MBA is the topmost opted for degree which is taken up by most of the graduate students. A great demand for MBA as a course started after the era of industrialization and when scientific approach to management was necessary to introduce scientific approaches to management. MBA has developed as a career option very recently. GMAT (Graduate Management Admission Test) is the entrance exam which is necessary to clear in order to opt for MBA.
The first MBA (Masters in Business Administration) program was started in the 19th century. Major areas for MBA are accounts, finance, marketing, human resources and operations.
Types of MBA
MBA programs vary depending on the time span and the purpose for pursuing MBA. Based on these two parameters MBA programs are divided into:
Accreditation of an MBA program is necessary in order to compare it with the certain set standards for conferring the MBA degree. One must check the applicability of accreditation of the MBA course. MBA colleges are necessary to be accredited by AASCB, ACBSP or IACBE which are major accreditation bodies in the United States.
Subjects under study
Some of the major subjects that you would come across when you are studying MBA are:
Integrated management as the name suggests is an overall approach to management where various methods are utilized in order to manage a particular business well. A manager needs to be aware of different aspects which are related to employees' right from personal growth to the various fundamentals necessary to run a process well in a business.
Accounting is an essential player in any firm. The financial standing of a company is determined by a proper accounting system. The employees of an organization need to know the financial condition in order to determine if the company is doing well or not. The investors who are external to the company also need to be aware of the financial position of the company. Stock and shares are to be known well for better transparency of the firm.
Human Resource Management
The human resource is the heart for any company or firm to work well and make progress. A better human resource can be developed with good training and development facilities and it will also ensure employee retention. Employees who are interested in the work will contribute to better productivity and in turn more profits. Employees are the ones that make a company and happy employees lead to more profits. This subject would teach you to organize human resource.
Marketing spreads awareness about your product in the market. You need to create good awareness about a new product in the market so that it does well and sustains the market forces. Marketing is a subject where you would be taught to create a need among consumers, make the product available to them and also ensure product recall.