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Published: Friday, 9 June, 2017 05:00 PM
Master of Business Administration, as the course name suggests, covers various aspects of business administration and trains students in understanding the nitty- gritty of running a business and preparing them for becoming efficient managers.
The core courses in an MBA programme cover various areas of business such as accounting, finance, marketing, human resources and operations along with various electives. The duration of the programme is two years
Meaning- MBA in Banking and Finance, thus caters to these two essential aspects of our lives and aims to produce professionals with sound knowledge about banking and financial services.
Significance- Banking and Finance are two indispensable components of a business. Banks are institutions in-charge of individuals or organization's money. Banks discharge various set of functions such as holding the money of customers, investing the money, reimbursing interest on the deposited money, offering loans to people for personal or business use and so on. They also provide a wide range of services such as giving advice related to investment and insurance, exchange of foreign currency and acting as trustees. Banks form an essential part of our lives. And therefore, there has always been and will be a demand for bank professionals.
Finance, on the other hand, is a process through which advice is provided to a company or a person for investing their money and getting high returns. Finance management is the backbone of any company whether it is a corporate, a big business house, or a financial institution.
Eligibility Criteria for MBA in Banking and Financial Services
The syllabus of Banking and Finance as prescribed by various Colleges and Universities:
An MBA in Banking and Finance can open up the following roles for the aspirants:
Banking and Finance have always been domains for which demand has never receded. They are, in fact, the most relevant job profiles, in times of recession or without. Jobs can be found in Financial Institutions, Banks, Financial Consultancies, various government and private companies. The salary can depend upon the working experience, qualification, recruiters, location of the organisation and so on.
Significance-The popularity of MBA in Marketing has increased in recent years, owing to the shift to the digital sphere and globalisation. Most businesses have their own in-house marketing team, which specialises in bringing clients to the company and promoting their products. Though the course is targeted towards marketing, it in no way limits the career of a person, in fact, the skill sets learnt during the course open up various career paths from consulting to entrepreneurial management.
As part of the two-year course, the students will get to study subjects such as Strategic Planning, Market Research, Consumer Behaviour, Cost Volume and Profit, Analysis of Demand along with skills such as communication, analytics, business ethics and leadership. It enables students to identify the market choice through analysis of demand
Some of the subjects that the students will study over the course of two years are:
Some job profiles that are open for students after the completion of the course are:
Marketing is regarded as an important component in the growth of a company. India is growing fast and becoming a corporate hub, therefore, professionals well-versed with marketing will find many takers. Marketing itself is a vast field. This course leads students to the FMCG sector, IT industry, Retail, Tourism, Banking, Hospitality, Media, Advertising, Consultancy, Market Research and so on. A good candidate can easily make Rs 40,000 to 65,000 per month. The salary structure depends on the position and reputation of the firm and the quality of the candidate.
Meaning-All businesses are essentially about human beings. Human resource is the biggest asset that a business has. A company’s fortune depends on its employees. If the workforce is efficient, motivated and moving in the same direction, the company will naturally progress and vice versa. Since people are involved, they will have different personality traits which might lead to clashes.
Function-The Human Resource Department of a company takes care of hiring the suitable candidate, providing development and training, assessment of their performance and also keeps engaging and motivating the employees, to create a healthy working environment for them.
The subjects to be studied by the students pursuing this course include:
The course is designed to impart holistic understanding of the functions of human resource management. The course imparts a range of skills such as, Human Resource Planning, Manpower Resourcing and Talent Retention.
Some of the job profiles that students of this course are likely to assume are:
Human Resource is another area which is present in every organisation. MBAs in HR will find employment easily. They are the people who screen potential candidates, recruit, train new employees, motivate the workforce, frame the company’s HR policy and so on. The kind of salary one draws as an MBA in HR depends on the experience the person has.
Significance-With globalisation and the resultant increase in contact among countries, businesses are exploring international markets. This has made MBA in International Business a very popular and lucrative option. Companies are looking for graduates trained in handling international business, to represent their company internationally.
The syllabus of MBA in International Business includes subjects such as:
The job profiles of an MBA in International Business may include:
Given that the world has shrunk and come closer, businesses require professional people well versed with various international business practices to conduct business across continents. MBA in International Business can join the international market departments of companies, international placement offices, import and export departments of companies, global shipping companies, global tourism sector, international consultancy firms and so on. Jobs are available both in India and abroad in a wide range of sectors. A postgraduate in international business from a reputed institution can get an initial salary package ranging from 5-12 lakh per annum.
To cater to the spurt of firms involved in manufacturing, MBA in Operations was introduced as a specialised course. However, it is not restricted to manufacturing alone but covers a range of important business skills required in business.
The syllabus of the course may require the aspirants to study subjects such as,
Graduates in Operations are in great demand in the industry. They have the option to pursue career in different sub fields within operations such as supply chain, consultancy, operations strategy, inventory control, logistics planning and others. Entry level salary of Operations Manager is Rs 4 lakh per annum and increases with experience.
As people’s disposable income increases, they begin to explore other cities and countries for travel. This has given rise to the Tourism Industry and increased the demand for MBA in Travel and Tourism Management.
A student opting for this course will usually have to study courses such as:
With an MBA in Travel and Tourism, the students can target travel and tour companies, airlines, hotels, academic institutions, transportation and assume the following roles:
The travel and tourism industry is relatively new than others but is growing fast. According to estimates, it is expected to generate 13.45 million jobs. India has moved up 13 positions to 52nd rank from 65th in Tourism and Travel Competitive Index. Clearly, the industry has a positive outlook, and hence professionals in this domain need not worry. Hotels, Restaurants, Retailing, Transportation, Travel Agencies, Tour Companies, Leisure, Cultural industries and so on, will continue to provide employment to good candidates.
Other than the regular MBA, there are various other types of MBA offered by the institutions, to cater to diverse groups.
Aim-Executive MBA is designed to target the need of working executives, who wish to acquire professional and managerial skills and, thereby, enhance their growth prospects in their respective job fields. The programme is of two years duration and is spread over four semesters.
The Executive MBA is tailor-made for working professionals, who are ready for a defining jump in their careers. It provides mid-career professionals the ideal platform to augment their existing skill sets as they endeavour to armour themselves for senior and top management roles in the industry. Candidates with the relevant experience and typically working as managers, AGMs, and Zonal Heads use the Executive MBA to launch themselves as CEOs, Vice President, GM and Senior Managers. The Executive MBA builds on the work experience of the candidates and is, therefore, much more relevant as well as closer to the practical world.
i. Regular MBA- Studying the program on a regular basis, having daily day classes.
Executive MBA- Open to graduates with 1-5 years of working experience. Many institutions
provide evening classes for executive MBA aspirants.
ii. Regular MBA- Aspirants who pursue this, opt for fresh private or public sector jobs.
Executive MBA- Working professionals pursue Executive MBA in order to get promotions to higher
grades in their work profiles.
Part Time MBA comes as a boon for all those who want to gain a Masters degree without quitting their jobs to do so. There are a large number of people, who, for one reason or the other, are unwilling to pay the fees in advance. For them, pursuing the course while working is the only viable option.
Advantages-Part time MBA provides flexibility to the aspirant, as the classes, usually happen on the weekends, so the aspirant does not have to sacrifice work. Also, the aspirant can apply all that he learns over the weekend, in his work over the week. This means that the aspirants get to put their learning to practice immediately.
Disadvantages-Students enrolled in Part Time MBA, miss out on networking opportunities that Regular MBA accords. Part Time MBA does not give the chance to students to immerse themselves in the programme, as Regular MBA does.
For those interested in gaining international exposure or settling abroad, it makes sense to pursue an MBA from a different country other than India.
An MBA from abroad gives you an experience like nothing else would. The experience of living in other country is tied with experiencing that country’s culture, language, rituals and way of life and help you in your business life, as you will also get to experience different ways of doing business in the world.
A strenuous process awaits you, if you intend to pursue MBA from abroad. The first and foremost requirement is a bachelor’s degree, preferably through a reputed university. Many MBA colleges abroad require students to have exposure to the professional work environment, hence, look for some work experience. A carefully prepared Statement of Purpose along with good recommendation letters leave a good impression and conveys your intent. The aspirant is also required to clear entrance exams such as GMAT, followed by an interview. Also, language proficiency exam such as TOEFL or IELTS are mandatory.
Cost is a major factor when considering foreign countries for pursuing MBA. An MBA abroad may cost anywhere from Rs 20 to 75 lakh, to furnish which, an aspirant may have to work through the course to recover the cost. The huge financial burden needs to be factored in before applying.
All the universities abroad have a scholarship program for students. As the fees is on the higher side and cannot be easily afforded by many students, the universities run several scholarship programs to ensure that no deserving candidate misses out due to lack of funds.
Some of the best institutes across the world for MBA are:
Distance learning MBA offers convenience and comfort to working people particularly. People can enrol in the distance learning programme of the institution of their choice, without worrying about the distance or location of the institution from their city. The aspirant is not required to be present physically in the classrooms but has to appear for the exams only.
The cost of an MBA through distance learning is cheaper, as compared to a regular MBA.
Some of the best institutions offering MBA through the distance learning mode are:
Another type of MBA, which has become popular these days is the Online MBA. Online MBA offers a unique learning experience to the aspirants, wherein they can customise the programme to meet personal preferences, schedules or goals. These type of programmes can be an excellent choice for aspirants, who prefer independent, self-directed study.
In an Online MBA programme, information, courses, knowledge are distributed through the internet, rather than physical face-to-face classroom lectures. The student use the internet to watch a streaming video lecture, participate in discussions through chat forums, upload their assignments and so on.
Pros of Online MBA
Cons of Online MBA
-It offers greater amount of flexibility, round the clock support systems and can be done anywhere in the world.
-Not suitable for students who learn best through physical teaching.
-Boon for working professionals who can complete the course around their job obligations, without affecting it.
-It may lack structure, accountability and direction.
-Access to the best in the world.
-Students miss out on the campus experience which adds a new dimension to their personalities.
Info for Charts (Source- India Skills Report 2016- https://wheebox.com/logo/ISR-2016-small.pdf)
Skills required by Employers
-Integrity and Values, Result orientation- 27%
-Interpersonal skill, Learning agility- 18%
-Numerical & Logical ability- 9%
-Cultural fitment- 8%
Domain Experitse- 28%
Stay informed, Stay ahead and stay inspired with MBA Rendezvous
Management education in India is becoming more popular in recent years. Now-a-days being an MBA is regarded as an added advantage. Any qualification coupled with an MBA degree enhances one's job perspectives. Today's young professionals consider MBA as a stepping stone in their career.
The global economy has expanded manifold and is constantly throwing up both challenges and opportunities. The present business environment requires effective executive who combine theoretical knowledge with practical problem-solving skills.
Distance learning the new entrant in the field of education has been fastly catching up with the younger generation. Distance learning or distance education has nowadays become synonymous with e-Learning as most of the education is imparted through computers and internet.