The demand for a master’s degree in MBA has increased over the years due to the changing business scenarios and industrialisation. An MBA degree is also called a Masters of Business Administration. The expansion itself proves the nature of the degree. An MBA degree prepares students to get a firm grasp of the management fundamentals. The degree equips students with the knowledge and skills to face the challenges posed by the present business environment. Employment stability and good pay are the most important advantages of having an MBA degree.
There is a wide range of specialisations that an MBA degree can offer candidates. Students can select their desired specialisation according to the niche they’re interested in and get into their desired industrial sector. An MBA graduate’s average salary is significantly higher than that of a traditional degree graduate. The IIMs in India are the dream management institution of MBA aspirants. This is due to the quality of education offered, experienced faculty and career prospects after the MBA degree. The article will give you a perspective on Why MBA degree is considered important and the benefits of pursuing an MBA degree.
Importance and Benefits of an MBA Degree
Organisations are constantly looking for management aspirants who will efficiently handle the business operations and administer the workforce of the organisation seamlessly, devoid of hassle. An MBA degree sharpens students’ communication skills and trains them with the leadership abilities required to manage a workforce and make strategic decisions. The subject knowledge transferred from faculty with years of experience equips students with the theoretical knowledge required for handling the complexities in the business and employing innovative ideas and methodologies for the growth of the firm. Industrial visits, workshops, internships and case studies give students the practical experience and opportunity required to handle administrative positions and manage the workforce of the organisation.
Following are the benefits of an MBA Degree:
- A better understanding of the global market
- The challenging environment helps you think creatively
- Hones your communication, leadership and people management skills
- Expand your professional network, make contacts and form partnerships by networking
- MBAs are excellent for job advancement and expanding business chances
- Increased job opportunities
- Better time management
- Progression in your career
- Better remuneration
- Gain a comprehensive specialisation of the subject
- Entrepreneurial skills
- Managerial skills and knowledge development
MBA students have the opportunity to gain admission to their desired B-schools by taking the MBA entrance exam administered by state authorities. Exams such as the CAT and XAT are national level exams with significant competition. Many universities administer their own eligibility entrance exams, which are followed by a Group Discussion and an Interview. To prepare well for the entrance exams, our experts tips are mentioned below:
- Candidates are advised not to wait until the notification of the MBA entrance exam. They need to be prepared 6-9 months before the exam date to stay ahead of the competition. Starting preparations a few months before the exam will be a barrier to preparing mocks and past years’ papers, leading students to develop a fear of the exam. It is highly recommended to take enough mock tests to fine-tune their preparation and test-taking strategies.
- Practice sectional mock tests and past years’ question papers to get a real-time experience of the exam and develop your speed.
- Candidates need to be aware of the important dates regarding their MBA entrance exam and constantly keep themselves updated with the information released regarding their entrance exams.
- Aspirants need to discuss with the exam experts and successful test-takers from the past years and formulate a well-prepared strategy plan for their preparation. This will enable them to follow a structured pattern at every stage without any haphazard or getting weary when they gauge themselves. The strategy should also depend on the kind of B-school that one is targeting and the percentile/score/rank that one aims for.