well.
To get admission in MBA, an applicant needs to clear the MBA entrance examination followed by a personality assessment test round. The personality assessment round involves Group Discussion, Written Tests, or Personal Interviews. Ideally, a student should have scored more than 50 percent in his/her undergraduate program to be eligible to apply for an MBA admission.
One can pursue MBA through different modes, like Full-Time, Part-Time, Distance-Education/Distance-learning MBA, or Online MBA. Some management institutes also offer a Post-Graduation Diploma in Management (PGDM), Post-Graduate Diploma (PGD), or Post-Graduate Program (PGP) in Management. For example, ISB offers its flagship PGP program of one year. There is not much difference between the two, except for the recognition.
To unravel the process of getting an MBA admission, let us first look at the best MBA colleges in India.
There are 5,000 plus colleges offering MBA in India. Out of these, ~3,000 colleges are private, ~500 are solely government colleges, and the remaining are private-public colleges. In the top MBA colleges in India, the following colleges take the lead.
An MBA degree in a specialised field gives a competitive edge to an individual as it equips him/her with the latest skill, hands-on experience and know- how. This increases the growth/career options and provides better opportunities in the competitive job market. The MBA/ PGDM degree is imparted in various specialisations and streams. To be precise, there are more than 30 MBA specialisations/MBA streams offered in India.
Some of the most common, well-known MBA specialisations are Marketing, International Management, Human Resources, Finance, IT/Systems, Operations Management, Leadership, Strategy, Sustainability/Corporate Social Responsibility, and Entrepreneurship. However, as the business and market needs are changing, business schools have adopted new/emerging specializations. Some of these are Business Analytics, Digital Marketing, and Global MBA. Few other niche areas are Hospitality and Tourism, Health Care Management, Innovation, and Communications Management.
An MBA degree in a specialised field gives a competitive edge to an individual as it equips him/her with the latest skill, hands-on experience and know- how. This increases the growth/career options and provides better opportunities in the competitive job market. The MBA/ PGDM degree is imparted in various specialisations and streams. To be precise, there are more than 30 MBA specialisations/MBA streams offered in India.
Some of the most common, well-known MBA specialisations are Marketing, International Management, Human Resources, Finance, IT/Systems, Operations Management, Leadership, Strategy, Sustainability/Corporate Social Responsibility and Entrepreneurship. However, as the business and market needs are changing, business schools have adopted new/emerging specializations. Some of these are Business Analytics, Digital Marketing, and Global MBA. Few other niche areas are Hospitality and Tourism, Health Care Management, Innovation, and Communications Management.
If you are an MBA aspirant planning to pursue the course in 2022-23, you need to act now. Application deadline and registrations for many B-Schools are on. The registration process of MAT, TANCET, ATMA and GMAT, XAT, MAT, IBSAT, SNAP and IIFT are underway.
There are over 50 entrance examinations for MBA admission. One can give any national, state, or university level MBA entrance examination based on one’s preference.
The application process of B-schools for 2022 admission is online.
Some B-Schools also offer the Best Online MBA Programs in India, such as follows:
MBA (Global), Deakin Business School (DBS): This is a two-year online MBA that offers dual credentials from Australia’s DBS and IMT Ghaziabad.
MBA in Digital Finance & Banking, Jindal Global University: This is one of the best online MBA courses in India in Digital Finance and Banking. Online MBA courses are the best option if one does not want to leave one’s job and still pursue higher education.
MBA, Liverpool Business School: This course includes a week-long immersion program at the university campus. Upon completion, the students receive a PGP in Management credential from IMT Ghaziabad.
MBA-BA, NMIMS Global Access School: A 15-month Executive MBA program with a specialisation in Business Analytics. It is designed for working professionals and is a great way to balance work and academics. It is one of the best online MBA courses in India and promises exposure that is at par with on-campus MBA programs.
MBA Fees in India: MBA fees in India ranges from INR 20,000 to INR 40 lakh for a two-year full-time program. The fee includes infrastructure, hostel facility, extra-curricular activities, and pedagogy costs. One of the major reasons behind the low MBA fees of government colleges and universities is because they receive financial aid by the state or the central government. For example, MBA fee at IIMs ranges from INR 11 lakh to INR 23 lakh.
To add, the top B-Schools apart from the IIMs are FMS Delhi, XLRI-Jamshedpur, MDI-Gurgaon, SPJIMR-Mumbai and IIFT-Delhi and the MBA fees of these B-schools range from INR 11 to INR 35 lakh. The only exception is FMS-Delhi whose fee is INR 20, 960 per year. Even most of the IITs offer MBA programs with fees of less than INR 10 Lakhs.
Let’s see how the MBA salary in India varies according to the specialisation streams:
MBA in Finance: After completing an MBA in Finance, one can be employed in sectors like Corporate Finance, Corporate Banking, Credit Risk Management, Asset Management, Hedge Fund Management, Private Equity, Treasury, and Sales and Trading. The average salary after MBA Finance in India is Rs. 678,000 per annum. The salary raises with one’s experience and knowledge.
MBA in Business Analytics: After this course, can find jobs in sectors like Information Technology, Healthcare, Financial Institutions, and E-commerce. The average salary of MBA Business Analytics in India is INR. 11 lakhs p.a. Freshers make around INR. 5- 8 lakh p.a. and experienced professionals at senior management level can earn between INR 30- 55 lakhs p.a.
MBA in Marketing: After completing an MBA in Marketing Management, one can be employed in Competitive Marketing, Business Marketing, Online Marketing, Analytical Marketing, Customer Relationship Marketing, Advertising Management, Product and Brand Management, and Retailing Management segments. The average pay- scale is INR. 752,000 per annum.
MBA in Human Resource Management: This field is gaining traction across all industries. This specialisation has numerous opportunities in various companies/segments and domains. MBA HR candidates can make up to INR. 603,000 P.A to INR 756,000 P.A. and HR in senior management roles can earn up to INR 10 Lakh P.A.
MBA in Operations Management: These candidates earn opportunities in product or service-based sectors. Some of them are Retail, Logistics, Hospitality, Transportation, Manufacturing, Construction, Financial Institutions, Management Consulting, and Information Technology. The most common recruiters for this sector are Blue Dart, First Flight, GAIL, and ONGC. The average salary of an operations manager is INR 802,000 P.A.
MBA in International Business: This course helps the candidate get acquainted with global market needs, demands, and business trends. The average salary for a person with this specialisation is INR 8 Lakh P.a. Some of the top recruiters are JP Morgan, Accenture, and Capgemini.
Students can get a loan of up to INR 40 lakh with an interest rate between 8 to 11 percent.
Yes, the cost of MBA in foreign universities is greater than that in India. An MBA abroad may cost anything between INR 20 to 50 lakh.
The fee is high because it is an autonomous institution aided by the government, which means even though the government provides financial aid, it has no say in administrative decisions.
MBA is the best professional course if you do it from an AICTE approved and highly-ranked institute with good placement opportunities.
MBA in Operation, Information Technology, Marketing, Sales, Business Analytics and Consulting offers the best Return on Investment (ROI).
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