MBA: Degree Overview
The Master of Business Administration is a graduate degree sought by those looking to hone their skills for a business career. Students applying to MBA programs are required to have earned a bachelor’s degree, though not necessarily in a business field. Many MBA students have earned their bachelor’s degree in an unrelated field.
MBA core courses introduce students to business topics, such as accounting, operations management, finance, human resources and management information systems. Additional courses often include organizational management, macroeconomics, marketing management and computer information systems.
Schools may also offer additional courses and electives based on students’ concentrations. Business and economic forecasting, public administration, management information systems, marketing, hospitality management and international business are some examples of possible MBA concentrations.
Types of MBA Programs
There are several basic types of MBA programs – they often vary in length and have different admissions requirements. Course topics are similar throughout all programs.
A full-time MBA program typically requires two academic years of full-time class work. Many universities offer this program in a daytime format, beginning in late August or early September of the first year and ending in May or June of the second year.
Part-time MBA programs are designed for working professionals. Classes take place during nights and weekends. This program may take three years or more to complete, depending on the chosen workload of the student.
Accelerated MBA programs are for students who’d like to get their degree as soon as possible. This program can often be completed in just one year or a little more. These programs might require that students already have some business courses under their belts. Students can expect a somewhat heavy course load in order to earn the degree in a shorter time period.
This MBA program is often meant for individuals with roughly ten years of work experience in the business world. Coursework is designed to meet the needs of executives and managers and can prepare them for career advancement.
Dual MBA programs allow students to combine their MBA curriculum with another degree, such as a Master of Science or Master of Public Health. Many schools also offer 5-year combined bachelor’s and MBA degree programs.
Type of MBA
According to AICTE, the regulatory body of technical education in India, there are more than 3800 B-schools in India which offer different management programmes. If we classify, 3800 MBA institutions in the country, six different types of MBA emerge. These different types of MBAs are offered under many nomenclatures and under different policy framework. It is important for you to understand these differences before you decide on which type of MBA will you enroll.
While IIMs work directly with MHRD, the state and central university MBAs are guided by UGC norms. PGDM institutes work directly under AICTE, with no other affiliation to any other university. Then, many different government ministries have initiated their own institutions like IIFT, IRMA. These institutes vary on various parameters and so does their quality on all three parameters- admissions, education inputs and placements. Refer table for a brief analysis.
The strengths and weaknesses of these different MBAs are below:
Different MBAs: Strength & Weaknesses
|IIMs & Management Departments of IITs/NIT||Individual Ministry
Promoted Management institutes like IIFT, IRMA..
|PGDM||Public University MBA (Central & State)||Private University MBA||Industry supported, unapproved like ISB|
|Approximate Number||25+||10+||283||3000+||300+||No estimates exist|
|Tuition Fee range (in Rs Lakh) for full programme||9-16||IIFT- 12 lakh, IRMA- 4 lakh||5-13||1+||3+||ISB – 20 lakh|
Fields of Specialization:
a) Accounting Management:
This stream deals with the financial part of a business. It is about planning and implementing various financial measures. Monitoring the movements of assets and cash are also part of accounting management.
b) Telecom Management:
Telecom industry is growing at a rapid pace. This branch of management teaches you the various aspects and dynamics of the industry. It also offers training on various technical aspects of this field.
c) Retail Management:
The operations of the retail world are very complex. It involves logistics, marketing, administration, finance and other areas of operation. Retail Management teaches you the skills of handling all these areas. Retail management has become very popular over last couple of years.
d) Sports Management:
This is a relatively new concept. Sports Management is all about managing a club or a team. The person in charge should have the skills of marketing, public relations, advertisement and of course other managerial skills.
e) Tourism Management:
This is a new introduction in the field of management studies. With the tourism industry flourishing all over the world, it has become essential to have individuals who possess extensive knowledge on the subject. Tourism Management deals with transport, public relations, international business and hotel industry.
f) IT Management:
One of the most popular subjects of specialization. IT Management teaches you the various dimensions of Information Technology. It gives you an insight to all the wings of IT like software, hardware, networking etc.
g) Operations Management:
Operations Management, as the name suggests, deals with the entire operation of a business organization. Its scope includes purchase, marketing, finance, advertisement, public relations, sales and others.
h) Personnel Management:
Also known as human resource management, Personal Management is all about managing the best resources of any company, which is the human resource. It deals in human psychology, verbal and non verbal communications, stress management, anger management and other areas related to man power.
i) Sales Management:
Sales volume is the driving force for any company. Sales Management teaches you on various aspects related to sales; like advertisement, marketing, public relations etc. It would give you a comprehensive idea on how to conduct a sales project successfully.
j) Logistics Management:
This field of management is about handling the tangible assets and the products of a company. Logistic Management gives you an idea on how to schedule a supply, what are the various obstacles you might come across, how to get rid of them, etc. It is also known as supply change management.
Here are top 10 MBA specializations that will strike the chord of an MBA aspirant
1. MBA in Finance
MBA in finance is one of the most popular and highly opted forms of MBA specialization. It would prepare you in various subjects like Costing, Budgeting, International finance, Capital Management etc. After studying these subjects you would become expert in Financial Management related areas. Such expertise would enable you to work in finance department of any organization. If you want to pursue MBA in finance then you must at least attain a graduation in any stream.
The Banking Sector of India has requirement of skilled people who are expert in finance. Thus, the banking sector is an added boon for the students pursuing MBA in finance. The growing size of the Indian banking sector is known to all Nor only the banking sector, but various other financial sectors such as Insurance Industry, Mutual Funds Industry, Stock Exchange, and Financial Consulting are other bright avenues for the MBA aspirants to pursue MBA in finance. If you choose to pursue this specialization, then you would get a chance to manage some of the highly responsible departments and functions in the organization pertaining to:
2. MBA in Marketing
MBA in Marketing offers a very dynamic and competitive career to its aspirants. MBA in marketing helps a student to understand consumer behavior, market behavior, aspects of advertising, and many other crucial skills that surrounds the marketing activities of any product/service. One needs to have excellent communication skills, resource mobilization skills and an added zeal to excel in this specialization. If you want to pursue MBA in Marketing then the first step is to attain graduation in any stream.
As a career choice MBA in Marketing would offer you very lucrative opportunities. Marketing specialization would hone your skills in developing business plans; identifying the strengths and weakness of a business so as to leverage the opportunities and safeguard the business from the potential threats posed by uncontrollable variables. The positions offered in MBA Marketing specialization are a dream of any MBA Marketing aspirants because marketing department is the backbone of any organization. They are responsible for bringing the business for them. These positions are as follows:
3. MBA in Human Recourse (HR)
MBA in HR Management is for those who are determined to become a part of Human Resource functions and strategies. The HR functions include workforce diversity management, mergers and acquisitions, managing demand and supply of labor markets in emerging economics and international leadership. If you possess good communication skills, have a charismatic personality, and are reliable and confident, then MBA in HR is a right choice for you. Graduate in any stream can pursue MBA in Human Resource. If you are interested to probe in the psychology of employees and help them grow in the organization, then you must pursue the idea to specialize in this course.
As an MBA in HR, you can get a decent beginning at a mid-management level, at the position of a Team Leader. Thereafter, you need to prove your spine of steel among employees to climb the ladder of success. In an organization your growth path would be as follows:
MBA in HR would also offer you bright opportunities to handle operations such as Recruitment; Talent Management; Retention Management; Reward Management. All these functions are dynamic in nature and would open your senses to one of the most valuable assets of an organsiaiton i.e. “Employees” without which an organization remains just a building of brick and mortar.
4. MBA in International Business (IB)
With the advent of globalization and gradual opening up of world economies, MBA in International Business course aims to provide an in-depth understanding of the organizational capabilities required for international operations. It aims to impart skills pertaining to specialized functions such as international marketing, finance etc. The degree may be considered as an MBA with a particular focus on multinational corporations. Admission to pursue this course requires an undergraduate degree in any discipline. Some crucial functions that you would serve in an organization after earning MBA in International Business are:
In addition, MBA in International Business would also increase your chances to travel around the world to hone a cross-cultural perspective. As you would be involved in managing the international operations of your firms, so, it might require your involvement to meet the global clients by visiting their nations as well. If you wish to brighten your chances to become a globe-trotter then MBA in International Business would be a best choice to pave a path of success for yourself.
Potential reputed positions which you can attain in an organization after successful completion of this course along with some resourceful experience are:
5. MBA in Operation Management
MBA in Operation Management helps you in dealing with Production Management or Shop Floor Management related functions. You learn how to maintain process flows, develop vendor and inter-departmental relationships. Most candidates with engineering backgrounds go for MBA Operations, as it gives them an edge over their peers in product development and designing, and process optimization. However, graduate in any discipline can pursue MBA in operation.
MBA in operations management would offer you a decent salary after successful completion of your course. You can take a look at the salaries earned by Operation Management aspirants which are provided in the graph below:
6. MBA in Information Technology (IT)
MBA in IT is designed to educate & develop managers who can effectively manage the planning, design, selection, implementation, usage & administration of emerging and converging information & communications technologies. IT graduates play essential role in the business team, typically in designing and implementing hardware and software solutions to solve business problems. Graduate in any stream can pursue MBA in IT.
As a pursuant of MBA in IT you would get exposure to understand the following subjects:
These subjects would hone the skills in you that are required to manage real-problems in an organization. With the help of Case-studies and rigorous training, you would be able to understand the strategic role of IT in an organization. MBA in IT is an integral part of the Indian Economy as our economy is gradually becoming a Service-oriented market and Information Technology holds a special place in this landscape.
Thus, if you hold a graduation degree in IT or any related area, then you must pursue your MBA in IT for achieving career advancement.
7. MBA in Supply Chain Management
MBA in supply chain management is a unique and exciting opportunity in the field of business management. It includes inventory management, warehousing, and transportation of various materials required by the client or a company. Supply chain Management specialization can be pursued by graduates of any stream.
MBA in supply chain Management would offer you skills pertaining to the following areas:
8. MBA in Rural Management
MBA in Rural Management is another unique programme that is offered to fulfill the huge industry demands of those managers that are skilled in the field of marketing with a focus on
rural business. There is immense growth potential in rural markets and the organizations have realized that for overhauling the face of Indian Economy, rural management would be an appropriate specialization. Any graduate can apply for MBA in Rural Management.
Career Prospects after attaining a degree in MBA in Rural Management are:
1. Job with the Government of India’s rural development project(s)
2. Association with Non-Government Organization(s)
3. Research institutes conducting extensive research on rural areas
4. A chance to join hands with United National and its subsidiary social research agencies.
The professionals pursuing MBA in Rural Management get decent average salary packages ranging up to 8.70 lakhs per annum. This course has a tremendous potential to improve the hinterlands of India into profitable business avenues. You just need to possess
• Altruistic perspective,
• Willingness to improve the poverty in India,
• Innovative approach and,
• Ideas for uplifting the rural face of India.
MBA in Rural Management would provide you a thrilling experience to explore the unexplored landscapes of India. It would also offer you immense prospects to work with reputed corporate brands because corporate social responsibility (CSR) is a mandatory requirement that needs to be discharged by all the companies listed on the stock exchange of India.
9. MBA in Agri Business Management
Agri Business is another vital and prominent reality of India. MBA in Agri Business is gaining momentum among various aspirants who wish to pursue their career in enhancing the face of Agri business in India. In Agri Management specialization, an MBA aspirant learns to manage companies which process, market, and merchandise agricultural products for consumers. The student must understand the management, marketing, and finance functions with an emphasis on specialized requirements of the agribusiness sector. All you need is a graduation degree in a course of your choice and then you can pursue MBA in Agri business Management.The course would provide you an overview about:
As a potential professional manager in Agri Business of India, you would get to learn about dynamic subjects belonging to the following areas:
1. Agri Input Industry
2. Horticulture Industry
3. Food Industry
4. Farm Engineering
5. Livestock Industry
10. MBA in Health Care Management
An MBA in healthcare covers core business skills and practices pertaining to the Healthcare Industry. The specialization focuses on the specific issues of the hospital and its administration. This course would provide you brighter prospects to interact with the hospital administrators, medical practice managers, insurance-company executives and a wide variety of other roles. If you wish to become an integral part of the hospital operations, instead of concentrating merely on the patients and their illness, then you must pursue this course. An individual with a Graduate degree can pursue MBA in health care management.
After pursuing MBA in Healthcare management, you would be taking care of supervisory functions in the Hospital premises. There is no dearth of the companies that you can join after completion of your course. MBA in Healthcare management would offer you some less explored career opportunities to ignite the course of your life. Some industries that you can join after attaining this degree are:
The direction that you gained in your graduation degree would be instrumental in letting you decide the specialization and industry of your choice. With these many options on your plate, the decision to choose a specialization may become easy. But, in the age of specialization, when people are becoming specialists in every field, being an MBA, even you should not miss a chance to pursue a career in niche domain.
If you are still in quest of an MBA specialization which makes you stand out from the crowd, then you should take a look at the Top 10 Sectoral MBA specializations also. These specializations are gaining traction from the industry specialists as there is a dearth of specialized professionals.
Moreover, the supply of these professionals in the industry is posing another crisis for the growth of these sectors. The Top 10 Sectoral MBA specializations would undoubtedly ward off all your apprehensions if you wish to get associated with any of these sectors.
Have a happy MBA Journey!!
k) Production Management:
This field of management deals with the process of production. It gives you a detailed idea on the various aspects and requirements of production; for example, procuring raw materials, arranging labors and managing the site of production.
l) Marketing Management:
This is perhaps the oldest stream of specialization. Marketing leads to successful sales, so it is very important to have an overall idea about the marketing strategies and plans.
m) Hotel Management:
It requires a lot of managerial skill to run a hotel. There are numerous departments to handle. Hotel management gives you a comprehensive idea on the hospitality industry.