MASTER OF BUSINESS ADMINISTRATION
A MBA is an advance level training or master’s degree in business administration where the course is designed to develop foundational business skills like accounting, applied statistics, business communication, business ethics, business law, finance, managerial economics, analysis, management, marketing and operations, in a manner most relevant to the strategy of management. The program contains the core curriculum as well as elective courses depending upon your personal and professional interest, and can take between 1-3 years based on the tenure of the course – full-time or part-time.
MBA programmes are rigorous, expensive, hard to enter and time-consuming. Students must expect to up spend up to 500+ hours of intensive classroom training, per academic year in addition to time spent on assignments and research.
However, it’s the intensity and determination that students demonstrate during the course that make them desirable candidates for corporate management positions.
In Europe – an MBA program starts at 10,000 €- (approx. INR 7.5 lakh a year).
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BENEFITS OF MBA
MBA students are most sought-after workforce as they have specialized skill sets with relevant industry experience to back it. Added to which is the accreditation of the university. University accreditation serves to authenticate that the course material is as per industry requirement and standards. A MBA serves to fast track your career in the work place and ensure growth. With this degree, you can pursue promotions, business prospects, or management positions that may be out of reach otherwise or may take a long time to achieve. These new opportunities come with the advantage of high salary, enhanced job security, and the potential to advance to higher management or executive positions.
While a MBA may be considered as a “professional” degrees because it is designed to develop business managers and executives, some colleges and universities also offer skill-based or career-based courses catering to the interests and ambitions of individual students. A skills-based concentration helps students to develop a specific, adaptable expertise such as project management or strategic planning, while a career-based concentration will prepare you to enter a field like IT, Medical, or Sports Management.
A MBA degree is highly sought after because of the obvious benefits it brings, however universities have some strict criteria for selection. Typical MBA courses require a related undergraduate degree accompanied by 1-2 years of relevant work experience. While most European Countries do not require GMAT for MBA, some top rank universities still ask for it. Additionally, IELTS /TOEFL (English Language Proficiency Test) are mandatory, with 6 bands in IELTS and 65+ marks in TOEFL.