With an MBA (Master of Business Administration) becoming one of the most demanding and well-recognized master’s programs to attain the necessary business and management skills, every graduate wants to pursue an MBA to give their career the perfect Launchpad. The availability of many different formats lets you choose an MBA that best suits your career and long-term goals. Even if you are debating your career plans of becoming an entrepreneur or looking to join one of the big MNCs, an MBA program can expose you to different forms and sizes. Irrespective of one of the several types of MBA courses you decide to pursue, an overall holistic development with an understanding of modern business trends and techniques can be assured.
An MBA equips and prepares you for an executive career as a business leader. Universities in India and abroad have various MBA programs, such as full-time, part-time, executive, distance, or online MBA courses. In addition, some universities offer only one type of MBA program, while many others provide the option to choose between full-time and part-time MBA programs.
There are different kinds of MBA. So, if you have set your eyes and are ready to undertake a master’s degree, depending on the time you need to invest along with your current profiling, you can easily opt-in for any of these various types of MBA courses.
With these different formats available, how to decipher which type would be the best for you? Well, this article takes you through the breakdown and details of each one of them to allow you to make the coveted decision.
A full-time MBA is a management program that prepares you for a complete knowledge of management and business concepts. In India, the duration of a full-time MBA is two years; meanwhile, in most European and American universities, the duration of a full-time MBA is one year. Therefore, a full-time MBA is one of the most common programs for a person planning to undertake an MBA. The program is divided into multiple semesters and usually involves compulsory internships or training that add value to your profile.
The first year at most colleges is focused on general managerial subjects that help build the core skills such as Business Communication, Business Strategy, Finance, Accounts, Law, Ethics, etc. The second year is more specific and covers the concentration of your preferred choice, such as subjects in Finance, Operations, E-Business, Food & Agribusiness, Data Analytics & Business Intelligence, Global Management, Marketing or HR, etc.
A two-year full-time MBA program acquaints you with many benefits while offering practical exposure through internships, consulting projects, etc. However, this type of MBA requires financial capacity and time commitment.
In terms of eligibility criteria, you need at least 50% marks in your under graduation and a good score in exams such as CAT, GMAT, MAT, SNAP, etc.; the higher the score, the better the chances of selection, as these exams are highly competitive.
These are residential 12-15 months MBA programs that are more extensively curated, with much of the same course content compiled, keeping in mind the constraints in time. Many of these programs require prerequisites such as work experience or a certain level of academic experience in some cases. Candidates seeking to advance their career trajectory and earn a degree in a shorter period, especially working professionals, should opt for these types of MBA courses.
Given the shorter period of the program, the curriculum is maintained correctly within the time frame. Hence, these intense programs provide fewer breaks, taking away the internship period or providing limiter internships, if any. This format suits those already on their career path toward a brighter future and looking forward to bringing more experience to the table.
This variant’s eligibility criterion is work experience and a good GMAT/CAT or GRE score. In addition, the admission process differs from the rest, requiring candidates to submit statements of purpose, verbal and analytical tests, and a letter of recommendation. The typical salary for a 1 Year full-time program is 15-18 Lacs.
An executive MBA program is designed for professionals with extensive work experience. Specifically designed for those who want to take the next leap in leadership roles, an executive MBA program is tailored so that you can attend classes on weekends or in the evening and keep working in a company simultaneously. An additional benefit of earning an executive MBA is that companies occasionally pay for training for their valuable employees.
The program provides you with all the business disciplines needed for effective leadership, such as communication, time management, project management, international business, strategy & consulting, management information systems, entrepreneurship, etc. What you learn in the classroom can be implemented in real life; learning takes place inside and outside the classes. You get a chance to meet similar-minded people, and your networking grows stronger, thereby preparing you to be a better and more successful professional.
For these types of MBA programs, you need to have a minimum of 50% marks at the higher secondary level and a minimum of 50% in your graduation. In addition, preference is usually given to those with a particular work experience level.
However, the admission process remains more or less the same; candidates are made to go through an entrance test, group discussions, and a personal interview to seal the candidature ship. The salary post an executive MBA ranges from 25-35 lacs, as these candidates already bring significant work experience, and a degree acts as a feather in the cap.
A part-time MBA program is designed for aspirants who want to earn their MBA degree while simultaneously continuing to work their jobs. Considered one of the most flexible options for masters, you can schedule your classes according to your timetable and complete the program at your own pace in a year or three to four years as per convenience. This option works well when you don’t want to put a hold on your career but, at the same time, want to earn a master’s degree to enhance your professional qualification. In addition, these programs typically run year-round, making it easy to choose subjects along with a flexible timeline that does not coincide with your working hours.
Without compromising their work timings, this type of MBA program allows the applicants to study part-time, during their free time, or when they are not working. This means an extended duration of course completion, making it suitable for those wanting an economic MBA and increased flexibility compared to full-time MBA programs. The opportunities are vast upon completion of a part-time MBA. It helps you climb the corporate ladder and fetch better earnings via managerial roles.
An online MBA program targets aspirants who cannot attend classes physically. The study mode is through correspondence schools, live classes, recorded lectures, webinars, and teleconferencing. Online MBA programs are similar to part-time MBA programs. Suppose you have personal reasons or are a professional working currently.
In that case, you can opt for an online MBA. Then, you can choose the time for scheduling your classes and study in the comfort of your home, anywhere in the world!
Though an online MBA offers a remote experience, it provides the same content and learning through an entirely different mode. There are no age restrictions for this type of MBA; a student in the final year or even a corporate-level employee can apply. 50% minimum marks are required at the undergraduate level to appear for the entrance exam. In addition, the admission process calls for clearing specific entrance tests such as CAT, GMAT, etc. Apart from this, some colleges also conduct their entrance exam.
On the same trail as a regular MBA, an international or a global MBA offers wholesome business development skills, with the difference of having an edge by incorporating international management and business trends. Pursuing such a type of MBA helps you develop a more comprehensive network with people of different diversities and prepares you for global job opportunities worldwide post-successful completion of the degree.
Classes for these graduate business programs are held in various learning settings, sometimes in other countries and cultures. Because of the exposure to other cultures that students receive from their universities, professors, and classmates, a significant proportion of them discover employment chances in multinational organizations abroad. As a result, they can establish a solid network to advance their careers in the ways they want.
A global MBA program intends to give exposure to global business and helps you gain a worldwide perspective for your work in business and leadership. It is offered by international colleges and covers a wide range of business-related topics across multiple specializations, ranging from Marketing, Business Analytics, Risk Management, and Finance to Hotel Management and International Business.
To sum up, depending on the right time and other available resources, you need to focus on the best MBA type that suits your requirements. After deciding on the location, such as an on-campus or online MBA works in your favor or the duration and timeline are the determinants, make sure you analyze why you want this degree and accordingly make your decision. Additionally, examine the variety of MBA programs offered based on the different concentrations they provide, such as Accounting, Economics, Leadership, Marketing, Finance, Information Systems, etc. Finally, try answering the following questions before you take the plunge:
Different types of MBA programs from Prestige University help students and working professionals develop their skill sets, align them with current market demands, and advance to managerial and leadership positions across functional areas. The programs are perfect for mid-level to senior-level managers who want to use the most recent management ideas and assume more responsibility.
The university is open to working executives looking to move from technical to managerial jobs and entrepreneurs and business owners looking to scale their operations by adding more management skills. Explore select MBA programs in Data Analytics & Business Intelligence, Sustainability Management, Food & Agribusiness, E-Business, and Logistics & Supply Chain, as you decide whether an advanced business degree is right for you. The programs offered by Prestige University:
The right MBA degree can open up doors of opportunities for you and is the perfect way to showcase your knowledge and skills learned to excel in different positions. So make a wise choice today!