Today a professional program like “MBA” is the most prestigious & accepted degree globally. And due to the rising demand, the majority of the educational hubs have started including MBA courses in their curriculum. There are distinct types of MBA specialization that aspirants can opt anyone depending on their career interest and criteria.
The MBA degree was initiated in the late 19th century in the USA only by the students. But in recent times, you might have observed that most of the candidates who are already employed are enrolling for this business management studies course. They opt to purse either for a part-time or full-time. Have you ever thought about why?
It is just because now companies are not only focusing on experience but are more interested in hiring candidates with a tag like “MBA” in their resume; as this program develops the overall managerial abilities, analytical skills, and knowledge obtained in specific areas. Even if the candidate has gained a graduation degree in some other domain MBA course makes you job-ready at a higher level.
What Is The Master Of Business Administration?
MBA (Master of Business Administration) is a postgraduate degree program specially designed for the candidates who are interested to execute the administrative operations in the corporate sector or related industry.
The 2-year MBA degree has been drafted to equip a candidate with sound management skills and advanced knowledge to stand the upcoming challenges of the corporate world, to get a better understanding of how business functions, study the concepts of organizational behaviour, focus on practical orientation and implementation of strategies to augment organization ROI and more.
Today, the world is growing with a vast area of specializations like marketing, finance, logistics, operations, IT etc. Each specialized branch will offer rewarding career benefits, future growth prospects and pay packages to the aspirants. Besides these core subjects, the student can opt for specialization as per their choice and aspects of learning. Many institutes and universities in India offer full-time, part-time medium, dual, executive MBA program or distance learning education. Candidates are free to choose their desired specialization and type of MBA program that they wish to pursue.
In this blog, we are going to cover a few mandatory and primary aspects of MBA that will help you to understand the significance of the master degree in detail and additionally, highlight a few concepts related to career, scope, salary in India.
Why You Should Pursue An MBA Degree?
If you’re preparing to step inside the evolving & competitive business world, then we believe an MBA is an ideal degree that will give you a priceless career. MBA course enables you to acquire the necessary management skills that will offer you a wealth of advantages, build a strong professional network, rule your own business or add opportunities to earn higher degrees in academics abroad.
Besides, many students prefer this course as it serves numerous purposes like:
- MBA degree delivers a unique brand value to you that helps you to shift to a progressive career path.
- It innovatively nurtures the long-term opportunities & widens the scope outlook.
- Amplifies personal growth and strengthen your business network in the market.
- MBA degree establishes you to be your boss or turn you into a well-established entrepreneur.
- It constructs a route that gives an optimistic kick start to your professional career.
- The course leads to personal skills and knowledge development.
- Not only limited to this, but the MBA degree also allows exposure to understand and resolve the complex challenges of the market worldwide.
Thus, from the above points, it is quite evident that an MBA degree offers excellent advantages to attain the future personal as well as corporate goals.
What Is The Future Scope & Demand Of MBA In India?
Since the late 19th century, the scope of MBA course has been very wide but in recent times the inclining need from the industrial world have hiked the demand for this particular program. Today, most of the students are enrolling for the MBA program to achieve something big.
An MBA degree has always played a vital role to strengthen the administrative pillars within an organization. This job-oriented professional program has driven lucrative job opportunities that you might have dreaming about. Maybe a manager in a multi-national company or a superior member in the board of directors, you are sure to accomplish your dreams through this pioneering MBA degree.
Here is a list of future scope that will help you to better understand the MBA program:
1. Opportunities in every domain:
A career in MBA does sound fascinating but undoubtedly it invites a lot of hardships and tough competition. Before choosing a particular sector, decide which specialization you want to choose.
May it be Government, Public or Private, today all industries, companies, institutions or related organizations, need proficient MBA workforce. So, be ready to grab your piece of cake!
2. Improves Earning:
The salary packages offered by MNCs are fairly high and keeps on increasing over the period depending on the work experience and expertise. But MBA degree gives an additional hike to the earning potential of an individual. It opens doors for multiple career prospects in diverse areas which serves you with the opportunity to expand the range of earning structure. Hence, the MBA course has become more desirable among the majority of B-School students.
3. Distinctive Job-Profiles:
MBA professionals are addressed with globally renowned and highly reputable designations. They are offered a job in various department and responsibilities like Event Management, Finance, Operations, Public Relations, Human Resources and many more. Thus, a career in MBA is not only dynamic but also imports many perks.
4. Job -Security:
MBA being in high demand proposes high job-assurance. Not only it increases your worth before the hiring members but also makes you eligible to get a job under an advanced work profile. It sets the wheels towards an enriching and stable future ahead.
5. A potential tool for Higher Studies:
As this degree provides students with practical and theoretical training in the dimension of management, they can opt for an advanced level of learning like PhD or MPhil degree. After completion, students can practise as a full-time professor in reputed colleges or universities.
What Are The Job Opportunities After An MBA Program?
Once you have cleared your vision about why you want an MBA degree the next question that will trigger in your mind is what sort of job profile you will qualify? Or maybe what are the opportunities that you can take up or seeking for?
Based on the above question we have listed a few job opportunities that you may pick to nurture your career.
Let’s take a more specific view of the interesting job opportunities after an MBA program:
1. Banking & Finance:
Candidates can apply for profiles like Corporate Treasurer, Business Operations Executive or Credit Analyst which will include job responsibilities such as portfolio management, security & investment analysis, liabilities product management, transaction or corporate banking, compliance handling, credit risk management, relationship management and more.
These types of profiles are available with banks, insurance companies, security firms, and various financial bodies.
2. Information System Management:
This profile hires candidates who are technology-oriented. Not only basics, but the MBA graduate should also be proficient in the advanced version of the technology. They will help the organization to identify fresh and updated technologies to deliver better results.
3. Investment Banking:
Companies hire candidates who function as an underwriter. An individual requires to connect investors for the purpose to raise funds or prepare insurance covers for the organization’s welfare. An investor banker will deal with the aspects of acquisitions and mergers as well as handle the requirements of clients.
4. Communications & Public Relation:
If you’re planning to work in a media agency or a public relations firm, MBA in communication& PR will help you to seek an opportunity in the same. Candidates in this profile should be brilliant in communication skills that will help in building cordial relations with the clients.
5. Management Consulting:
If you are passionate about resolving corporate problems, this is the most ideal profile for you. A management consultant focuses on solving organizational challenges by exploring and implementing innovative ideas and methods to troubleshoot issues.
6. Data analytics:
Companies hiring for this profile looks for an enthusiast who is a maestro in the digital revolution. They should possess expertise in mathematical & numeracy skills, have an understanding about databases or should be aware of the topics like website scripts, data visualization tools or digital marketing analytical tools.
As today every banking, retail, e-commerce sectors look for such skills, they hire MBA graduates as a data scientist or data analyst profile to increase the opportunities to the next level.
I want to become an “Entrepreneur”. Yes, nowadays every individual is aspiring to become a successful entrepreneur. An MBA program enhances your skills and abilities to become one. Fresher or an experienced, an MBA degree will lead you to accomplish your dream easily.
8. Business Analytics:
A business analyst is an individual who identifies and understands the needs of any business. They aim at delivering booming technological and cost-effective solutions to benefit the organization.
They communicate to the stakeholders, facilitators, potential partners and assists in planning and monitoring, simplifying requirements, manages effective operations.
Marketing professionals should acquire brilliant communication skills, extrovert, creative, and should be open to experimenting with new approaches and ideas in hiking the market reputation of the organization.
So, if you think you have an innovative mind and are keen on building networks, you are a suitable fit for this profile.
10. Private Equity:
This profile is similar to investment banking. The investment intellect of an individual comes into action in a job profile correlated with private equity. Job opportunities are quite extensive in this domain.
Average Salary Based On Job Position
An MBA is a globally renowned and acclaimed degree that can help you to start a progressive career in any domain as well as increase your earning value. It is an absolute degree that will maximize your returns and provide you with tremendous growth prospects. As we all are aware that an MBA offers multiple specializations in different sectors, therefore; the salary packages vary as per job roles and streams.
Salary prospects for MBA in Marketing:
The annual salary packages of MBA in Marketing in India range between Rs. 3.5 – 18 lakhs p.a. for freshers and further increases with experience and skills.
Salary prospects for MBA in Finance:
The annual salary packages of MBA in Finance in India for freshers ranges between Rs 10 – 15 lakhs p.a. and increases with expertise and knowledge.
Salary prospects for MBA in Human Resource Management:
The annual salary packages of HR professional may earn a starting salary of Rs 2.5 – 4 lakh p.a. in India. Whereas, after stepping into a senior-level, you are sure to receive a good increment in your existing package.
Salary prospects for MBA Operations Management:
In India, the average starting salary of MBA in Operations Management graduates ranges between Rs. 4 – 7.5 lakhs p.a. Later, with experience it goes up to Rs. 28 – 40 lakhs p.a.
Salary prospects for MBA in Business Analytics:
The average annual pay scale of MBA in Business Analytics in India starts from Rs. 11 lakhs p.a. In case, if you are looking for job profiles abroad the salary range for freshers will automatically differ.
The above-mentioned MBA employment pay scale is quite standard in all the cities. Similarly, if you talk about other career opportunities and packages in other MBA specializations it will surely differ a little but will promise of well-paying jobs.
Top Cities for MBA Graduates
Getting a dream job has never been an easy task. There are always new competitive courses names that pop up annually. Whereas, an MBA degree can be a walk in the park with amazing opportunities. This management degree is critical but at the same time has proved to be highly beneficial. Hence, reputed colleges and universities across various cities have taken initiatives to offer this degree to avail lucrative career opportunities.
Before we move on to learn about the salary distribution, lets us take a close glance at the top 10 cities for MBA graduates serving best job opportunities in India:
- Bangalore, Karnataka
- Gurgaon, Haryana
- Mumbai, Maharashtra
- New Delhi, Delhi
- Pune, Maharashtra
- Chennai, Tamil Nadu
- Hyderabad, Andhra Pradesh
- Kolkata, West Bengal
- Chandigarh, Punjab
- Visakhapatnam, Andhra Pradesh
Now, as we have listed the top 10 cities for MBA graduates to scale up their career. Now as we have covered names the best cities for grabbing opportunities, choose the best path to make the right move.
Demographic Distribution of Salaries and Gender Ratio
According to recent statistics, the demographic distribution of salaries and gender ratio of the pay scale for MBA graduates in India is concluded as:
Majorly 75.7% of males are engaged in management jobs, where they earn approx. Rs.288K – Rs.2m; while in the case females, we can observe around 24.3% are working in various domains of business management and earns approx. Rs.217K – Rs.2m.
After reading the blog, you might have got a hint and can conclude that “More the demand more the competition and more the competition more the number of opportunities. So do not miss the chance to reach up to dream income figure in a quick period.
Survey well and take a wise decision by enrolling in the best university offering professional MBA program.
A smart leap can change your career! Contact us today.