How to choose among different MBA programs?

How does an MBA aspirant make the right choice? In this article, we at MBAUniverse.com try and help you find how to choose the right option.

MBA programs are known by different names in India. While Indian Universities grant an MBA degree, AICTE recognized private MBA institutes offer Post Graduate Diploma in Management (PGDM). Indian Institutes of Management (IIMs) and other top MBA institutes provide MBA programs which are named as PGDM, Post Graduate Diploma in Business Management (PGDBM) and Post Graduate Program in Management (PGPM). While the full-time two-year MBA is the most popular MBA program, one-year MBA offered by leading MBA institutes like ISB or Great Lakes, too, has found many takers.

Some leading MBA institutes like the Mudra Institute of Communication Ahmedabad (MICA), Indian Institute of Foreign Trade (IIFT) and Institute of Rural Management Anand (IRMA) offer specialized MBA programs. Also, in the last few years, there has been a massive growth in sectoral MBA programs like MBA-Insurance or MBA-Retail.

So how does an MBA aspirant make the right choice? In this article, we at MBAUniverse.com try and help you find how to choose the right option.

Two-year MBA program

The two-year full-time MBA program is still the most popular program offered by top MBA institutes in India like the IIMs, Indian Institute of Foreign Trade (IIFT) Delhi, Management Development Institute (MDI) Gurgaon, Xavier Labour Relation Institute (XLRI) Jamshedpur and S.P Jain Institute of Management & Research Mumbai.

According to a management expert, in the Indian context, the two-year MBA program which had been adopted from the western model of management expression is working well. He said, “The Indian industry prefers recruiting students of the two-year MBA program.”

In the two-year MBA program, the first-year is mainly spent on learning the basics of management. The second-year offers a choice of specialization subjects like Marketing, Human Resource or Finance. Students are also exposed to the real world market in the form of their summer trainings and workshops.

One-year MBA program

After the success of the one-year MBA program pioneered by Indian School of Business (ISB) Hyderabad, the program took off in India. Talking about the one-year MBA program offered by ISB Hyderabad, Admissions Director Hima Bindu said, “Our one-year MBA program is specially designed to provide a comprehensive curriculum to the students within a short span of time.”

The one-year MBA program is very intense and fast paced, so whoever plans for it should ensure full commitment for the time period.

“The students have to be really determined otherwise it will be very difficult for them to cope up with the huge pressure of completing the whole course within a year,” Ms Bindu said. Candidates should check the eligibility requirements as well as the course structure and content before applying for any particular MBA program, as this will ensure that they make an informed choice.

Great Lakes Institute of Management, Chennai offers one-year Post Graduate Program in Management too. “This MBA program is designed to equip a student to respond to the complex business requirements that arise in a changing global business environment. This program is a fast-track program divided into eight terms,” a spokesperson from Great Lakes Institute of Management said.

But for the one-year MBA program work experience is an important criterion. ISB Hyderabad said, “We look for profiles with at least two years of post-qualification full-time work experience.”

Great Lakes told MBAUniverse.com that their MBA institute too prefers applicants with a minimum full-time work experience of two years. “However, special profiles with less than two years of experience are also considered. We evaluate such candidates on several other criteria. Internship or part-time work experience is not considered,” Great Lakes said.

Specialized MBA institutes

According to Dr. Bakul Dholakia, former Director, IIM Ahmedabad, every year, lakhs of aspirants take CAT, among which few can make it to the IIMs and other top MBA institutes. But the others join some low rung institutes which don’t give them any different identity or relevance. “So, there is a strong need of segmentation in management education in our country. By doing this, we can create opportunities in every sphere and, the opportunities raised out of hierarchy will produce managerial talents in different capacity,” Dr. Dholakia said.

Let’s have a look into the specialized MBA institutes.

There are some MBA institutes in India which offer specialized MBA programs too. Some of them are Indian Institute of Foreign Trade (IIFT), Mudra Institute of Communications, Ahmedabad (MICA) and Institute of Rural Management Anand (IRMA), Whistling Woods International (WWI), Mumbai etc.

IIFT provides an MBA program with a specialization in International Business (IB). According to IIFT, “The MBA (IB) is a six trimester general MBA program with a focus on International Business. The program aims at providing a comprehensive coverage incorporating all the important areas and disciplines relevant to International Business activities. The syllabi for MBA (IB) compares favorably with the syllabi of some of the world’s best International Business Schools.”

MICA, being a communication institute, lends more emphasis on MBA programs which specialize in Communication, Advertising and Public Relations. While talking about the Post Graduate Certificate Program in Advertising Management and Public Relations, MICA said, “This MBA program aims at skill as well as perspective building for junior and middle level executives in the field of Advertising Management. It seeks to deliver skills for managing advertising businesses by combining theoretical learning in the field of communications with the right blend of management education.”

IRMA provides an MBA program with specialization in Rural Management. The program is made keeping in mind those who wish to work for the development of the rural sector. “The Post Graduate Program in Rural Management (PRM) is for those who wish to undertake challenging managerial responsibilities in the rural co-operative sector and development organizations. PRM is recognized as equivalent to a Master’s Degree by the Association of Indian Universities (AIU) and is approved by the All India Council for Technical Education (AICTE).”

Whistling Woods International is the institute of Media and Entertainment offers specialized MBA Degree in Media and Entertainment jointly with Manipal University.

But remember, these specialized MBA programs are best suited if you are absolutely sure about your calling! After pursuing an MBA program from a specialized institute you can blend your passion for the chosen domain with your education.

“Management education is getting more and more specialized now. There are various specializations which have emerged in the field of management. One of them is International Business which is an integral component of management especially in the era of globalization. Apart from that, there is Retail Management, Hospital Management, Financial management to name a few,” said Dr. A M Sherry, Director, CDL, and Admission Chairperson, IMT.

Sectoral MBA programs

Given the boom that many sectors like Healthcare, Retail, Banking, Insurance, Media & Entertainment enjoyed in the past five years, many MBA institutes are also offering sector specific MBA programs such as MBA in Insurance and Risk Management and Retail Management among others. These MBA programs are industry specific and designed to prepare professionals.

IIM Ahmedabad provides specialized MBA programs like Post Graduate Program in Agri Business Management and Post Graduate Program in Public Management and Policy. “The Post Graduate Program in Agri-Business Management (PGP-ABM), equivalent to MBA, is a unique program specially designed to enhance the quality of management in the food and agribusiness sector, and help this sector meet the challenges of the evolving market place,” IIM Ahmedabad said. For the Post Graduate Program in Public Management and Policy, IIM Ahmedabad said, “It has been designed to sharpen skills and to broaden the perspective of civil servants; managers of government, public enterprises, and NGO's; and executives of private sector firms engaged in public management.”

Symbiosis Institute of Business Management offers Post Graduate Diploma in Insurance Management (PGDIM). The curriculum has been designed and developed in collaboration with New India Insurance and expert faculty in this field. This is a one-year MBA program with two semesters where subject matters like Principles and Policies of general insurance, Legal aspects of insurance, Property and liability insurance, Personal insurance, Risk management in general insurance are taught.

Indian Institute of Commerce and Trade (IICT) provide MBA in Insurance Management. “In an ever-changing business environment, the MBA in Insurance Management equips you with the knowledge needed to stay ahead of the competition,” IICT said.

MBA in Retail Management provides you with an opportunity to work for the fast growing retail market industry in India. Some of the MBA institutes offering MBA in Retail Management are Birla Institute of Management and Technology (BIMTECH), Greater Noida, Welingkar Institute of Management, Mumbai, KJ Somaiya Institute of Management Studies and Research, Mumbai, Narsee Monjee Institute of Management Studies, Mumbai and Mudra Institute of Communications, Ahmedabad.

“The PGDM (RM) program is the pioneer two-year full-time program in Retail Management approved by AICTE. This MBA program has been designed keeping in mind the conceptual grounding as well as the practical know-how of the retail industry,” BIMTECH said.

MBA in media management is another important sectoral MBA program. Media is booming in India, and so the need for the management is rising too. This leads to more and more MBA aspirants and students choosing this particular sector for doing an MBA. Asian School of Media Studies, Noida; Indian Management School and Research Center (IMSR), Mumbai; International School of Business and Media (ISB&M), Pune are some of the institutes providing the sectoral management programs in media.

So if you are determined to work in these specific sectors and would like to take up managerial positions, sectoral MBAs can be a great choice.

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