Introduction

MBA today is a well-known degree that teaches you not only to run a business but also to manage it effectively through proper research. In simple words, an MBA degree student is knowledgeable of business principles. He makes a business action plan, keeping track of business benefits and following business tools and practices.

According to different courses of different colleges, this course is of two to three years and is divided into semesters of six months each. There is an executive program for working professionals whose duration is one to two years according to university and college.

After doing MBA you have two options. One, you can start your own textile, export, recruitment, manufacturing or any other business in which to make a profit by selling a product or service.

Another option is to find a job in a firm that is looking for managers with costing and budgeting, sharing and executing tasks correctly, emotional intelligence and team management skills. Companies today are looking for managers who make others work. Therefore, a manager needs to be sensible and should have the ability to get the job done by team-building and people, keeping in mind the cost and time-frame.

Phased process

The MBA degree can be obtained after graduation. MBA is one of the most popular professional PG programs and by doing this you can work in any multinational company at very good pay scale along with business and industry exposure.

For this, you should make a list of colleges in advance and start applying to colleges pursuing MBA in the final year of graduation. You should also start preparing for the entrance exam quickly. To apply, you have to buy applications from different institutions, which can cost between 1,000 and 2,000.

Some students start preparing for the entrance exam from the second year of college, which proves them to be able to score better in the exam. Students who want to study abroad can start preparing for GRE and GMAT. The most popular and prestigious entrance test in India is the Common Admission Test (CAT). Indian Institute of Management and many other reputed institutes make CAT scores the basis for admission to their institutions.

Debut

Although an MBA is a postgraduate course, it is best to start preparations from the days of school. For this, skills like reading, analysis, logical reasoning, data interpretation, semantics, general knowledge should start developing in themselves.

Apart from this, those who want to do MBA should choose a particular area from the various specialties available in it and start their studies.

Is this the right career for me?

Before applying to MBA this question should be asked by each student himself whether this field is suitable for you. If you want to go for a management post in a company, then you should sit for MBA entrance exam.

The MBA explains to you topics like marketing, sales, human resources, insurance and finance management, their concepts and strategies and their business applications. May be this course does not make you aware of technical or analysis concepts in depth, but it will give you complete knowledge of how to run a business like costing, budgeting.

For example, the IIM Ahmedabad Masters Program offers expertise in the following areas:

• Professional: It contains management techniques and business concepts related to all areas of business management.
• Finance and Accounting Management: Knowledge of costing, budgeting and accounting techniques used in business is made.
• Economics: It is about various concepts related to economics and statistical methods related to business management.
• Organizational behavior: Concepts like change management and organizational practice are studied for the organization or business.
• Marketing: Various sales and marketing models are provided for all types of small, medium and large businesses.
• Numerical method: In this, knowledge of various statistical methods is made to measure the performance of a business or organization.
• Product Management: In this, studies from inventory to other principles of business operations are conducted.
• Personal and professional relationships: Here concepts related to human resources are studied such as planning strategies or keeping industrial relations friendly by following proper legal regulations.

Similarly, other colleges also design course content to conduct field studies. Here the focus is on projects to deal with real-life situations.

What will be the cost?

According to the college, MBA fees can range from 5 to 14 lakhs. Many colleges like IIPM give laptops to students and also take them abroad on industry trips. Therefore, the fee is determined based on the course.

Scholarship

There are many ways to fund an MBA course of two to three years. You can take education loan from banks and if you are employed, then your company can sponsor your education.

State Bank of India, Allahabad Bank, State Bank of Mysore, Bank of Baroda are some of the banks offering education loans. This loan includes in addition to tuition fee – library fee, purchase of additional books, travel expenses, purchase of necessary computer for your course. Interest rates vary from bank to bank. The maximum loan limit for studies in India is 7.5 lakh rupees while for studying abroad it is up to 15 lakhs.

Job opportunities

There are good opportunities for MBA degree holders in India and abroad. If you have degrees from first class institutes like IIM and XLRI, then there is no dearth of opportunities. Apart from these, there are some reputed private institutes like IIPM, IMT (Ghaziabad) and MDI (Gurgaon), which provide their students with better-paying jobs.

There are job opportunities in various fields for management students. If you have done MBA in sales and marketing, then you can easily get the job of sales officer, manager or insurance officer in a bank. Similarly, if you have done MBA in Human Resources then you can get job in any recruitment firm. Many IT companies hire MBA pass-outs as trainees and hire them after a certain time.

pay scale

Depending on the reputation of the college and the marks obtained, a fresh management graduate can get salary ranging from Rs 1,20,000 to Rs 20 lakh per annum. Many foreign companies also provide jobs up to 40 lakhs per annum to IIM, XLRI, FMS, IIPM pass-outs.

But it is better to move slowly in the order of pay scale, because the company has more expectations from you on getting higher pay scale, which is disappointment if you do not meet it.

Demand and supply

The demand for any educational course depends on the demand and supply figures in the market. Due to the economic downturn in 2001, the demand for MBA professionals was at its lowest level, due to which students of prestigious institutions like IIMs also had to wait long for jobs.

On the other hand, when the economy is filling up, the institutes having MBA have to increase their seats.

However, almost all types of industries and companies always need such managers and supervisors who can plan, execute and execute the work.

Market watch

The job market should always be monitored. Top IT companies like Infosys and HCL hire 10,000+ professionals in areas such as human resources, software and technical support. By visiting various job sites, you can make yourself aware of the changes happening in the job market.

International performance

Students doing MBA by passing CAT or GMAT easily get jobs above Rs. 10 lakhs abroad. Based on their GMAT score, they also get admission in foreign universities for further education.

Multinationals prefer to hire students from prestigious institutes like IIM, XLRI, IIPM and FMS as the studies here are considered to be world class. Nevertheless, it will be safe to do MBA from top-30 colleges which will make the investment of both your money and time worthwhile.

Positive / negative aspect

Affirmative

• Companies prefer to hire MBA professionals as they have the ability to work in management and professional environments.
• MBA degree holders are also required to start a new business as they are aware of new business models, tools and strategies that plan, strategize and execute any of the company’s operations. Prove to be helpful
• Companies pay more to MBA degree holders than other Masters degrees and diplomas.

Negative

• MBA students want very high salaries in the early stages, which the companies sometimes cannot fulfill. This causes disappointment to the students.
• In the last few years, very private institutions offering MBA degrees at high fees have opened in almost every street. These institutes make good packages and other popular appeals to the students and are unable to fulfill them later.
• Since the number of seats in reputed institutes like IIM, XLRI and FMS is limited, many students try again and again to get admission in them, which wastes precious time of students.

 

Role and Designation

In institutes like Symbiosis and IIM it is known as Post-Graduate Program in Management. Symbiosis, Pune also offers this course through distance education in which course content remains almost the same

On the other hand, the Executive MBA which is only for experienced professionals, is of three to six years in different institutions. Although the course content is selective here, it is equally beneficial.

For example, IIM Kolkata offers MBA courses for executive working professionals, which is as beneficial for professionals as the regular MBA.

List of leading companies

Depending on the reputation of your MBA institute, you may be employed in various companies.

If you are from first-level institutions like IIM and XLRI, then you can get jobs in Reliance, Infosys and leading public sector companies. Apart from this, multinational banks like Barclays, Royal Bank of Scotland, American Express, Standard Chartered and other financial institutions also employ hundreds of MBA graduates from India.

Tips for employment

As an MBA student, you should have complete knowledge of all business principles, their analysis and management. For this you should keep the following things in mind:

• Be confident, whether it is your speech or your way of presenting yourself.
• Explain to your employer that you will do excellent work for the company. Prove your claim with your performance in the college and the awards received.
• Prepare yourself well in advance for group discussions, tests and other practical interviews to take place before the selection.
• Always keep in mind a suitable package for you so that you can negotiate with the employer for its top or bottom.
• Try to keep pace between your education and qualifications and the package offered by them so that HR department is ready to keep you on the job for at least the next few years.

Keeping the above things in mind, you can taiyari prepare for your MBA exam preparation.