What is an MBA?
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Benefits of an MBA
As a bachelor’s degree in any field of education, you have gained entry-level skills that will make you eligible to work for companies. However, individuals won’t be considered more complex tasks as they are not skilled enough to handle them. MBA students are considered as equipped with the tools to handle high-level tasks.
Many times, professionals, especially in a technical field, realize that they have opted for a career path which is not to their liking or may not develop into something fruitful. Master’s in Business Administration is a course that can help develop your full potential and also help you set on a path of career progress.
As a more professional with a higher skill set, you would be treated as a valuable commodity to the company. This would directly affect the salary and perks that a company would provide you with. An MBA degree can help you gain all these perks in your company.
Working at a high managerial post puts professional in contact with many people. A large group of these people are professionals well connected in their field of work. An MBA student can benefit from this network of professionals which couldn’t be created without a credible degree in hand.
- Bachelor’s degree from an accredited institution or university
- Minimum of three years of work experience, depending on your roles
- Statement of Purpose
- Letters of Recommendation (Professional as well as Academic)
- Proof of English proficiency through IELTS/TOEFL
- GMAT score over 650
Types of MBA :
Following is a description of the types of masters in business administration courses available
Full-time MBA course
This is the traditional way of pursuing a master’s in business administration and is the majority format in which an MBA is taught all over the world. The tenure of this type, of course, lasts for 2 years and requires students to be actively present in their classes.
Part-Time MBA course
As the name suggests, this type, of course, doesn’t require a constant presence by the student at the campus. This is a preferred way of education for individuals currently working or ones without work experience. Though the course covers all the essential topics, the time period of the course can very well-exceed to up-to 3 years.
Executive MBA course
This course is for people who have been in the game for quite some time. The course is targeted to professionals with a lot of work experience under their belt, looking to enhance their skill set and resume. the course lasts only 1 year and the classes are generally conducted on weekends.
Distance /Correspondence MBA course
It is similar to a part-time course; however, you will not be attending any type of classes on campus. You will be provided with offline correspondence for your subjects and will be required for the examination in the end. This is a good option for students who do not have strong financial support.
Online MBA course
These types of courses have become famous with recent development in web and internet technology. The students of this type, of course, are provided with the material and lectures online and all correspondence is taken care of through a screen.
There are many types of MBA courses, each with their own advantage. Students may opt for the course that suits their conditions the most. However, students of full-time MBA courses are said to be equipped with the knowledge of the course better than any other course type. This is to do with the fact that full-time students are immersed in the course and interact with fellow students and experienced professors on a daily basis.
Businesses have always existed in order to sell certain goods or services to their consumers. In order to stay in business and remain relevant in the market, it is important to reach the correct consumers. Professionals taught in the field of marketing are equipped with the tools to create a correct strategy to reach the masses.
Finance is the study of the money system, shares and investment. Though businesses rely heavily on sales of their goods and services, a large amount of their economy revolves around smart investment. MBA in Finance professionals are taught market analysis and studying current trends in order to make smart and informed suggestions.
3) Human Resources
Masters in Business Administration is a managerial course which teaches individuals how to organise and lead a business. The most important resource that any business has on their side is the people who work for them. Individuals studying the subject of human resources have knowledge of managing a large number of people and have expertise in subjects like conflict resolving and compensation management.
4) International Business
In recent times countries have been able to forge meaningful bonds with each other, leading to opening their gates to trade. This globalisation has caused the need for individuals who understand global trade and laws. Students of international business are knowledgeable in these subjects, and many more, which makes them a valuable commodity for multinational corporations.
5) Information Technology
The advancement of technology has caused it to be used in every walk of life and trade possible. Businesses today rely on much-advanced software’s which help them gain information insight into today’s market. This has caused the need for professionals who are keen knowledge of business and computing. MBA specializing in information technology produces such professionals.
MBA course fees
The fees that you will be paying for the above course depends on many factors. Pursuing the course abroad will cost you more than national courses. Also, a full-time course is more expensive than a part-time course, however, it is more beneficial. If you plan on specializing in an extravagant field which requires special equipment, for example, information technology, it may cost you more.
Following is the fee structure(approx) for Master’s in Business Administration in some of the top colleges :
University of Cambridge : $78628.15
London Business school – $65711.36 (first year)
University of Oxford – $80869.10
Harvard University – $106201.59
Columbia University – $86993.44
University of California (Berkeley) – $86993.44
New York University – $104392.13
Yale University – $96319.13
Duke University – $110377.27
Dartmouth College – $80451.53
MBA Courses Details
Following is a list of subjects that are taught in an MBA courses :
- Principle of management
- Business legislation
- Business communication and information services
- Accounting for managers
- Financial management
- Marketing management
- Cost accounting
- The economic environment of business
- Strategic management
- Business ethics and corporate governance
- International business management
The above-listed course detail is an overview of what a standard Master’s in Business Administration course looks like. The course syllabus will differ based on the specialization opted for by the individual. The first semester courses would be more or less surrounding the concepts of business and management. The course will divert towards core subjects based on specialization from second semester onwards.
Most courses will require students to work as an intern in a company as part of their curriculum. Most other courses will require for them to complete a project to gain required credits.
Jobs after MBA
The following are some of the job titles that an MBA holder can be considered along with the average salary (in INR) that one might make
Operations manager – 7.97 lakhs
Human Resources Generalist – 2.94 lakhs
Marketing manager – 7.56 lakhs
Business development executive – 3.18 lakhs
Marketing executive – 3.05 lakhs
Business analyst – 5.96 lakhs
Financial analyst – 3.24 lakhs
Finance manager – 11.42 lakhs
Management consultant – 13.5 lakhs
Regional sales manager – 11.83 lakhs
Best MBA Courses List
This has caused many institutes, well-known and recently established, to add Master’s in Business Administration into their school’s curriculum. However, as this is a very demanding course, only a few have been able to produce well-rounded professionals in this field. Following is a list of top most MBA schools in the world as listed by the QS World Ranking
1: Stanford Business School (USA)
2: Harvard Graduate School of Business (USA)
3: The Wharton School, University of Pennsylvania (USA)
4: London Business School (UK)
5: MIT Sloan School of Management (USA)
6: INSEAD, Paris (France)
7: HEC, Paris (France)
8: Booth School of Business,
9: University of Chicago (USA)
10: IE Business School (Spain)
11: Columbia Business School (USA)
Master’s in Business Administration is a demanding course and would require all of one’s attention and hard work in order to complete it. But it is the best bet in making a career path for you that leads all the way to the top.
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