For anyone looking for answers to the question 'Why MBA?', this article shall act as a comprehensive guide for pursuing MBA in India.
An MBA can benefit students, especially when pursued by a reputable business school. A good income after graduation, obtaining a coveted management title, building an extensive professional network, and even being one's boss are the benefits of an MBA degree.
In today's world, everyone wants to acquire an MBA degree, which has created a lot of excitement and buzz around this PG programme. However, many people join this programme without fully understanding its aim. That's why business schools probably ask prospective candidates 'Why MBA?' question in their MBA applications.
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Table of Contents:
- Why MBA? Top 11 Benefits of Pursuing an MBA in 2024
- Career Advancement
- Diversifying Skills and Knowledge
- Preparing for Leadership Roles
- Improving Critical Thinking and Problem-Solving Skills
- Age No Bar
- Access to a Valuable Alumni Network
- Attractive Salary Packages
- Career Switch
- Global Exposure
- Flexible Learning Options
- Personal and Professional Growth
MBAs provide much more for most students: better networking prospects, access to career-advancing opportunities, and a higher salary. Considering the money, effort, and time required to get an MBA, it's crucial to consider whether pursuing one is worthwhile.
Why MBA? Top 11 Benefits of Pursuing an MBA in 2024
After going through the basics of an MBA, it is worth considering the benefits of an MBA degree to students and how they can approach it to extract the maximum value.
1. Career Advancement
An MBA degree can help you move up the career ladder and increase your earning potential by providing you with advanced knowledge and skills in business and management. Fresh graduate from any discipline is usually dissatisfied with the severely restricted work possibilities and job profiles. Here is typically when they start thinking about ‘Why choose MBA?’ An MBA broadens a student's professional possibilities and job profiles.
Furthermore, an MBA from one of the best business schools propels learners to higher levels of management, making them managers and senior managers, which not only means a higher position (and salary) in the corporation but also increased responsibility. Thus, an MBA from one of the best business schools offers a person the legitimacy to take leadership positions in a firm.
2. Diversifying Skills and Knowledge
An MBA program offers a broad curriculum covering various business and management areas, allowing you to diversify your skills and knowledge.
3. Preparing for Leadership Roles
An MBA can help prepare you for leadership roles in various industries by providing you with the skills and knowledge required to manage and lead teams effectively.
4. Improving Critical Thinking and Problem-Solving Skills
MBA programs emphasize critical thinking and problem-solving skills that can be applied to real-world business challenges.
5. Age No Bar
Age is not a significant consideration in the admissions policy at business schools. Thus, regardless of a learner's age, an MBA degree is a transformative experience that acts as a toolset for transitioning or advancing to leadership roles at work.
6. Access to a Valuable Alumni Network
Why MBA? Because top business school alums are held in high regard in professional settings. This is because top-ranked B schools have been operating for a long time and have created powerful brand reputations for themselves. Pursuing an MBA provides ample opportunities to build professional connections and network with individuals in the business world.
When networking at business schools, learners can access the same tag as thousands of their peer graduates. An MBA from a reputable business school provides students an excellent opportunity to network with knowledgeable, brilliant individuals who may someday occupy top strategic roles in big corporations or even be company leaders.
7. Attractive Salary Packages
Undoubtedly, an MBA degree from a reputable business school leads to higher pay packages immediately or eventually. To put it mildly, an engineering graduate's pay after an MBA is at least double. Even during a recession, most top-tier B-schools have offered significant wage packages to their students.
8. Career Switch
It was typical for graduates to commence and conclude their careers at the same business a few decades ago. However, the practice has waned over the years. The levels of long-term interest in a job have changed with the corporate world's dynamics.
Moreover, because layoffs are more widespread in the recent pandemic, it's critical to watch for job shifts when one's career graph appears stalled. Here is where an MBA from a reputable business school might be useful. So, why MBA in this instance? Because an MBA graduate from a top B-school begins their career in mid-management or senior management and has considerably more excellent prospects of advancing to become a CEO, CIO, CEO, CFO, CTO, etc.
9. Global Exposure
Many MBA programs have a global focus, providing students exposure to international business practices and cultures.
10. Flexible Learning Options
An executive MBA requires 2 - 2.5 years of professional experience. An executive MBA is often a one-year programme aimed at professionals with adequate business sector experience who want to further their careers. The fees for executive MBA programmes are greater than those for regular full-time programmes. However, employers may also come forward to pay a portion or even the entire price of the programme for working professionals. JBIMS Mumbai is one such institute.
On the other hand, full-time MBA programmes are great for recent graduates or those who can afford to take a break from employment. Full-time MBA can place learners well ahead of non-MBA grads in terms of career prospects. Therefore graduates with three or more years of experience, an Executive MBA is recommended since it provides the value of an MBA in a shorter duration.
11. Personal and Professional Growth
Pursuing an MBA can be a challenging and rewarding experience that can lead to personal and professional growth.
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What Is an MBA Degree?
For the uninitiated, the question of ‘Why MBA?’, an MBA degree focuses on building leadership development and business fundamentals. Accounting, communications, economics, statistics, management, and entrepreneurship are among the topics included in MBA training. MBA programs not only equip students to work for well-established financial organizations but also for managerial roles or as startup company founders.
Academic excellence provides a solid foundation for an MBA degree, but several business schools focus more on real-world professional achievements. As a result, many colleges place a premium on relevant job experience when shortlisting candidates.
Read More: MBA
Types of MBA in India
Students must refer to the table below to know about why MBA is important and which type of MBA they must pursue.
| Type | Duration | Average Fee (in INR) |
| Full-time MBA | 2 years | INR 15,00,000 |
| Part-time MBA | 2-4 years | INR 10,00,000 |
| One-year MBA | 1 year | INR 7,00,000 |
| Online MBA | 2 years | INR 40,000 |
| Executive MBA | 1-2 years | INR 10,00,000 |
Read More: Different Types of MBA Courses
Top Entrance Exams for MBA in India
Across the country, there are various entrance tests for MBA programmes. The top MBA entrance tests guarantee applicants admission to a reputable B-school with a strong reputation and excellent placements. The following are the ultimate MBA admission tests in India:
Top MBA Specialisations in India
Some of the most popular MBA specialisations in India to understand the answer to the question of why choose an MBA in India.
Top 10 MBA Colleges in India
You must choose the best business school to help your blossoming career. With over three thousand business schools in India, the MBA scene is rather crowded, where it can be both lucrative and perplexing. However, studying at any of India's top business schools may provide significant rewards for your time and money commitment.
- IIM Ahmedabad
- ISB Hyderabad
- IIM Bangalore
- IIM Calcutta
- XLRI Jamshedpur
- MDI Gurgaon
- IIT Delhi
- IIFT Delhi
- SPJIMR Mumbai
- NMIMS Mumbai
Note: Rankings can vary based on the methodology and criteria used, so it is always a good idea to research and compare multiple sources before making a final decision.
Conclusion
The concepts taught when pursuing an MBA goes beyond the classroom's confines. Aside from receiving a world-class education, MBA students may participate in various extracurricular activities, meeting with current students and alums and developing stronger connections. World-class job resources for MBA graduates assist you at various phases of your career and stay connected.
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