Master of Business Administration known as MBA is basically a masters(post-graduation) course in business related discipline. The genesis of popularity of MBA as an academic course first goes few years back in USA, where the premium universities like Harvard, Stanford, Yale etc created a program to prepare and equip students as future managers and leaders for the booming business world. It slowly gained worldwide popularity and has now become a coveted degree across the world. After economic liberalisation in 1991 in India, the entry of private sectors and multinationals ushered with it increased demand for MBAs. Companies were willing to pay the top salary packages to this new breed of executives who were seen as business savvy wonder kids capable of putting and overhauling traditional businesses on fast track making it world class. Since then MBA became a success mantra and management became the most sought-offer career for graduates. MBA symbolised status and money. Even those who managed to get into B or C grade business schools felt assured that they have a sustainable earning opportunity now. According to an Associated Chambers of Commerce and Industry of India recent study, the average ROI for MBAs hovers around $1,442-to-$1,804. MBA degree is relevant and carries dynamism in today's world. That's why it became more and more popular amongst students from all streams with each passing day. So much so that engineers, doctors and architects too opted for management to upgrade their employability skill.
MBA in many ways is an interdisciplinary education program. It is a program in which the academic subjects are chosen from various disciplines, keeping in mind their relevance to the business world. A standard MBA program is normally of two years duration and offers compulsory courses in the first two semesters, followed by optional courses and project works in the next two semesters. The compulsory courses on production, marketing, personnel and financial management along with basic courses on economics, mathematics, statistics and business strategy are common for all the students and are meant to provide an overall and holistic knowledge platform useful for managing any business. In short, the MBA program instills leadership qualities and prizes decision making. The optional courses leading to specialization in a specific area of management are meant to provide extensive and intensive knowledge in that specific area. Students specializing in marketing would be therefore taking optional courses in advertising/sales promotion, marketing research etc. while students specializing in production management would take courses on materials management, operations etc. While selecting an area of specialization, the main criterion for a student should be:
Mostly students appear for an all India level entrance examination to get through a top business school, but some of them make the cut. When selecting a B-school, a student should look at various parameters such as infrastructure, area of specialisation, faculty, placement record,alumni networks, and foreign affiliations among others. According to a recently released MBA Ranking 2018 by Jagranjosh.com, many institutes apart from the prestigious Indian Institute of Management (IIMs) provide quality education across the country. Some top B schools in India according to latest survey mentioned in Financial Express are:
Indian Institute Of Management(IIMs), XLRI Jamshedpur, Faculty Of Management Studies Delhi, S P Jain Institute Of Management & Research Mumbai, Management Development Institute Gurgaon, National Institute Of Industrial Engineering Mumbai, Symbiosis Institute Of Business Management Pune, International Management Institute Delhi, Institute Of Management Technology Ghaziabad, Indian Institute Of Foreign Trade Delhi, Narsee Monjee Institute Of Management Studies Mumbai, Xavier Institute Of Management Bhubaneswar, Birla Institute Of Technology & Science Pilani, Jamnalal Bajaj Institute Of Management Studies Mumbai, IBS Business School Hyderabad, K J Somaiya Institute Of Management Studies & Research Mumbai, Mudra Institute Of Communications Ahmedabad etc.