Deciding to study an MBA degree

MBA is becoming more and more popular amongst students from all streams with each passing day. The programs has with time also become one of the most pursed and sought after courses that students today are investing their future in.

MBA today is being pursued by students of all most all streams as it is the need of the hour. The degree has gained more and more importance throughout the years. Have a look at the article to find out the relevance of MBA.

The benefits of an MBA degree are multifold – not only they help you climb higher and faster in the corporate ladder – but they can also be beneficial for young entrepreneurs. Here’s a look, see more…

Deciding to study an MBA degree (Master of Business Administration) is a big step for aspiring managers. Is pursuing an MBA program at a business school abroad a good choice? Are the financial investment and the entry requirements justified? All in all, is an MBA degree worth it?

So, what can you do with an MBA? An MBA will offer you a wealth of advantages, especially when it’s from a well-regarded business school. Getting a high MBA salary after graduation, landing a management position, developing a strong professional network, or even becoming your own boss are just a few of the advantages of studying an MBA

Need to know more? Here are the top reasons to start studying a Business Administration degree:

1. Develop advanced and flexible management skills

MBA applicants are usually young businesspeople with a minimum of two years of professional experience. Even senior employees who feel up to the challenge may sometimes apply.

MBA classes will help you develop the skills necessary to keep a company successful. The curriculum of each Master of Business Administration degree can be different, but these are some of the most common competences you’ll develop depending on the study programme you choose:

    • Improve leadership and people management skills
    • Develop, advertise and sell your products and services
    • Network and create connections or partnerships
    • Manage difficult situations (e.g. financial crisis, public scandals)
    • Keep the company’s finances healthy
    • Promote and maintain the company’s positive image
    • Gather, interpret, and create reports based on industry data
    • Hire top talent and improve employee retention
    • Create hierarchies that help the company thrive
    • Make tough calls at the right time

Studying an MBA degree forces you to get out of the comfort zone. You’ll explore the latest International Business trends, apply the newest management tools and techniques, and challenge yourself to improve your business, teams, and collaboration.

An MBA is also a great way to prepare for a changing business environment. The abilities you develop are also the best tools you have to adapt to the unavoidable change of industries, the marketplace, and the ways people do business.

If you plan to change careers, but the industry evolves in a way that messes with your plans, the skills you’ve developed will help you quickly adapt and find a new direction. You’ll also be able to make use of changes in economy and find new business opportunities where others simply try to survive a harsh business environment.

2. A lot of MBA specializations to fit your exact goals

Because of their international popularity, many universities and business schools have developed a diverse range of MBA programs, specialising on different aspects of the business world. So, what MBA specialisations can you choose from? What’s the difference between them? And which MBA subjects are in highest demand?

    • General Management – Probably the most popular MBA specialisation. Great for developing an all-round effective business arsenal – great for a very versatile business environment.
    • International Business – great if you want to work abroad, or work in a global company with offices in different locations. Great for aligning business goals across borders. As global businesses are growing, this too is an all-round popular specialisation.
    • Strategic Management – Prepares you for long-term business planning and back-up planning.
    • Finance – Great for bankers, financial controllers, chief financial officers, and finance managers. Courses will focus on Statistics, Data Analysis, Accounting, and more.
    • Marketing – Focuses on businesses that rely on promoting products and services.
    • Entrepreneurship – Best if you have an original business idea and think about launching a start-up.
    • Operations Management – Ideal for managers in charge of optimising production processes. You’ll learn how to run production as efficiently as possible.
    • IT Management – Prepares you to do business in the technology sector or do business that heavily relies on technology. This side of business relies heavily on the analysis of collected data and product development based on it.
    • Human Resources – Great to learn for managers in charge of HR teams or working with large groups of employees. Focuses on conflict resolution, team development, motivation, defining job responsibilities and more. You can’t go wrong with this one if you’re a people person, as companies will always need good and happy employees.
    • Consulting – prepares experts ready to offer an outside opinion for challenges faced by companies. This specialisation also develops your expertise in a variety of sectors and is very well paid.

Keep in mind that there are also a lot of MBAs providing dual specialisations, further upgrading your management capabilities and job-market versatility.

3. Access to an extensive business network

As an MBA student, you have great networking opportunities. You’ll interact with fellow students, professors and teaching staff (businesspeople with great management experience). And this context will expand your business management capabilities.

Finally, you gain access to the extensive alumni network of that particular MBA programme. Your connections will give you a great overview of the business world. Be ready for a deep understanding of the slightest changes in the business environment and discover new ways to adapt fast. You can reflect on some big business issues and make connections between various global events and world affairs.

4. MBA salaries are some of the highest on the job market

Among the benefits of an MBA degree, job security and high salary are some of the most important. The average income for an MBA graduate is much higher than an employee’s with a regular Master’s. You can expect to earn twice as much as what you would get from a regular university degree.

If you’re wondering what you can do with an MBA degree or what MBA jobs are available, here are some popular career choices: business operations manager, management analyst, market research analyst, top executive, HR manager, etc.

Average MBA tuition fees

An MBA programme represents a considerable financial investment. To give you an idea about how much you might have to pay, we’ve listed the average tuition costs in popular study destinations offering MBAs.

Keep in mind that you can find more affordable MBA degrees (under Rs. 3,00,000 Lacs) in the country. At the same time, top business schools can demand higher tuition than these average amounts. Some offer MBA/PGDM programmes for Rs. 5,00,000 with the most expensive going over Rs. 7,00,000.

Which MBAs lead to the highest salaries?

All MBAs lead to high salaries, but some industries pay better than others. According to the U.S. News, these are the top 5 industries where MBA graduates earn the most:

    • Consulting
    • Financial Services
    • Technology
    • Healthcare
    • Consumer Packaged Goods

If you’re interested in earning more, choose an MBA that will enable you to develop the necessary skills to work in one of these industries. However, don’t allow high salaries to trick you into believing an MBA diploma is the only thing you need. Salaries are determined by many other factors, such as work experience, bonuses, and how well you negotiate your contract.

5. Start your own company from scratch

Many students choose an MBA because they want to become entrepreneurs and learn how to start and grow a business. They have a big dream and want to know how to turn it into reality. Here’s why an MBA can help you become a successful entrepreneur:

MBA professors with real-life experience in starting a business can tell you the major traps you need to avoid and what you should do to make sure your company grows and remains stable over time.

You can find MBA colleagues who have similar interests. Share your ideas with them and see if you can form a common vision. It’s easier to succeed with your start-up if you have a reliable partner who has your back and vice versa.

You’ll learn how to communicate effectively and why it is essential for the success of any organisation. Whether you’re negotiating a contract with the suppliers or explaining your vision to prospective investors, knowing how to express your ideas clearly can make the difference between winning or losing the support and attention of your audience.

Don’t believe you’re the only one who wants to become an entrepreneur. Many MBA graduates end up starting their own business. According to the GMAC research team, “B-school alumni entrepreneurs most often found their own companies (85 percent), and combined, over half establish businesses within the consulting (36 percent) or products/services industry (26 percent).”

6. MBAs are great for a career change and thriving business opportunities

Many students take MBAs to either change the industry they’re working in or advance to a managerial or administrative position. You shouldn’t do both at once, as it’s possible to spread too thin – not having the work experience in the new position to back it up. Approximately 1 in 3 prospective MBA students use their management education to pursue opportunities in new industries or job functions they have not worked in.

It’s a good idea to decide on the industry and job you plan to follow before applying to the MBA. This way, it will be easier to pick the best MBA for your needs and have clear future goals that weigh heavily during your application interview. Also, you’ll have 2 years to develop the exact skills you need for the new job.

The versatility and diversity of MBA programme specialisations are great support for those preparing for a career switch.

Graduates of part-time or full-time MBA programs have higher chances of holding a high-level management position and enjoying successful MBA careers. Over 50% of MBA graduates worldwide are senior managers or board directors. This type of positions brings a higher salary, but also greater responsibilities.

Here are some of the largest companies in the world that hire MBA graduates:

    • Amazon
    • Apple
    • Bain & Company
    • The Boston Consulting Group (BCG)
    • Citigroup
    • Facebook
    • Goldman Sachs
    • JP Morgan
    • McKinsey & Company
    • Microsoft
    • Walt Disney
    • ITC
    • Cognizant Technology Solutions
    • TCS (Tata Consultancy Services)

7. MBAs are challenging but not difficult to graduate

Many potential students ask if an MBA is too difficult for an average student. The easy answer is “most likely not”. But, as you’ll probably learn during your MBA, your attitude makes up over 50% of your professional success, anyway. So, it’s also possible you’re not asking the right question. Rather than asking if an MBA is too complicated, you can try to develop new ways of looking at the things you consider difficult and take them as challenges or problems to overcome. That’s how a professional business person would look at it.

In short, an MBA is as difficult as you make it, and is as rewarding as you invest in it. In the business world, there is rarely any hand-holding. You either develop into a competent business expert or are surpassed by the competition.

Here are a few class examples that are usually included as part of the curriculum of an MBA degree. These may offer you an insight into how difficult you might find the learning experience for an MBA:

    • Accounts for Managers
    • Managing Business Environment
    • Organisational Behavior
    • Managerial Economics
    • Financial Management
    • Marketing Management
    • Operation Management
    • Business Law
    • Human Resource Management
    • Operational Research
    • Strategic Management

8. You can study an MBA part-time or online

The main benefit of studying an online MBA degree is obviously convenience. You might be busy with your work, or you are simply involved in other activities which are important to you. This doesn’t mean you cannot expand your knowledge about business and management. Online MBA programmes are very flexible. You can study at your own pace and access lectures and course materials whenever you want.

Online MBA courses are also accredited. We’re living in a world where studying online receives the same recognition as on-campus education. Just check the accreditation of your MBA degree or university before enrolling, to make sure you don’t run into a scam. Spotting the difference between a genuine Business degree and a fake one shouldn’t be too hard once you do your research.

Online MBA tuition fees are lower. Another advantage of studying online is that you’ll only have to pay the tuition costs. Goving to other states would involve other expenses like accommodation, transport etc.

If you want to develop your business knowledge but don’t have a lot of time, you can choose a part-time MBA programmme, next to your job. Studying a part-time MBA will increase your study duration from 2 to 3 years, sometimes even 4 years, depending on the type of MBA you choose. But a part-time MBA gives you the space to keep earning while studying and not having to put your personal life on hold while taking an MBA. Part-time MBAs may offer weekend classes or may have flexible hours, so you can fine-tune your studies to fit your schedule.

MBA IN Retail Management

In this era of budding businesses, it was about time to start thinking of managing the manpower and get some quality control into the industry. A Retail Management Course will do just that, not only give you an insight to the industry but also act as a system of quality governance.

Retail Management courses enable its aspirants to understand the need of the industry and also are trained for the coping up of the roadblocks in store for them. Students of the industry are also highly in demand as they will have the knack to handle the administration and store sales at the retail outlets/stores and thus in the long run manage profitability.

As per the projections there is to be a huge growth in the retail sector of our country directly resulting in the increase in the demand for professional in the industry. There are for such simple reasons plenty of institutes offering MBA in Retail Management. Students can pursue MBA degree and achieve familiarity in the major fields like supply chain management, marketing and electronic retailing.

Subjects offered for MBA in Retail Management

A course in retail management will equip its student to deal with the shopping malls and store retailing businesses. A graduate can seek admission in the course. The syllabus of retail management course includes the following topics.

    • Supply chain management
    • Marketing information
    • Finance management
    • Customer relationship
    • Business ethics
    • Retail brand management
    • Management and organizational behavior
    • Quantitative methods in retailing
    • Accounting in retail
    • Electronic retailing
    • Merchandise management
    • Marketing and business communication
    • Sales promotion with public relation
    • Inventory management
    • Business communication
    • Psychology of retail shoppers

Some of the Institutes offering Retail Management Courses in India

    • K. J. Somaiya Institute of Management Studies and Research- Mumbai
    • Prin. L. N. Welingkar Institute of Management Development and Research- Bangalore
    • Birla Institute of Management Technology- Delhi/NCR
    • Indian Institute of Social Welfare And Business Management (IISWBM)- Kolkata
    • Welingkar Institute of Management, Mumbai
    • RPG Institute of Retail Management
    • SP Jain Institute of Management and Research, Mumbai
    • Birla Institute of Management Technology, New Delhi
    • Indian Institute of Retail, New Delhi
    • Symbiosis Centre for Distance Learning (SCDL)
    • Institute of Management Studies, Mumbai
    • The Retail Academy, Ahmedabad
    • National Institute of Fashion Technology (NIFT)
    • Birla Institute of Management Technology
    • Welingkar Institute of Management Development & Research, Bangalore
    • Apeejay Institute of Business Studies, Gurgaon

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