MBA full form is Master of Business Administration. MBA started in the United States about 100 years ago and gradually the concept of getting professional MBA degree to manage the business efficiently spread around the Globe. MBA came to India in 1950s. XLRI Jamshedpur and IIMs are pioneers of MBA education in India. However, the B-schools as well as the students pursuing MBA prefer to use the MBA short form instead of MBA long form – Master of Business Administration.
There are different types of MBA Courses which can be classified based on duration, mode of study and target audience. Key MBA Programs are:
- MBA Full Time – 2 Years (With MBA Long Form – Master of Business Administration)
- PGDM (MBA Equivalent) – 2 Years (With PGDM Long Form Post Graduate Diploma in Management)
- MBA Full Time – 1 Year MBA
- MBA Part Time – 3 Years
- MBA by Distance Education
MBA Subjects & Specializations
Following subjects and specializations are covered in MBA which stands for Master of Business Administration
- Principles of management ,
- Human Resource Management
- Managerial Economics
- Applied Statistics
- Business Communication
- Business Ethics
- Business Law
- Supply Chain
What is MBA
So, let’s understand in more detail what is MBA. Established in 1881, The first School of Business in the United States was The Wharton School of the University of Pennsylvania. In 1900, the Tuck School of Business was set up at Dartmouth College. The very famous Harvard Business School was established in 1908.
Despite the MBA long form as Master of Business Administration, it is one of the shortest duration post graduate program. MBA is most preferred post graduate programs in Management as it can be completed in the shortest duration of one year, or two years or depending upon the time availability to pursue the degree, can also be done as a part time program. The medium of instruction in MBA is English in the best MBA programs. There are more than 3000 MBA programs available worldwide.
MBA: 1 Year & 2 Year Post Graduate Program in Management
MBA or as the MBA long form implies the Master of Business Administration (MBA) is a Post Graduate Degree program. MBA at international level is offered as one year degree program and is offered to those candidates who have acquired minimum 2 years of quality work experience after completing their Bachelor’s Degree.
However, in India, the MBA degree implies two years degree program. These 2 year full time MBA Degree programs are available for fresh graduates as well as for candidates with 2 years of work experience.
The MBA as offered in Europe, USA, UK, Canada, Australia, Singapore, China, Hong Kong and other countries, is also offered in India in top MBA colleges to the candidates with specific requirement of minimum work experience in the range of 2 to 7 years.
University or Private College MBA
The Meaning of MBA in India signifies an MBA degree offered by university MBA department, university affiliated college or autonomous college authorized to award MBA degree. Other Private Management colleges offer Post Graduate Diploma Program (PGDM) in Management. However, these Diploma Programs in Management are MBA equivalent and are approved by the regulator of technical education -All India Council for Technical Education (AICTE) MHRD, Government of India and their programs are awarded MBA Equivalence by Association of Indian Universities (AIU).
The MBA or the Post Graduate Diploma with MBA Equivalence has high international value across the globe. The MBA graduate can pursue higher education further, go for research, obtain doctorate in management education from any MBA college in the world. The MBA is, therefore a management degree program which is recognized internationally. MBA curriculum, courses and pedagogy are not limited to class room courses only. They are designed as a mix of class room training, field visits, case studies, different types of industry interface and internships which help in developing the management skills that you need for career progression.
What is MBA Course & Curriculum?
MBA courses are divided into three parts – “core” curriculum courses to build the foundation, improve skills in various areas of management like marketing, Human Resources, operations, accounting, business economics, knowledge of business law, followed by mandatory field visits and industry internship. The next part of MBA program is to choose the specialized courses of your own interest. These MBA courses are known as Elective Courses. The MBA student has to select the preferred specialized MBA courses to pursue his/her career dream in the fields of Marketing, HR, Supply Chain, Operations, IT/Systems, Entrepreneurship, Family Business, Finance among others.
How to Get Admission in MBA Program?
Admission to international MBA Courses in top institutes is available through the Graduate Management Admission Test (GMAT), or Graduate Record Examinations (GRE) scores, Transcripts, Statement of purpose. Letter of reference etc. If English language is not your mother tongue, you need to prove that you are proficient in English and should clear TOEFL or IELTS with high score. You need to have minimum required work experience of 2 years and above after completing your bachelor’s degree.
For top MBA programs in India, you should appear and score high in entrance exams like CAT, XAT, SNAP, CMAT, NMAT by GMAC, MAT among others. Some of the top MBA colleges in India describe their MBA full form as Masters in Business Administration instead of the MBA long form-Master of Business Administration.
Top 20 B-schools in India
Government of India, Ministry of HRD launched the National Institutional Ranking Framework (NIRF) in 2016. Since then the NIRF Rankins are published every year for top Indian institutes/universities in different categories including Management institutes. While the NIRF Ranking 2020 is yet to be released, there were top 100 Management Institutes in NIRF MBA College Ranking 2019, out of them top 20 with their location and ranking score are given below.
Top 20 management Institutes in Government of India Ministry of HRD NIRF MBA Ranking 2019 are:
|1||Indian Institute of Management Bangalore||Bengaluru||81.34|
|2||Indian Institute of Management Ahmedabad||Ahmedabad||80.61|
|3||Indian Institute of Management Calcutta||Kolkata||79.05|
|4||Indian Institute of Management Lucknow||Lucknow||67.29|
|5||Indian Institute of Management Indore||Indore||67.01|
|6||Indian Institute of Technology Kharagpur||Kharagpur||66.64|
|7||Xavier Labour Relations Institute||Jamshedpur||65.33|
|8||Indian Institute of Management Kozhikode||Kozhikode||64.82|
|9||Indian Institute of Technology Delhi||New Delhi||62.89|
|10||Indian Institute of Technology Bombay||Mumbai||62.74|
|11||Indian Institute of Technology Roorkee||Roorkee||62.11|
|12||Management Development Institute||Gurugram||61.89|
|13||Indian Institute of Management Udaipur||Udaipur||60.79|
|14||Indian Institute of Management Tiruchirappalli||Tiruchirappalli||59.15|
|15||Indian Institute of Technology Madras||Chennai||58.40|
|16||S. P. Jain Institute of Management & Research||Mumbai||55.67|
|17||National Institute of Technology Tiruchirappalli||Tiruchirappalli||55.57|
|18||Great Lakes Institute of Management||Chennai||55.09|
|19||Indian Institute of Management Raipur||Raipur||53.86|
|20||Symbiosis Institute of Business Management||Pune||53.56|
|20||SVKM`s Narsee Monjee Institute of Management Studies||Mumbai||53.56|
Advantages of MBA
Believe it or not, no other course as compact and short as MBA can make you earn US$ 2.5 million as cumulative median cumulative salary over a period of 20 years. This is exactly what has been found by GMAC in its Alumni Survey. Doing MBA from a good B-school is a lucrative investment and it will not take more than 4 years to recoup your MBA costs after completion of the course, is the outcome of GMAC Alumni Survey report.
MBA or PGDM with MBA equivalence is a short Post Graduate programme with high career prospects which no other programme offers. It is of 2 years duration for freshers who have no work experience after bachelor’s degree and of 1 or 1 and a half year duration for those who have work experience of 2 years or more. .