India has obtained a special place in the world map as far as imparting managerial education and nurturing industry-ready professionals are concerned. MBA which is the contraction for Master in Business Administration is the most sought-after course in India as well as abroad. This 2-year course is generally pursued after graduation. Luckily, students in this country have access to some of the top MBA programs in the world. These programs are offered by renowned institutes like IIMs, XLRI, FMS-Delhi, MDI, etc.
The need for world-class managers is always felt by various industries like IT, automobile, hospitality, insurance, FMCG and many more. To fulfill this growing need for efficient managers, many management institutes are coming up in various parts of the country. However, Indian Institute of Management or IIMs are the top MBA colleges in India with excellent track record since their inception.
The youth in India is frequently opting for MBA after completing their graduation as the course offers plenty of growth opportunities for them. It certainly assists them in climbing up the corporate ladder quickly. As effective management is turning out to be an integral part of any business, the demand for MBA professionals is increasing day by day.
The scope of MBA is very wide-ranging in comparison to any other courses. A management graduate always has the opportunity to work in any sector of his preference. The pay packages are always attractive and include allowances and other emoluments to increase the standard of living. Graduates passing out from top MBA colleges in India have occupied high positions in many corporate houses. Besides building careers in the corporate sector, one can become an entrepreneur, or work in co-operatives and NGOs as the options are simply unlimited.
Various MBA and post-graduate diploma in management or PGDM courses are designed in such a manner that they instill multi-dimensional and multi-tasking capabilities in the graduates, thereby making them least affected by recession of economy or changes in business environment. For instance, a MBA professional with finance specialization does not inevitably feel the heat when the finance sector experiences stagnation. He can always maintain his career growth by getting into the marketing of the financial services (e.g. marketing of insurance products).
The top MBA or PGDM institutes in India offer specialization in subjects like finance, human resources, marketing, operation, banking and insurance, international business, and IT and systems. Specialization in niche fields such as hospitality management, event management and fashion technology are also available.
There are total 8 IIMs in cities like Ahmedabad, Bangalore, Kolkata, Lucknow, Kozhikode, Indore, Shillong, and Ranchi. The admission into its top Post Graduate Program in Management (PGP) programs is conducted through Common Admission Test (CAT). The list of employers includes HSBC, Larsen & Toubro, Proctor & Gamble, Tata, ICICI bank and Deutsche Bank.
Founded in 1949, Xavier Labour Research Institute (XLRI), Jamshedpur is well-known for its two-year post graduate diploma in business administration and two-year post graduate diploma in personnel management and industrial relations. It selects candidates for its programs through the all-India entrance exam known as XAT.
The salary of MBA graduates is dependent upon the reputation and credibility of their business schools. Students from IIMs are always known for getting the best salary packages all over the country. Business schools like XLRI-Jamshedpur, FMS-Delhi and S P Jain-Mumbai are also not far behind. As per the placement records of 2010, there is an average 25 percent increase in average domestic salaries across top MBA colleges in India. For example, IIM-Calcutta has recorded an average salary of Rs. 15 lakh for the year 2010. Many other business schools have also similar encouraging news related to salary. Numerous global blue chip companies like Mckinsey & Co, The Boston Consulting Group, Bain and Company, etc. have hired graduates form these institutes.