MBA is a craze these days. Many youngsters plan to do MBA after their graduation. However not many of them really know what it exactly is and what they should really do to make most out of their investment. Most of these ignorant fellows end up in wasting huge money on an inferior institution that takes them nowhere in fact. Here are some things which you must know before opting for an MBA.
1. Nomenclature: MBA, abbreviated from Master in Business Administration is an internationally recognized PG course covering various business -oriented subjects, such as Marketing, Finance, Human Resources
2. Origin: Originated from the United States in the late nineteenth century, started in India in 1961 with IIMS that were not authorized to offer MBA degrees and were issuing PGDM (Post Graduate Diploma in Management).
3. First b-schools of India: IIM Calcutta was the first to be established with the collaboration of MIT Sloan School of Management. Next to follow was IIM Ahmadabad, in initial collaboration with Harvard Business School. In 1955, the University of Delhi initiated the Faculty Management Studies (FMS) and during 1968, first launched the MBA program for graduates.
4. Course to be selected from I) Full time and Industry Accepted ii) Regular 2 years iii) One Year Part time for executives iv) Distance Learning online by weekends v) Open University vi) Finishing School Concepts.
5. Specialization Subjects: General MBA provides options for Marketing, HR and Finance. IIMs and other top b-schools offer a number of electives that don’t attract student. Job prospects marketing 70% finance & HR 10% and balance 10% covers all specialization. Don’t get lured by low budget programs offering new specialization.
6. Special Courses: Select institutes marked ‘specialized’ for specialized courses. Choose to join IIFT for Foreign Trade or IRMA for Rural Management. Other specialized courses are International Business, Entrepreneurship, Media Management, Healthcare, NGO & Rural Development, Tourism and Travels etc. Private institutes charging fees less than Rs 6-7 lakhs can’t provide good quality specialized courses.
7. Self-Interrogation: Sort out the pros and cons with regard to the course and institute you are going to select. What are your motivations such as prospective job openings or establishing your own business? Thinking of in-country education or abroad? Low budget course or high profile institutes? Financial resources available or intending to avail study loan. Which course with what investment gives you the optimum Return on Investment?
8. Selection procedure of foreign b-schools: The base is GMAT or Graduate Management Admission Test, TOEFL or Test of English as a foreign language and IELTS or International English Language Testing System. Letters of Recommendation and personal interviews are other means of selection. Join only the high-ranking ones.
9. Ranking of b-School is done by Bloomberg Business week, US news & World Report, Eduniversal, the Economist and FT.com. D& B gives list of all b-schools in India and interviews associated (dnb.co.in/indias) Leading Business Schools. Ranking up to top ten may be authentic while the rest may be manipulative, favoring particular institute.
10. Qualifying Ability: You are to score the minimum cut-off marks in Common Admission Test or CAT. Check your own past academic performance at matriculation or +2 levels. Your earlier good performance in mathematics and basic knowledge of Economics, and Quantitative Techniques, good communication skills in English, both written and spoken, involvement in extracurricular activities and perseverance will help you better after you join any b-school of your choice.