The boom in the MBA sector has escalated to an all-time high worldwide.  With every passing year, the number of smart leaders and trained management professionals churned out by business schools is witnessing an upward trend. "MBA, as an area of study valued by employers, is showing more strength than ever with hiring of new graduates projected to rise for the third year in a row," said Sangeet Chowfla, GMAC president and CEO in an interview with a leading daily.

Employer’s demand for recent business school graduates will increase in 2015, as 84% companies worldwide plan to add new MBAs to their workforce — up from 74% in 2014 and 62% five years ago, according to a global survey of employers by GMAC. 

A company’s growth is now said to be directly proportional to the number of skilled and trained management professionals that are associated with the company as opposed to a few years ago, when businesses used to hire only specialized graduates for a particular role.

The continuously changing market has also urged the MBA sector to undergo a facelift. MBA in India has now broadened its horizon and is not just a hub for engineers to enhance their skills. The management domain is an evolved one and has various specializations to offer across various sectors. “The trend of management specializations began with Retail Management and has been followed by E Commerce, Health Care, Business Design, Rural, Media etc. This shift is probably due to the organizations in these sectors that want to hire talent with proper knowledge about the particular domain in addition to the management/leadership competencies. The shift is primarily due to heightened competition, sophistication of consumer/buyer/customer habits and lifestyles, etc. This is a great step and should benefit both the recruiter and the recruited,” says Prof Vijayan Pankajakshan, Dean of Human Resources Academics & Industry Interface, (Welingkar Institute of Management, Mumbai).

While MBA education in India is climbing the ladder at a very fast pace, there are ample cracks that need to be mended to meet the increasing demands of the future management graduates. There are various specializations that the management schools have already started offering, yet there are various sectors that still need to be capped.

“Other new spaces that have emerged/are emerging include Luxury Goods, Aviation, Education and Energy. But just as employers demand more specialized graduate hires, the students are going to demand a broader range of specializations to choose from. According to MBA recruiters from major companies, likely areas of demand will be Human Resource Management, Project & Programme Management and Marketing. Another specialization that is also becoming popular globally is Supply Chain Management. (Quote: Worldwide: US Bureau of Labour Statistics: There will be a 26 per cent increase in logistics roles by 2020),” adds Prof Pankajakshan.

Since 2011, India has been vying with the USA to be the largest MBA job market and there is no sign of this trend abating with growth forecast at 8% for 2015.

Management degrees are selling like hot cakes and there are various reasons why it is the reigning course in India. Even school kids have their eyes set on management as a career option and it has clearly reserved a spot for itself in their wish list. Students with varied backgrounds are coming together to learn the basics of ruling the corporate world as business leaders. Let us dig out the answer to the golden question of the corporate world- ‘Why MBA?’

Career Enhancement

An MBA degree proves to be a great booster in your career graph. It not only enhances your skillset, but it strengthens your position in the competitive corporate world as well. An MBA degree not only brings you in line with the latest market practices but also helps you escalate your career graph. People who feel that their career has become stagnant also turn to a management degree for further growth. A change in the field of specialization is also possible once a candidate earns a management tag. It has been observed that post the completion of the degree candidates have a good growth both professionally and financially.

According to a global study by GMAC, a majority of graduates agree that their education improved their chances of finding a job that met their expectations (86%), gave them a competitive advantage in the job market (85%), and prepared them to meet the challenges of today’s job market (85%). Most graduates also agree their graduate management education gave them control over their employment outcomes (82%) and exposed them to new career opportunities (78%).

Overall Development

A candidate goes through a 360 degree change once enrolled into a management programme. The programme offers just the right environment needed to develop leadership and management skills in an individual. Management candidates have experienced personal, professional and financial development in themselves post completion of their programme. The development proves to be a complete package of corporate exposure and theoretical knowledge. 

Skill development is an important aspect of management programmes. These days, institutes use a mix of lectures, discussions, case studies, experiential teaching and team projects to inculcate the skills needed in the corporate world.

Specialization

Gone are the days when majority of candidates opting for a management degree were engineers. MBA has now broadened its horizon and is now reaching out to all the sectors. Candidates with interest in a specific field can now opt for the programme of their preference. The Indian market has undergone a number of changes and the management institutes in India are striving hard to cope with them.

Employers are now looking to hire specialized candidates for a specific role which in turn has led to the candidates demanding specialized MBA degrees for a smooth career growth. Thus, institutes are making efforts to provide specific specializations/courses in accordance with the industry requirements. Few of the most upcoming specializations are those in Retail, E-commerce, Healthcare, Business Design, Rural Development and Media.

“When companies express a focus on growth, it appears they return to MBA hiring.” Chowfla said, in a press release.

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