Sounak Banerjee Associate Content Manager
Associate Content Manager
MBA is one of the most sought after courses worldwide. Many top B-Schools graduates are entering the professional industry with immense pride and they are getting good scale as well. It is one of the major reasons why lots of students are eager to enroll in the course. The students from these schools are successfully performing well in higher positions in MNCs.
Check out Admissions for MBA
Students wishing to enroll in an MBA Course need to break the hurdle of entrance tests. The entrance tests are conducted at the national, state, or institute level. To become eligible for the MBA entrance, students need to pass their graduation degree with a minimum of 50% score from a recognized university. CAT, MAT, XAT, and SNAP are some of the most preferred entrance tests for MBA admissions.
There are many renowned institutes like IIM, IITs that offer MBA, and students from these institutes get an average salary of INR 20-25 LPA. MBA jobs are like marketing Managers, brand managers, finance officers, management consultants, plant managers, HR managers, HR analysts, business analysts, IT project managers, etc.
Expert Talk: 5 Myths about MBA
Here are the top 5 Myths about MBA. These myths are about MBA admissions and further processes.
It is an expensive affair
This is one of the many misconceptions that stop many students from getting enrolled. In MBA News, MBA Motivations and aspirations Survey in 2018 shows that one in three students left the decision of getting enrolled for an MBA as they thought they needed to pay higher fees. But there are many institutes that offer MBA with affordable fee structures also.
See Also: Best MBA college in India
Here are some of the Top colleges with their fee structure:
| NIRF Rankings | Top Colleges | Location | Fees |
|---|---|---|---|
| 1 | IIMA | Ahmedabad | INR 2,300,000 |
| 2 | IIMB | Bangalore | INR 2,300,000 |
| 4 | IIML | Lucknow | INR 19,25,000 |
| 7 | IIMI | Indore | INR 8,10,000 |
| 13 | SJMSOM | Mumbai | INR 9,76,000 |
| 19 | IIM | Raipur | INR 7,27,600 |
| 101 | Jain University | Bangalore | INR 2,57,800 |
| - | Symbiosis Center for management and HR development | Pune | INR 18,08,000 |
| - | Amity Global Business School | Noida | INR 4,00,000 for 1st year |
Studying and Working MBA at the Same Time is Tough to do
MBA is one of the top options when it comes to a career change or climbing up the professional ladder. So, many professionals after serving in the industry choose MBA as a career changer option. However, in certain cases, they are at a fix about going forward with their decisions to pursue the course as studying would mean quitting their professions. In this case, MBA comes as a savior, as there are several colleges that offer MBA through distance mode or there is also the option of pursuing a part-time MBA course, which would not require professionals to quit their job for pursuing the course, because of the flexibility of the course that it offers.
See More: MBA skills required
Tabulated below are a few of the options that one can choose from for pursuing an MBA without quitting their profession,
| Types of MBA | Eligibility | Admission | Fees (INR) |
|---|---|---|---|
| Executive MBA | Bachelor’s Degree + Work Experience | Merit/ Entrance Based | 15,00,000 - 27,00,000 |
| Distance MBA | Bachelor's degree with 50% and to have a work experience of 2 to 3 years | Merit/Entrance-Based | 40,000 - 70,000 |
| Online MBA | Bachelor’s Degree | Merit-Based | 40,000 - 50,000 |
| 1 Year MBA | Bachelor’s Degree with 5-10 Years of Work Experience | Entrance Exam | INR 7,00,000 - 24,00,000 |
| Part-time MBA | Bachelor’s Degree with 50% | Merit/Entrance-Based | INR 10,00,000 - 17,00,000 |
It is Only for You if You Want to Work in Finance or Consulting
This myth is about the job roles offered to MBA graduates after completion of the course. If you look at the job roles offered to MBA graduates then you will counter this myth easily. There are numerous MBA graduates working in Human Resource, IT, Chemical, Mechanical, Automobile and other sectors offering attractive job roles for MBA. As MBA covers various topics in the curriculum, MBA graduates’ work area is limited to finance and consulting only.
Look at the MBA syllabus list:
| Semester I | Semester II |
|---|---|
| Business communication | Management Science |
| IT management | Marketing Research |
| Financial Accounting | Operation Management |
| Organizational Behavior | Management Accounting |
| Marketing Management | Financial Management |
| HR management | Organization Effectiveness and change |
| Managerial Economics | Economic Environment of business |
| Quantitative Methods | Management of Information System |
| Semester III | Semester IV |
| Strategic Analysis | International Business Environment |
| Legal Environment of Business | Project study |
| Business ethics | Strategic Management |
| Optional subject-1 | Optional Subject-1 |
After completing the MBA, if you are not interested in Finance and consulting then there are plenty of options for you:
- Marketing Manager
- IT project analyst
- Operation control manager
- Plant manager
- HR analyst
- HR Administrator
Even some think that students need a finance background to get success through an MBA. But it is not true! Students from a non-finance background are also able to complete MBA with a good score and can secure higher positions in their careers.
You Should Not Take the GMAT More Than Once
GMAT, XAT, MAT are some of the top entrance tests for getting admission to an MBA. Many students limit themselves in taking entrance tests. In the case of an MBA, students can submit the highest score they have achieved on the GMAT or the entrance test. This submission is irrespective of the number of attempts a student can take for the GMAT.
MBA is an Academic Pursuit
To get admission to MBA, you need to go through the selection process. After getting good scores in entrance tests, candidates are selected for the next phase. This process consists of group discussion and personal interviews.
The MBA curriculum is designed specifically to handle different aspects of business management and administration. But running a business cannot be taught in the B-schools but many soft skills are needed to handle it. The business leader must have critical thinking and leadership qualities that cannot be learned through the traditional assignment way of learning.
Benefits of MBA
Learn the benefits of an MBA before getting more details about MBA:
| Better job opportunities | Helps to expand the professional network |
| Awareness of the global market | Enhance communication skills |
| Develop advanced and flexible management skills | A good option for a career change |
| Learn strategic thinking | - |
Disadvantages of MBA in India
An MBA degree does not guarantee success. Candidates often face a lot of obstacles during and after the completion of the course. Before taking a plunge in the MBA course the candidates must take a stock of the disadvantages of an MBA in India:
- Not necessarily a golden ticket: Most people have the notion that the MBA degree guarantees a good salary. While the average salary of MBA graduates in India according to payscale is INR 792,000 per annum, ASSOCHAM study reports a good number of MBA graduates to earn between INR 8000-INR 10,000 Per annum. The economic times have revealed that out of 3 lahks MBA graduates only 35000 are employable.
- An outdated syllabus: While the IIMs and the best MBA colleges change their syllabus after every few years, most MBA colleges follow an outdated curriculum that reduces the job prospects of the candidates.
- Cost: The Cost of pursuing an MBA is an expensive affair in India. The MBA fees in India range between INR 200,000-INR 28,00,000. Even the Tier 2 and tier 3 colleges that account for 85% of the MBA graduates ask for an average fee between INR 300,000-INR 500,000. Thus, it takes a considerable amount of time to recoup the cost of pursuing the course.
- Time commitment: The best MBA colleges in India prefer professionals with work experience for their 2 years flagship programs. Thus, in order to pursue the course the professional needs to leave their jobs and commit two years of their lives, hence losing out on the opportunity cost of their jobs.
Expert Talk: 5 Myth about MBA: FAQs
Ques. Can I get a scholarship for an MBA?
Ans. Yes. There are some education institutes like IIMs, XLRI, MDI, TAPMI which offer scholarships up to INR 1,00,000 to students. But these students are selected on a merit-based basis.
Ques. Is doing an MBA from Indian colleges useful?
Ans. Yes. Students from B-Schools are getting hired by local and international companies with better scale.
Ques. Which institutes accept MAT scores?
Ans. There are many top B-Schools like Amity Business school, BIMTECH, Balaji Institute of technology and management, VIT, and TAPMI accept MAT scores for admissions. You can get the list of colleges that accept MAT scores on our website.
Ques. Can I learn an MBA part-time or in distance mode?
Ans. Yes. There are many institutes in India like NMIMS, Janakidevi Bajaj, IMT Ghaziabad that offer part-time or distance mode MBA programs.
Ques. Do all applicants are compared with each other?
Ans. No. All applicants go through the same admission process and they are evaluated based on their performance and eligibility.
Ques. Why are personal interviews important in the MBA admission process?
Ans. PI focuses on the communication skills and persuasive skills of the candidate which are important skills in MBA candidates. So, candidates are assessed in primary admission only.
Ques. Does the internship experience of a candidate consider full-time experience?
Ans. The internship experience is considered as experience but not as full-time.
Ques. Is my Finance background (education or major experience) beneficial in MBA?
Ans. If you have it will be, but it is not mandatory.
Ques. Am I eligible if I have done a graduation degree from outside India?
Ans. Yes. almost all institutes accept candidates with 3 years of graduation degree outside India also.
Ques. How candidates are evaluated for scholarships/fellowships?
Ans. Institutes do not review a candidate's needs until they get admissions. Once admitted, they undergo various criteria for scholarship allotment.
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