An MBA, a Master’s of Business Administration, is a graduate degree focusing on business administration and investment management. It is a professional, closing degree to give people qualifications in managerial positions.
Students of all backgrounds can pursue an MBA degree. Whether you are from a Science, Commerce, or Arts background: MBA is a degree appropriate for all. As long as you already hold a Bachelor’s degree – in any field – you are qualified for the MBA program.
The Course Structure of MBA
All MBA programs expose students to a standard curriculum involving core business subjects like finance, accounting, marketing, managerial economics, business laws, strategic management, business ethics, human resources, business strategy, etc.
These are designed to equip you with the fundamental skills and knowledge essential to succeed in business.
1. Accounting
Measures the results of an organisation’s economic activities and conveys them to investors, creditors, management, and regulators.
2. Finance
The management and study of money and investments; deals with how an individual, company, or government acquires capital in the context of a business and how they spend it.
3. Marketing
Process of exploring, creating, and delivering value to meet the target market requirements in terms of goods and service; includes a selection of target audience, emphasis on advertising, design, and packaging to attract more customers.
4. Managerial Economices
The branch of economics involves applying economic methods in managerial decision-making processes; integrating economic theory with business practices.
5. Business Laws
Also known as enterprise or corporate law, it is the part of law governing rights, relations, and conduct of persons, companies, organisations, and businesses.
6. Strategic Management
Involves formulation and implementation of primary goals and initiatives taken by managers on behalf of stakeholders- based on resources and assessment of the environment.
7. Human Resources
Oversees aspects of employment, like labour laws compliance, employment standards, administration of employee benefits, and some recruitment components.
8. Business Ethics
Form of applied or professional ethics that examines ethical principles and moral problems arising in a business environment.
Along with core courses, the curriculum includes elective courses, which students choose according to their subject interests and career path.
Duration of Different Programs
The duration of the MBA program varies depending on the curriculum and the person undertaking it. Hence, you should always choose a course considering its length and other aspects attached to it.
- Traditional MBA: Full-time, two-year program with classes on campus.
- Accelerated MBA: This can be completed online or in-person and takes 11-16 months.
- Part-time MBA: This can be carried out online, in person, or a combination of both, taking four to six years.
- Executive MBA: Takes 18-24 months (part-time), can be carried out online, in-person, or in a combination of both.
- Dual MBA: Allows students to earn an MBA degree and another related degree, taking three years or longer.
The Course Structure of MBA
According to QS World University Ratings: Global MBA Rankings, 2019, an MBA graduate’s average salary increases by 77 per cent.
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The range in the top 10 developed countries with the maximum possible remuneration is from US$ 77,200 in Germany to US$ 123,500 in Switzerland. In India, the pay for an MBA graduate can range from US$ 5000 to US$ 43,000.
6 Upcoming MBA Specialisations and Where They can Take you
Here’s a list of 6 MBA Specialisations:
1. Communication Management
Prepares you for managing communication for strategic marketing in an organisation, focusing on brand management, marketing research and development, media management, and other strategies.
Career Opportunities in Communication Management
- Brand Manager.
- Copywriter.
- Media marketing professional.
- Creative Director.
- Content Marketing Manager
2. Fashion & Luxury Brand Management
With the expanding global market in fashion and luxury brands, people with innovation and creativity skills in media, product design, brand experience, and service development are in great demand.
Career Opportunities in Luxury Brand Management
- Product manager.
- Branding and marketing consultant.
- Visual merchandiser.
- Communication and PR manager.
- Marketing Manager.
- Fashion retail manager for luxury brands.
3. Agri-Business Management
This business administration branch deals with profiting from agricultural and commercial farming.
Career Opportunities in Agri-Business Management
- Business analysis.
- International business.
- Farm or ranch management.
- Financial consulting.
- Commodity trading.
- Agri-marketing.
4. Supply Chain Management
It is a collaborative approach to getting goods and services from a business to customers and involves the management of sourcing, distribution, inventory management, and warehousing.
Career Opportunities in Supply Chain Management
- Retail, manufacturing.
- Fast-Moving Consumer Goods (FMCH).
- Healthcare.
- Transportation and logistics.
- E-commerce.
5. Sustainable Development Management
It involves environment safety, industrial equipment management, environmental impact and compliance, business ethics, CSR, and making business processes sustainable for the longer term.
Career Opportunities in Sustainable Development Management
- Ecologists.
- Sustainable Management Development managers.
- Environmental Educational officers,
6. Aviation Management
Management graduates are required in the industry to guarantee that planes and airports run smoothly and safely.
Career Opportunities of Aviation Graduates
- Aerospace.
- Aviation Fuel Companies.
- Regulatory Authorities.
- National and International Airports.
- Air Cargo Operators.
- Allied Aviation Services Providers, etc.
Conclusion
An MBA can boost your career or allow you to change your career path. It can be a significant addition to your resume and offers better opportunities in your line of work. The number of tracks available to you increases significantly upon completion of the MBA program. The flexibility of the MBA program permits students to pick one that best suits their schedule. Furthermore, with a premium education, either in India or abroad, you are bound to find a specialisation befitting you.
For those who aren’t completely satisfied with their current bachelor’s degree and seek a little more from life, MBA is one of the best choices to make.
Many students find it challenging to pick out a career on their own, and with the plethora of choices available to them, that comes as no surprise. We aim to help students have an easier time deciding their future. With our Career Counselling Online Services, we provide students with top-of-the-class counselling. Our professionals are experts in the field and will surely guide you in the right direction.
Your career path is what decides your future. It is not one to take lightly and should be given considerable thought. With our help, you are sure to choose the career-best befitting you and take the first step into your journey.
