MBA (Master of Business Administration) degree is the most widely-recognised business degree in the world and its popularity continues to grow, particularly in Asia.
The Origin: The origin of MBA ages back to more than a century; Harvard Business School launched its first postgraduate management degree in 1908. The popularity of MBA grew in Europe 50 years later, following the establishment of Insead in Fontainebleau, near Paris, by a group of Harvard graduates. It enrolled its first MBA cohort in September 1959. London Business School opened its doors to MBA students in 1966.
MBA, Course: MBA is a postgraduate course in management education. Amidst the plethora of career avenues available today, management stands out as one of the most popular choices. It offers a rare combination of a lucrative salary, challenging job profile, fast track growth and immense job satisfaction.
You can read this to understand Why do you run for a MBA Degree?
Advantages of MBA
MBA is highly demanding in the present scene because of the emergence of the large corporate houses, MNCs and industrial giants and the world wide economic growth. The social and individualistic view point has changed largely, where people are more concentrated on career growth and maximize the earning rather than job security.
MBA can boost individual’s passion and hunger for success.
- Acts as a Career Accelerator
- Develops the quality of Leadership and ladder to entrepreneurship
- Add value to the competency.
Eligibility Criteria for MBA
Most of the management institutes require a Bachelor’s Degree or equivalent in any field. If you are in the final year of your degree, you can appear for CAT & other MBA entrance exam. However, you need to have a percentage of over 50% till your pre-final year to be eligible.
Admission Process For MBA-
The Admission in a B-schools is a two step job.
Step-1 Written Test:-
There are many written tests which are conducted by institutes. The written test is generally of 2 to 2.5 hours. duration and has sections like Data Interpretation, Quantitative Aptitude, English Usage, Reading Comprehension, General Knowledge, Logical Reasoning and Essay writing. Overall percentile is used for short listing for the next step (Group discussion/Interview).
Step-2 Group Discussion and Personal Interview:-
Based on the overall percentile score, a certain percentage of students appearing for the written test are called for GD (Group Discussion) & PI (Personal Interview).
For Group Discussion, a topic/case study/situation is given to a group of 8-15 students and they are required to discuss it for 15-20 minutes. During GDs, the assessment criteria generally are content, communication skills, ability to work in a team, initiation, logical thinking, and attitude.
For Personal Interview GD is not an elimination process (in most of the B-college) and it is the overall performance in the GD and PI that determines the acceptance/rejection. A personal interview is an interaction with a panel of professors from the institute and/or industry professionals will quiz you on the topics ranging from academics, current affairs to interests/hobbies. In an interview, clarity of goal, self awareness, good knowledge of academics and current awareness and a well-rounded personality can help you come out with flying colors.
Specialization In MBA
Choosing an MBA Specialization is a little difficult and confusing as it is the decision to choose a career for yourself. Below are the specializations described to help you to choose the best that suits you.
I have a complete Article to guide on Selection of Specialization of MBA Course.
MBA in Finance requires mathematical and logical skill as well, and it offers numerous possibilities in the corporate world. MBA in Finance prepares you for exciting careers in investment banking, merchant banking, financial consultancies, international finance, corporate banking, and so on.
MBA Marketing, the popular stream in the country, Marketing requires excellent communication skills and creative thinking. Marketing is a hard-core job beginning with sales. It requires convincing capability and the ability to influence others in order to gain the attention, interest and time of the customers. MBA in marketing is very dynamic and competitive.
MBA in Operations requires eye for detail, negotiation skills, effective knowledge of supply chain and product life cycles, MBA in Operations offers careers in Supply Chain Management, Inventory Management, Quality Control, Logistics, Product Planning, Production Management and Shop Floor Management, and so on.
- Human Resources (HR)
MBA in HR requires good communication skills, dependability and confidence. HR Management is virtually a recession-proof job because every company, irrespective of the sector it operates in, requires HR professionals. The job of an HR manager includes recruitment and selection, deciding compensation, employee training and development, job analysis and performance appraisals and ensuring retention of employees in the organization.
- Placements after MBA:
Career opportunities after MBA mainly functions of three factors:
- The Institute from where you do MBA
- your area of specialization,
- The organization you work for.
The quality of final placements is often used to judge how good a B-school is. It is difficult to get a figure for median salary as it depends on the institute, area of specialization and prior experience. MBA specialization basically depends on the personality, skills, and career goals. Those who prefer to crunch numbers and are comfortable relegating to the background with balance.