Gauri Chhabra
In a time riddled by the aftermath of a global economic crisis, making the right career decision becomes seminal. Traditionally, pursuing a Master’s in Business Administration (MBA) is seen as a safe and lucrative choice as it usually promises a quick return on investment. But it might be important to note the cost to salary ratio of an institute as the average cost of an Indian MBA is about 10 lakhs. Besides the money factor, MBA is also preferred by many students because it allows graduates from any field like engineering, arts, commerce or even medicine with an aptitude for management to take admission. It is not limiting in its scope since it is multi-disciplinary in its curriculum and conventionally covers all aspects of economics, finance, marketing, sales and human resource management, allowing students to dabble with different fields and finally pick a specialization.
Your life after MBA would to a great extent depend upon what institute/ college you got your degree from. The IIM’s rated as the top institutes of the country conduct Common Admission Test(CAT), that will be held between 11th October, 2012 to 06th November, 2012that is a pre requisite to the Management programs as:
Post Graduate Programmes in Management:
IIM Ahmedabad PGP and PGP-ABM
IIM Bangalore PGP, PGSEM and PGPPM
IIM Calcutta PGP-PGDM and PGP-PGDCM
IIM Indore PGP and EPGP
IIM KashipurPGP
IIM KozhikodePGP
IIM LucknowPGP and PGP-ABM
IIM RaipurPGP
IIM RanchiPGDM and PGDHRM
RGIIM ShillongPGP
IIM TiruchirappalliPGP
IIM UdaipurPGP
Besides, Fellow Programs in Management (FPM) (equivalent to PhD) are also offered at IIM Ahmedabad, IIM Bangalore, IIM Calcutta, IIM Indore, IIM Kozhikode, IIM Luck now, IIM Raipur, IIM Ranchi and IIM Tiruchirappalli
Eligibility and Skill set:
The candidate must hold a bachelor’s degree, with at least 50% marks or equivalent CGPA ,45% in case of the candidates belonging to SC/ST/DA, awarded by any of the universities incorporated by an act of the central or state legislature in India or other educational institutions established by an act of parliament or declared to be deemed as a university u/s 3 of the UGC Act, 1956, or possess an equivalent qualification recognized by the MHRD, Govt of India
The percentage of marks obtained by the candidate in the bachelor’s degree would be calculated based on the practice followed by the university from where the candidate has obtained the degree. Candidates appearing for the final year of bachelor’s degree/equivalent qualification examination and those who have completed degree requirements and are awaiting results can also apply.
CAT Exam Pattern:
The CAT -2012 will have 2 sections.
The first section will focus on Quantitative Ability and Data Interpretation; the second on Verbal Ability and logical Reasoning. These two sections will be implemented sequentially with separate time limits, with the exam duration of 140 minutes with 30 questions within each section and the time allotted to each section would be 70 minutes.Once you have timed out for the first section, you will not be allowed to go back to the previous section.
Joining and Selection:
On being selected, you may join the institutes provisionally, if you submit a certificate from the Principal /Registrar of your previous institute stating that the candidate has completed all the requirements for obtaining the bachelor’s degree qualification on the date of the issue of the certificate.
As per the Govt. of India requirements, 15% of the seats are reserved for SC and 7.5 for ST candidates,27% are reserved for OBC candidates belonging to the non- creamy layer,3% seats are reserved for Differently Abled candidates.
Most of the Management institutes have a Group Discussion round followed by a personal interview round.
Besides, there are other windows from where you can seek admission like the MAT,SNAP, XAT etc which are conducted by the AIMA and other institutions.
The CAT result will be announced on Jan 9, 2013 on the CAT website. The list of shortlisted candidates is normally available on the IIM websites, and interview letters are sent to short listed candidates. The CAT voucher is available at any selected Axis Bank branches between 30th July, 2012, Monday, and 17th September, 2012, Monday.
Career Pathways:
MBA opens a plethora of job opportunities that cuts across sectors such as banking, Financial services ,retail, FMCG and the like.
Finance jobs broadly incorporate financial or accounting managers and analysts who have to handle the financial strategy of a company. Investment Bankers work with corporations, giving them crucial expansion advice. Consulting firms normally hire freshers as analysts and work with different clients dealing with issues like cost management, market positioning, etc. A specialization in Marketing opens up a lot of possibilities like branding, market research, advertising and public relations. An HR professional can join a training firm or a consultancy or become a part of the recruitment team of an organization. A person with a background in statistics can also work on compensation and benefits. Prior work experience makes a candidate eligible for lateral placements which work for the benefit of the company and the individual.
Backward Integration:
With Globalization becoming the buzz word, increasing need is being felt for Management graduates with prior work experience. Therefore, there is a paradigm shift in candidates who have a prior work experience as a reference to the context. This is why a lot of Management schools are increasingly offering part time or executive MBA programs keeping in mind the need of working professionals who want to expand their opportunities or wish to switch their career paths. They also keep fluidly changing both the course content and pedagogy. For instance, The Times School of Marketing, Mudra Institute of Communications, XLRI School of Business and Human Resources are amongst schools that specialize in particular fields. NMIMS University, Mumbai offers a wide range of MBAs like, Part Time MBA in Social Entrepreneurship, MBA in Actuarial Sciences, MBA in Banking, MBA in Services Management, etc. Recently, Whistling Woods International Ltd.,announced an MBA in Media and Entertainment.
Pre Placement Offers:
MBA aspirants long for PPO’s or Pre Placement Offers after their 8- 10 week summer internship project. It helps students gain experience for the final placement period. The choice of companies and their respective packages however varies from one institute to another so the student has to keep in mind the placement trends of every school before taking admission. The top schools are likely to get the best Indian as well as international offers, especially in the banking and consulting sectors. The starting designations and profiles offered in different schools can vary by a huge degree as can the average packages, placing students with the same diploma from different colleges in very different positions.
But a lot of students lay greater importance on creativity and innovation, and are willing to take more initiatives by starting up their own business plans. Many MBA graduates after acquiring the required skill set and knowledge base become independent entrepreneurs instead of joining any organization.
So from being hired as financial managers or analysts to business strategists or controllers to HR consultants or unconventional options like arts or environment management or initiating your own venture, MBA offers a plethora of choices and allows the greatest degree of mobility across sectors.
Pay Packet:
In spite of the aftermaths of the Great Recession, MBA’s are finding jobs as their fluidity makes them suitable across all sectors.
A key factor in determining how much an MBA degree pays out over time is the career path followed by graduates. Among the 10 B-schools with the highest career pay, about 28 percent of 2012 graduates went into consulting and 34 percent pursued finance.
The average pay ranges from Rs 4 lacs per annum to Rs 15 lacs per annum depending upon your institute and your own commitment to excel.Therefore for all of you who want to broaden your chances of getting a job opportunity, broaden your canvas by pursuing MBA.
And let the world watch, as you take it by storm…
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