Masters of Business Administration (MBA): Why pursue MBA and Career Options

If you looking at upgrading yourself in terms of your profile and salary, an option that most people look towards is the Masters of Business Administration (MBA) degree. But before you make a decision that requires as big an investment (Lakhs of Rupees in fees and 2 years in time) as this, you should have all the information at your fingertips for the same.

Specialized MBA Courses General MBA vs Specialized MBA MBA Abroad

What is an MBA?

Masters of Business Administration (MBA) is a post graduate program that, regardless of the specialization, will provide you with conceptual, theoretical and practical training in various aspects of business like economics, operations marketing, basic accounting, corporate finance etc. However, if the student has a bent towards one specific area of management, a specialized MBA can be pursued in that specific facet.

The most common specializations available in most Business Schools are:

  • Marketing
  • Finance
  • HR
  • Operations
  • Data Analytics (Less Common)

Common Reasons to Pursue an MBA

Making a decision to pursue an MBA has to be a calculated decision. There may be several reasons for pursuing an MBA such as:

  • Higher Salary Prospects: It is commonly known that possessing an MBA gives you a better leverage to negotiate for higher salaries.
  • Changing Career Path: If you find yourself wanting to change your career path, an MBA gives you a good opportunity to do this with the benefit of obtaining a new degree.
  • Aiming for Entrepreneurship: If you are looking to become an entrepreneur or handle a family business, you will need some amount of managerial expertise so that you can manage the show yourself.

These are some of the more common reasons for people pursuing the MBA Degree.

MBA Specializations

The MBA Course is one of the older qualifications and has evolved over time. This means that while there are a few specializations which have stood the test of time, there are others which have come to the fore in recent times.

  • General Management: This is the Jack of all trades specialization wherein you will learn the basics of all the different specializations. It will be ideal if you are looking to head a vertical and need a wide range of knowledge.
  • Sales & Marketing: The Sales & Marketing specialization is focused around maintaining the communication between the company and the customers while also molding the brand according to the company’s vision. The Sales aspect of the specialization is more in tune with the consumer behavior on ground while the Marketing aspect focuses on the other communications.
  • Finance: The Finance specialization deals with all of the monetary aspects of the company. It ensures that the company has the correct investments, sales and spending to maximize the revenue.
  • Human Resources: The Human Resources specialization deals with the people working within the organization. It works to ensure that the company maximizes the output from its employees so that the overall output of the company increases.
  • Operations: The Operations specialization deals with the actual on the ground aspects of executing all the strategies that are designed to aid the company. It is especially important for FMCG companies as the Supply Chain will ensure that their product finds its place in as many stores as possible.
  • Data Analytics: This is a relatively new specialization which deals with helping the company make better decisions by using the vast amount of data available to them. These data-driven insights can help the company maximize its output.

These are the more common specializations available in the MBA Program. There are several other specializations which might be available in the B-Schools which are targeted towards a particular sector or domain.

Top B-Schools in India

Every MBA Aspirant wishes to earn the maximum return on his investment by aiming to get into the top B-Schools in India. Some of the top B-Schools which you might want to research while going for an MBA are:

CL' Rank Name of B-Schools B-School Info
1 Indian School of Business (ISB)
Hyderabad
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2 Indian Institute of Management (IIM-A)
Ahmedabad
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3 Indian Institute of Management (IIM-C)
Kolkata
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4 Indian Institute of Management (IIM-B)
Bangalore
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5 Xavier Labor Research Institute (XLRI)
Jamshedpur
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6 Indian Institute of Management (IIM-L)
Lucknow
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7 Faculty of Management Studies (FMS)
New Delhi
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8 Indian Institute of Management (IIM-I)
Indore
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9 Indian Institute of Management (IIM-K)
Kozhikode
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10 SP Jain Institute of Management & Research (SPJIMR)
Mumbai
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11 Jamnalal Bajaj Institute of Management Studies (JBIMS)
Mumbai
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12 Tata Institute of Social Sciences (TISS)
Mumbai
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13 Indian Institute of Foreign Trade (IIFT)
New Delhi
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14 Management Development Institute (MDI)
Gurgaon
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15 National Institute of Industrial Engineering (NITIE)
Mumbai
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16 Shailesh J. Mehta School of Management, IIT Bombay
Mumbai
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17 Narsee Monjee Institute of Management Studies (NMIMS)
Mumbai
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18 Symbiosis Institute of Business Management (SIBM)
Pune
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19 Symbiosis Centre for Management and HRD (SCMHRD)
Pune
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20 Indian Institute of Management (IIM-S)
Shillong
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21 Indian Institute of Foreign Trade, (IIFT)
Kolkata
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22 Indian Institute of Management (IIM-R)
Ranchi
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23 Indian Institute of Management (IIM-T)
Trichy
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24 Indian Institute of Management (IIM-Ro)
Rohtak
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25 Indian Institute of Management (IIM-Rai)
Raipur
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To view the complete list, please visit the following link.

Top B-Schools outside India

It is not necessary that you need to pursue your MBA within India itself. If you wish to explore the B-Schools outside India, the follow list should help you target your dream B-Schools:

Rank University/College Location
1 Stanford University Stanford, CA
2 Harvard University Boston, MA
3 University of Pennsylvania (Wharton) Philadelphia, PA
4 University of Chicago (Booth) Chicago, IL
5 Massachusetts Institute of Technology (Sloan) Cambridge, MA
6 Northwestern University (Kellogg) Evanston, IL
7 University of California-Berkeley (Haas) Berkeley, CA
8 Columbia University New York, NY
9 Dartmouth College (Tuck) Hanover, NH
10 University of Virginia (Darden) Charlottesville, VA

To access the complete list, please click on the following link.

Top Management Entrance Exams:

In order to get into the top B-Schools in India or abroad, you will most likely need to attempt some sort of a Management Entrance Exam. Your performance in the Entrance Exam will determine whether you can attend the following procedures which end with the final selection into the B-Schools. Some of the top Management Entrance Exams are:

  • CAT Exam – It is the biggest MBA Entrance Exam in India. The CAT Score is considered for some of the top B-Schools in India including the IIMs, which are some of the most prestigious colleges in India. Learn More
  • XAT Exam – It is the entrance exam which grants admission into XLRI Jamshedpur which is one of the best B-Schools in India. Learn More
  • NMAT Exam - This is also a widely attempted MBA Entrance Exams and mainly acts as the qualifier for the NMIMS College in Mumbai. Learn More
  • SNAP Exam – Another widely attempted MBA Entrance Exam which acts the qualifying examination for the Symbiosis Colleges – the most prominent amongst which are SIBM Pune and SCMHRD. Learn More
  • GMAT Exam – This is the MBA Entrance Exam which will be the qualifier for colleges outside India. It is the biggest MBA Entrance exam in the world. Learn More

This was some information that may help you make a decision regarding whether you wish to go for an MBA and which colleges & specialization, you wish to pursue.

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