The buzz around the three-lettered word -- MBA -- is strong. More importantly, it`s here to stay, for a long, long time. Lakhs of aspirants prepare every year to tame the CAT and other management entrance tests. A record number of students - over 2.5 lakhs - appeared for the Common Admission Test (CAT) 08. 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 to enter the portals of IIMs, XLRI, ISB or other institutions, it would be worth doing a bit of homework. You should know, for instance, what a typical MBA course is like, what the various options for pursuing an MBA are, and how you can choose the right institutes. Remember, all MBAs are not equal: while a rigorous course from a reputed institute can be your passport to a fat-salaried job at India Inc, there are many lowly-rated institutes from where getting even a halfway decent job is a pipe dream.

Management experts believe that there are over 1500 Business Schools and the numbers are growing every year. "Management education is very important for the sustained 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 sort 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 lakhs students aspire for an MBA degree in India every year, he adds.

The Indian economy has grown at a healthy rate in last decade. This growth has translated into a demand for more managers. Although the growth momentum is slowing of late, demand for quality managerial talent is expected to sustain.

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 from across the world." Dr B S Sahay, Director, IMT Ghaziabad, adds, "The perception of whole world about India and Indian B-schools is changing today. Earlier foreign institutes didn`t give much importance to Indian B-Schools, but today things have changed. Foreign institutes are giving a red carpet welcome to Indian institutes and students."

If one looks at placement of various leading B-schools, lot of top companies rush towards these institutes to make good offers.

Every year, during placement season, companies flock to the management institutes to grab the best managerial talent. The fact that many more companies are keen to recruit MBA graduates are leading to a new requirement in numbers - at both the domestic and the international level. According to MBAUniverse.com`s Placement Report 2008, firms from a wide range of sectors, namely consulting, private equity, real estate, finance, information technology, general management and marketing participated in the process.

Consulting major Monitor Group and private equity player Greater Pacific Capital were some of the big names which recruited exclusively from IIM Ahmedabad; while the world`s largest steel manufacturer Arcelor Mittal offered some unique and challenging roles in hitherto unexplored but rapidly emerging economies of Eastern Europe.

There was a significant increase in the compensation offered to students by Indian firms as well. Top Indian firms, namely the Aditya Birla Group, Trilogy and HCL significantly increased the salaries offered to students to compete for talent with international firms.

Read on for a comprehensive overview of what an MBA is all about, and what should you consider before getting a degree.