Undoubtedly, MBA, in India or abroad, is one among the most sought-after degrees. But, given so many choices and heavy investment, the decision making is not too straight-forward at all. Earlier, we have covered how big data, AI & digital transformation are forcing the business schools to modify the MBA curriculum, why brand of the business school is important, and when an MBA abroad is not worth it. In this guest post, we will discuss if investing in an MBA is the right decision.
Is investing in an MBA degree right decision?
By Bhanu Pratap Kaushik
In India, every year, thousands of graduate students, irrespective of academic backgrounds, take admission in management programs offered by numerous B-Schools in the country. The Master of Business Administration or MBA is one of the most popular post-grad options for young graduates.
There are more than 20 entrance examinations for admission to management programmes in the country and abroad, including the most sought-after tests like CAT, XAT, MAT, IIFT, SNAP, GMAT etc, which are taken by lakhs of students every year.
But, the fees for an MBA course in India can be quite high. So, one can question if investing in an expensive course like an MBA will be the right decision. If yes, then what are the prospects of an MBA course in India or abroad?
Why MBA can be a good career choice?
The prospects of an MBA degree in India or abroad are quite well, as of now.
- A B-School graduate from any top-ranking institution can expect a 6 to 7-digit pay figure as a fresher when recruited by an MNC from the institute campus. A candidate with some work experience can earn even higher. So an MBA degree can be the foundation towards a flourishing career.
- Apart from that, students develop in-depth business knowledge, managerial skills, communication skills, and strong leadership skills. They can easily rise up the ranks in any corporate firm with their skills and knowledge earned during their post-graduation studies. Students also develop networking skills and better problem-solving skills.
- An MBA degree can open the door to numerous avenues for the students after they graduate. They have the option to find employment among diverse fields like Human Resources, Banking, and Finance, IT, Investment Banking, Equity, Management Consulting, Analytics, Business Development etc.
- Also, a majority of multinational firms prefer candidates with MBA degrees to join their organizations as they look for highly skilled professionals with sufficient knowledge.
- They can also find employment in the public sector as many nationalized banks in India recruit B-School graduates in some of the best positions. So there are increased job opportunities for MBA graduates both in India and abroad.
- Students also develop entrepreneurship skills and gain enough business knowledge to start their own firms. Many entrepreneurs of some of the most successful start-ups in the country have been B-School alumni.
- There is also much flexibility in the choice of specializations for the students. Working professionals from different fields can also join MBA programs, which have flexible schedules. EMBA programs are specially designed for candidates with job experiences.
According to surveys conducted by numerous agencies, an MBA degree is one of the most desirable career choices among young graduates. The Graduate Management Admission Council or GMAC has reported that most of the B-School alumni are extremely satisfied with their choice of careers and the foundation led by their degree.
Will an MBA degree be worth your money?
A career can be successful only with the determination and dedication of the individual. An MBA can be a good career path only if the student is willing to work hard and be prepared to accept all the challenges.
Also, there are numerous B-Schools in the country. But to get the best of education, job opportunities and proper guidance to choose your career path, you have to select carefully among the institutes. Not all of them offer equal opportunities and have the best standard of education. The top 20 to 25 B-Schools including the IIMs, in the country, have limited seats and the entrance examinations like CAT, XAT and SNAP are quite hard to crack. There is also a lot of competition. So a lot of hard work will be needed before you decide to invest your money. To get into the best B-Schools in the country you will need to score quite well in the entrance examinations.
The top B-Schools abroad require a good GMAT score. Many of them are also quite expensive. So without proper funding and a good GMAT score, it is difficult to get admission in the international B-Schools.
Choosing the B-School is crucial
In India it is not about the course, it is more about the institute that will determine how prospective your degree is going to be. To get the most out of your investment, you have to choose a reputed institution with good placement records. You have to also work hard to have a good overall academic record.
Also, when a student gets into an MBA programme there should not be any unrealistic expectations about salaries and job profiles. It should be kept in mind that not all students are offered 6-7 digit pay packages on their first jobs. In most of the cases, candidates have to work hard to reach their desired job levels. An MBA degree is not a guaranteed entryway to a high profile and high paying job. It can take years of experience to rise above the ranks in a profession.
Though, if you are doing an MBA from institutions like IIM, ISB, IIFT or private university like BML Munjal University which gives you a global exposure, the chances are that you will get a chance for experiential learning the curriculum in a practical approach.
Though you will be paying a decent amount of fee for your MBA course, you will also be getting a global experience as you would be studying the Global Leadership Module at the prestigious Imperial College London.
The final verdict
To invest in an MBA degree will depend entirely upon the interest of the candidate and his or her will to pursue the course with all seriousness. Also, he or she should be very well prepared to compete against thousands of talented students starting right from the entrance examination until the campus placements.
As mentioned earlier, to make an MBA degree worth your time and money, you have to select cautiously among the institutes. An institute with poor placement records can only provide the degree in the paper. It is not very easy for a candidate with an MBA from a mediocre institute to get a high paying job in India. If you cannot get into one of the IIMs, there are many other institutes that offer good placement and proper guidance. So you should research well about the placement records of the institutes you are applying to.
Students willing to pursue international MBA programmes should also research well about the institutes. With the proper goal of the candidate and right guidance of the institute, an MBA degree can turn out to be a highly successful career choice.
This article is part of Stoodnt’s CollegeConnect – engagement initiative for colleges to connect with students.