In this first part of MBA Primer, prepared by MBAUniverse.com for MBA aspirants, we discuss about a typical MBA course, options for pursuing an MBA degree and how to choose the right MBA institutes
Even in times when economy is slowing down, the buzz around the three-lettered word – MBA – is strong. And it is here to stay! As Dr. Anwar Ali, Director of IMT Ghaziabad puts it, “This downturn had to happen. The Indian market situation is going to improve very soon. So the future of MBAs is very positive, very bright.”
Lakhs of aspirants prepare every year to tame the CAT and other management entrance tests. A record number of students – over 2.5 lakh – appeared for the CAT 2008. Hundreds of MBA institutes release ads in newspapers to grab the attention of MBA wannabes. Many national magazines release annual surveys on MBA institute rankings. And, lest we forget, there are tons of training institutes that promise to help you prepare better for entrance tests – and get that prized degree!
But before you decide to be a part of the race and enter the portals of MBA institutes like IIMs, XLRI, MDI, it would be worth doing a bit of homework. You should know, for instance, what a typical MBA course is like, what are the various options for pursuing an MBA degree, and how you can choose the right MBA institutes.
Remember, all MBAs are not equal. While a rigorous course from a reputed MBA institute can be your passport to a fat-salaried job at India Inc, there are many MBA institutes from where getting even a halfway decent job is a pipe dream. Management experts inform that there are over 1,800 Business Schools and the number is growing.
"Management education is very important for the sustainable growth of the country and we have some 1,800 management institutes in India," says Fr N Casimir Raj S J, Former Director, XLRI Jamshedpur.
What accounts for this growth?
The demand of a reputed MBA degree is healthy – from both the recruiters and the aspirant’s sides. Says Dr. Harivansh Chaturvedi, Director, Birla Institute of Management and Technology (BIMTECH), "After engineering, MBA is the most sought after course by Indian students. In education, there are many other courses, but most of them are theory centric. MBA is a mix of theory and application." Around 10 lakh students aspire for an MBA degree in India every year, he adds.
The Indian economy has grown at a healthy rate in the last decade. This growth has translated into a demand for more managers. Although the growth momentum is slowing down of late, demand for quality managerial talent is expected to remain.
Business is getting more competitive and knowledge-driven, thus creating a demand for knowledge workers. Fr N Casimir Raj S J comments, "There is a great demand for quality talent – both in India and across the world." Dr BS Sahay, Director, MDI Gurgaon, adds, "The perception of whole world about India and MBA institutes in India is changing. Earlier foreign institutes didn’t give much importance to Indian MBA institutes, but today things have changed. Foreign institutes are giving a red carpet welcome to Indian MBA institutes and students."
