The Master of Business Administration (MBA) is a program in Business Administration and Management. It is an extremely sought-after courseas it provides a scientific approach towards business management, training students in business analysis and strategies.
The core courses in the program cover various aspects of business such as finance, marketing,human resources, consulting, along with several other elective courses. Many B-schools worldwide offer programs tailored to suit full-time, part-time, executive and distance-learning students. The Indian Institutes of Management are among the world's most selective schools, offering a post graduate diploma in management rather than a degree because of their deemed university status. There are 20 IIMs in total, 13 of which were established after the year 2010. The oldest 4 IIMs along with the Indian School of Business, Hyderabad constitute the top 5 B-Schools of the country.
This is a crucial question for you to think about if you are an MBA aspirant. It is also an extremely subjective question, which is why it is so often used by the IIM faculty to assess the candidates’ aspirations in the Personal Interview stage of selection into IIMs. The reasons for pursuing an MBA vary from person to person, depending on where you stand in your professional life. If you are a fresher, you look at MBA as an option to kick-start your professional life. On the other hand, if you have some work experience, an MBA can help you change tracks professionally or fast-track your professional growth.
An MBA, of course, gets you closer to the obvious desired outcomes – a better job, higher salary, broader network et al. But it also provides you with some priceless inputs in terms of skills – decision-making ability, structured thought-process, the ability to solve practical problems swiftly, discipline, better communication and collaboration skills.
If you are a fresher, with no exposure to the business world, an MBA helps you understand and build an insight into it. You don’t merely learn the academic theory of business; you get to examine myriad real-time case-studies, and are exposed to the entrepreneurial challenge, when you put yourself in these situations, of providing a practical solution. You develop a sound business judgement instead of just learning theory, and learn to apply it practically to real entrepreneurial issues. If you have already forayed into the business world, pursuing an MBAwill help you hone your skills, making you much faster and more efficient, and keep you up-to-date with real-time strategies in business. You can then go back into your work arena with a much wider set of skills and greater enthusiasm. An MBA institute often operates as a community of batchmates, faculty and alumni, giving you access to an entire network of like-minded individuals.
It is really for you to decide what course you want to take with an MBA. The one thing it guarantees you is a much more satisfactory journey into the field of business in terms of work experience, business network, and remuneration.