Every year more than two lakhs of students appear for CAT entrance exam in India for getting admission in MBA (Master in Business administration) colleges. Many students have a dream to get admission in IIMs, but hardly four to five thousands of students get admission out of two lakh candidates.
MBA opens the door to a wide variety of careers as most firms look for potential employees not based on skills to perform a specific task but to make good business decisions. Any industry you go may be private or public everywhere business principles, management, decision making is applied.
Firstly, I have discussed the top five reasons why to choose and in the latter part, I have discussed some myths about it.
- Top 5 reasons to do.
- Myths about an MBA
- Frequently asked questions about MBA
Also, have a quick read on MBA degree and myths.
Top 5 reasons to do MBA degree:
Growth in career
You know in any big company there are some levels of position. When you get a job after completing this program you can be a junior manager. And when you gain experience, you get promoted to higher levels with good packages.
As compared to a graduate without an MBA degree and student with this qualification gets senior-level positions three to four year earlier. So, this is a big advantage from other students, it gives a tremendous growth in career if you have graduated from a reputed college.
More Job opportunities
Another big reason is job options after this course. It opens the door to more job options. As there are two types, one is General and other is sectoral MBA.
Especially, if you pursue a general MBA degree then you have more job opportunities. You have a wide spectrum to choose a job in which industry you like. For example- you can go in marketing, finance, advertising, sales, Organizational behaviour, operations manager, or you can become a strategic consultant in a company.
But in sectoral you are limited to one specific domain that you have opted as specialization during college.
So, there are many more options all depending upon your interest. As you have more job options and the job you choose, the responsibilities among your job also increases.
Job Security after MBA:
Yes, job security is also a reason to do an MBA. Do you know how this degree provides job security? No? here I have explained by considering an example and think about it.
Suppose there is a manager under whom there are a hundred employees and somehow in future recession comes, then many companies start firing their employees.
So, people with the lower positions will lose their jobs easily. And the employees with higher positions are not fired.
As they are difficult to hire so difficult to fire.
Social respect/ Networking:
With an MBA you gain social respect in society. Particularly, in India, if you have noticed students with an MBA degree in India are more favoured than other graduates. Pursuing this degree also gives an advantage of making links and making our network bigger, which may help in future if you launch a start-up.
For example, you have got admission in a good business school, all your friends and classmates are very intelligent and you will be interacting with the brightest minds in the country.
One more benefit is that in future if you decide to start your own business and you have done your MBA from a good business school, the chances of getting seed funds to start a business from an investor or getting a loan from the bank is very high.
You have listened a lot in newspaper, magazines or internet about one crore plus packages are offered in IIMs and it sounds very strange that in India this much amount of packages are offered. Generally, those placements are offered in India but students work in Abroad and salaries are according to that country.
Suppose, if you don’t get admission in IIMs then try to get admission in top thirty business schools after IIMs.
Here the average package is around ten to twenty lakhs per annum. And the packages increase as experience you gain. If you dream one crore plus packages in India, it’s hard to get then the only option is getting a job abroad.
Also check our blog Top 6 career options other than engineering.
At last, I will discuss some myths about the MBA degree in India that most of the students have:
Myths about an MBA
Basically, most of the beginners who decide to pursue this course have some myths and they start believing as many rumours are spread in the market.
These are the four myths every MBA aspirant have:
Excellent academic background:
So, the biggest myth is that students think that they need an excellent academic background, means that they need excellent marks in their 10th, 12th boards and high percentage in college.
This is not the truth, yes there is weightage for getting admission but in most of business schools, these numbers don’t matter. Only a few business schools with high ranking consider your excellent academic background around ten to fifteen percentage weightage during admission.
Here you can check the eligibility in India.
High IQ to crack CAT:
Most average students think that they are not right for an MBA degree. As they have miss conception that, super-intelligent students only can crack the CAT exam.
An average student can easily score 90 to 92 % in CAT exam. Yes, you have to do hard work as competition is very high in this entrance exam.
With the right planning and if you start preparing for CAT at the right time and do hard work you can easily score above ninety percent and you can get admission in the top twenty business schools of India.
Strong Financial Background:
The first thought in mind comes when we decide to pursue this course is that it will require a huge amount of money to pay tuition fees. Yes, this thought is right to some extent. If you are going to do an MBA, you will spend nearly twenty to twenty-five lakhs.
But, there are many institutes in India, those fees are very low and their ranking comes in the top ten business schools. Also, there are many government schemes, education loans available to fund your education.
You can check top business schools in India with fees and placement packages.
If you got admission in the top thirty business schools and you have taken an education loan, you will be able to pay back the loan as your chances of getting a placement with good package is very high.
Work experience for admission:
Students also have a misconception, that colleges ask for work experience of about three to four years. But, this is not true, two years of work experience is sufficient in India and most of the colleges don’t look for work experience.
It is not compulsory to work three or four years in the industry after your graduation.
Some high ranked, like top five schools, may have in their admission criteria for work experience but the weightage is very low less than10%.
Generally, top-ranked business schools in abroad like the USA, Canada and Europe they have strict criteria of minimum work experience of 4-5 years.
Making the decision to pursue an MBA must not be taken lightly as it’s a decision of devoting your time and money.
I recommend you to research and look into the curriculum and services provided to students before applying to any business school. Don’t just trust an institute by believing on their promises and facilities published on websites.
At last, thoroughly research every business schools you are looking for, many trusted websites are available on internet which provide correct information.
Frequently asked questions about the MBA program:
Yes, it has been observed that after completing this course, there is an increase in the salary. Some reports say that around 81% increase in the income of MBA graduates from 2010-2018.
In India, most of the colleges top-ranked like IIMs they only give admission on the basis of CAT. But there are some private colleges in India which accept CAT as well as they conduct their own entrance exam for admissions.
But you should give CAT as most admissions are done on the basis of it. If you are applying abroad then GMAT is mandatory.
It depends upon business schools. In IIMs the fees for full-time MBA is around ₹20 lakhs and can go up to ₹25 lakhs.
There are many institutes in India which offer this degree with fees around ₹7-₹8 lakhs.
There are many specializations available in this course:
Marketing & sales
And many more specializations are available depending upon that business school offers.
The answer is simple, if you can afford the program doing abroad then just go for it. As every penny spent is worth there. You will explore a new culture, world-class infrastructure, and much more. Also, the return on investment is much higher than India.
A mechanical engineer who is constantly working to reach the next level of himself.