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. 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 of entrance tests - and get that prized degree!

But before you decide to be 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, 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 is growing at a healthy rate of 8-9%. This growth has translated into a demand for more managers.
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, lots 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 2007, "Leading investment banks and consulting firms such as Bain & Co, Boston Consulting Group, Deutsche Bank, Lehman Brothers, McKinsey and Merrill Lynch recruited IIM Ahmedabad where the highest number of offers was given by Lehman Brothers… "At IIM Bangalore McKinsey & Co, The Boston Consulting Group, Bloomberg, Lehman Brothers, Merrill Lynch, Procter & Gamble, Cognizant, Microsoft, IBM, GE, ICICI Bank, Citigroup, Standard Chartered, Unilever and Tata Administrative Services emerged as the top recruiters."

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