A Master of Business Administration (MBA) is a degree that excels the management abilities of the students and lays emphasis mainly on business administration. An MBA program provides the skills and knowledge required to start a new business.
A person holding an MBA degree is said to be a professional in marketing, accounts and management. The knowledge of business administration is not restricted to the business alone.
It further exposes the students to the fields such as accounting, marketing management, human resources, finance, management information systems, macroeconomics, organizational management and computer information systems.
In the 20th century, the industrialization in the United States led the companies to look forward for scientific approach to management, thus demanding for qualified people in the business field.Hence, the Master of Business Administration (MBA or M.B.A.) degree has originated in the United States.
This degree covers various subjects like Economics, Finance, Accountancy, Marketing and Management. Nowadays, many employers demand an MBA for top level positions in their organisations. Pursuing an MBA degree paves the way for building a professional reputation and progression as well as promotion.
The eligibility criterion for an MBA is graduation. Securing 50% of marks in graduation is a must for general candidates and 45% of marks for SC and ST candidates.The IIMs and most of the business schools select the students based on their CAT score.
Various subjects offered in MBA are
- Human Recourse Management (HRM)
- International Business (IB)
- Operation Management
- Information Technology (IT)
- Supply Chain Management
- Agri Business Management
- Health Care Management
Apart from this some business schools offer different subjects such as Public administration, Business and economic forecasting, hospitality management, management information systems and international business based on the students’ interest. The IIM (Indian Institute of Management) A, B and C are considered to be the top colleges in India.
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Based on the duration and admission requirements, there are a few types of MBA programs. However, the topics covered during the course are the same for any type.
- Full-time, which requires two academic years of class work.
- Part-time, specially designed for working professionals. The classes take place during night times or the weekends and the course completion depends on the student’s elective
- Accelerated MBA, which facilitates the students to complete the course in a very less time such as an year. The students have to bear more course load in order to pursue an accelerated MBA
- Executive MBA, meant for professionals with approximately ten years of experience in the business field. This course enhances the skills.
- Dual MBA, in which a student can consecutively get an business management degree while studying another course such as Master of Science or Master of Public Health. Some schools offer an integrated five year program combining MBA with other bachelor’s degree programs.
Employment opportunities for this degree holders are more in industries of financial services and banking, consulting and professional services, recruitment and HR services, IT and computer services and private organizations such as schools, hospitals etc. It is said that job prosperity is more in law and pharmaceutical industries. Holder of this degree can even procure overseas careers. Surely, one’s business credibility is increased.