A Close Look at the MBA Curriculum
A Master of Business Administration (MBA) is a postgraduate degree that primarily focuses on building leadership and management skills and also helps to gain knowledge about business administration and practices. MBA is a professional degree that helps the students’ overall development and makes them ready to face the corporate world. To obtain an MBA degree in India, the most desired exam that students take is the Common Admission Test, popularly known as CAT.
It is a national-level computer-based test for admission into IIMs and other top institutes. To crack the CAT exam, students prepare and solve various test papers early. CAT syllabus includes logical ability, Quantitative aptitude, and Verbal ability.
Apart from CAT, there are other national-level entrance exams that students can take for admission into an MBA. These include MAT, CMAT, NMAT, GMAT, XAT, SNAP, and ATMA. Although all the exams have different patterns and syllabi, the main aim is to test the student’s knowledge and skills such as Analytical thinking, Creativity, Verbal Ability, and Logical Reasoning. Some state-level tests like APICET, TSICET, MAH CET, TANCET, KMAT, Karnataka PGCET, etc., are conducted by different states for admission into MBA in top colleges of that particular state.
Students considering joining an MBA program should know this degree’s coursework. Knowing the curriculum helps them to understand what to expect from their degree. An MBA program in most institutes offers core and elective courses. While the core courses are curated to provide fundamental knowledge and skills required for business management, the elective courses target specific business areas and allow the students to choose their area of interest to study. Some popular electives are Finance, Human Resource Management, Marketing, Entrepreneurship, Information Technology, Business Analytics, etc. Also Checkout a Success Story of a MBA- MBA Chaiwala: Three times CAT failure to a Millionaire
MBA programs worldwide offer various courses that differ from one another. Nonetheless, all MBA programs have a standard subject set that forms a significant part of the curriculum. Such subjects are discussed in this article.
Accounting
Accounting is essential to help students understand how management uses accounting information to take business decisions. It includes topics like balance sheets, appreciation and depreciation of the property. Important aspects of business like loss and profit are also part of accounting. Hence Accounting is often considered the Language of Business.
Finance
MBA students’ knowledge of finance helps them understand the business’s investments and risks. Finance is divided into two different parts. One includes already described accounting, and the other involves the market and investments. Any business planning to move to the public domain with its shares in the stock market needs a good finance team. It is also essential to have the financial expertise to manage personal finances. Moreover, a career in finance allows students to work in international markets.
Business Communication
Since business requires interacting and dealing with different people, adequate communication knowledge is necessary. To become a good communicator, one should first be a good listener. A good listener will understand other people’s perspectives more effectively, which helps them make better and informed decisions.
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Applied Statistics
A vast amount of data exists in the business world, and it is essential to transform that data into valuable information. Applied Statistics knowledge will help us develop the skills required to draw insights and conclusions from the available massive data.
Managerial Economics
Managers require economic knowledge to assess and predict the costs, demand, price, competition, and other related things. MBA students need this knowledge to formulate strategies considering local and international business environments.
Business Ethics and Laws
The goal of including Ethics and Law as a part of the MBA curriculum is to make students aware of social and environmental issues and prepare them to deal with them effectively. With the changing times as the world is moving towards more ethical practices, it is essential to be on the right side of the law. Every business has a team of company lawyers and managers with knowledge of business laws with them. The course also strongly focuses on Sustainability.
Human Resources
Human resource management might seem feeble, but it is an integral part of the business management team. For any set-up, human resource is as vital as material resources. One may have a brilliant set-up, but unless the team does not have dedicated and satisfied members, no business can run well. HR managers are essential to keep up the morale and keep the engines of this machine running.
Other important subjects
The other essential subjects in the MBA curriculum are Entrepreneurship, Business Planning, Business Strategy, Management, Marketing, Human Resources, etc. Students must choose a specialization based on their interests and future aspirations.
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