A man without education is almost like a ship without a rudder. Education is gaining prime importance in today’s competitive scenario. MBA is one of the career choices student make to pursue their post graduation studies. MBA is the common abbreviation used for Masters of Business Administration. MBA is one of the most common career choices amongst the youth in India today. This is purely because of the benefits that the course offers. More and more MBA schools and management institutes are coming up in India. There are more than thousand institutes all across the country that offers full time residential MBAs. To add to the list, distance learning MBA, online MBA and part time executive MBAs are also gaining momentum.
With the growing needs of the industry for world class managers, the institutes offering MBAs has also gone up in the last few years. The Indian Institute of Management, IIMs, as they are commonly referred to as, is the crème de la crème of all the institutes offering MBA in India.
The Master of Business Administration Degree (MBA) is the most popular business qualification in the world, and is fast becoming a prerequisite for management positions. MBA is normally considered to be the basic and ideal post- graduate qualification for taking up a good and rewarding career in management.
A candidate with a good MBA degree finds no problem in getting a good job and freshers are usually inducted as Management Trainees for one to two years, before getting absorbed in regular scales. After a few years of experience, MBAs may choose the job of their own liking on very attractive terms.
There has been a sea change in the economic and industrial scenario of India over the past few years. The Government’s policy of liberalization has unshackled restrictions and controls on business with the result that there has been a spurt of entrepreneurial activity and a spawning of mega-conglomerates. Increasing globalization has perpetuated severe competition and tough battles for market share. For business success, these organizations need talented, qualified managers with a professional approach. They turn to MBAs from premier business schools.
A MBA differs from many other postgraduate courses in that it requires that you have prior experience of business. It is not normally appropriate to start this course of study immediately after your first degree, and most schools will require that you have 4-5 years experience of business.
The MBAs recruited are credited with the following:
- The functional knowledge of the business organization.
- The knowledge of functional interdependencies.
- In-depth knowledge of at least one discipline.
- The ability to adapt to new environments - micro and macro.
- A problem solving approach.
- The necessary inter-personal skills.
- The skills of communication.
- Initiative and the drive to succeed
If one takes a look at the profiles of captains of business and industry, movers and shakers of the corporate world, high flying executives, key decision makers, in short anyone who makes a difference to the fortunes of a corporation, more often than not, you will find they have one thing in common, an MBA from a premier business school. Be it in Marketing, Finance, Banking, Advertising or Consulting. Take any organization and, by and large, occupying the top and senior level positions are men and women of familiar qualification.
In today’s complex and competitive world, personal entrepreneurship is required to succeed irrespective of the profession/position that you are handling. Just having focused / specialized skill sets though important may not serve the overall purpose in a business environment. Some are born entrepreneurs like the Tatas, Birlas, and Ambanis etc. to name a few. However, this quality of ‘entrepreneurship’ is not inculcated or developed in professional courses of engineering, medical, commerce, arts, economics etc.
An MBA course would sharpen your vision, increase your business acumen, enhance you skill set and help you to view things with a business perspective. To highlight the above point, a pure engineer may not be able to appreciate commercial, legal, financial or marketing aspects of a business unit. However, coupled with an MBA, he/she is likely to do better.
For Engineering Graduates an MBA is an added advantage. As an Engineer, you develop:
- Good analytical skills.
- Good quantitative skills.
- Good decision making.
- The art of attacking a problem head-on and reaching its solution.
- Instant thinking.
But the industry these days requires you to have (in addition to the above mentioned skills):
- Good communication skills
- Leadership qualities
- The right personality
- The ability to work in a team
- Knowledge of all functional areas in Management
- One specialization in Management
Career profiles of specialists get ’stagnated’ and their acceptability from one job function to another is limited. In the modern environment apart from varied formal and informal training, an MBA gets irrespective of specialization functional job knowledge in areas of marketing, finance, HR, systems, legal etc. Apart from the ‘formal’ education curriculum students are vigorously trained and given exposure to industry, asked to take up social projects etc. A few institutes even provide specialized training for development of personality, mental and physical health. In short, B-School MBAs irrespective of their graduation background are specially equipped to tackle their jobs and responsibilities in a more efficacious and business-oriented manner.
The demand for MBAs far outstrips the supply. And that is the reason they command such great bargaining power. Where else does one get the opportunity of making it really big in a short time span, a high-powered life style, lucrative earnings, of fully exploiting talent and potential, except in a career in Management? No matter if one is an Arts, Science, Commerce, Engineering or Social Sciences student. An MBA from a premier business school can provide foundation for a successful career path.
It is important to study MBA to better understand the principle and methods of successful business tactics and strategies. A Master in Business Administration as a certificate can increase your chances for gainful employment in a more lucrative company position. The first steps to making CEO of any company is having an MBA.