A COMPLETE GUIDE TO MBA

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Here comes - A COMPLETE GUIDE TO MBA -

The Oxford dictionary defines management as "the process of administering and regulating resources under one's control". The dictionary also defines education as "information about or training in a particular subject" or "an enlightening experience".

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Together the terms management education symbolize any formal or informal learning experience that any scholar imbibes in the journey towards efficient planning, allocation and implementation of resources such as men, money and material.

Management education finds usage and applications at both micro as well as macro levels, right from a household level to a business organizational level. Typically, one associates the word 'management' with a corporate set-up, but there are many NGO's, co-operatives who have made an impact on our economy because of professional management.

A co-operative organisation like National Dairy Development Board, which is responsible for the brand 'Amul', is a popular case study for professional managers. Infact NDDB founded IRMA, India's topmost college for studies in Rural Management.

CRY and Actionaid, two of India's foremost NGO's (both non-profit organisations) have many a MBAs working full time in various capacities.

Political parties use services of MBAs to manage their party, conceptualize campaigns and awareness programs and create systems for cohesive functioning of all its wings.

The popularity of management education stems from the fact that over the past few decades, all educational or career spheres have shown crests and troughs. Management graduates on the other hand have been relatively insulated to the changes in the social, political and economic environment. This can be attributed to the versatility and multi-tasking abilities that management education imparts.

The role of the manager is multi-dimensional and dynamic in nature. It is very imperative for the manager to be adaptive and be at ease in any given area of responsibility. Therefore, we see a MBA taking up various other successful careers besides the standard corporate career. From P.Chidambaram to Arvind Swamy to Harish Bhimani, from Harsha Bhogle to Mani Ratnam to Nafisa Joseph, MBA education is the common thread that runs through these successful and talented professionals.

The list of successful entrepreneurs, CEOs and corporate bigwigs with MBA qualification is endless and reads like a global who-is-who. The premier Indian business schools like IIMs, XLRI, Bajaj and FMS have found a place on the global map. The top business schools of worldwide renown like Harvard, Kellogs, Insead, MIT have an impressive alumni profile. Over the past few years, Indian business schools have become popular headhunting grounds for global corporates seeking high quality professional expertise.

With such high demand and the status symbol associated with it, the MBA degree has become one of the most coveted and sought-after post-graduate qualifications in India. The test of the quality of a management institute depends on the quality of its output and hence corporate acceptance of the students is the standard benchmark to rate colleges. With more than 800 colleges offering an MBA degree or its equivalent in India, it is advisable to be ambivalent when it comes to making a choice of Institute.

The road into any A-grade Business school is difficult. It is not because the test and the admission process is very difficult, but more due to the sheer competition where some of the brightest students from all over India match their wits, for a few thousand seats. Hence preparation for such an admission process eases some of the hurdles that a student may otherwise face as they learn from those who have been through the grind and have come out trumps.

Remember that the admission process is not a test of intelligence, but an evaluation of managerial capabilities and aptitude. Hence the street-smart average college-goer has an even chance as the academically brilliant college topper to make it into the IIMs, as long as they possess the right skill sets and qualities.

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Management Education in India

The history of management education in India can be traced back to 1961, when the Government of India and the Government of Gujarat in collaboration with Indian industry started Indian Institute of Management in Ahmedabad. The same year saw the beginning of another reputed Management Institute of India at Calcutta. Ever since, India has seen a spurt in the growth of Management Schools with over 800 schools offering Management Studies as an option. Management education has come a long way in India with IIM, Ahmedabad being ranked one of the top management schools in the Asia Pacific Region. That apart, there is many Institutes, which offer a MBA Program in collaboration with foreign universities, thus making the MBA option more attractive.

List of top Management Institutes in India offering a general MBA program

A + Grade

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1. Indian Institute of Management, Ahmedabad

2. Indian Institute of Management, Bangalore

3. Indian Institute of Management, Kolkata

4. Indian Institute of Management, Lucknow

5. Xavier Labour Relations Institute (XLRI), Jamshedpur

6. Faculty of Management Studies (FMS), Delhi

7. Jamnalal Bajaj Institute of Management Studies, Mumbai

8. S.P.Jain Institute of Management, Mumbai

9. Management Development Institute, Gurgaon

10. Indian School of Business, Hyderabad

A Grade

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1. Indian Institute of Management, Kozhikode

2. Indian Institute of Management, Indore

3. Bharathidasan Institute of Management (BIM), Trichy

4. T.A.Pai Management Institute, Manipal

5. Symbiosis Institute of Business Management, Pune

6. Xavier Institute of Management, Bhubaneswar

7. Narsee Monjee Institute of Management Studies (NMIMS), Mumbai

8. Institute of Management Technology (IMT), Ghaziabad

9. SCMHRD

10. KJ Somaiya

B+ Grade

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1. Sydenham College, Mumbai

2. SIES College of Management Studies, Mumbai

3. Amity Business School, Noida

4. Wellingkar's Institute of Management, Mumbai

5. MET Business School, Mumbai

6. Goa Institute of Management, Goa

7. Loyola Institute of Business Administration, Chennai

8. Xavier's Institute of Management Enterprise, Bangalore

9. UBS, Punjab University

10. School of Communication and Management, Cochin.

Specialised institutes

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There are some reputed specialised institutions, which offer management courses. Before applying to them it is best to know their objectives, which may differ from yours. Some prominent institutes are:

XLRI

- In addition to a well-run MBA course, XLRI offers a specialisation course in Industrial Relations. This is highly rated among the courses in Personnel Management in India. The name XLRI - Xavier's Labour Relations Institute misleads people into thinking that the institute trains only in labour relations. Please realise that they also conduct a well-recognised general MBA program.

TISS

- The Tata Institute of Social Sciences conducts an MA in Personnel Management, which is rated highly in the industry as a world-class qualification in that area.

IRMA

- Focuses solely on Rural Development using the co-operative model. It restricts placement to voluntary agencies and co-operatives. Besides IRMA, the other colleges that offer a program on rural management and marketing is IIM-Ahmedabad.

IIFT

- Focuses solely on foreign trade. Placement is thus largely in export departments/ houses. It is widely rated as the best in India. The other colleges popular for International business are IMI, Delhi and SIFT in Pune.

NIFT

- Focuses solely on the garment industry. Placement is restricted to this area.

IIFM

- Focuses on the management of forest resources. Set up with help from IIM-A, it is getting good placement offers.

NITIE

- The Mumbai based institute focuses on Industrial Management and is well recognized in its field. The other colleges in this offering a similar program are the IITs, the best of which are the programs of IIT Bombay, Delhi and Kharagpur.

Who can do an MBA?

A graduate who meets the eligibility criteria of the respective institutes can apply for admission to the MBA colleges. The eligibility criteria are a graduation degree with 50% marks for most institutes and 55% for some others. However, many institutes including the IIMs accept application from all graduates, irrespective of the percentage of marks. Only a few B-schools accept non-graduates (those possessing diplomas or other professional qualifications equivalent to graduation, under the minimum systems of 10+2+3). The colleges do not specify a minimum work experience, though it is suggested that work experience prior to an MBA enriches the learning in the MBA program. There is no maximum age specification. Again, an unsuccessful candidate can apply to the college afresh the next academic year and his performance in the previous year does not affect his chances in the next year.

Students in the final year of graduation can also apply to the B-schools and are offered provisional admission, subject to their meeting the minimum eligibility criteria in a specified time frame.

How does one seek admission to a B-school?

Most colleges release an advertisement in leading newspapers across India in the months of August to October. (We will inform our students on the release of such advertisements through our website). The students then purchase their prospectus and application form and apply to the colleges. The first stage in the admission process is an aptitude test, which is more a test of elimination than a test of selection. Short listed students go through a second round consisting of Group Discussions and Personal Interviews. However at the second round, individual colleges may adopt other methods of evaluation besides Group Discussion and Personal Interview.

When does one do a MBA?

A million dollar question. Should one apply in their final year of graduation, or should one wait for the right quantum of work experience? Our suggestion, in the Indian context, is - apply the minute you have decided to pursue a MBA and are eligible. Though work experience is useful, the fact that Business schools accept fresh graduates is good enough to make one apply in the graduating year itself. If one does make it to a top B-school, he should accept the offer. However, in case one does not make it to the B-school of their choice, then the best option would be to gain work experience, and re-apply to the institutes next year.

Remember, many a students make it into the B-schools of their choice in the second or third attempt. This suggestion, however, is general. We would be glad to advice each of you personally on this issue. You can either write to us or e-mail us with your comments and circumstances affecting your choice, or speak to our counselors.

Where does one do an MBA?

If the option is between India and abroad, then we suggest that you speak to our counselors or correspond with us directly. As this is a personal choice, we will help evaluate the pros and cons of the options and assist your decision-making process by providing the right information and advice based on our experience. However, if the question is which Indian B-school, then the answer is simple. Choose a college that offers your preferred area of specialization and has good a placements record. Other factors to consider are faculty, infrastructure, course details, fee, batch profile and location.

Unlike in the USA, where the Accreditation Boards rank the Business schools, we do not have a system for finding out the worth of an institution. We have to rely mainly on the reputation of the individual institutions, which is a fair enough criterion as far as the well-known Indian business schools are concerned. Though business and national magazines rate B-schools, the rankings cannot be taken as gospel. As for the less known schools, before trying for admission, you would do well to go through their prospectus carefully to find out, what is being taught, who teaches it, what sort of jobs the past students of the institutes have got, and in what kind of companies. We suggest that you cross-check with us before applying to any institute that you have less information on. We regularly research B-schools and their placements, and can suggest the best institutes to apply to, based on your profile.

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The second point you should realise while choosing your institute is that in selecting a course you are opting for a career and not just for a job. The institutes such as IRMA, IIFT, TISS, or the XLRI course in Industrial Relations offer specialised courses in their fields. If you have no clear ambition of making a career in these fields, you would do well to avoid applying to them. For, whereas as a general MBA, later one may have the option to work in any of the above fields, a graduate from the specialised institute finds it difficult to get openings in fields other than the one in which he has specialised. A general MBA has more of job mobility.

Finally, don't take the popular opinion about the standing of major institutes too seriously and apply only to the top ones. Doing this would be rational if you are in a buyer's market, in which you are unfortunately not. The competition, even at the second line institutes is heavy. A sensible strategy to adopt would be to apply to as many institutes as is convenient to you and to take their tests. If all the institutes select you, you would be free to select the one you consider the best. The wise thing is to keep all the doors open.

One word about the not-so-well- known, but recognised institutes. Reputation, as you know, is not static. Graduates of the once less known institutes are now being readily accepted by the industry. Employers know that a handful of first class institutes are too few to train the teeming youthful talent available in a country of our size. They also know that a less known institute will have some good students and vice versa. Again, reputation of your institute matters in your first job that the institute's placement cell helps you to secure. In the subsequent jobs, the question is not what illustrious institute you passed out from, but how well you performed in your last job.

What is the scope of an MBA program?

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The scope for a MBA graduate is unparalleled. Apart from attractive pay packets and placements being offered at college-level itself, it opens doors to various sectoral opportunities. The Indian Corporate world has seen many MBA professionals occupying top slots in the corporate ladder.

Apart from Corporate careers, one can opt for entrepreneurship, work in co-operatives, NGO's as the opportunities are literally unlimited. Even when the industry goes through trends/fads, like the recent dot com fad, MBAs are the first in and among the first out, thereby reaping the benefits of a rising industry and the smartness of exiting to a different industry when the fall happened. This is due to the multi-dimensional, multi-tasking quality an MBA possesses. For example: A MBA with Finance specialization does not necessarily fare poorly when the industry hits the doldrums. He gets onto marketing of financial services (say, marketing of mutual funds or insurance products), thereby reducing career risk.

Part-time, Full time and Correspondence MBA

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MBA programs are administered in three different modes -- Full Time MBA, Part Time MBA and Correspondence MBA.

The full time MBA is a two-year program, where you attend college everyday. During the two years of your course, you work on projects, presentations, various seminars and a lot of research work. After you successfully complete the program, you can get recruited in a company through campus placements.

The part time MBA program is ideally suited for working executives who do not have the time to attend the full time MBA program. This gives the working students an opportunity to enhance their educational qualification and professional knowledge. Part time MBA programs are generally for three years and the classes are conducted in the evenings. In most cases, there is no any placement facility because this course caters to employed students. A two-year work experience is a pre-requisite for most part time MBA courses.

Correspondence MBA programs are also available to students who cannot attend classes regularly. The teaching is in the form of study material provided through regular correspondence. You receive all the study material at home. Annual and semester exams are conducted in various centres across the country.

If you wish to keep your career options open before entering any field of specialization, you should opt for a full-time MBA program. The full time course gives you an opportunity to work with other students, which is very vital to any business interaction. You can develop your leadership skills, team building skills and also your presentation skills more through a full time course.

Moreover, you can get placement through the campus recruitment facility. However, if you have already secured a good job and you are keen to hone your managerial skills, the part time and correspondence MBA course would serve your purpose adequately.

MBA and a PGDM (The Degree vs. Diploma debate)

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MBA courses in India is recognised either by a university or by the AICTE (All India Council of Technical Education). When a MBA program offered by an institute affiliated to a university, it awards a Masters degree such as MBA or MMS. On the other hand, autonomous institutes offer Post Graduate Diplomas that are recognised by the AICTE. This is often called the diploma MBA.

Some students are under the assumption that the Diploma MBA might in many ways be inferior to the degree MBA. This is a misconception. You must not judge the reputation of the course by the title it confers; rather you should judge it by the reputation of the institute or university.

Evidence to this fact is that the IIMs offer a postgraduate program in management (PGPM), which is not a Degree. Evaluation of the worthiness of an MBA program can be based on criteria such as the placement record, the quality of students, faculty information, industry recognition, and the like.

What is the cost of MBA programs ?

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The cost of MBA programs varies for every institute. There are many components to this cost:

Tuition fee

Library deposit

Test fee

Hostel accommodation

Miscellaneous expenditure

In most cases, the cost of MBA study range between Rs. 125,000 to Rs.200,000 per annum. Also, the fee structure for the MBA programs is very often revised every year. To find out the cost of MBA studies, you will need to refer to the prospectus of the institute that you are applying to. Any student who secures admission into a premier institute would have various finance options open to him such as scholarships, bank finance or waivers. No student is turned away due to non-capacity to pay.

Why MBA Program ?

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Businesses are influenced by the changes in the Policies of the Government and with the Indian economy opening its gates to the world with Liberalisation; there has been an immense and innumerable career opportunity in various sectors. This includes manufacturing companies, business and management consulting, financial planning and banking, sales management, marketing and personnel administration to name a few.

The eighties and the nineties have seen a tremendous growth in management education in India. This is in response to the increasing demand for Managers in the corporate sector.

Today, a Management Degree has become an attractive proposition, as there are attractive entry level salaries (including $ salaries offered by some MNC's) and typically, a Management Graduate gets absorbed into a Company through the Campus Placement Program of the Institute. The MBA Program offers a lucrative career option to both experienced professionals as well as fresh graduates

What is MBA Program all about?

The MBA Program with its primary focus on Management Studies offers students insight into effective and optimal use of resources, maximization of output and profitably running a business enterprise. The MBA program, intrinsically dynamic by nature, relates the theory taught in the classroom to the workplace and the day-to-day scenario of the corporate world.

Today, the MBA Course is structured to match academic curriculum to the requirements of the corporate world.

Managers play a very critical and vital role in shaping the economy of a country. Businesses need managers who are effective, creative, disciplined and well educated. The Business Management Program which gives a foundation to students in terms of Management Theory and Organizational Behavior and work ethics helps students in honing their decision making abilities, assessment of risk, predicting future trends, interpret financial statements and develop systems for effective running of businesses. The students also obtain necessary skills to handle diverse career needs innovatively and ethically in his or her own socio-economic political milieu.

Graduates in any discipline can take up the Degree Course certifying Masters in Business Administration (MBA) offered by Universities and the Post Graduate Diploma in Management (PGDM). The course offered by most Indian Schools are 2 years in duration with mandatory 2-month project work after the first year. After taking the students through orientation to the fundamental compulsory modules of management, the students are given various specialization options like:

- Marketing Management

- Human Resource Management

- Financial Management

- Systems Management

- Production Management

Financial Management

The role of Financial Management is very vital to any business entity for it enables one to understand the financial decision-making process by taking into consideration the business, tax and financial environment of the organization. The tools or pointers used in this process range from estimating cash flows, analysis of financial statements, capital structure, capital budgeting, working capital management, risk and return management to many related areas. The goal of Financial Management is to maximize the value of the firm by efficient allocation of resources.

Systems Management

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Systems Management uses business knowledge and technical skills to acquire, develop, integrate and implement Management Information Systems (MIS) in a business environment. MIS involves developing plans and defining solutions to optimally utilize the resources of the Company and improve productivity. To develop sound MIS, it is essential to understand project management as a tool under a dynamic environment. Systems Integration, process engineering, production support and end-user support plays a major role in the development of MIS.

Marketing Management

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Marketing Management plays a vital role in the business environment. Marketing Management involves understanding the needs and wants of the customer and catering to the specific needs of the end-user. It encompasses the study of Product, Place, People and Promotion. Essentially, marketing Management deals with Sales, Distribution, Consumer Behavior, Brand Management, Merchandising, and Retail-chain management, Advertising, Market Research and Marketing Strategy. In short, Marketing Management is the backbone of the business organization as it is a revenue generating function.

Production Management

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Production Management involves identifying solutions to achieve maximization in production outputs. The aim of Production Management is to improve plant objectives such as production, quality control, safety, inventory management, training and motivating personnel. The requirements for Production Planning and Management are Product and Process knowledge and thorough operational knowledge. The main requirement of the course is engineering skill sets, as it is a function of the manufacturing process.

Human Resource Management

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Human Resource Management, as the title suggests deals with man management given the parameters of the socio- legal framework of the organization. The process of Organisation Development and identifying manpower requirement falls within the gamut of HRM. So, Recruitment, Selection, Training and Development, Compensation, Personnel Appraisal and Staff welfare fall under the broad category of HRM. A study of Business Law, Industrial Relations and Labour Relations is covered under Human Resource Management.




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