Whether you are just starting out or have gained some experience in your professional career, an MBA degree will not only enhance your business acumen but will help you delve deeper into a specialized discipline along with elevating your credibility in your profession. Further, an MBA program gives you a chance to learn from industry experts and you also get to know fellow aspirants who are dreaming to make it big just like you. If you are right on the edge about your decision of pursuing an MBA, here is a blog that enlists the varied reasons you should definitely consider before opting for this popular degree.
This Blog Includes:
- Multifarious Courses
- Chance to Study at the Best of the Best
- Modern Methods of Study
- High-Impact Career Prospects
- Start Your Own Business
- Admission Process
- Various Specialization in Pursuing MBA
- Develop Advanced and Flexible Management Skills
- MBA Salaries are Some of the Highest on the Job Market
- Pursuing MBA: MBA One-year Executive Program
- Pursuing MBA: MBA India Vs MBA Abroad
- MBA Sample Student Resume
- List of Indian & International MBA scholarships
The sheer number and types of MBA courses on offer are one of the major reasons why many students are opting for this degree. From Pharmaceutical Management, IT, and Finance to Manufacturing, Entrepreneurship, and Media Management and everything in between and beyond, the possibility of pursuing an MBA in your field of interest is always there. Further, there are several categories of MBA degrees you can choose from depending on your needs and suitability. Other than the conventional full-time MBA, some other options include, an Integrated MBA, Part-Time MBA and MBA Distance Education. The course duration may vary between one to two years according to the nature of the course as well as the university.
Also Read: Best Answer for Why MBA
Chance to Study at the Best of the Best
Harvard University, Wharton School, INSEAD France are only a few names in the illustrious list of business schools you can choose to study at. With academically stellar records, the top MBA colleges around the globe vaunt internationally renowned professors, an industry-recognized curriculum of study, and access to some of the echelon personalities in the discipline. Further, dual degree and global MBA options are amongst other potential reasons for pursuing MBA. Opting for higher studies at one of these well-known learning institutions is an experience in itself as you will get to explore an altogether different culture and you will also be provided with varied opportunities to work on your unique business ideas.
Also Read: Best Countries for MBA
Modern Methods of Study
Climbing up and maintaining oneself at the top of QS and THE Rankings is not a mean feat and yet top-ranked-MBA-offering universities have modeled the standard for most other programs in the world. Practicing largely a case-based method of study, a diverse range of MBA subjects and multifarious options of MBA specialisations, management courses are departing from the traditional technique of teaching by incorporating, in a larger context, the business environment. Further, the flexibility offered during the course of the program is another major point of attraction for pursuing an MBA.
High-Impact Career Prospects
With a career investment like an MBA, the opportunities to climb up the ladders into senior-level management present themselves to you in plenty of ways. Not only does it help you build your career in the traditional business fields but also equips you with the right skill set to explore rather unheard, innovative and emerging MBA career options. Add to that the transferability of skills across businesses and the extensive networking opportunities it offers and pursuing MBA will become an even better and unignorable career option you must consider.
Start Your Own Business
A good number of MBA students already possess an existing startup or even business ideas which they are likely to actually during the course of the program or most definitely plan to found a startup after they graduate. The nature of knowledge propagated through an MBA degree makes one adept in judging and assessing the business environment, seeing with the perspective of a businessman and solving different problems. Further, the MBA in Entrepreneurship program has been specially designed to help students deal with starting and managing new ventures.
If you have set your mind on going for an MBA, it is crucial to know about the prevalent steps of the MBA admission process. In order to pursue an MBA from abroad, one needs to take the GMAT or GRE in addition to English language exams such as IELTS or TOEFL. Further, the application package includes the submission of a Statement of Purpose (SOP), Letters of Recommendation (LOR), and a few other course-specific materials. On the other hand, for pursuing MBA at an Indian institution, the CAT exam is an important prerequisite.
Various Specialization in Pursuing MBA
To begin with, here is a breakdown of the most popular MBA specializations you can go for:
- MBA in Marketing Management: It is one of the most prominent MBA specializations. It equips in the field of solid marketing & sales like brand management, content marketing, advertising, Public Relations, salesforce management, Product marketing, consumer trends, etc. A few career opportunities in Marketing Management are Marketing Manager, Product Manager, Digital Marketing Manager, Content Manager, and Media Strategist.
|Average Base Salary: 8.5 lacs p.a to 11 lacs p.a|
- MBA in Human Resource Management: It majorly focuses on people management. Here are various career opportunities to consider if you plan to pursue MBA in HR like Human Resource Manager, Talent Acquisition, Staffing Director, etc.
|Average Base Salary: 7 lacs p.a to 15 lacs p.a|
- MBA in Finance: MBA in Finance holds immense value for candidates who want to earn well and live an extravagant life post-grad. Some of the career opportunities you can obtain after doing an MBA in finance are a Treasury officer, investment banker, risk analyst, management consultant, etc.
|Average Base Salary: 7 lacs p.a to 26 lacs p.a|
- MBA in Operations Management: MBA in operations management basically helps you learn how to manage the operations that are conducted every day within an organization. A few career opportunities are operation manager, production analyst, distribution manager, etc.
|Average Base Salary: 6 lacs p.a to 11 lacs p.a|
Develop Advanced and Flexible Management Skills
You can get the skills required to maintain a successful business by taking MBA classes. Depending on the course of study you select for your Master in Business Administration degree, you may develop some or all of the following competencies:
- Improve your people management and leadership abilities
- Create, promote, and market your goods and services
- Make contacts and partnerships through networking
- Manage challenging circumstances (e.g. financial crisis, public scandals)
- Maintain the company’s financial stability
MBA Salaries are Some of the Highest on the Job Market
Job security and a high pay are some of the most significant benefits of earning an MBA. The typical salary of an employee with an MBA is significantly more than that of a person with a standard Master’s. You can anticipate making double as much money as you would with a traditional university degree.
Pursuing MBA: MBA One-year Executive Program
One year executive program is for those who want to work with at least two or three years of working experience and looking for further growth in their career. Prestigious Business schools are as follows:
|XLRI (General Management)||Jamshedpur|
Pursuing MBA: MBA India Vs MBA Abroad
Following are the Parameters on which you can decide whether you want to pursue MBA in India or across the globe:
|Parameter||MBA in India||MBA Abroad|
|Exam||CAT, MAT, SNAP, XAT, GMAT, IIFT, NMAT by GMAC||GMAT or GRE|
|Course fee||Between INR 7.5 lacs to INR 25 lacs||Between INR 20 lacs to INR 70 lacs|
|Average Annual Salary||Approx INR 18 lacs – 19 lacs||Approx INR 45 lacs|
Also Read: Education Loan for MBA
MBA Sample Student Resume
List of Indian & International MBA scholarships
The following are the basis of scholarships offered to students at business schools:
- Merit-Based Scholarship
- Need-Based Scholarship
- Diversity & Gender-Based Scholarships
- External Scholarships
This is generally intended for those who have outstanding academic performance based on a good GPA. Below are the mentioned scholarships on this basis:
|Kellog Scholarship||Kellog School of Management|
|Tahir Scholarship||UC Berkeley Haas School of Business|
|George J. Stigler Fellowship||Chicago Booth School of Business|
|BK Birla MBA Scholarship||London Business School|
This is determined on the basis of the candidate’s income from the last 3 years. A few top business schools like Harvard & Stanford provide only need-based scholarships & fellowships as follows:
- Cost of Attendance of the Stanford MBA Program
- Assets and Income
- Contributions from parents, friends, or employers
- External fellowships & scholarships = Financial Aid Need
Below are the scholarships by Stanford:
- Charles P. Bonini Partnership for Diversity Fellowship
- Stanford Reliance Dhirubhai Fellowship
Diversity & Gender-Based Scholarship
It is meant for those who are traditionally underrepresented communities in MBA Programs. Some examples of diversity and gender-based scholarships are:
- Forte MBA fellowships for Women
- Reaching out to LGBTQ MBA Fellowship
- Consortium for graduate study in Management
External MBA Scholarships
Apart from financial awards, this is intended towards scholarships to provide access to resources such as special programming & access to networking and recruiting resources. Some examples are:
- McKinsey Emerging Scholars Program
- Khosla Booth Private Equity Fellowship
- Orbis Investment Management MBA Fellowship
- The Aga Khan Foundation
- KC Mahindra Education Trust
MBA in Marketing is one of the best specializations for an MBA.
IIM Ahmedabad is the best institute for pursuing an MBA program in India.
GMAT or GRE are the most popular entrance exams for pursuing an MBA abroad.
The most important reason for pursuing MBA, including the above-mentioned ones, is whether the course fits into your career goals and aspirations. Higher education is a serious commitment and one should carefully consider the available options and career tracks before choosing a program. If you are facing difficulties in pinpointing your interests in a direction or you feel you have found your calling but can’t seem to find the right approach, the experts at Leverage Edu can assist you during this demanding phase so that you can build a rewarding and vibrant career in your field of interest.