Elaborate on the benefits of an MBA degree

Students in India pursue a MBA degree for one of the two reasons – to focus on a career in management after completion of a UG degree in Management, like BBA , or to shift careers from Engineering, Commerce, Arts, or even Medicine to Management. Over the last decade, the MBA degree has gained a reputation as an elite and popular degree, with as many as five lakh MBA graduates every year in India. Let us look at what makes the MBA degree and the field of management so well-liked and the cutting edge that the degree gives to its graduates.

What is MBA?

Master of Business Administration (MBA) is a two-year Post Graduate program focusing on subjects like Marketing, Principles of Management, Entrepreneurship and Business Law, etc. It can be pursued either as a regular MBA program of two years or a PGDM (Post Graduate Diploma in Management) program of one year. There is also the option of Executive MBA for candidates who have considerable work experience and are looking to further their professional skills.

Important Entrance Exams in India

The important MBA entrance exams in India are:

• Common Admission Test – CAT

• Management Aptitude Test – MAT

• Common Management Admission Test - CMAT

• Xavier Aptitude Test - XAT

• NMIMS Management Aptitude Test – NMAT

• Symbiosis National Aptitude Test – SNAP

• Tamil Nadu Common Entrance Test - TANCET

Management program in other countries

The management program in foreign countries consists of regular MBA degree and MIM (Masters in Management) degree. The duration of the program varies with the university as well as the candidate’s preference. The qualifying exams are

• Graduate Management Admission Test - GMAT

• Graduate Record Examinations - GRE

• Test of English as a Foreign Language - TOEFL

• International English Language Testing System - IELTS

Benefits

The following are the reasons why an MBA degree is the most sought-after PG degree in India.

1. Career Change

MBA degree offers a change in career from Engineering, Arts, Commerce or Medicine to Management. Students and professionals who prefer to shift from their core jobs can pursue a degree in management. This offers a flexibility in career for MBA graduates.

2. Competition

It is common knowledge that Engineering is the most popular choice for Under Graduate education in India. Therefore, the competition for getting into an Engineering college is very high, both through entrance exams as well as through higher secondary marks. However, competition for MBA is significantly lesser, hence offering more chances for getting admitted into a good MBA college.

3. Job Designation

When a candidate with a UG degree is recruited, initially the candidate is given an executive position. However, with an MBA degree, the candidate can get placed as a junior or middle level manager at the start of the job itself. This is a compelling point in favour of MBA degree.

4. Salary

The highest paying bachelor’s degree in India is the Engineering degree. The starting salary after completion of a B.E./B.Tech. ranges from Rs 8-10 lakhs. The starting package after MBA degree is nearly double that of an Engineering degree. Moreover, it ensures a high-paying job in India itself, without having to move to other countries in search of a job.

5. Extensive Skill-Set

Upon graduation from MBA, the student gains a skill-set that can be put to use in a wide range of industries. It renders them with a versatile knowledge and actionable skills, making the student a good fit for many industries.

Thus, an MBA degree stands out as a unique degree in terms of providing flexibility in career and also yielding more employable candidates and ensuring a quality workforce for organizations.