How to choose the right MBA programme?

The MBA stream you choose should match perfectly with your unique personality. This is your guide on how to choose the right MBA stream that fits your personality.

Master's in business administration is a promising degree that brings instant career growth. But, can any MBA give you this growth? What to look for in an MBA programme? How to pick an MBA programme that is right for you?

It all starts with finding the right MBA programme that matches your career goals and profile perfectly.

But, before we answer all these questions, let's address the primary concern of bachelor's graduates which is whether it is worth doing an MBA in 2024. 

4 Reasons why MBA is a perfect course for working professionals:

1. Escalate Career Growth: MBA is a no-brainer when it comes to career growth. Professionals with a decent 2-3 years of experience can pursue an MBA to move up the corporate ladder. Many top companies have even made it mandatory to hire MBA graduates at entry-level positions.
2. Salary Hike: When working in the corporate sector, there are senior roles that may come your way but it is an MBA that brings salary hike. As per the data from indeed.com, salaries of non-MBA graduates and MBA graduates differ by a 30% minimum. And, when candidates add the right MBA programme course to their profile, it can even lead to a 40% hike in salaries.
3. Business Skills: An MBA brings structured skills to perform your job. As a professional, you might be dealing with so many work-related challenges. Studying an MBA is what will bring you the right skill set to deal with all these challenges.
4. Subject Specialisation: Working in the finance industry? An MBA in finance will bring you the subject matter expertise. Therefore, choosing the right MBA programme will elevate your career prospects 
   

5 reasons why it is important to choose the right MBA programme:

1. Subject matter experts: MBA curriculum is quite broad, your profile is likely to stand out with the right specialisation.Hence, an MBA programme based on your previous or current professional/academic profile will upskill your role as 'Subject Matter Expert'.
2. Cut above the rest: MBA has become a hugely popular master's programme. Having an 'MBA specialisation' will add value to your resume. Thus, choosing the right MBA programme is favourable for your career.
3. Clear corporate goal: A structured management programme helps you get a clear career roadmap. It also equips you with the right amount of skills to achieve these goals.
4. More opportunities: MBA Specialisation has a higher value in the job market. The job vacancies that are posted come with specific eligibility criteria that require programme-specific MBAs for the role.
5. Flexibility: MBA is a professional degree, designed to suit the professional needs of the aspirant. Be it distance learning, executive, or full-time MBA, there are MBA programmes that suit every need, all you need to do is choose the one that suits your purpose. 
   

Types of MBA programme:

Master's of Business Administration is a professional course that is designed to suit the requirements of its aspirants. Here is a table that will help you understand the types of MBA offered by universities around the world: 

Executive MBA: Do you have extensive work experience but want an MBA to elevate your career, such that it matches your role and salary? Then this is the MBA for you. Some of the top MBA colleges around the world offer executive MBAs where students learn all about marketing, human resource management, international business, and microfinance.

The framework of an executive MBA is designed for managers, entrepreneurs, technocrats, and other business professionals.

Executive MBA Eligibility

• Mandatory bachelor's degree (any discipline)
• 3+ years of experience
• Entrance exam score

Distance MBA: As the name suggests, Distance MBA is a correspondence course, especially for professionals who want to add an MBA degree to their present profile without quitting their job. It is an upskill for their present role and many corporates give preference to employees opting for distance MBA programmes. Many graduates also opt for distance learning as it is an added advantage to their entry-level job opportunities.

As physical presence is not mandatory for these courses, aspirants can easily opt for distance MBAs offered by top universities overseas. There might be a specific entrance exam for MBA through distance education, so make sure you check with the university about the eligibility criteria.

Online MBA: Online MBA is a new methodology of e-learning that works on modules, collaborates, and blackboards. Students attend live lectures through digital platforms. The programme hosts online discussions and exams to make for an interactive learning experience.

Unlike distance MBA, online MBA programmes run on strict timelines. Students need to stick with these timetables to make sure they are on track with their programme module.

Eligibility requirements for an Online MBA programme:

• Bachelor's degree with a 50% passing score
• 2+ years of work experience
• Candidates have to go through an interview round before the admission process

1-year full-time MBA programme: This MBA programme is focused on people with intensive work experience. The main aim of this programme is to squeeze the management skill-set into a precise 1-year full-time programme so the senior work executives get the best of this programme.  

1 Year Full Time MBA vs Executive MBA:

Part-time MBA Programme: This programme is for working executives who do not have a formal introduction to management roles. The curriculum of part-time and full-time MBA programmes is the same, however, the length of the course is spread around a longer duration to suit the working conditions of the students.

This is a perfect course for small business owners aiming to learn the right management/business skills for their enterprise. 

How to choose an MBA stream?

MBA is a huge investment both in terms of time and money, therefore degree seekers need to be quite certain about the MBA stream they want to pursue. There are two important aspects to consider while choosing MBA programmes:

• Assessing your MBA admission profile
• Determining your requirements and goals

Assessing your MBA admission profile: When aiming to get admission for an MBA, certain key points cannot be missed. The candidates' previous or current professional profile plays a huge factor when selecting the MBA programme.

Listed below are some points to self-assess your MBA admission profile:

• Bachelor's degree course: A lot depends on your bachelor's degree when getting admission for a subject-specific MBA programme. For example, if you come from a commerce background, an MBA in finance would be a good call, whereas human resources would suit someone coming from a humanities background.
• Work experience: The years of experience is a strong factor in assessing your MBA admission profile. With a good amount of experience, you can opt for an executive, 1-year MBA programme.
• GMAT/GRE/Entrance test score: If you are looking for admission into an MBA, a GMAT score is a mandatory requirement. A GMAT score is a major contributing factor in shortlisting a university for your MBA. A good score is what will get you into some of the top MBA colleges along with the specialisation of your choice.
• Letter of recommendation: To validate your work experience, a letter of recommendation plays an important role in assessing your admission profile for an MBA. Previous employers, managers, and university alumni giving a letter of recommendation as part of your application will make a huge difference in determining your admission.
  

Factors determining your requirements and goals while doing an MBA:

Alumni Network: Assessing alumni career graphs is a smart way to judge the quality of MBA programmes run by a university. Also, adding references from alumni of specific universities/colleges to your admission application makes your selection chances stronger. 

Career Opportunities after MBA:

As per the US Department of Education, more than 125,000 students are admitted to MBA programmes every year.

Fun fact: As per PayScale.com, the median salary for MBA graduates is $102,000 per year in the USA which is $30,000 higher than the median salary of bachelor graduates.

That's not just the case in America, every country witnesses a hike in salary along with better job roles for MBA graduates. And, for the same reason, Nepal too is witnessing an upward trend in MBA streams for postgraduate study.

To cover the career opportunities after an MBA, we first need to understand the popular MBA specialisations:

MBA in Sales & Marketing: There is never a dearth of jobs in sales and marketing, hence it is one of the most promising MBA specialisations. Students with MBA in Sales & Marketing easily land in roles such as brand manager, product manager, market researching, media planner, media marketing and digital marketing. The last one in particular is becoming an increasingly popular role for sales and marketing grads.

MBA in Finance: Finance is a niche management course that lands up into polished roles in banks, media, and entrepreneurial sectors. Finance manager, analyst, risk analyst, and treasurer are some of the popular career paths after an MBA in Finance.

MBA in Operations: Operations is a broad spectrum with thriving career opportunities in multiple industries. Supply chain and logistics, retail, and manufacturing are some of the core areas of career opportunities after an MBA in Operations. However, a lot of startups are also posting operational manager vacancies, making it a buzzing career market for MBA in Operations' graduates.

MBA in International Business: Are you a marketing geek with solid work experience? Then an MBA in international business is the course for you! Investment banking and marketing analysis are some of the lucrative career opportunities that come after an MBA in International business.

MBA in Entrepreneurship: MBA is not only for corporate executives, it is an apt course to learn the right skill set to start your own business. People with an entrepreneurial mindset can opt for an MBA in Entrepreneurship and learn business development and growth strategies from this programme.

MBA in Human Resource Development: This is a classic and has evolved its role in various aspects of human resource and workforce development. Companies are utilising MBAs in HR professionals to work on a roadmap that brings employee productivity and a holistic work-life balance approach. It has now become an integral part of companies, hence a lot of career opportunities are available on this front. 

If you are looking for a career opportunity abroad after an MBA, the best way is to study MBA in Canada, Australia, or the USA. We have a complete guide on MBA programmes in these countries to help you select the best programme and prepare you for your master's.