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MBA or Master of Business Administration is one of the popular, 2 year professional courses which is the ever demanding one in India and across the globe. It is a semester based course (mostly 4 semesters) deals with the theoretical aspects of business. There are two types of MBA- General and Specialized, and cover different subjects including Commerce, economics, Management etc. Post Graduate Diploma in Management (PGDM) is equivalent to MBA, but a PGDM graduate can’t do the PhD since it is not recognized. But now most of the organizations/firms prefer PGDM over MBA because of the industry relevance. There are also other programs like Post Graduate Programs (PGP) in business for the future Managers.
Advantages or Benefits of Master of Business Administration Degree
MBA and other programs in Management are highly demanding in the present scene because of the emergence of the large corporate houses, MNCs and industrial giants and the world wide economic growth. The social and individualistic view point is change largely, were people are more concentrated on Career growth and maximize the earning rather than job security.
MBA boosts individuals passion and hunger for success
Any graduates or corresponding discipline under the recognized Indian university (or AICTE recognized bachelor degree) are eligible for taking the entrance examination for the program.
Students who are in the final year exam are also eligible.
First the candidates have to clear the entrance examination, which is accepted by the desired institution and have to apply to each B- School.
For example the GMAT (Graduate Management Aptitude Test) will help to seek admission in the respected B-Schools outside the country like US, Europe, Australasia etc.
After clearing the entrance test, each candidate have to go through a set of selection process, depends upon the institutions.
As we discussed above the initial step in getting an admission in a reputed institution is to have a decent score in the Common admission test (CAT).
The other popular MBA entrance examinations include XAT, GMAT, JMET or MAT etc. Most of the B- Schools in India accept any of the scores of these tests.
Different Schools have different criteria for the admission, but generally have two stages-
After finishing the MBA course, students will be capable of various management skills and practice in the following areas.
The globalization and the MNCs and high industry growth made no extreme in the salary or compensation part for the MBA graduates. Now it is highly depends upon the individual performance or by achieving the group targets. Even though there is a minimum industry standards but no limit to the maximum salary. This also makes the course so attractive to the younger generation.
MBA graduates from different specialization will receive diverse pay packages. The remuneration received by Finance fresher’s from the top institutions in on an average of 10.5 lakh per annum. The MBA finance graduates with more than 5- 7 years of experience will easily gain a salary of 18 lakh or more in different companies. MBA Sales and Marketing fresher will get an initial pay package of 8.9 lakh on an average and an MBA in System will receive a salary on an average of 8 – 10 lakh.
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Each institute has its own written admission test, like XAT for XIMB, SNAP for Symbiosis, etc. or part of a common test like CAT conducted by the IIMs used by sever other institutes.
MBA Entrance Exam is mostly 2-hour multiple-choice tests, now institutions are going for Computer based tests and online tests.
The B- schools conducts test once a year or in a periodic manner.
The Written Tests examines the competency in