IMPORTANCE AND TIDBITS OF MBA
Tripti Rai
A professional writer and avid reader, Tripti has been in the writing industry for 2 years now. Her work ranges from articles on property to education and employment. You can email her on itripti.rai@gmail.com and connect with her on twitter @itripti
You have to educate yourself to be employable
With anti higher education naysayers contending and questioning the value of an MBA (Masters in Business Administration) Degree and late employed graduates thinking over the cost and return ratio, MBA has seen to lose its value. It is true to some extent with opening of MBA colleges in every region one can imagine, all promising a job and because of economy bringing a graduate and the post graduate on a similar page pay wise.
But doing MBA from a school which prepares you to manage both a happy event and a chaos, develop skills needed to be a better leader is worth getting an MBA degree from. Even if they don’t get you a job, they will definitely make you employable.
A Survey on the Class of 2013
A survey done by the Graduate Management Admission Council found nine of every ten MBA graduates of the year of 2013 started working in September. The rate of employment for the full time MBA grew to 92% in 2013 from 90% in 2011 and 85% in 2009. The opening per year salaries given to U.S. graduates in 2013 was $90,000, with a bonus and additional pay of $10,000. That’s higher than the salaries of $86,700 2011 class.
Pay differentiates to a large amount according to geography, school, industry, specialization, and work experience. U.S. students who graduated from the part time MBA programs announced an annual salary of $85,000, as found by the GMAC. Indians who received degree from full-time MBA programs received a salary of $34,988. European students graduating from full-time and part time MBA programs received $101,093 as salaries.
Why MBA
Makes you Efficient
A degree in MBA brings you up to speed in finance, marketing, HR, ICT and other fields. You can learn these things on your own too, but the efficiency and time will differ to a great extent. Along with learning experience, an MBA Program also provides a symbolic value and networking opportunities.
Addresses current needs
An efficient MBA program should incorporate latest news in their course structure to keep students updated of the changes in economy. Since the last decade, business has become very global, and the need to have international standards in the program has become very important. Business schools can only remain relevant if they teach the facets of real time and give a way to predict and manage future problems. The MBA Program should be a right mix of theoretical and practical problems.
Prepares you to be job ready
Courses taught in MBA makes students ready for the industry. The focus of an MBA curriculum is on the practical application of theories, which is essential to give them an insight on how life is post college. Having information about industry functioning is one of the major plus points of doing MBA.
Networking
It’s common for people with job experiences to do MBA. This gives a good opportunity to make networks with people who have a good idea about the industry you might be interested in.
High Salary
Having an MBA degree increases the level of pay you will otherwise receive as a non MBA.
More Career Opportunities
The knowledge that comes after MBA opens multiple career options. Along with multiple career options, an MBA professional normally enters an organization at a managerial level, which helps him to grow at a faster pace as compared to some non MBA.
MBA is the right Career Choice for You If:
There are some pointers which are needed in an employable MBA. In addition to scoring well in MBA selection exams, these future managers should also have team working and leadership skills. They should always bring something of use in the class and be open to learning. Once you know that you are fit for doing MBA, choose one of the following specializations offered in an MBA Program.
Most Popular Specialization Choices in MBA
Considering the growth in economy, new sectors like ICT is emerging and demanding professionals who are an expert in the field. This has broadened the choice from traditional Marketing, Finance and HR to specializations like IT, supply Chain Management etc.
- Finance
- The subjects included in the finance specialization are Costing, Budgeting, International Finance, Capital Management etc. You can go for jobs like portfolio manager, stock broker, financial analyst etc. after completing your MBA as a finance graduate.
- Marketing
- Subjects thought in marketing are Consumer Behavior, Media, Advertising, Pricing etc. Jobs that are there for a marketing person can be Business Development, Media, and Communications etc.
- HR
- Subjects that you can learn in HR are Diversity, Mergers and Acquisitions, Labor Market, International Leadership etc. You can go on to become a recruiter, Relationship Manager, Payroll Manager Etc as a HR Graduate.
- International Business
- Subjects taught in IB are International Marketing, International Finance, Economics, and International HR etc. After IB degree, you can opt for International Accountant, International Economist etc. as a job option.
- Operations
- Things that you can learn in operations are Production Management, Shop Floor Management, Product Development and Design and Process Optimization. The jobs that require an Operations degree can be Operation Managers, Product Managers etc.
- Information Technology
- Subjects that are designed to educate and develop future IT professionals are Planning, Designing, Selection, Implementation, Usage and Administration of converging Information and Communications Technology. Coding, Software Development, Games and app development are few of the available options after an ICT degree.
- Supply Chain Management
- It includes Inventory Management, Warehousing and Transportation of Materials etc. Jobs after doing Supply Chain Management are International Logistics Manager, Logistics Software Manager, Systems Support Manager etc.
- Rural Management
- The study includes Marketing, Finance and HR with the focus on Rural Management. You can become a social worker, Market Research, Consultancy etc.
- Agri Business Management
- Students specializing in Agri Business Management manage companies with process, market and merchandising agricultural products to consumers. Agricultural consultant, Farm manager etc. are the options after Agri Business degree.
- Health Care Management
- The issues Health care managers can face and are prepared for in their Health Care Management specialization are Hospital administration, Medical Practice Managements, Insurance sector study etc. Hospital executives, healthcare consultants etc. are the jobs you can go for after a HM degree.
List of World’s efficient MBA Schools
With every nook and corner having an MBA School promising 100% placements, the value of Business Schools have reduced with time. But, there are some schools which have established themselves against the tide of time. These schools are not only popular but also develop skills needed to be an expert, they teach things beyond the typical MBA course.
The 10 Best Business Schools of the World are:
- Stanford at Stanford, CA
- Chicago (Booth) at Chicago, IL
- Harvard at Cambridge, MA
- Pennsylvania (Wharton) at Philadelphia PA
- Northwestern (Kellogg) at Evanston, IL
- Dartmouth (Tuck) at Hanover, NH
- Columbia at New York, NY
- Duke (Fuqua) at Durham, NC
- Cornell (Johnson) at Ithaca, NY
- Michigan (Ross) at Ann Arbor, MI
Insights on 2014 Corporate Recruiter’s
- Companies plans to hire recent graduates of MBA and specialized business master’s programs around the world in 2014.
- Companies in Asia-Pacific are witnessing robust growth and planning for market expansion in 2014, creating higher demand this year for MBAs and master-level employees.
- Based on analysis, employers are looking for graduates who are highly skilled in communications, especially oral communications, followed by writing and listening skills.
- Companies from all over the world plans to offer MBA graduates a starting salaries higher than those offered in 2013, but the employers in Asia-Pacific plan to increase starting salaries of MBAs at or above the rate of inflation compared with 2013.
- Finance graduates earn the maximum after MBA
With the Finance graduates earning the highest among all MBA graduates, the need for other specializations has lowered a bit. But, one should work for an industry where they see themselves after 5 years, irrespective of the presence of other lucrative offers.
Getting an MBA Degree adds up to your market value. But, what matters is how you put your MBA degree in use when working in an organization. Always remember to bring something new to the class and/ or the company using your learned expertise.
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