MBA is a degree well in demand because of its high pay packages, lots of exposure and good incentives. This might be a very lucrative career option to go for but it is also a very competitive and challenging one. Competitive because there are several steps that you need to climb before you finally get through the gates of a MBA college. This is because of the MBA entrance examinations which are the most difficult to crack. There are many colleges that offer the prestigious MBA degree and many examinations that claim to be the best entrance exams for MBA but not all exams or colleges will get you a job. Therefore here’s all that you need to know about MBA entrance exams, types, colleges, their cost and scope.
Different types of MBA programs
MBA or Master in Business Administration can be studied both in the regular way as well as through distance education. Though distance education won’t be of much importance if you are not working already. The distance MBA programs are best for working professionals only. There are many types of MBA programs that are available and after clearing the entrance exams and admitting yourself to a college you need to choose your specialization. The specializations or types of MBA offered in India are MBA in
- Marketing Management
- Finance Management
- Human Resources Management
- Health Care Management
- IT Management
- Project Management
- Communication Management
- Entrepreneurship Management
- Accounting Management
- Telecom Management
- Retail Management
- Sports Management
- Tourism Management
- Operations Management
- Sales Management
- Logistics Management
- Production Management
- Hotel Management
Cost for studying MBA in India
MBA is a rather expensive course and it is expensive solely because of its rigorous structure. The faculty recruited to impart the knowledge of business is top notch and therefore their remuneration has to be met by the college heavily. There is a variety in the MBA course fee with the moist standard colleges asking up to Rs 12 to 13 lakhs for the two year program and then there are some very good colleges charging anywhere between 5 to 10 lakhs. The fees for average colleges are lesser up to 3 lakhs. There are some government aided MBA colleges in India where seats are limited and you will surely need to be a genius to get into them. These Government colleges are cheap with a demand ranging anywhere between 20 thousand to just a lakh for the 2 year MBA degree.
Some of the best MBA colleges in India
Here is a list of the top 10 MBA colleges which offer the best mode of education as well as the best placements with the highest pay packages in the whole of India:
- Indian Institute of Management (IIM) Ahmedabad
- Indian Institute of Management (IIM) Calcutta, Kolkata
- Indian Institute of Management (IIM), Bangalore
- Indian Institute of Management (IIM) Kozhikode
- Xavier Labour Relations Institute (XLRI), Jamshedpur
- Faculty of Management Studies (FMS), Delhi – lowest fees, government aided.
- P. Jain Institute of Management and Research, Mumbai
- Indian Institute of Foreign Trade (IIFT), Delhi
- Jamnalal Bajaj Institute of Management Studies (JBIMS), Mumbai
- Narsee Monjee Institute of Management Studies (NMIMS), Mumbai
Well recognized MBA Entrance exams
These are some of the well recognized entrance examinations for MBA which have the most weightage. These are the exams that will make you eligible for the best business schools.
MAT (Management Aptitude Test)
- The Management Aptitude Test is held in the months of February, May, September and December every year. The charges are 1200 for this examination.
- The eligibility for this examination is graduation from any recognized university with any subject.
- The formats for this exam are both online and paper based of 2 ½ hours. The candidate is supposed to clear 5 papers namely Language, Mathematics, Data Analysis, Logical Reasoning and General Knowledge.
- Website: aima-ind.org
CAT (Common Admission Test)
- This is one of the most difficult MBA entrance exams and it is held once a year for exclusive entry to all the IIM’S also is valid for other business schools. The cost for this exam is 1600.
- The eligibility for this is 50% marks in graduation. There is relaxation of marks to 45% for the reserved category of SC/ST/OBC.
- The test is online for 3 hours and 60 minutes and has both MCQ and long answer questions testing the Quantitative Ability, Logical Reasoning ability and language prowess of the candidates.
- Website: iimcat.ac.in
IBSAT (IBS Aptitude Test)
- IBSAT is another MBA entrance exam conducted by the Business School of Hyderabad exclusively for students who want admission to the ICFAI institutes. The cost for the exam is Rs 1600.
- Graduates with 50% marks from any recognized university with English as the medium of instruction are eligible to sit for this examination.
- It is a 2 hour exam testing 5 areas, Data Interpretation, Quantitative Aptitude, Vocabulary, Reasoning and Comprehension.
- Website: ibsat.org
IIFT (Indian Institute Of Foreign Trade)
- This is also a standard entrance exam therefore you need to be a graduate with a 50% marks aggregate.
- It is an online examination of 2 hours with similar syllabus as of the other exams listed here
- Website: http://www.nmat.org.in/
SNAP (Symbiosis National Aptitude Test)
- This entrance exam makes you eligible to get admission in the symbiosis institutes and the application cost is 1500. It is a national level exam.
- Eligibility is graduation with 50%
- This exam is of 2 hours with the same syllabus as CAT and NMAT and there is also negative marking of 25% here.
- Website: snaptest.org
- More than 140 business schools accept XAT scores but this exam is mostly for admission to XLRI. The exam cost is 1500 and it is held in 33 cities.
- The eligibility for this is graduation with 50% marks.
- The exam is of 3.5 hours and is offline paper based divided into 2 papers.
- Website: http://xatonline.net.in/
Scope of MBA in India
With the growth of capitalization in India, there is an upward growth in the graph for the corporate sector. With political relations being formed with most of the foreign countries in recent times, India is going to thrive with new businesses, technologies, corporate and the like. Therefore there is great demand for good entrepreneurs and corporate professionals and if you can complete your MBA from any of the above colleges with a good record and grade you can be sure to bag a very good job. Read the next article if you are confused about doing an MBA in INDIA or Abroad.
If you have any questions about doing an MBA in India, please share with us under comments.