Career in Business Management (MBA)

Introduction:

Today MBA (Master of Business Administration) is a well-known degree that teaches you not only to run a business but also to effectively manage it through proper research. In simple words, the MBA degree student knows the business principles. He creates business plan by keeping an eye on business benefits and following business tools and procedures.

According to different courses of different colleges, this course is of two to three years and is divided into six-six months of semester. There is an Executive Program for Working Professionals whose duration is one to two years according to the University and College.

After doing MBA you have two options.

1. You can start your own textile, export, recruitment, manufacturing or any other business in which there is profit by selling a product or service.
2. Find a job in a firm that looks for the management of costing and budgeting, sharing and execution of work properly, managers who have emotional intelligence and team management skills. Companies today are looking for managers to work with others. Therefore, it is important for a manager to be sensible and have the ability to team-building and get people to work with the attention of cost and time limit.

Phased Process:

MBA degree can be taken after graduation. MBA is one of the most comprehensive Professional PG programs and by doing so you can work in a multinational company on business and industry exposure as well as very good pay scale.

For this, you should already make a list of colleges and start applying to colleges having MBA in the last year of graduation. You should also start preparing for an early swift admission test. In order to apply, you will have to buy applications from various institutions, which can be priced between 1,000 and 2,000.

Some students start preparing for the entrance exam from the second year of college, which proves to be a good teacher in the examination. Students interested in studying abroad can start preparations for GRE and GMAT. The most popular and prestigious entrance test in India is: Common Admission Test (CAT). Indian Institute of Management and many other reputed institutes make CAT’s score the basis for entry into their institutions.

Start:

Although MBA is a postgraduate course, it is good to start preparing it from the school days. For this, reading, analysis, logical reporting, data interpretation, vocabulary, general-knowledge skills should start developing in you.

Apart from this, those who want to do MBA should choose one of the different specializations available in it and start studying.

Is this the right career for me?

Before applying to an MBA, this question should be asked by each student himself whether this field is suitable for you. If you want to go for any post of management in a company, then you should sit in the entrance examination of the MBA.

The MBA will explain to you topics such as marketing, sales, human resources, insurance and finance management, their concepts and strategies, and their business applications. It may be that this course does not provide you with a deeper technical or analysis concept, but it will give you complete knowledge of how business is operating, such as costing, budgeting.

For example, IIM Ahmedabad offers expertise in the following areas in the Master’s program:

1. Business: It includes management-techniques and business concepts related to all areas of business management.
2. Finance and Accounting Management: It involves knowledge of costing, budgeting and accounting techniques used in business.
3. Economics: It is about statistical methods related to various concepts and business management related to economics.
4. Organizational Behavior: It involves studying concepts such as Change Management and Organizational Practice for organization or business.
5. Marketing: The information about different sales and marketing models is provided for small, medium and large businesses of all types.
6. Native Method: In this, various statistical methods are made to measure the performance of a business or organization.
7. Product Management: From the inventory to other theories of business operations are studied.
8. Personal and Business Relationship: Here the concepts related to human resources are studied such as to make planning strategies or to keep industrial relations friendly while following proper legal regulation.

Similarly, other colleges also design course content for studying in the field. Here, the focus is on projects to deal with real life situations.

How much will it cost?

According to the college, MBA fees can be between 5 to 14 lakhs. Many college students like IIPM give laptops and take them abroad on the industry trip. Therefore, the fees are determined on the basis of course.

Scholarship:

There are several ways to fund two to three year MBA courses. You can take education loan from the banks and if you are employed then your company can sponsor your education.

State Bank of India, Allahabad Bank, State Bank of Mysore, Bank of Baroda education loans are some of the banks. This loan is included in addition to the tuition fee,  library fee, purchase of additional books, travel expenses, purchase of essential computer for your course. Interest rates vary according to each bank. The maximum loan limit for studying in India is 7.5 lakh rupees, whereas for foreign studies it is up to 15 lakhs.

Employment Opportunities:

There are good opportunities for MBA degree in India and abroad. If you have a degree in first-class institutions like IIM and XLRI then there is no shortage of opportunities. Apart from these, there are some prestigious private institutes like IIPM, IMT (Ghaziabad) and MDI (Gurgaon) who provide their students job opportunities with better pay scales through placements.

There are job opportunities for management students in different areas. If you have done MBA in sales and marketing, you can easily get jobs in a bank with a sales officer, manager or insurance officer.  Digital Marketing is also a good option who prefers to work in Online Marketing. Similarly, if you have done MBA in Human Resources, you can get a job in a recruitment firm. Many IT companies place MBA pass outs in the form of trainees and keep them on a job after a certain time.

Pay Scale:

Based on the reputation of the college and the marks received, a fresh management graduate can get salary from 120,000 annuals to 20 lakh rupees per annum. Many foreign companies also offer jobs to IIM, XLRI, FMS and IIPM pass outs of up to 4 million annual salary packages.

But it is better to move slowly in the order of pay scale as the company has more expectations than you are able to get higher pay scale, which can be frustrating if you are unable to complete it.

Demand and Supply:

The demand for any academic curriculum depends on the data of its demand and supply in the market. Because of the economic downturn in 2001, the demand for MBA professionals was at its lowest level due to which the students of prestigious institutes like IIM also had to wait for long time to get a job.

On the other hand, when the economy is at peak, institutions that do MBA have to increase their MBA seats.

However, almost all types of industries and companies are always required for such managers and supervisors who can plan and execute the work.

Track Market:

The job market should always be tracked. Top IT companies like Infosys and HCL employ 10,000+ professionals in areas such as human resources, software and technical support. By visiting different job sites, you can make yourself aware of the changes being done in the job market.

International Exposure:

Students, who earn an MBA by passing CAT or GMAT, easily get jobs above 10 lakh rupees per year in foreign countries. Based on their GMAT score, they get admission in foreign universities for further education.

Multinational companies like to take students from prestigious institutes such as IIM, XLRI, IIPM and FMS as the studies here are considered world-class. Still, it will be safe to do an MBA from top 30 colleges, which will make your money and time worthwhile.

Positive / Negative Aspects:

Affirmative

1. Companies like to hire MBA professionals as they have the ability to work in management and professional environments.
2. It also requires MBA graduates to start a new business as it contains information about new business models, tools and strategies that make plans and execution of any company’s work.
3. Companies pay more to MBA degrees than other postgraduate degrees and diplomas.

Negative:

1. MBA students are very interested in high salaries in the beginning, which companies sometimes cannot afford. This makes the students feel frustrated.
2. In the last few years, very private institutions that earn an MBA degree on high fees have opened in almost every street. These institutions promise good package and other public-lucrative promises to students and cannot complete them later.
3. Since the number of seats in prestigious institutes like IIM, XLRI and FMS is limited, so many students make frequent attempts to get admission in it, which is an invaluable time for the students.

Courses for Experienced Professionals

In institutions like Symbiosis and IIM, it is known as Post-Graduate Program in Management. Symbiosis, Pune also offers this course through distance learning, in which course content remains almost the same.

On the other hand, Executive MBA, which is only for experienced professionals, is from three to six years in different institutions. Here the course content is however selective, but it is equally beneficial.

For example, IIM Kolkata conducts an MBA course for Executive Working Professionals, which is beneficial to professionals like regular MBAs.

List of Leading Companies:

Depending on the reputation of your MBA Institute, you can be employed in different companies.

If you are from first-level institutions like IIMs and XLRI, then you can get jobs in Reliance, Infosys and leading public sector companies. Apart from this, multinational banks like Barclays, Royal Bank of Scotland, American Express, Standard Chartered and other financial institutions also employ hundreds of MBA graduates from India.

Tips for Getting Employment:

As a student of MBA, you should have full knowledge of all business principles, their analysis and management. For this you should keep the following in mind:

1. Be self-confident, whether it’s your communication skills or the way to present yourself.
2. Explain to your employer that you will do excellent work for the company. Make your claim certified with your performance and received prizes in college.
3. Keep yourself ready for group discussions, tests and other practical interviews before the selection.
4. Keep a proper package for your always in mind so you can negotiate up to his employer or down.

Try to coordinate between your education and qualifications and package offered by the company so that HR departments are willing to keep you on the job for at least the next few years.