MBA is becoming more and more popular amongst students from all streams with each passing day. The programs has with time also become one of the most pursed and sought after courses that students today are investing their future in. Have a look at some articles which will assist you comprehend the course better and also help you make decision towards choosing the course or option best suiting your requirement. Also check out information on some existing courses such as MBA in Retail Management, Executive MBA, MBA in International Business Management, MBA in Finance, MBA in Healthcare, MBA in Global Luxury Management, etc. There are articles which can assist you in making the right decision and how to go about things when applying for an MBA such as tips on group discussion, choosing the right B.School and many more.
What is an MBA?
By definition, an MBA is an internationally accepted masters (post-graduate) level degree that
- imparts a strong theoretical foundation in business concepts
- provides practical opportunities (via internships, group assignments and individual projects) to test what students learn in the class
- builds hard-skills in the areas of management and leadership
- polishes a range of soft-skills like communication, motivation and negotiation
- opens up global opportunities for career growth
- allows MBA students to start an independent business after graduating
Whether you are looking at MBA courses in India or abroad, the choices can make the process overwhelming. Starting from the type of the program to shortlisting the best MBA courses, it takes lot of effort.
However, if you can structure your process and knock out the options that don’t fit your needs, life can become a little easy.
Before you get too excited, watch this video to learn about the 7 reasons that could make your MBA worthless.
Types of MBA courses
MBA courses can come in a wide variety of formats. The most common types of MBA courses are as follows: Full-time MBA, Executive MBA, Part time MBA, Correspondence Course, Distance MBA Courses, Online MBA courses…Phew! Quite a mind-boggling choice.
Each one has its pros and cons. Though there is no single best format, the full-time MBA format can get you the biggest bang for your buck.
The average duration of full-time MBA programs can range between 1 to 2 years. You’ll find programs like INSEAD that are shorter than 1 year. The duration of part-time programs can extend up to 3 years, since students are working and studying at the same time.
- Full-time MBA
Most of the U.S. universities offer a two-year full-time MBA. For those who wish to complete their MBA within a year and get back into the job-market, an MBA from the U.K. wherein many universities offer a one-year MBA program would be ideal. The living cost incurred for a one-year course would also be lower than a two-year MBA program.
- Part-time MBA
A part-time MBA suits the needs of working professionals who can complete the course on a part-time basis while still being employed. Though this would mean extended duration of the course, the income stream would continue throughout without having to take a break from work.
- Executive MBA
This is aimed for the experienced professionals from various fields who wish to sharpen their managerial abilities, expand their career potential, gain leadership qualities and acquire international management experience in a multi-cultural environment. Most of these programs have a flexible schedule and are designed to suit working professionals.
- Dual MBA
This program suits those who find the MBA course clubbed together with the stream they wish to pursue. Some schools like Wharton, Kellogg have been offering a three year joint J.D. / MBA program.
NYU Stern School of Business also offers a range of choices for a dual MBA course. It also has a tie-up with HEC Paris wherein candidates on completion get an MBA degree from both the colleges. The selection criteria for these dual MBA program vary from school to school.
These candidates complete the courses of their choice with the added advantage of having an MBA which is surely a feather in the cap.
INSEAD on the other hand has a dual-campus program wherein candidates can choose to study in their Asia campus at Singapore or Europe campus at Fontainbleau, France. It also has a tie-up with Wharton School of Pennsylvania.
- Distance learning MBA
This is a means of obtaining an MBA without actually having to attend the program on the campus. This could be done through various correspondence courses, online course material and discussions, teleconferencing and videoconferencing.
The advantage of this model is that these courses can be completed from the comfort of our home and while continuing our current profession. Some of these programs also offer flexibility in terms of their course structure.
- One-year v/s two-year program
For those who wish to earn an MBA degree with all the pros associated, but are wary about taking a long break from work or have financial constraints, a one-year MBA just serves the purpose. More often, persons with slightly greater experience prefer to go in for a one-year program.
On the other hand, a lot of young professionals who are in a position to devote more time for an MBA, a two-year stint would work just right. This would give a wider coverage of the various subjects, longer duration of internship, more networking opportunities and thus greater exposure to all that an MBA has in store.