MBA is one of the most sought – after management programs in India. As per a study, of the 150-lakh people around the globe who age between 20 and 34 possessing a Graduate Management Degree (GME), 15.6% (almost 23.4 lakh) are Indians. India stands amongst the top 10 nations when it comes to students going for MBA program or any of the equivalent courses. India is known to be the second largest pool of MBA in the world.
Introduction to MBA
How did MBA start?
The story of the advent of MBA goes back in 1908 when the program was first conferred by The Harvard Graduate School of Business Administration. The school was the first one to introduce the first MBA program in the year 1908. It began with 15 faculty members and 80 students where 33 students were regular while 47 students were special. The number of MBA students witnessed a quick increase from 80 in 1908 to 300+ in 1920, and 1070+ in 1930. Since then, we have been noticing a consistent rise in the number of students pursuing MBA with every passing year.
What is the Importance of an MBA?
There are various reasons explaining the significance of the most sought-after program. It’s not always possible to list out all the benefits of pursuing the program and how the degree helps your career. Below mentioned are some of the Career Benefits of pursuing MBA:
New Career Paths
Possessing an MBA degree helps you grow into a more qualified candidate with innumerable career paths. Shifting gears and following a new career path is a hell of a task and can feel like an impossible objective. Gaining new skills works as a catalyst that is required by a candidate to kick start his/her transition from one career to the other. Even if your background is not the most suitable one for the position of your dream, an MBA degree will provide the necessary education and skills that will help you evolve into a deserving candidate.
Increase in Earning Potential
There are recent studies that have shown that the average MBA candidate’s pay for a position is 50% higher than that of another candidate with no MBA background. The average income of MBA candidates has increased by 80% which is another impressive factor. The hike in earning percentage vividly shows the financial significance enjoyed by an MBA. This sounds dreamy but it should also be taken into consideration that with this personal satisfaction comes with greater responsibility.
Growth in World Perspective
An MBA widens your knowledge in enterprise, and this helps you comprehend the intricate details of how you must operate in a global marketplace. Most of today's programs consist of immersion trip abroad so that the MBA students can observe a firsthand look to learn to manage a business in the global arena. Opting for a program that attracts students from across the globe will only add to the classroom diversity and enlighten the discussion.
Skills Gained from MBA
There are numerous skills taught throughout the MBA program duration that can help you reap its benefits. Students get to learn how they can gain skills in Leadership, Strategy, Analytics, Management, etc. Below are the top skills that students can learn in an MBA program:
Communication
This is the most important skill as it is always vital to relay information and convey ideas with clarity to your peers. An MBA degree ensures better communication and decision-making skills. Companies always show their keen interest in hiring students with top notch communication skills, sometimes even irrespective of their background.
Networking
One important effect of doing an MBA is the opportunity and ability to set up a professional network. Students get a chance to strengthen their network. The network consists of not only those who joined but also students from other cohorts. It is refreshing as well as encouraging to talk to different people in and outside your surroundings.
Strategic Thinking
Strategic thinking involves understanding of the steps and activities to be performed by the companies in order to succeed. It is an advantage in the business world. Leaders who keep in mind the developments can think prudently and come out with the best plans of action. You learn to become a strategic thinker if you possess an MBA degree.
Top MBA Colleges in India
Since, India is the second largest pool of MBA across the world, we have several top-notch MBA colleges. These institutes include private as well as government management colleges. The ranking position of these institutes is carried out based on several ranking frameworks established by the MHRD. NIRF Ranking is one such organization that ranks the best colleges of India under many categories.
Some of the Top MBA Colleges are:
Application Process of MBA in India
The application process of MBA in India usually involves Qualifying of a common entrance examination and then appearing in Written Ability Test (WAT) or Essay Writing, Group Discussion (GD) and Personal Interview (PI). WAT, GD, or PI rounds are conducted after qualifying the examination. There are several exams conducted across the country for admission to MBA program. Some of the major exams include – CAT, XAT, MAT, SNAP, CMAT, and NMAT.
In order to apply for the entrance exam, candidates are required to be eligible as per the already defined eligibility criteria.
How to Apply for an MBA Exam?
Applying for any MBA Exam consists of a set of steps candidates must complete in order to register themselves. The registration for the exam takes visiting the official website of the exam and filling out the application form made available on the website. Candidates applying for the exam must also make the payment of registration fee while applying. Below are the steps to apply for MBA Exam:
- Visit the official website.
- Navigate to the registration link and click on it.
- Fill in your personal and academic details correctly.
- Upload important documents as per the specified guidelines.
- Process the payment of registration fee of the exam.
- Submit the duly filled form.
- Save this application form for future reference.
Which MBA Exams are Conducted in India?
The most prominent MBA Exams conducted in India are CAT, XAT, MAT, NMAT, SNAP, and CMAT. Taking and qualifying one of these exams is the first step for MBA Admission to any of the top management institutions across the country. All the MBA colleges accept score of respective entrance examinations for MBA.
MBA Exams
All the IIMs along with the other top colleges such as FMS, IIFT, SPJIMR, and MDI accept CAT Score for taking students in. XLRI accepts only XAT Exam, NMIMS accepts only NMAT, and all the 16 constituent colleges of Symbiosis International University accept only SNAP Score.
How to Crack an MBA Exam?
The most common question from all the MBA aspirants is “How to Crack an MBA Exam?” In order to ace any MBA Entrance Exam, candidates must first understand a few things about the exam they are preparing for. The factors that they must take into account about the entrance exam are, Syllabus, Exam Pattern, Marking Scheme, Study Material, Previous Year Question Papers, etc.
All the MBA Exams are almost similar when it comes to the examination pattern, hence the syllabus for all the sections asked in the examination is almost the same. These exams usually differ in the number of questions asked and the difficulty level of these questions.
The preparation strategy is different for different sections. Some of the common tips to crack the exam are mentioned below:
- Taking Mock Test Regularly
- Practicing Previous Year Papers
- Study from Right Study Material
- Understand the Exam Pattern and Syllabus
- Create a Timetable
- Stay Updated with Current Affairs
- Seek Guidance from Experts
- Revision
Evolution of MBA Program
When the United States emerged as a superpower after the Second World War, there was growing evidence of its influence on the global economy, education and the world business structure.
- Because of the little or no competition from overseas, US business schools were able to keep their slow pace. Until 1950, one could not get an MBA degree from any university outside of America.
- The University of Western Ontario in Canada established the first MBA program outside America in 1950. It seemed to be that South Africa’s University of Pretoria, India’s Indian Institute of Social Welfare and Business Management and Europe’s INSEAD couldn’t wait too long.
- University of Chicago became the first to have permanent campuses on three continents: namely; North America (USA), Europe (Spain) and Asia (Singapore).
- The MBA program has developed naturally worldwide.
MBA Goes Online
The MBA degree has been the reference point for advanced business management degrees.
- This in turn has made it a trendsetter within the education sector as well as demonstrated its ability to withstand shifts in technology and market trends.
- For instance, one such transformation was brought about by the introduction of personal computers, internet and online education (and what a difference this has made!).
- This was back in 1986 when Roy E. Crummer Graduate School of Business; Rollins College based in the United States implemented use of laptop computers by students in their classrooms.
- By the 1990s Columbia Business School had become a pioneer as far as standardizing software is concerned. Athabasca University, Canada offered its maiden online MBA program in 1992.
- Since then, the digital revolution has encompassed every part of the world affecting people’s learning behaviors and habits at breakneck pace.
Challenges in Pursuing MBA
Getting in Terms with New Knowledge
Most of the students who wish to pursue an MBA degree must possess at least two years of working experience. It turns out to be challenging to transition to a situation where you must learn from teachers and peers from the one where you already know what to do. Before admission to an MBA school, you must be sure that you are open to learning new concepts.
Working as a Team
To be able to work as a team is one of the most important skills to possess, be in a business school or any other profession. In an MBA program, candidates are expected to work on individual as well as group projects. Group dynamics have a vital impression on project performance.
Getting Used to a New Environment
MBA aspirants on one hand may feel that getting admission to an MBA program is not as complex as they think it is, on the other hand it is extremely simple to get admission to an MBA program abroad. Both the cases will require you to adapt your behavior and communicate with new people.
The best possible way to overcome this challenge is to get adjusted to your new surroundings. Before you get started with your session, do some research on the Business School you are going to. This will help you understand students’ life and on campus social activities performed in the college. This will allow you to acclimate to your new environment more easily.
Networking and Socialising
Networking and Socialising are two sides of the same coin. There is still a fine line between the two terms. While pursuing the MBA, candidates will come across people from a wide range of backgrounds and varying interests, and hence networking and socializing appear difficult.
MBA pursuers are advised to not avoid this because it is an important component of an MBA student’s life. Although candidates will be provided with a more detailed perspective, and they will be required to engage with them on study projects. Hence it is critical that candidates keep in constant contact with their peers.