It is highly likely that every tenth person you meet has an MBA or is pursuing an MBA or wants to become an MBA. Why is this course so attractive? What drives people by the droves into business administration? What does one learn in this program? Let’s take a look.
- MBA: Master of Business AdministrationCore Subjects typically covered: Finance, Accounting, Marketing, Human Resources and Operations Management
- Types of Courses:Depending on the B-School, you have options. Typically, an MBA is 2 years long. Some schools offer an accelerated one year program. Some schools also offer part-time degrees where you can continue working and still pursue the course. In these cases, certain organisations also sponsor the tuition fees of their workers. There is also an Executive MBA degree for seasoned professionals who want to upgrade their leadership/ organisational management skills.
- Specialisations:MBA specialisations gives you an opportunity to build expertise either in a particular industry or a particular facet of an organisation. Typically, in a two-year MBA program, you spend your first year focusing on core modules before specialising in your second year. Some of the more popular specialisations are listed below:
- General Management
- Business Analytics and Big Data
- Supply Chain Management
- Communications Management
- Pharma and Health Care
- Tourism and Hospitality Management
- Artificial Intelligence
- How to prepare for an MBA:First, if you are an aspiring to be an MBA graduate, figure out a tentative career path. This is so that you can optimise on the MBS concentration you choose and make the best out of it.
Secondly, it is also important you have a goal in place because, most B-schools have splendid on-campus recruitment where, typically, recruiters begin to visit campuses at the start of, or half-way through your programs.
Third, it is always better to get into an MBA program after at least a couple of years of work and immersing yourself in the professional world. Some schools even have it as an eligibility criteria or definitely give weightage to your professional experience. You can learn business administration better when you have actually experienced business. However, it is also important to stay connected to your student roots as you might have to give standardised tests such as the GMAT, GRE, TOEFL or IELTS. It definitely gets harder to sit and study for tests after spending years in the workforce.
Speaking of eligibility, what do you need to apply for an MBA program?
- A Bachelor’s degree from a recognised university/ institution
- Work experience, ranging anywhere from 2 – 6 years
- Most B-schools require/ prefer GMAT scores along with TOEFL or IELTS
- Student essays, recommendations and completed application forms
Top Universities to get an MBA from
| World Rank
||Stanford Graduate School of Business, U.S.A.
||Harvard Business School, U.S.A.
||Penn (Wharton), U.S.A.
||HEC, Paris, France
||MIT (Sloan), U.S.A.
||London Business School, U.K.
||IE Business School, Spain
||INSEAD, Singapore, and France
||Columbia Business School, U.S.A.
||IESE Business School, Spain
Source: QS Rankings, 2022
By choosing to do an MBA, you build leadership skills and learn business principles. But a good course from a good university offers way more than that. You begin building a strong professional network, you have immense access to all kinds of work opportunities and certainly a sizeable pay check.
But beyond these reasons, an MBA, when done for the right reasons will make you future ready. It gives you the skills to adapt to changing needs of an organisation. It pushes you to update yourself for the best of your profession and your organisation.