India has earned a special place on the world map when it comes to imparting management education and nurturing industry-ready professionals. MBA, which is the contraction of Master of Business Administration, is the most sought after course in India and abroad. This 2-year course is usually taken after graduation. Fortunately, students in this country have access to some of the best MBA programs in the world. These programs are offered by reputed institutes like IIMs, XLRI, FMS-Delhi, MDI, etc.
The need for world class managers is always felt in various industries like IT, Auto, Hospitality, Insurance, FMCG and many more. To meet this growing need for efficient managers, many management institutes are springing up in various parts of the country. However, the Indian Institute of Management or IIM are the best MBA universities in India with an excellent track record since its inception.
Youngsters in India frequently opt for an MBA after completing their graduation as the course offers many opportunities for growth. It certainly helps them quickly move up the corporate ladder. As effective management is becoming an integral part of any business, the demand for MBA professionals is increasing day by day.
The scope of MBA is vast as compared to any other course. A management graduate always has the opportunity to work in any sector of her choice. Salary packages are always attractive and include allowances and other benefits to increase the standard of living. Graduates from the best MBA universities in India have held high positions in many corporate houses. In addition to developing careers in the business sector, one can become an entrepreneur or work in cooperatives and NGOs, as the options are simply limitless.
Various MBA and Postgraduate Diploma in Management or PGDM courses are designed in such a way that they instill multi-dimensional and multi-tasking abilities in the graduates, making them less affected by the downturn in the economy or changes in the business environment. For example, an MBA major in finance doesn’t inevitably feel the heat when the financial sector experiences stagnation. He can always keep his career growing by going into financial services marketing (for example, marketing insurance products).
India’s leading MBA or PGDM institutes offer specialization in subjects like finance, human resources, marketing, operations, banking and insurance, international business, and IT and systems. Specialization in specialized fields such as hospitality management, event management, and fashion technology is also available.
There are a total of 8 IIMs in cities like Ahmedabad, Bangalore, Kolkata, Lucknow, Kozhikode, Indore, Shillong and Ranchi. Admission to its best programs of the Graduate Program in Administration (PGP) is done through the Common Admission Test (CAT). The list of employers includes HSBC, Larsen & Toubro, Procter & Gamble, Tata, ICICI Bank and Deutsche Bank.
Founded in 1949, Xavier Labor Research Institute (XLRI), Jamshedpur is known for its two-year postgraduate diploma in business administration and its two-year postgraduate diploma in personnel management and industrial relations. It selects candidates for its programs through the All India Entrance Examination known as XAT.
The salary of MBA graduates depends on the reputation and credibility of their business schools. IIM students are always known for getting the best salary packages across the country. Business schools like XLRI-Jamshedpur, FMS-Delhi and SP Jain-Mumbai are also not far behind. As per 2010 placement records, there is an average 25 percent increase in average household wages at top MBA universities in India. For example, IIM-Calcutta has recorded an average salary of Rs 15 lakhs for the year 2010. Many other business schools also have similar encouraging news related to salary. Numerous top-tier global companies such as Mckinsey & Co, The Boston Consulting Group, Bain and Company, etc. They have recruited graduates from these institutes.