Full form of MBA degree and ultimate guide to MBA in 2024

The full form of MBA degree is Masters in Business Administration. This is a postgraduate qualification which can be opted for by aspirants from different backgrounds.

Traditionally Masters in Business Administration programs were offered as two year MBA in India for which the audience was limited to those who wrote the CAT exam or similar exams like XAT, NMAT, SNAP etc. In 2024 there are more than 10 types of MBA courses that applicants can choose from depending on their career choices. We will discuss all the important aspects here.

However now the world of options and the audience for an MBA has opened up. There are 10 options to choose from if one wants to pursue an MBA in 2024:

1. Two year MBA in India

2. ISB MBA

3. One year MBA at IIM

4. One year MBA at India at leading schools like XLRI, SPJIMR, MDI etc

5. International two year MBA programs

6. International one year MBA programs

7. Masters in Management courses

8. Executive MBA in India courses

9. Executive MBA International courses

10. Leadership and certificate courses, online MBA etc

Top 5 reasons why graduates across the world with MBA degree and its equivalent qualifications are preferred by recruiters:

1. Communication skills,

2. Strategic thinking,

3. Adaptability

4. Innovative nature,

5. Ability to handle the complex global business environment,

6. Preparedness to take on leadership roles and

7. Ability to navigate the challenges of technological disruption

What MBA course can you go for?

One can opt for an MBA at five stages of their career:

1. What is the MBA course Final year students and pre final year students?

There are three options for the final year and pre final year students:

1. Write the CAT exam and similar exams and apply to the two year MBA programs in India.

2. Apply to the Masters in Management programs across the world by writing the GMAT or the GRE exam

3. Students in the final year and pre final year can also apply to the ISB Young Leaders Program ( ISB YLP). This is a deferred entry option for them to join the ISB PGP when they complete 20 months of work experience.

2. What is the MBA course for Freshers?

Fresher graduates can apply to the MBA program as below:

1. Freshers can also apply to the Two year MBA programs in India by writing the CAT exam, XAT, SNAP etc. The full form of MBA degree which are two years are Post Graduate Program.

2. Freshers can also apply to the Masters in Management programs worldwide which accept the GMAT or the GRE scores.

3. The freshers can also apply to a deferred entry option at ISB which is the ISB Early entry option. They need to write the GMAT exam or the GRE exam for that.

3. What is the MBA course for Professionals with 2 - 5 years of work experience?

1. They can also apply to the two year MBA programs in India by writing the qualifying test which is the CAT exam and similar exams.

2. These professionals can also choose to write the GMAT exam or the GRE exam and apply to the one year MBA program at ISB, IIM One year MBA programs at IIM in India and also the one year MBA programs offered by XLRI, SPJIMR, MDI Gurgaon.

3. Through the GMAT or the GRE exam they can also apply to the two year MBA program at BITSoM, SPJIMR, MDI Gurgaon etc.

4. Further they can apply to International MBA programs with the GMAT or the GRE score.

4. What is the MBA course for Professionals with 5 plus years of work experience?

1. If it suits their career goals, professionals with 5 years or more of work experience can write the CAT exam and similar exams and apply to the two year MBA programs.

2. They can write the GMAT or the GRE exam and apply to the one year MBA programs in India.

3. They can also use their GMAT or GRE scores to apply for the two year and one year International MBA programs.

4. In case they don’t want to write the GMAT or the GRE test they can apply to the ISB Executive MBA like the ISB PGPpro and the ISB PGPMAX to pursue an ISB MBA along with pursuing their full time jobs.

5. What is the MBA course for Senior Professionals who want to pursue an MBA along with their jobs?

1. Senior professionals who want to pursue an MBA along with their jobs can write the GMAT or the GRE or the Executive Assessment and apply to the online MBA programs,

2. They can also apply to International One year masters programs,

3. Senior professionals can also apply for the part time/ modular Executive MBA courses in India and abroad which require a test score.

4. They can also opt for MBA courses without the GMAT or the GRE score which are offered both in India and abroad.

Which is the most expensive MBA school in India ?

The 5 Most Expensive reputed MBA programs in India for the year 2024 are:

1. ISB MBA Fees - The full form of this MBA degree from ISB is Post Graduate Program. The ISB PGP program's fee varies from Rs. 39 lakhs to Rs. 42 lakhs depending upon the accommodation (Shared or studio apartment) and the payment plan (one installment or 2 installments). The expense on food, laundry, electricity, laptop is extra. This comes to around Rs. 2.5 - 3 lakhs.

2. IIMA PGPX Fees - The program fee for IIM Ahmedabad's PGPX batch is INR 31.5 lakhs for applicants choosing single housing (SSH) and 33.5 lakhs for those choosing married student housing (MSH), plus the cost of the international immersion program (IIP), excluding travel and lodging-related costs.

3. IIMB EPGP Fees - The full form of this MBA degree from IIM Bangalore is Executive Post Graduate program. The program fee for IIM Bangalore's EPGP program is INR 28.5 lakhs for applicants choosing single housing (SSH) and 31.5 lakhs for those choosing single accommodation, outside campus, this includes the cost of the international immersion program (IIP), excluding travel and lodging-related costs.

4. IIMC PGPEx Fees - The fees for IIM Calcutta's PGPEx program is Rs. 31 lakhs.

5. IIM L Fees - The fees for IIM Lucknow's IPMX program is Rs. 26 lakhs.

How to manage fees for MBA ?

There are 5 ways in which you can fund your MBA Education:

1. Scholarships - One can avail scholarships to fund their MBA education. Most prestigious B Schools offer Scholarships. The offered scholarships can be based on many reasons like need Based, Merit Based, Need cum Merit based, Diversity based, SC-ST Scholarship, Minority Welfare Scholarships, Scholarships for students with disability etc.

2. Loans - Banks and many NBFCs offer unsecured loans for students who take up the MBA program. Most of the Nationalized and large private banks have their presence in/around the Institute’s campus

3. Own Funds - You can use your own/parents money to fund your MBA. Also you can take a partial Loan, try for a scholarship and pay the rest of the fee from your own pocket.

4. Teaching Assistantship - You can also work as a teaching assistant to fund your MBA. Mostly applicable for US Colleges

5. Internships During MBA - During your MBA you can also take online internships, summer internships (2 year programs) also you can take up internships in companies/ organisations near your college campus.

According to the studies conducted by FT Ranking MBA 2023 the graduates of top business schools achieve a salary hike of around 120% to 250%. The fees for the MBA programs do at that level justify the ROI provided the expectations are set by aspirants reasonably.

Connect with our MBA admission consultant at GOALisB to discuss your prospects and get a free counselling session about the best schools and MBA programs to accelerate your career graph.

Can I get direct admission in ISB Hyderabad ?

No, you can not get a direct admission in ISB Hyderabad. The admission process for the ISB PGP program is as follows:

1. Check the eligibility criteria: Ensure that you meet the minimum eligibility criteria for admission to the ISB MBA program, which includes having a bachelor's degree in any discipline, a valid GMAT or GRE score, and a minimum of 24 months of full-time work experience after graduation.

2. Register for the application: Register for the online application on the ISB website. You have to provide personal info., academic details, work experience, and test scores, among other information.

3. Submit the application fee: Pay the non-refundable application fee of INR 5,000 for Indian applicants.

4. Submit the ISB essays: Submit two essays as part of your application. These essays will help the admissions committee to understand your goals, achievements, and overall fit for the ISB MBA program.

5. Submit the recommendation letter: Submit one letter of recommendation from your professional contact who can speak to your leadership potential and work experience.

6. If your application is shortlisted, you will be invited for an ISB interview. The interview will be conducted by a panel ISB alumni, and it will focus on your goals, achievements, and fit for the program.

7. Await the final decision: After the interview, you will be notified of the decision by the school.

You can also Whatsapp us at +91 7719497187 or write to us at contact@goalisb.com.