MBA is an abbreviation for Master of Business Administration. It is a globally renowned post-graduate degree course that provides students with the skills needed to pursue a future in business-related studies, economics, and management. Furthermore, providing a thorough business education offers a platform for developing leadership skills, expanding your professional communication building, and accelerating your professional path to a six-figure salary. MBA programs can range in price from $20,000 to $50,000. However, the total MBA cost for the top MBA institutions in the world can exceed $100,000. The average salary varies depending on the country in which you work. An MBA graduate’s average salary in the United States is approximately $90,000, while approximately $67,000 in Canada. The average MBA cost in India for the top 100 colleges is around $20,000.
Master of Business Administration degrees was first offered in the United States during the late nineteenth and early twentieth centuries when the country was at the pinnacle of industrialisation and handling those industries that necessitated scientific leadership abilities. To meet the requirement for talented and qualified workers, the country’s first business schools were established. The MBA became one of the most prevalent post-graduate courses within a few years, with thousands enrolling. Annually, several thousands of youngsters graduate from an MBA offering university/college to pursue careers in Market research, Funding, Human Resources, Operations, Predictive analysis, and other fields.
It is one of the most well-known and renowned PG degree courses globally, with over 3000 business schools worldwide offering 10,000+ MBA programs.
An MBA is a one-year or two-year post-graduate degree program depending on the college or other factors. The dynamic effect it has on people’s careers makes it so appealing. If you want to advance your profession, an MBA is one of the most effective options.
Here are some essential details about MBA:
MBA Full Form
Masters in Business Management
Either 2 years, or 1 year (depends)
Masters, or Postgraduate
Full-time MBA, online MBA, Executive MBA, and Part-Time MBA
Finance, Marketing, Operations, HR, Consulting, Business, Analytics, Entrepreneurship, Supply Chain, etc.
Popular Entrance Exams
GMAT, GRE, and CAT
M7 Business Schools
HBS, Columbia, Wharton, Kellogg, MIT, Chicago Booth, Stanford GSB.
PROGRAM STRUCTURE AND SYLLABUS
Students enrolled in an MBA program are exposed to various topics. Students in a two-year MBA program start with core courses, including organisational behaviour, marketing, and management principles, to mention a few. MBA colleges divide these disciplines into core and elective categories, allowing students to select from a variety of elective options. The following are examples of the subjects covered in an MBA program:
- HR management
- Business planning
- Finance management
- Principles of management
- Business laws
- Communication skills
- Business Communication
- Computer Application
- Organisational behaviour
- Retail management
- Project work
- Business environment
- MBA Syllabus in Economics
– Introduction to Economics
– Introduction to Microeconomics
– Introduction to Macroeconomics
– Game Theory in Economics
- MBA Syllabus in Accounting
– Introduction to Accounting
– Financial Accounting
– Management Accounting
– Accounting Standards
– Accounting Courses
– Best online courses in financial accounting
- MBA Syllabus in Finance
- MBA Syllabus in Marketing
– Introduction to Marketing Concepts
– Product Management
– Consumer Behaviour
– Market Research
– Marketing Strategy
- MBA Syllabus in Operating Management
– Operations Management
– Logistics and Supply Chain Management
– Operations Research
– Supply Chain Simulation Games
- MBA Syllabus in Entrepreneurship
– Business Plans
– Venture Capital
– Family Business Management
- MBA Syllabus in Strategy
– Introduction to Strategic Management
– Core Competencies
– SWOT Analysis
– PEST Analysis
– Horizontal and Vertical Integration Strategy
– Porter’s Five Forces Analysis
– GE McKinsey Matrix
– BCG Growth-Share Matrix
– MECE Framework McKinsey
– Business Strategy Simulation Games
– Management Consulting
A master’s degree in business administration, has numerous advantages. Career growth and transformation, a higher salary, subject expertise, etc. The enrollment for the 2022 session has started. Top business schools such as Harvard Business School, Wharton, Columbia Business School, Kellogg School of Management, Indian School of Business, and others have completed Round 1 applications. You must comprehend what the admissions committee is looking for and expect you to get into top schools as an applicant. Your abilities are assessed using a variety of criteria. GMAT score and GPA, for example, will reveal your cognitive aptitude.
MBA is one of the most competitive programs in the world, with thousands of students competing for prestigious admits in top programs every year, with acceptance rates as low as 6% at top business schools. On average, 5-6 months are spent by the high achieving candidates on the application and profile building work to gain acceptance from one of the top universities in the world. Each program examines its unique set of criteria. To be eligible, you must have at least a bachelor’s degree. Some elite universities require a minimum grade in the undergraduate course as well as a certain amount of job experience (a few years).
However, there are few early-career programs where you do not need work experience. Deferred MBA programs are the name for these types of programs. It permits you to enrol in an upcoming class of the flagship MBA program before gaining the necessary work experience.