Master of Business Administration [MBA]
MBA Course Overview
A Master of Business Administration (MBA or M.B.A.) is a master’s degree in business administration (management). The MBA degree originated in the United States in the early 20th century when the country industrialized and companies sought scientific approaches to management. The core courses in an MBA program cover various areas of business such as accounting, finance, marketing, human resources, and operations in a manner most relevant to management analysis and strategy. Most programs also include elective courses.The MBA is a terminal degree and a professional degree. Accreditation bodies specifically for MBA programs ensure consistency and quality of education. Business schools in many countries offer programs tailored to full-time, part-time, executive (abridged coursework typically occurring on nights and/or weekends), and distance learning students, many with concentrations.
History of MBA in India:
MBA in India or Master of Business Administration is a Postgraduate Academic Master Degree which is awarded for a course or program in Business Administration. Master of Business Administration is one the most sought after courses which can be attained by students of any stream. It is normally a 2 years program with 2 or more Semesters. M.B.A. degree in India is examination oriented and concentrates on theoretical aspects of management. There are 2 types of M.B.A. – General MBA, which is often shorter in duration and Specialised MBA, which may take longer but is more marketable.
The program is available in various subjects whose material focuses on commerce, management, and economics related subjects. Programs usually include a thesis component, or can even be exclusively research-based. The course strengthens the theoretical, analytical and applied knowledge base of Business Administration. The IIM and other autonomous business schools offer a post-graduate diploma in management (PGDM) or Post Graduate Programme in Management (PGPM) which is recognized in India as similar to an MBA degree. Government accreditation bodies such as AICTE established that autonomous business schools can offer only the PGDM or PGPM, whereas a post-graduate degree can be awarded by university-affiliated colleges, in the two-year full-time program. The curriculum of the PGDM or PGPM and MBA degrees are equivalent, though PGDM or PGPM is industry-oriented and mainly focuses on building soft skills. A PGDM or PGPM holder cannot pursue Ph.D. since it is not recognized. Non-government accredited Business Schools have mushroomed up owing to the popularity of Business Administration. 1-year fast-track programs have also proliferated in India, especially for candidates with work experience. Such programs are commonly known as Post Graduate Programme (PGP) in Business Management.
Accreditation in India for MBA:
Some of the leading bodies in India that certify MBA institutions and their programs are the All India Council for Technical Education (AICTE) and the University Grants Commission (UGC). A distance MBA program needs to be accredited by the Distance Education Council (DEC) in India.
Different kinds of MBA:
Two-year (Full-Time) MBA programs normally take place over two academic years (i.e. approximately 18 months of term time). For example, in the Northern Hemisphere, they often begin in late August/September of year one and continue until May of year two, with a three- to four-month summer break in between years one and two. Students enter with a reasonable amount of prior real-world work experience and take classes during weekdays like other university students. A typical Full-time, accelerated, part-time or modular MBA requires 60 credits (600 class hours) of graduate work.
Accelerated MBA programs are a variation of the two-year programs. They involve a higher course load with more intense class and examination schedules and are usually condensed into one year. They usually have less ‘down time’ during the program and between semesters. For example, there is no three to four-month summer break, and between semesters there might be seven to ten days off rather than three to five weeks vacation. Accelerated programs typically have a lower cost than full-time two-year programs.
Part-Time MBA programs normally hold classes on weekday evenings, after normal working hours, or on weekends. Part-time programs normally last three years or more. The students in these programs typically consist of working professionals, who take a light course load for a longer period of time until the graduation requirements are met.
Evening (Second Shift) MBA programs are full-time programs that normally hold classes on weekday evenings, after normal working hours, or on weekends for a duration of two years. The students in these programs typically consist of working professionals, who can not leave their work to pursue a full-time regular shift MBA. Most second shift programs are offered at universities in India.
Modular MBA programs are similar to part-time programs, although typically employing a lock-step curriculum with classes packaged together in blocks lasting from one to three weeks.
Executive MBA (EMBA) programs developed to meet the educational needs of managers and executives, allowing students to earn an MBA (or another business-related graduate degree) in two years or less while working full-time. Participants come from every type and size of organization – profit, nonprofit, government – representing a variety of industries. EMBA students typically have a higher level of work experience, often 10 years or more, compared to other MBA students. In response to the increasing number of EMBA programs offered, The Executive MBA Council was formed in 1981 to advance executive education.
Full-time executive MBA programs are a new category of full-time 1 year MBA programs aimed at professionals with approx. 5 years or more. They are primarily offered in countries like India where the 2-year MBA program is targeted at fresh graduates with no experience or minimal experience. These full-time executive MBA programs are similar to 1 year MBA programs offered by schools like Insead and IMD.
Distance learning MBA programs hold classes off-campus. These programs can be offered in a number of different formats: correspondence courses by postal mail or email, non-interactive broadcast video, pre-recorded video, live teleconference or videoconference, offline or online computer courses. Many schools offer these programs.
Blended learning programs combine distance learning with face-to-face instruction. These programs typically target working professionals who are unable to attend traditional part-time programs.
MBA dual degree programs combine an MBA with others (such as an MS, MA, or a JD, etc.) to let students cut costs (dual programs usually cost less than pursuing 2 degrees separately), save time on education and to tailor the business education courses to their needs. This is generally achieved by allowing core courses of one program count as electives in the other. Some business schools offer programs in which students can earn both a bachelor’s degree in business administration and an MBA in five years.
Mini-MBA is a term used by many non-profit and for-profit institutions to describe a training regimen focused on the fundamentals of business. In the past, Mini-MBA programs have typically been offered as non-credit bearing courses that require less than 100 hours of total learning. However, due to the criticisms of these certificates, many schools have now shifted their programs to offer courses for full credit so that they may be applied towards a complete traditional MBA degree. This is to allow students to verify business related coursework for employment purposes and still allow the option to complete a full-time MBA degree program at a later period if they elect to do so.