Due to the increasing population of the world, different types of demands are created for various kinds of products and services. People who provide such products and services are called businessmen. The activities that they do within their authority is clubbed together to term it as a business. But not every man is a born businessman. Therefore, several degrees have been introduced in different colleges in order to enlighten the minds of the students about how to start, develop and survive a business in the competitive market.
One of the most popular business degrees is MBA (Masters in Business Administration), that is recognized all around the world and allows you to have a thorough and deep knowledge related to a particular field in business. The list of different branches under MBA is huge. However, following are the different specializations that are opted for the most:
Accounting – No business can survive without the proper knowledge of accounts.
Human resources – As your business grows, you should know how and when to hire the right kind of employees under you in order to prosper furthermore
Finance – There is no activity in the world that can be carried out without finance. Also, one must know where to spend more and where cost reduction can be undertaken.
Operations – There are several kinds of operations under a particular business, the most important one being Management.
Advertising– No customer can be made aware of your product or service without the right kind of an advertisement
Marketing– In order to survive in a market where there are more than a hundred competitors for your business, you must know how to market your product or service in order to create the right kind of a space in the minds of customers.
Types of MBA programs
Full time MBA – two years’ program where the student is expected to have a pre-decided percent of attendance in the college along with timely submissions of projects and presentations.
Part time MBA – three years’ program where the student is expected to attend the weekend classes of elongated hours; so that he can also concentrate in his professional life.
- This is a Master’s degree and hence the student has to have a Bachelor’s degree in any field of academics
- There is an entrance test that needs to be cleared (either written or online)
- The student must pass the group discussion and personal interview rounds
- If a student wishes to apply for a part time MBA, he needs to have a minimum of 2 years work experience
MBA was introduced in the 19th century and it has now gained a high importance in the minds of people. If a person holds this degree, he is offered a comparatively higher salary, even as a fresher. Such a degree not only helps in giving a deep knowledge of a particular field in business, but also allows the student to be more practical in this competitive world.