In India, there are over 3,000 B-schools and with the economy constantly changing, there is a change in the business education system too. The MBA in India is considered as a symbol of excellence and distinction.
The roots of MBA, one of the most popular degree in the world, lie in the USA. This degree is century old. In India, there are over 3,000 B-schools and with the economy constantly changing, there is a change in the business education system too. It is one of the coveted degree programs in the world. From the fresh graduates to someone with years of work experience, all want to pursue MBA. The appeal of MBA is hard to avoid, especially in India. The MBA in India is considered as a symbol of excellence and distinction. But have you ever wondered about the origin of MBA? Which business school started this concept of imparting education in business studies to students? And, what is the future of MBA? To get the answers to these questions and know about the present and future of MBA in India, read below-
Past of MBA in India
The genesis of MBA goes back to the 19th century in the United States of America, with the Wharton Business School at the University of Pennsylvania founded in 1881 being the pioneer, followed by the Tuck School of Business at Dartmouth founded in 1990 and then the prestigious Harvard Business School. The MBA degree was first offered by the prestigious Harvard Business School, USA in 1908. Though, before Harvard Business School, the Wharton Business School was the first school of business in the world, and the Tuck School of Business at Dartmouth was the first legitimate business school that offered an advanced business degree called as the Master of Commerce. It is the ancestor of MBA degree of today. And soon, many universities like Shanghai University of Commerce, University of Chicago Booth School of Business, Ivy School of Business and several other universities in the US began to offer MBA. MBA became famous and made its way to South Africa, Pakistan, Europe, Australia and India.
In 1953, the Indian Institute of Social Welfare & Business Management (IISWBM), Kolkata was founded and it was the first college to confer an MBA degree in India; though in 1949, the Xavier’s Labor Relations Institute, Jamshedpur was established, but it did not awarded MBA degree since its foundation.
Some of the earliest established Business Schools in India are- Faculty of Management Studies, Delhi (1954), Indian Institute of Management (IIM-C) Kolkata (1961), IIM-Ahmadabad (1961), Indian Institute of Foreign Trade (1963) and National Institute of Industrial Engineering (NITIE) Mumbai (1963). In 1961, with the establishment of the IIMs in India, PGDM (Post Graduate Diploma in Management) started in India. IIM-C was established in collaboration with MIT Sloan School of Management and later IIM-A was established in collaboration with the Harvard Business School during its initial phase. In 1968, FMS Delhi started its MBA programs. There were limited specializations in MBA, like Human Resource, Marketing and Finance. As time passed by, many stalwarts of the various industries were produced from the MBA education in India.
Present of MBA in India
B-schools in India have come a long way from the 20th century when they started and became a rage. In the early 2000s, Business Schools in India proliferated. The MBA programs in Indian business schools have evolved over the years and are of high quality. The MBA degree in Indian business schools equips students with relevant industry skills, prepares them for leadership roles and enhances their capabilities. The business schools in India today are offering challenging and diverse MBA specializations, world-class faculty, excellent pedagogy, adequate and modern resources, and attractive pay.
The economy of India has gone a paradigm shift. It has witnessed a healthy growth in the last decade and established itself as a service-oriented economy. It is one of the fastest growing economies in the world. It has witnessed a sudden step-up in the investments from the multinational companies. The large corporate houses have established a stronghold in the Indian market and are looking for MBA graduates. The interest for doing MBA has grown considerably and this is evident with the surge in CAT 2016 registration which has reached to more 2.32 lakh. In CAT 2015, the number of registration was 2.1 lakh and in CAT 2014, it was 1.96 lakh.
Today, initiatives by Government of India like “Make in India” and “Startup India” are encouraging entrepreneurship and promoting Indian manufacturing. As a result, MBA in operations management, e-commerce, supply chain & logistics management, and entrepreneurship have become more prominent in recent years. New vistas for career opportunities in MBA have been opened by India. There has been a shift from the traditional MBA programs to advanced and greater demand MBA programs like entrepreneurship, e-commerce, retail, and operations management. People today want to change paths and try hands in different fields that have emerged, so doing MBA is a perfect way to re-skills and make the change happen.
Future of MBA in India
India has a huge market potential with ample career opportunities for MBA. The scope of Master of Business Administration in India is growing by leaps and bounds. Moreover, MBA in non-traditional specializations is considered a good asset. The demand for traditional mundane MBA programs is declining, and is replaced by innovative MBA specializations that are pertinent to the present-day business world. The demand for MBA in India will become stronger and increase quickly in the coming years, mainly in the fields like personnel, manufacturing, production, finance, administration, e-commerce and marketing. It is the perfect investment in your future.
It is evident that the MBA in India has changed over the years and it will continue to evolve as the years go by, seeing the transformation to non-traditional MBA specializations and modern approach in pedagogy the business schools have adopted. The students with MBA degree will be the leaders of tomorrow in numerous fields!
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