What is an MBA?
MBA or Master of Business Administration is a professional degree that covers various areas of business administration. It covers areas such as accounting, human resources, finance, business ethics, marketing, and entrepreneurship in a manner most relevant to management analysis and strategy. Most MBA programs include elective courses and concentrations for further study in a particular area, such as accounting, finance, or marketing. Business schools all over the world offer programs which are full-time, part-time, executive, and distance learning with specialized concentrations.
An MBA prepares candidates for several types of careers. According to a survey, 64% of the year 2012 MBA graduates used their MBA to change careers.
Some of the common jobs an MBA prepares one for are –
· Business analyst or strategist
· Market research analyst
· Investment banker
· Entrepreneur
· Marketing analyst or manager
· Portfolio manager
MBA options in India VS Abroad
An MBA is one of the most pursued courses in colleges all over the world. Due to this reason, graduating from a substandard institution whether in India or foreign won’t help a student towards a bright career outlook.
For those students who are not very keen to work abroad and have long term plans in India, graduating from the top MBA colleges in India would be a more sensible option.
Being cost-effective and familiarity of being in one’s own country serves as a major determining factor in the choice of studying here or abroad.
An MBA abroad is more suited for those who wish to travel globally and work in a foreign location or across countries. It exposes students to a new culture and lifestyle and enables them to become more confident as well as independent.
However, to decide whether to pursue an MBA in India or abroad, a student has to delve into thorough research, keeping in mind factors such as cost-effectiveness, curriculum standards, work experience requirements, and placement opportunities.
Why choose Bhopal as an MBA destination?
Bhopal, the capital of Madhya Pradesh, is one of the fastest-growing cities in India with political, economic, educational, and tourist significance. Bhopal is the perfect combination of old-world charm, scenic beauty with its beautiful lakes, and modern lifestyle. The city is well connected with the country and with the rest of the world with great intercity transportation facilities and an international airport.
Designated as the education hub of Central India, the city of Bhopal is fast becoming a preference for students and professionals. The city boasts of several top MBA colleges and corporate companies. An added advantage of this great city is the affordable cost of living for which students don’t have to bother too much about expenses.
Eligibility criteria for pursuing an MBA
A candidate having a bachelor’s degree from any background, i.e., graduated from any stream is eligible for pursuing an MBA. The candidate is, however, required to have graduated from any recognized university with minimum 50% marks (for General and OBC category) and with at least 45% marks for physically disabled students and those from SC/ST category.
To be shortlisted for admission to an MBA program in top business schools, candidates are expected to appear for an MBA entrance exam. The entrance exam scores are the shortlisting criteria for admission by different institutes. Some of the top MBA entrance tests which determine a candidate’s admission are CAT (Common Admission Test), CMAT (Common Management Admission Test), IBSAT, etc. Some universities admit students based on the scores in examinations conducted on their own. Some institutions have a group discussion round or interview to judge the students on their knowledge and efficiency.
Specializations in MBA
During the initial phase of an MBA program, the main focus remains on the completion of the core courses to build a strong foundation of the basic concepts that management subjects are based on. The latter part of the program allows the student to choose a particular area of specialization. The list of the most popular MBA specializations that will strike the chord of an aspirant’s mind is as follows-
· Finance- This specialization allows the candidate to manage some of the highly responsible departments and its functions such as asset management, corporate banking, corporate finance, credit risk management, etc.
· Marketing- This department acts as the backbone of any organization and brings the business for them. Some positions in this department are- marketing manager, product manager, media planner, market research analyst, and so on.
· Human resource (HR)- MBA in HR is the perfect choice for an aspirant having an alluring personality and good communication skills. As an MBA in HR, one can build a good profile for themselves as a team leader and enhance his career path slowly.
Some other commonly opted specializations in MBA are- International Business (IB), Operation Management, Information Technology (IT), Supply Chain Management, and Rural Management.
List of Top 10 MBA colleges in Bhopal
Considering how popular a course MBA is, it is essential for a student to seek admission in the top MBA colleges and business schools, to ensure a bright future. Here is the list for the top 10 MBA colleges in Bhopal-
People’s Institute of Management and Research (PIMR)- PIMR is one of the fastest-growing MBA colleges in India today. It boasts of world-class academic standards, infrastructure facilities, strong industry-linkage, and an excellent placement record. It accepts students for MBA based on their scores in entrance exams such as CAT, MAT, XAT, and CMAT. The average fee structure for the MBA program at PIMR is 1.4 lakhs. The visiting companies include Bajaj, Kotak, ICICI, Bharti, etc.
Lakshmi Narain College of Technology (LNCT)- LNCT is a 50+ acre institution with a lush green campus to facilitate study in a calm environment. The quality of education is boosted by the state-of-the-art infrastructure and shows in excellent academic results and placement records. The college accepts students who have graduated with at least 50% marks and have a good CAT score. The average fee for the program is 1.20 lakhs. Some of the top recruiters of this college are Amazon, Ashok Leyland, Cognizant among others.
Institute of Professional Education and Research (IPER) – IPER is a private institution that offers a rich learning environment in a truly global standard. The institution accepts candidates based on their CAT scores. The average fee structure of the MBA program in this college is about 2 lakhs. This college has an excellent placement record wherein placements are provided by companies such as Tommy Hilfiger, HDFC, NESTLE, and others.
Bansal Institute of Science and Technology (BIST)- BIST is a private-public institution which is affiliated to Rajiv Gandhi Technical University, Bhopal, and has numerous facilities and great infrastructure. It grants admission to students who have graduated with at least 50% marks. It provides quality education at an affordable fee structure of INR 30,000 for the MBA program. Companies that visit the campus include Wipro, Tata Consultancy Services, HCL, InfoTech, etc.
IES College of Technology- IES, affiliated to RGPV- Rajiv Gandhi Prodyogiki Vishwavidyalaya, Bhopal, is AICTE approved and holds Rank #143 by THE WEEK, 2019. They accept candidates who have graduated with 50% in aggregate and have appeared in the entrance exam, CMAT. The average fee for the whole MBA program in this college is INR 1.10 lakhs. The recruiting companies that visit this college are Cognizant, Genpact, IBM, Infosys, etc.
Sagar Institute of Research and Technology (SIRT) – SIRT is one of the top colleges in Bhopal, MP, Central India. SIRT accepts students, who have scored at least 50% marks in graduation, based on their CMAT exam scores. The total fee for the MBA program at SIRT is INR 1.12 lakhs. SIRT provides great placement opportunities to its students. Some of the visiting companies at SIRT are BHEL, TCS, IBM, Amazon, and such others.
Technocrats Institute of Technology (TIT) – The MBA department at TIT strives to achieve Total Quality Management and excellent to efficiently meet the global challenges in the Management field. TIT accepts students for admission who have graduated with 50% marks and above in aggregate and have scored up to the mark in CMAT. The student has to spend about INR 1.34 lakhs for the MBA program in this institute.
Vidyasagar Institute of Management VIM)- VIM is one of the most preferred management institutes in Central India. Students who have graduated with at least 50% marks in aggregate are eligible for admission to this college. The total fee of the MBA program is INR 1 lakh. VIM provides placement assistance to all its students and conducts grooming sessions for students in areas like soft skills, interview facing skills, thereby making them industry- fit.
Jagran Lakecity University (JLU)- JLU is a private university In Bhopal which has ranked ‘No. 1 Private University in Madhya Pradesh’ several times by several publications. The eligibility criteria for the MBA program in this institution is an aggregate of 60% marks in graduation and CAT/ CMAT/ GMAT scorecard. One has to pay INR 3.5 lakhs for the whole MBA program here. The selective payment opportunities boost the quality of education and drive of students studying here. Companies like Flipkart, Amazon, Reliance, and many more provide job opportunities for JLU students.
Maulana Azad National Institute of Technology (MANIT)- MANIT or NIT Bhopal or NIT-B is a public technical university that is spread over 650 acres which makes it one of the largest NITs in terms of the campus area. This institution accepts candidates who have passed in graduation with at least 50% marks and based on their CAT scorecard. The total fee for the MBA program at MANIT is INR 1.44 lakhs. MANIT grants a lot of facilities and a good exposure to its students as compared to other MBA colleges in Bhopal.
Career Prospects
An MBA degree gives a student an edge over the competition in various fields. A 2017 study by Corporate Recruiters revealed that 86% of companies worldwide prefer hiring MBA grads over any others. The number has been on the rise since, and trends suggest the same for the coming years.
The demands for MBA grads from top colleges have assured numerous career prospects for students. To name a few careers-
· Marketing Executive
· Account Manager
· Brand Manager
· Marketing Manager
· Management Consultant
· International Business Manager
Since the management and hospitality industry is growing at a fast pace, the career options are vast for a postgraduate student with an MBA in Hotel Management. Apart from hotels, jobs are offered to such MBA grads in fields like cabin crew, catering, tourism industry, multinational industries, and airlines. Besides these career options, there are loads more to choose from as the demands in various industries are never-ending.
Conclusion
The MBA is an exceptional degree of study as MBA courses are often targeted for people at work and can be done in a part-time fashion as well as distance learning. What makes MBA such a popular course is that students from any background, be it Science, Commerce or Humanities, can opt to pursue an MBA degree. Though an MBA course is generally of two years, certain private institutes offer one-year PGDM programs as well.
Opting for an MBA is a considerable investment and every course is highly intensive. Not only does the course require persistent hard work by the student but close ones, like friends and family, and even the company funding the student are all invested too. Thus, before pursuing an MBA, thorough research about the course and the MBA College he chooses is a must on the student’s part.
FAQs-
Q1. Which MBA course is the best?
Ans. All MBA courses have various specializations that open many doors for students in the field of business management. The best MBA courses depend solely on the student and their interests. A few of the best specializations in MBA courses are in Sales and Marketing, Operations, HR, Finance, and Information Technology.
Q2. Which are the top MBA colleges in India?
Ans. The IIMs, A, B, and C are considered as the top MBA colleges in India. Besides these, MDI, FMS, IMT, IBS, GIM, GLIM are the few which top the list for MBA colleges.
Q3. Do I need to appear for the entrance exam for MBA?
Ans. Most of the top business schools and MBA institutes in India accept students based on their scores in the MBA entrance exam. To pursue an MBA from a top tier MBA college, taking an entrance exam is a must.
Q4. What is the duration of an MBA course?
Ans. MBA course is for two years, divided into either four or six semesters. This course duration includes a summer internship after the first year.
Q5. What is the difference between MBA and PGDM?
Ans. After completion of the MBA course, the students get a degree while after completing PGDM, the students get a diploma.
