MBA is the most demanded degree across the world. This is in demand after doing even professional graduation degree. It opens the doors to many opportunities in management across various sectors.
It’s not just about Marketing, Finance, Banking and Human resources. MBA education has spread its wings and has entered sectors that 20 years back, people would not have even imagined possible.
Major cities in India like Mumbai, Delhi, Bangalore, Hyderabad, Kolkata and others the demand for an MBA is only getting bigger. Bangalore was the second largest group of candidates (9%) who took the Common Admission Test this year (after Delhi). In 2010 the numbers of students from Karnataka was 13,499. This year it is 18,000. The increase is attributed to IT professionals who wish to possess a management degree, and to the increasing number of colleges.
According to a white paper on MBA admission trends released by the All Indian Management Association (AIMA) the main reasons for students taking up an MBA course are to get an increase in salary, new career opportunities, make further progress in career and to extend personal networks.
And the time to realize this could not be more than justified. The changes which are taking place in the economy and the kind of opportunities being created in the country show definite scope for various management courses to be launched in B-schools.
When the cabinet approved 100 per cent FDI in single brand chains and 51 per cent in multiple brands, one sector had reason to rejoice: the MBA education space. With Bangalore having one of the fastest growing metropolitan populations in India, experts predict a windfall in the retail sector and a large increase in job opportunities for managers. In addition, there are opportunities in media and communication management as well as a focus on entrepreneurship Plus, with various metros ambitious projects including the metro rail, signal free corridors and express highways on a roll, infrastructure management is growing very fast and rapidly.
All this shows that whatever the field the time is just right for anyone aspiring to do an MBA and that there are a number of opportunities open after an MBA.
While the time is right, the same can be said for the place, too. Different metro cities offer ideal destinations for those who wish to pursue management studies in different sectors. Apart from other sectors what gives the metro cities the edge is the fact that they have different industries in the vicinity including IT companies.
Employers are increasingly using the MBA degree as a recruiting tool in hiring. This trend is now far outside the consulting realm as telecommunication, finance and manufacturing where companies are looking at an MBA degree and experience as necessary requirements or highly helpful determinants when examining management candidates.
Employers across many industries are asking a common question related to the value addition of an MBA degree. They are increasingly looking for MBAs with greater self-awareness, problem solving and Decision making ability in their workplace, that is, MBAs who seem to understand their impact on others and vice-versa.
The professional workforce is counting on MBA degrees to take graduates further and employers tend to look at them favourably.
Some firms are planning to hire talented wealth managers with MBA degrees, equipped with the necessary job expertise and the right attitude. An MBA degree ensures the employer of the candidate of having a basic level of competency. However, the impact is not as high as by and large, more MBA graduates do have a job offer as compared to a student with a bachelors’ degree alone.
Some companies constantly groom people. The institute is also vital. Over the last 10 years, as many institutes have come up claiming to offer management education there are many good ones too, which have come up in the private sector. The institutes offering good programs are equipped with good faculty members and strong collaborations.
Going for a higher education is a wise decision, irrespective of the ongoing slowdown and is a practical approach that will bear positive repercussions in the future. When the economy is booming, people who are already working may be too busy to think about getting a degree or going to a technical school, but when the economy is slow and people are re-evaluating their priorities, education especially in terms of an extra degree does hold a lot of significance and becomes a consideration.
For starters, a tougher job market forces people to strengthen their resume. Slower growth within the ranks in their organizations during a downturn also means that there is a lower perceived opportunity cost of taking two years off to pursue an MBA. As the job market becomes tougher, and MBA allows one to differentiate themselves from the crowd. It always helps to add to one’s skills, irrespective of what career stage s/he is in. However, skills can be added while working on-the-job or through a formal, full time program. If given a choice, it makes more sense to earn while you learn.
Some of the elements for a successful career include a go getter attitude, excellent team management skills and most importantly one’s ability to innovate. Today’s job market demands a professional with abilities beyond just the knowledge of the subject and an MBA degree is certainly the way forward.