The first school of business was set up in America, while The Harvard Graduate School of Business Administration introduced the first MBA Course in 1908. Master of Business Administration or MBA is an internationally recognised master’s degree, mainly focused on imparting management skills to all the students who wish to pursue it. Unlike Engineering and Medicine, MBA is not specific in its application; it can be applied in any field or any area. Students pursuing this degree will be presented with more and better opportunities to apply the knowledge they take home from their colleges, to yield better results more efficiently.
The course not only let students imbibe hard skills like leadership and management but also provides a platform for them to hone their important soft skills like communication and negotiation. MBA is a vital cog for all budding entrepreneurs to kick-start companies and institutions of their own, as it provides them with the fundamental knowledge and skills to calculate the growth and potential in an idea they believe can lead to a big change in the way of life.
To obtain the degree, the student will need to complete either 1 or 2 years of study (depending on the institution awarding the degree), and need to follow a syllabus involving subjects and topics like accounting, human resource management, corporate finance and marketing. The successful completion of the course opens up various career paths for the students, high positions and an equally good pay cheque. The high profile career is definitely a perk, but the student should also make sure he/she can handle the financial aspect of the course fee, which can be an enormous amount compared to the usual fee demanded by institutes offering bachelor’s degrees.
Unlike other professional courses, MBA does not completely rely on theoretical knowledge. For the very same reason, the method of approach is rather different. Students need to take part in case studies and group discussions where the students are given space to analyse real incidents or situations to come up with constructive and efficient solutions. Very much like engineering, the course within itself has got many branches or fields which the students can choose specialisations, including Human Resource Management, Finance, Marketing and economics; further branched out to focus on fields like Entrepreneurship, Global management, E-commerce etc.
Like all courses, the value for the degree depends heavily on the institution from which the student graduates. India’s best MBA colleges in India offer full-time MBA and PGDM courses, helping them to pave the way for a successful and bright future career. XLRI (Jamshedpur), Faculty of management studies (New Delhi), Indian Institute of Management (Bangalore), Xavier Institute of Management (Bhubaneswar), and T.A Pai Management Institute (Manipal) are some of the top management schools spread across India. To gain admission to these institutions the student has to secure a good ranking in aptitude tests conducted by the concerned institution or general aptitude tests like CAT and GMAT. MBA can prove to be an attractive option for students who wish to start companies of their own, or even secure top job positions in companies of their interest.