Studying MBA is increasingly becoming one of the most popularly chosen business programs. More and more students are opting for this field and aspiring to become business experts. Top-notch colleges like IBS offer some of the best business programs to students across the globe. From Finances to Human Resources, students can acquire in various fields in the world of business. Because of the popularity of this particular program, the business field is becoming more and more competitive. Having an MBA degree will surely land you a good job in some of the best multi-national companies and get the opportunity to train with seasoned professionals. You will have the choice to continue working in these big brands and organizations or establish your own venture. Whatever path you might choose for your career, studying MBA is the starting step to it.
Like most of the lucrative professional programs, studying for MBA can be expensive. It is a financial investment that has a very good return which securing your future. So once you have chosen the institution you want to enroll in and the area of business you want to specialize in, you need to take proper measures to make sure that there is no hassle in funding your education. Following are some of the options that you can go to:
- Student Loan: One of the best and most relied options for funding your business studies is exploring the option of student loans. There are a number of government schemes and bank loans that are available. Do good research and try to find out about all these student loan options available at a low-interest rate. Once you have secured a job you can easily pay back your loan. The best part about student loan is that it is easy to get as compared to any other kind of loan. So, with minimum paperwork, you can get good funding for your studies.
- Grants and Scholarships: There are a number of colleges and universities that provide students with grants and scholarships. Getting one will tremendously help you out financially. In addition to this getting a grant will also look good on your resume as it is usually given to students with a good academic record. In a number of cases, students who are good academically are also offered with the option of assisting the professors with teaching some of the classes. This can help you out not only finance wise but also will help you get parallel the practical exposure of teaching which can be a very good experience.
- Check Different Colleges: One of the effective ways of budgeting for your business studies is by tallying the fee structure with different colleges. Sometimes, students tend to opt for colleges that are hyped about. In such a case, while the education quality might not be very good, the fee structure can burn a hole in your pocket. Hence, it is always advisable to do research on the reputation of the colleges, their faculty member, the programs that they are offering and most importantly the fee structure. Once you get a fair idea, you can make the choice of taking admission in the institution that fits your budget, without compromising on your education.
- Part-Time Jobs: Getting a part-time job while studying is not uncommon. Many students take up odd jobs that interest them to support themselves and fund their education. Therefore, try to find a place that will offer you a good job and have fewer work hours so that you can carry out both your job and studies simultaneously. Getting a part-time job has great advantages for a student, especially someone who is studying business. This will give you a chance to understand the functionality of an organization and put your theoretical knowledge to better use. This will give you an edge over others in securing good jobs after you have completed your MBA.
- Save Small and Gradually: While this is an obvious solution, but also something that one must try to do gradually in the long run. Try to save as much money as you can to help you fund your education. If you manage to save your money and fund your business studies, you will not have to worry about paying off your debts and deal with loan interests if you take loans. Review your expenses, and start saving your money in a small amount and gradually.
Attending an MBA program can be quite an expensive endeavor. Once you complete your business studies you can easily get a handsomely paid job, but till you get one paying those semester fees can turn out to be quite a challenge. Thankfully, with different financial aids that are available nowadays, funding your MBA can be done easily.
Running a business is not a one-man show. It requires the help and contribution of several people with different specialization to look after individual sections. Therefore, if you are aspiring to step into the world of business then you have the option to choose the job you want to do in an organization or even when you have your own business. Business world is full of opportunities and people with appropriate knowledge and skill get the required exposure in their professional life. For students who are planning to make a career in this field must understand that there are several specializations that many colleges and universities offer across the country to pursue. Specializing in a particular sector, not only helps you gain complete knowledge of that particular business area and functionality, but also makes you indispensable in the professional world.
Top Colleges such as ICFAI Business School, IIMs and Xavier School of Management etc. offer a wide range of MBA specialization programs you can choose to get a post-graduation degree. Following are some of the top MBA specializations in high demand in the job market:
- Finance: Finance is one of the most popular specialization for MBA. The subject teaches you to manage capital, budgeting, costing and funding of various projects and everything related to the fund of a company. A degree in finance will make you an expert in the finance department of various organizations.
Job Profile: Amongst other financial sectors such as stock exchange, the Insurance industry, financial consultant and mutual fund industry, the banking sector is always in need of experts who are highly skilled in the handling of finance. With the rapid growth in this field, there will be no dearth of jobs. A degree from a reputed college like ICFAI Business School will give you an edge over others and will help you secure a good job.
- Marketing: In today’s cut-throat competitive world, specialization in marketing is no less than gold. Acquiring unique skills in marketing helps you understand customer behavior, market behavior, advertisement and number of other elements of marketing.
Job Profile: Marketing is all about reaching out to your target audience through various mediums to inform and convince them of your products. This is a department that every organization has and therefore you can find a job in any firm and become Marketing Manager, Sales Manager, Product Manager, Head of Digital Marketing and many other profiles.
- Human Resource Management: Any business is incomplete without its workforce. The functioning of different departments and sections requires skilled and expert employees. A degree in Human Resource Management helps you acquire the skill to recruit the right workforce, manage acquisitions and mergers and cater to demand and supply of workforce.
Job Profile: A degree in Human Resource Management can get you a job in topmost organizations across the globe. With gradual growth in your career, you can start as an executive and go on to become Team Leader, Assistant HR Manager, Senior HR Manager and ultimately Chief HR Officer
- International Business: As we already know, the world of business exploded with globalization. Specialization in International Business Management teaches you the management of International Finance, International Logistics, Marketing and Foreign Exchange. It opens up opportunities to travel and cater to clients globally.
Job Profile: An individual with specialization in International Business can get jobs in both India as well as international firms which is quite advantageous. You will be eligible for major professional roles in various firms and acquire positions such as Business Development Director, International Foreign Policy Advisor, Multinational Manager and several such job profiles.
- Information Technology: Acquiring an MBA degree in Information technology will teach you database management, computer security, systems analysis and effectively manage planning, designing, and implementing upcoming technologies into various in-house projects as well as for clients.
Job Profile: While there are professionals who are dedicated in the innovation and development of technology, it is the job of management professionals to ensure that implementation is in a profitable manner in order to ensure growth of business and as an extension to the end-users as well.
- Rural Management: Rural Management is a comparatively new specialization in management programs, but has garnered much attention from professionals across the country. Students are taught to focus on development of rural India and creating financial opportunities for them by utilizing their skills. Majoring in Rural Management gives you a chance to learn rural economy, management of rural business and much more.
Job Profile: There is tremendous job potential in the rural management job market. You can directly get associated with government organizations and work on various initiatives for the upliftment of rural livelihood. You get to utilize your degree in working towards solving major challenges in rural India, and ensure upliftment of the rural society. You will get jobs with government research institutes dedicated to rural areas, non-government organizations, and head rural development projects.
There are plenty of opportunities ready to be grabbed by students and make a career out of it with a business degree. So, determine your field of interest and choose your specialization.
There are a number of factors that contributes to success of a venture. From choosing the target audience to providing quality products and services, effective marketing and hiring the right resources, there are plenty of elements which add to the value of your business to make it the best in the ever-growing and competitive world. For people who strive to become experts or professional in this field, it is important that they learn about all the tricks of the trade. So the question is, what is the best way of gathering the knowledge of running a business or become an expert?
While a number of people think that getting a formal education in business is the right way to become a business expert, others feel that your real life exposure is enough to teach you everything that you need to know about running an establishment. In the world of business, there are a number of popular names that have not received any formal education and have still succeeded, while there are also successful people who have received the best education from Ivy League colleges and are running excellent business. So how do you decide the best way to acquire knowledge for business?
Real Life Exposure
When you rely solely on deriving knowledge of real life exposure, there are certain advantages and disadvantages that come with it.
- When you are working in an establishment or running or own venture, you get the opportunity of doing all the tasks on your own, understand all the functionalities right from meeting people, production, manufacturing, sales, marketing and all the other tasks. This gives you a first-hand experience of the business world which is very important. One you get a grip on all the aspects of business, you can gradually grow to a prominent name in your field.
- You get to meet new people and that boosts your networking. Interaction with already established individuals helps you understand your field and you get to learn a lot from them and use the ideas in your business.
- One of the biggest disadvantages of depending only on real life exposure is that, initially you are not aware of the functionality of a business. This can lead to an extremely slow growth of your business and sometimes, lack of knowledge can cause loss. While you might learn over a period of time, but in the initial years, the lack of a formal education can work to your disadvantage.
In India, there are a number of reputed institutions that offer MBA programs designed to make you an expert in the business field. Here is how pursuing this business program can help you in establishing your career in the said field:
- Pursuing a course like MBA gives you the advantage of getting holistic training on different kinds of functionalities and activities under the supervision of experienced faculties.
- With a strong faculty, you will be able to clear all sorts of doubts and take their help whenever it is required and learn from them
- With an MBA degree you are qualified to associate with some of the best business establishments across the globe. It gives you an opportunity to open various career options which are not otherwise possible without any formal education.
- From attending guest lectures to getting an opportunity to work on different projects and even have an internship, these experiences you get within the protective environment of your college, can work tremendously to your advantage.
With some institutions, they don’t provide exposure or impart practical knowledge to run a business. Doing so will only make the student an expert in theory and may not be able to work when they start off business career. This can greatly work to their disadvantage.
Here management colleges like ICFAI Business School (IBS) come in the scenario where they provide CASE based learning, which plays a vital role when it comes to bridge the gap between theoretical knowledge and industry exposure. Formal education, such as MBA or reading books and getting a real life exposure, all these factors together make an individual an expert in the business field. Therefore, individuals who are planning to make a career must understand the significance of both aspects, i.e. business education and real life experience. To attain the balance one must choose a college or an institution that helps you strike a balance between the two. This way you will not only get to have an in-depth knowledge and theoretical understanding of running a business and its various functionalities, but also simultaneously get to put the acquired knowledge to practical use under the guidance of an expert. This leaves you enough room to correct mistakes, and based on your experience you can build or create your own venture. Thus a balance of both is what you need to succeed in the business world.