Keeping in mind the competitive environment we all want to pursue a degree which provides us with multiple benefits and skills required to perform various duties in an organization successfully. MBA is one such degree which is highly in demand and employers are more than eager to hire individuals who have pursued this course. The MBA, internship, and job all involve a great amount of interaction and communication with business professionals. And this is what makes our network strong. It further helps in shaping a bright future for us.
Nowadays, the most pertinent question and the most sought-after question of higher education that pops up in an aspirant brain is – “Why MBA?”. This, at the same time, is also the most ignored question. To be able to think clearly about this question, it is required to look beyond the general perceptions about MBA and try to understand what an MBA degree gives you.
Benefits of MBA
Good Job Opportunities
There are an excellent array of job options ranging from financial management, consultants to analysts. MBA holders can also turn to the health care industry as a different career. Day by day the world increases and the demand for management increases. Apart from these, you can also go through the real estate field or an insurance advisor or a credit manager.
Greater Career Growth
MBA boosts your career, a person with a degree plus an MBA career shines well with greater opportunities. An MBA graduate from a top B-school starts his career from the mid-management or senior management level and has far better chances of escalating upwards to become a CEO, CFO, CIO, CTO etc.
Larger Perspective of Business World
A good MBA program imparts not only knowledge but also good business acumen to the student for him to become more adaptable to changes in the world and helps with the problem-solving. A simple employee of an organization, serving in the lower half of the hierarchy, might not have access to relevant information about the business. MBA makes business knowledge a familiar, thus it increases the value of a student.
MBA widens the student’s limits on learning. It gets the student out of his comfort zone, deals with the latest issues, applies the newest management techniques and just constantly challenge him with different situations.
Stronger Corporate Network
MBA helps you in getting a good consolidated corporate network. The only difference at a top B-school is that the friends here would be more career-oriented and would be some of the top future managers. This helps the students to be in a good position in life as he gets the opportunity to interact with professors, colleagues and teaching staff.
Better Pay Packages
Lastly, there is no denying the factor that an MBA degree from a good B-school makes you a really worthy person. For a simple engineer graduate, after pursuing MBA becomes at least triple. Most of the B-schools have maintained the tradition of high salary packages being offered to its students.
Best Courses in MBA
The eligibility criteria for an MBA course is -Anyone who has a Bachelor’s Degree of at least 3 years and has a minimum of 50% marks is eligible for the course. A full-time MBA is a four-semester course and is the most opted. However, a one year course is becoming the most popular in countries like Europe and it is for working professionals.
In MBA we can find galore of specializations, Here is the list of branches available and the role they play in the society.
1. MBA in Accounting Management
If you plan to pursue this degree, here is what all you will learn.
- This stream deals with the financial requirements of a business.
- It is about planning carefully and implementing the financial measures required.
- It is important to develop strategic relations and to optimize the value of the customer.
2. MBA in Business Management/Retail Management
The operations of the retail world are tough. Retail management has become very popular over the last few years.
- It is the major responsibility of managing administrative tasks for a business.
- It involves achieving growth in sales & customer satisfaction by attaining a better understanding of the consumers of goods and services produced by the company.
- Retail management teaches you these skills.
3. MBA in Consulting
A good job is based upon three dimensions-learning, financial reward, professional network.
- Consulting optimizes all the three when compared to the entry-level jobs in MBA.
- The popular ones are the strategy consulting, IT/technology consulting, operations consulting, a boutique consulting.
4. MBA in Economics
An MBA in economics degree combines traditional economic theories with a contemporary business application. It is also offered online
MBA in E-Commerce/ E-Business
The e-business in MBA degree is a complicated MBA program.
- It aims to equip aspirants with the skills necessary to successfully manage an online business or the online operations of a business.
- It is related to online trading.
6. MBA in Entrepreneurship
The necessary skills required to build up a successful can be learned through this course.
- Entrepreneurs face usually face numerous challenges and tough tasks of building a business model with the available limited resources.
- These are designed for students who want to lead and manage business enterprises.
7. MBA in Finance
Financial issues form an important part of any organization and a specialized individual who know all the minute details is always in demand.
- The specialization helps you get thorough insights into how the financial world functions.
- The various financial theories are taught and how these can be applied to solve the various business problems.
8. MBA in Global Management
MBA course aims to provide the opportunity to junior managers to gain specific competencies which are essential for successful global business today.
9. MBA in Hotel Management
It is very dependent on the managing skills to run a hotel. There are numerous departments to handle.
- Students who pursue hotel management will have an easier time getting their foot in the door of the highly competitive and often lucrative field of hospitality and tourism.
- All you have to do is to use your creativity and know how to balance between hospitality services skills and leadership and management theory.
10. MBA in Human Resources Management /Personnel Management
A specialization in HR helps you understand how to acquire, manage and retain workforce within an organization in a systematic and organized manner.
11. MBA in Information Systems/Information Technology
If you want to pursue a career in Information Technology it is important to consider the program curriculum in business management, strategy, economics. However, today’s world runs on the IT-sector, thus MBA in Information Technology has great opportunities.
12. MBA in International Business
International business programmes have come to gain immense popularity over a period of time.
- This degree equips the students with sufficient knowledge and training required for the management of an International business.
- It is for the students who aim to establish themselves globally.
- International Business refers to the cross-border trade exchanges.
13. MBA in IT Management
It is one of the most popular dimension nowadays. It focuses more on the business and management side in the IT-sector.
14. MBA in Marketing
This is perhaps the oldest and popular stream of specialization. Marketing students should mainly focus on the study of consumer behavior and create products that they will most likely want to buy.
15. MBA in Operations Management
Handling the operations of any organization is one of the most important responsibilities to make that organization grow.
- This course is a specialization that mainly aims at the fields such as logistics and supply chain management.
- They create the highest level of efficiency possible within an organization by business practices.
- They are concerned with the planning, organizing and directing.
16. MBA in Rural Management
It is the study of planning, directing, organizing in the rural area cooperatives. It involves business like agri-fields and dairy.
17. MBA in Supply Chain Management
- This field mainly focuses on Logistic management and gives an idea about how to schedule a supply.
- The companies mostly depend upon effective and efficient logistics, and hence a career in Supply chain management has a great demand.
18. MBA in Tourism Management
This is a new course in the field of management studies.
- The tourism industry is becoming popular and flourishing all over the world with a lightning speed.
- Tourism Management deals with the planning and management of tourism industry.
Who should opt what?
Generally, a majority of the students are confused while choosing an area of specialization. Students usually choose to go for a particular specialization due to their lack of understanding about the course or too early assumptions. Most of them are largely influenced by the latest trends, peer pressure, and general observations. Which course to choose then?
- Students who have excellent mechanical skills, or prefer working with machinery and other equipment should opt for production and operations management.
- Those of you who love to observe, understand, analyze, evaluate, and find a solution has an inquisitive mind. Such students who have good communication skills and can interact with people easily can opt for Marketing. Marketing is a fast growing and an interesting career.
- Those with artistic and innovative skills who’ve got institutional abilities should look forward to work with the strategy sector. Strategy Management is all about logic and management. Here you need to put all your knowledge and experience in practice to ensure your company is in profits.
- Students who are interested to work with people, inform or train and having an idea of becoming HR can opt for finance. You need to have exceptional communication skills and a love for numerical data and details.
- Travel is the most exciting industry in the world and is a trending branch. If you want to travel around the world and still get paid then you can opt for travel and tourism.
- Our country’s most number of the population belongs to rural areas. Developing and enhancing the rural areas is always a challenge. It is for the candidates who can professionally develop and make plans that are systematic and can help in the uplifting of the rural areas.
Top Affordable B-schools and Colleges with best ROI
The fee for the TIER-1 colleges such as IIM’s, MDI is not affordable by all the students, though they have the highest job opportunities and good packages.
Fortunately, an MBA dream might not necessarily be an expensive one as there are many B-schools which offer affordable MBA with a low fee and have impressive ROI.
TIER-1 Business schools are as follows:
1. Indian Institute of Management, Ahmedabad(IIM)
- Fee: 22 Lakhs
- Number of seats:385
- Average Placement Record(INR in Lakhs):22.4
2. Indian Institute of Management, Bangalore (IIM)
- Fee: 19.50 Lakhs
- Number of seats:412
- Average Placement Record(INR in Lakhs):22.76
3. Indian Institute of Management, Calcutta (IIM)
- Fee: 21 Lakhs
- Number of seats:462
- Average Placement Record(INR in Lakhs):24.2
4. Indian Institute of Management, Indore (IIM)
- Fee: 16 Lakhs
- Number of seats:550
- Average Placement Record(INR in Lakhs):18.2
5. Indian School of Business, Hyderabad (ISB)
- Fee: 20 Lakhs
- Number of seats:400
- Average Placement Record(INR in Lakhs):22.4
6. XLRI Jamshedpur (Xavier Institute of Management)
- Fee:17.50 Lakhs
- Number of seats:480
- Average Placement Record(INR in Lakhs):20.1
7. Faculty of Management Studies, University of Delhi
- Number of seats:200
- Average Placement Record(INR in Lakhs):21.1
8. Pune University Department of Management Sciences (PUMBA)
- Fee:1.33 Lakhs
- Average Placement Record(INR in Lakhs):6
9. Department of Management Studies, Indian Institute of Technology, Delhi
- Fee: 8 Lakhs
- Average Placement Record(INR in Lakhs):16.54
10. Indian Institute of Foreign Trade, Delhi (IIFT)
- Fee:15.70 Lakhs
- Average Placement Record(INR in Lakhs):18.41
11. Jamnalal Bajaj Institute of Management Studies, Mumbai (JBIMS)
- Fee:6 Lakhs
- Average Placement Record(INR in Lakhs):18.9
12. TATA Institute of Social Sciences, Mumbai (TISS)
- Average Placement Record(INR in Lakhs):18.88
13. Sailesh J.Mehta School of Management, Mumbai(SJMSOM)
- Fee:7.2 Lakhs
- Average Placement Record(INR in Lakhs):19.06
14. Vinod Gupta School of Management, Kharagpur(VGSoM)
- Fee: 7.2Lakhs
- Average Placement Record(INR in Lakhs):16.29
15. Department of Management Studies, Chennai(DoMS-IIT MADRAS)
- Average Placement Record(INR in Lakhs):10.8
16. S. P. Jain Institute of Management And Research, Mumbai (SPJIMR)
- Location: Mumbai
- Average Placement Record(INR in Lakhs):22.2