Full Form of MBA :
Master of Business Administration
MBA Full Form is Master of Business Administration. MBA is a postgraduate degree in Business Management which enables students to build their career in Business Administration. The MBA course varies between 12 months to 3 years, based on whether it is part time course or full-time course. Let us shed more light on MBA Full Form.
Eligibility Criteria For MBA Course:
Students who have completed graduation in any discipline with a minimum of 50% of marks are eligible to apply for MBA course. However, one should take up MBA entrance exams conducted by various universities and getting admitted to the course depends on how one performs in entrance exams followed by the interview.
MBA Entrance examinations conducted in India:
There are various entrance exams conducted by various institutions and universities which include; CAT (Common Admission Test), MAT (Management Aptitude Test), CMAT (Common Management Admission Test), IIFT (Indian Institute of Foreign Trade), SNAP (Symbiosis National Aptitude Test), ATMA (AIMS Test for Management Admissions), IBSAT (ICFAI Business Studies Aptitude Test), etc…
MBA Courses available in India:
The main courses offered in MBA include various fields of business like Finance, Accounting, Human Resources, Marketing, Economics, Tourism, Operations Management, Supply Chain Management, Construction Management, Hospital Management, Hotel Management, International Business, Health Care Management, Information Technology, Hospitality Management, Brand Management, Materials Management, Telecom Management, Insurance & Risk Management, Retail Management, etc.. Irrespective of the course, the main focus is on strategy and management analysis with some elective courses included as a part of the program.
Types of MBA Programs:
Full-Time MBA Program:
It is the most common type of MBA program offered by the b-schools or management institutes in India. This program is suitable for anyone who holds a bachelor degree in any field of study. The course duration is normally 2 years that comprises 4 semesters. Some of the b-schools in India offer a 20 month MBA program which comprises 6 terms (each term of 3 months duration) followed by a summer internship which is of 2 months duration.
Typical MBA program begins in the month of June or July of a year. During the second term, companies will visit the b-schools and offer an internship to students and the students would go for the internship after the third term which is in the month of April or May. Depending upon the performance in the internship, students may be offered placement.
Some of the b-schools in India have a MoU with other b-schools (exchange programme) across the world which enables students to go abroad and spend a semester (usually the 5th semester) at the respective b-school. This develops a cross-cultural relationship and sensitivity among students. During the sixth term of the full-time MBA program, students sit for the final placements. The student who has a few years of work experience will get a better package than the student who has no work experience.
Part-time MBA Program:
The course duration is normally 3 years (6 semesters). This program is best suitable for working professionals who could not attend the regular classes. Students can pursue this course along with their regular jobs and can attend classes in the evening. The classes will be conducted on Saturdays, Sundays and other holidays as well. Part-time MBA program is of immense help for students who otherwise can’t quit the job for attending classes. Since this program is meant for the working professionals, a student should have a few years of experience (usually 2 years) under his belt to enroll for this program.
Executive MBA Program:
It is most suitable for corporate executives (experienced working professionals), entrepreneurs and managers who can’t take prolonged period of leave and still need an MBA degree to climb up the corporate ladder. Students who pursue executive MBA will be normally in their middle age or in other words in the middle of their professional career. Executive MBA program helps students to improve their current knowledge and skills to have an edge in their corporate career. The program is flexible and students can attend classes in the evenings and also during weekends.
The course duration is normally 1 year and most of the b-schools offer the degree in less than two years. The cost of doing an executive MBA is costlier than the traditional MBA program and the cost varies according to the standards of the b-school you wish to study. Students can avail educational loans if they want to. Most of the nationalized bank and private banks offer educational loans for executive MBA program. Also, few companies offer sponsorship to students who want to take up this course. After getting the degree, you can continue to work for the same company with more responsibilities and with a higher salary.
Distance Learning MBA/Correspondence MBA Program:
This program is conducted completely in distance mode. Students will not attend classes either regular or part time. Rather, they will study themselves and appear for the final examination conducted by the respective university. Students who cannot attend classes opt for the correspondence MBA program to acquire management concepts. The syllabi for the distance learning MBA is same as that of the regular MBA program. So the students who pursue correspondence MBA receive the same theoretical knowledge as their counterparts who pursue regular MBA program.
However, the market value of this program is comparatively less than that of the regular MBA program. This is because the students who pursue regular MBA actively participate in various classroom activities like classroom presentations, group interaction, group discussion, group projects, etc. So when a student attends regular classes, he or she gains some real life experience and exposure to the corporate world. Obviously, a student who pursues correspondence MBA program cannot get this kind of exposure because of the nature of the program is that way.
Typically working professionals who need an additional qualification in management for promotion enroll for this program. So before enrolling for the distance learning MBA, one should confirm whether the organization in which one works accepts the qualification acquired through a correspondence program or not.
Advantages of having an MBA degree :
MBA degree plays a huge role in boosting earning potential and career goals of an individual. And it has become an essential requirement for anyone to make a big start among the huge competition that exists in all fields. It increases employment opportunities and is relevant to all fields of work. One can choose and specialize a particular discipline in MBA or can also combine two fields that apply to him or her.
Career options for MBA Graduates:
In India, a Master of Business Administration degree holds great value. In fact, MBA from prestigious institutions like IIMs is considered to have even greater value in the country and beyond. This degree offers access to the corporate world in an easier and better manner. With this degree, you have the options to explore greater depths of the corporate world, which is quite restrictive in other fields like Engineering, Law, Medical Science, etc.
What is more advantageous about MBA degree is that it is an option available to almost everyone, from any field. Even as an engineering graduate, you can pursue Masters in Business Administration. After all, business is for everyone! What is more important to realize that with this degree there is higher penetration in the lucrative corporate industry and this is something many graduates would want.
While many people know the inherent value of an MBA degree, very few know the range of options available to MBA graduates. It is to be noted that an MBA degree offers much more than what you read and hear about. Here are some of the career options you can choose from, if you are an MBA graduate.
Join the teaching profession:
Undeniably, teaching profession is the most convenient and resourceful career option for any person belonging to any field. You do not have to spend a lot of time at work, just a couple of lecture hours where you can engage in active exchanges with students. Alongside, you can spare some time for self-study. After an MBA, you can go for this profession. If you have fared extraordinary well in academics, you might even secure a job in the prestigious IIMs.
Start a business:
Isn’t it too obvious? Yes, starting up a business can be an excellent option for an MBA graduate. He or she can apply the knowledge and experience gained throughout the study years to a dream business project. For an MBA graduate, it would be far easier to start up a business because that is what MBA degree does to its students; it makes them business oriented. It makes them explore the world of business the way it should be.
There have been many inspiring stories about MBA graduate successfully establishing businesses and earning crores every year. All that is needed is motivation and confidence!
Career in Accounting and Business Administration:
These two areas are made exclusively for MBA graduates and therefore, can opt for a better career.
MBA students who have specialized in the area of accounting can choose to work in government or private accounting departments. The responsibilities in such jobs vary, however; the general duties are the preparation of taxes, managing accounts, accounting consultation, etc.
As far as Business Administration is concerned, interested persons can opt for managerial positions, human resource management, and other kinds of operational management needed in the conduct of any business. MBA grads can choose either and recent records show that these areas are becoming highly attractive because of the increase in financial security.
Careers in the Finance sector:
Without a doubt, Finance is a sector where MBA graduates can carve out their own niche. This sector offers plenty opportunities to MBA graduates like jobs pertaining to financial analyst, finance officer, banker, etc. This sector provides some of the most lucrative offers to MBA graduates and that is why the sector is witnessing a steep rise in MBA recruits.
Career in the field of Information Technology:
Another area where MBA graduates can engage in is Information technology. In this area, MBA graduates undertake managerial positions like project manager, system managers, etc.
Marketing:
Marketing is the most common career option among MBA graduates. It involves advertising products, promoting projects through events, public relations, etc. Marketing professionals are recruited by large and medium-sized industries to undertake branding affairs.