| Even
in the times when economy is slowing down, the buzz
around the three-lettered word -- MBA -- is strong.
And it is here to stay! Lakhs of aspirants prepare every
year to tame the CAT entrance exam and other MBA entrance
exams. 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 aspirants. Many national magazines
release annual surveys on business schools rankings.
And, lest we forget, there are tons of coaching and
CAT preparation institutes that promise to help you
prepare better for MBA entrance exams - and get that
prized degree!
But
before you decide to be a part of the race to enter
the portals of MBA institutes like IIMs, XLRI, MDI or
other MBA institutes, 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 program are, and how you can choose the right
institutes. Remember, all MBA degrees are not equal:
while a rigorous MBA 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 inform 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 you are wondering
if an MBA course makes sense in a slowing economy, banish
the thought! MBA experts are clear that a good MBA degree
is a long term asset, and will be valuable to get employment
as the economy picks up in a year or two.
Said Prof MM Pant, Former
Faculty at IIT Kanpur and University of Western Ontario,
"Youth is fortunate to be living in the era of
plenty of choices about their career and education.
Management education is indeed relevant in recession
times. Think for the long term! Indian economy will
recover in next few years and by that time your MBA
will be a good asset."
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