What is MBA? Should you Pursue an MBA Course in India?
As students enter into the last year of graduation, many of them start searching What is MBA and if an MBA course in India will help them fulfill their career goals. Master of Business Administration (MBA) is a 2-year post-graduation program that helps students become leaders and entrepreneurs with the right business skills required in a modern corporate world.
We bring you all the details about MBA courses, specializations, fees, eligibility, and more to help you choose the perfect college and course for MBA in India.
What is an MBA Course?
Master of Business Administration is one of the most popular post-graduation courses in India and across the world. It’s often considered the gateway to the most high-paying jobs in MNCs worldwide. One of the main reasons why MBA is so popular in India is that students from any stream – Science, Arts, Commerce, or any other specialization during their UG can apply for MBA as their PG course.
There are over 3000 MBA colleges in India that offer more than 8500 different types of MBA courses. That’s why it can be confusing for students to pick the perfect fit as per their passion and future goals.
But with the right knowledge and thorough research, you can surely find an MBA that aligns with your dreams and helps you fulfill them!
“MBA is not just a course. It’s a journey of hard work, pain, motivation, sleepless nights, friendship, and most importantly Perfection!”
What are the Types of MBA?
Usually, the MBA program is divided into 2 years and 4 or 6 semesters. However, there are also some executive MBA programs that are 1-year courses for entrepreneurs or family business owners. You can pursue MBA as a full-time course, regular course, online or even distance education with offline support centres.
The full-time MBA is the most popular course in India offering internships, live projects, theory classes, events, assignments, industry visits, field trips, placement support, and a lot more.
What are the Different MBA Specializations?
Luckily for students, choosing MBA is unlike choosing between Science, Arts, and Commerce in the olden days. Today, you can find multiple specializations as per your area of interest. There are even many new MBA colleges in India that offer MBA courses in unique specializations for students with peculiar or dedicated interest levels.
The Top 10 MBA Specializations in India:
- Human Resource Management
- International Business
- Rural Management
- Business Analytics
- Supply Chain and Logistics Management
- Agri-Business Management
- Entrepreneurship and Family Business
Along with these, there are many new-age MBA specializations in India. For instance, digital marketing, retail and e-commerce management, communication management – PR, advertising, journalism, information technology, systems management and more. Each specialization focuses on the particular subject and in-depth knowledge related to the topic. Based on your skill-set and type of future desired, you can make the right choice.
For instance, if you’re someone who’s always been good in math and loves numbers, an MBA in Finance could be a perfect fit.
On the contrary, if you’re more creative with an inclination towards ideas and solutions, MBA in Marketing might be a better choice. For someone who aspires to work abroad, International Business is the perfect choice. Rural Management and Agri Business Management are ideal for someone who typically has a farm in the rural area or wants to help rural entrepreneurs make it big in cities and towns.
Human Resource Management involves dealing a lot with people so if you’re a people person and love interacting with different kinds of professionals and understanding them, this might be a great MBA specialization.
“Knowing yourself is the beginning of all wisdom.”
What are the MBA Entrance Exams?
To apply for an MBA course in India, you must complete the entrance exam as it evaluates your abilities on different levels. There are many unique MBA exams in India and every college or university has its own criteria to accept the scores of particular entrance exams.
Some of the top B-Schools in India accept scores of:
- CAT – Common Admission Test
- XAT – Xavier Aptitude Test
- CMAT – Common Management Admission Test
- MAT – Management Aptitude Test
- NMAT – NMIMS Management Aptitude Test
- ATMA – AIMS Test for Management Admissions
- SNAP – Symbiosis National Aptitude Test
- GMAT – Graduate Management Aptitude Test
Depending on which MBA college in India you’d like to apply for, you can register for the right entrance exams. You can also apply for 2-3 top MBA entrance exams and use the scores for applications to multiple MBA colleges.
What is the Eligibility for MBA Courses?
Students who have passed their graduation from a UGC recognized college or university with a minimum of 50% marks can appear for MBA admissions. Final year students who are awaiting their results can also apply but they must provide proof of 50% marks as soon as they get their results from their UG college/university. You should have also cleared your 10+2 with the minimum percentage as per your desired college.
What is the Process for MBA Admissions in 2021?
MBA applications are now mostly online. You can fill the application form and pay the form fees to begin the MBA admission process for 2021. Next, the college will evaluate all your documents and invite you for a written test in most cases. Later, you are expected to participate in a Group Discussion (GD) and Personal Interview (PI).
The final score of MBA applicants is based on the aggregate of the entrance exam, written test, GDPI, and more. The top applicants are then selected for the MBA course.
What are the Fees for MBA in India?
Depending on the college or university you choose, the MBA fees will range between Rs. 2 lakhs to Rs. 25 lakhs for the course. Most MBA colleges are affiliated with universities and their fees are considerably low. In case it’s a private college without any affiliation, the fees can be higher.
IIMs are considered to have the highest MBA fees in India but they also offer the highest placements for MBA students so it is one of the top investments you will make in yourself and your career.
You can pay the MBA fees in installments and also avail of educational loans for your MBA. Many colleges also offer scholarships to deserving students.
What is the MBA Course Syllabus?
Although the MBA course syllabus will differ from university to university, certain subjects are common and the overall structure of the syllabus remains the same. For instance, almost all MBA colleges in India will have two or three internships – summer and winter to help students get an idea about the corporate world. Similarly, there are some courses that are included in all MBA syllabus.
These include finance, statistics, the joy of management, research, economics, communication and presentation skills, Indian economy, bringing ideas to the market, project management, data science, problem-solving and computation skills, ethics, leadership development, and more.
What are the Top Jobs After MBA in India?
After completing your Master in Business Administration, you can take up various managerial responsibilities in top MNCs. Broadly, the job profile of a manager will include planning, strategizing, executing, leading the team, liaison with clients, delegation of responsibilities and work, coordination with all the other departments and reporting to the top management about the projects undertaken.
Some of the top roles you can apply for after your MBA include:
- Finance Manager
- Human Resource Manager / Recruitment Manager
- Marketing & Sales Manager / Brand Manager
- Operations Manager
- Product Manager
- Data Analytics Manager
- Digital Marketing Manager
- International Business Consultant
- Equity Research Analyst
- Risk Manager
- Management Consultant
- Healthcare & Hospital Manager
- Relationship Manager
- IT Services Marketing Head
- Investment Banking Consultant
Apart from these, there are many different roles and responsibilities that are now open for MBA graduates in India. You can even apply to various global companies and look forward to a flourishing career overseas.
What is the Average Salary after MBA in India?
On average, the salary for MBA students starts around Rs. 3-5 LPA if you complete your course from a UGC-recognized and reputed college. The salary can go up to Rs. 40-50 LPA, depending on how excellent the placement record of your college is. At IIM, the highest salaries go up to Rs. 70 LPA in Indian companies and Rs. 83 LPA for international companies. According to Payscale, the average salary for MBA in India in 2021 is Rs. 7,71,801.
Is MBA a Good Course for Future Entrepreneurs?
As an entrepreneur, you are expected to understand every aspect of the business, even if you have professionals who specialize in particular sectors. In this case, pursuing a Master’s in Business Administration gives you a complete understanding of all the processes in a business. You learn about Finance even if you do an MBA in Marketing as the first year is often common for most specializations.
So, you’ll be able to oversee the budgets and accounting of your business, irrespective of how good an accountant you hire for the job! Similarly, if you take up an MBA in IT but want to start your own software company, you’ll need some marketing knowledge as well. This is offered in an MBA course in India, helping you be a great entrepreneur for the future.
“Whenever you see a successful business, someone once made a courageous decision.”
There are many different types of MBA courses in India – helping both students and professionals take up this post-graduate program for their future. Today, completing your MBA allows you to apply for higher-paying jobs in top companies of the world.
If you’re already working somewhere, you can also do an Executive or a Distance MBA and get a higher title and salary in the same company after your MBA degree.
It is one of the most coveted and reputed degrees globally, and Indian universities are now offering international standard education for students.
Along with academic development, an MBA course also helps you work on many other skills like communication, personality, grooming, networking, and much more. Your personal and professional growth is boundless during and after the course.
If you’re looking for the top MBA colleges in India, Online Application brings you all the best courses and universities at a single destination.