Types of MBA Programs in India
If you’re a young MBA aspirant currently scrolling through the internet trying to find the top MBA program for yourself, then this article is for you! MBA Programs come in a wide variety of formats and choosing any one can be quite overwhelming. Especially if you’re determined to find the one that is most suitable for your interests. Therefore, in this article we take you behind the scenes and help you choose the MBA program that is best for you.
The Different Types of MBA Programs in India
1- Year Full Time MBA Program
It is a common mistake to associate 1 Year MBA programs with Executive MBA programs. So, let’s start by clearing out the confusion. Well, for starters they are NOT the same. 1 year MBA programs are full time, with mandatory attendance, grueling schedule and targeted towards those who have comparatively less work ex whereas EMBA (Executive MBA) maybe part-time and is focused towards working professionals who already have some relevant experience in the corporate world. The syllabus designed for each of them are also different depending on their target candidates.
The Eligibility Criteria is as follows - Candidates must hold a bachelor’s degree in a relevant discipline with at least 55% marks. They must have appeared for a management entrance exam like CAT, XAT, GMAT and MAT.
The 1-year MBA programs are relatively new in India and are of 11-15 months depending on the college. If you’re a working professional or have previous work experience, then you're more likely to get accepted into this program. This is because it eases off the pressure to some extent. The general advantage of a 1-year full-time MBA degree over the other modes is that it’s more dynamic, intense and will keep you on your toes. It requires complete dedication, concentration, and commitment from the student for 1 year and ensures that the student goes out with a massive stock of knowledge fully equipped to take on the corporate world outside.
Here's a list of top MBA Colleges for 1-year MBA Program:-
- ISB Hyderabad
- SPJIMR Mumbai
- XLRI Jamshedpur
2- Year Full Time MBA Program
Few years ago, lacking work experience probably would have been a major minus point for a MBA aspirant but today, major changes and reformation has occurred in favor of students over the years. So now, a student can jump right from earning their UG degrees to starting their MBA dream. So, if you’re a fresher wanting to sail towards the MBA life then you're more likely to be accepted into the 2-year program than the 1-year program. Students from diverse backgrounds are admitted into this program and do perfectly well despite having little to no work experience.
To be eligible for 2-year full time MBA Program candidates must have a bachelor’s degree in a relevant discipline with at least 55% score. They must have appeared for a management entrance exam like CAT, XAT, GMAT and MAT.
Out of 20, 14 IIMs are included in the top 100 MBA schools for 2-year full time program, but recently other MBA colleges have also been performing at par with the top IIMs.
Here's a list of top MBA Colleges for a 2-Year full-time MBA program:-
- XLRI Jamshedpur
- ISB Hyderabad
- Taxila Business School
- SPJIMR Mumbai
- IIM Indore
- IIM Lucknow
If we compare a 1-Year Full Time MBA Program with a 2-Year Full Time MBA Program, then in some obvious areas the latter would win. For instance, inclusion of a summer internship program, comparatively less rigorous routine, more inclusive with the only con being that it is slightly more expensive. But the 1-year program certainly has too many cons like being extremely rigorous, no Internship program, no scope for networking and extreme pressure. But of course, the one-year program does give you the benefit of time.
Our advice would be, that if you’re a fresher, then the 2-year MBA program will be more suitable but if you’re a working professional with some relevant work experience then go ahead with the 1-year MBA program.
Executive MBA Program
Let's start with the eligibility criteria. An Executive MBA candidate must have completed a bachelor’s degree in a relevant discipline with at least 55% marks. They must have appeared for a management entrance exam. Some management exams are CAT, XAT, GMAT and MAT. But here’s the twist in the tale
Candidates must hold a minimum work experience of 2-3 years.
Best Executive MBA Programs in 2021 are:-
- IM Ahmedabad – ePGP
- FMS – MBA Executive Program
- ISB – PGPpro
- XLRI Jamshedpur
- IIM Kozhikode – Executive MBA (EMEP)
- XLRI – Postgraduate Diploma in Management
- SPJIMR – PGEMP
But why should one opt for an Executive MBA? Because it builds your skill set, makes you a better leader and enhances your business mind. It not only directly benefits you and your company but also your employees. It doesn’t matter if you’re working as a corporate geek or a startup freak, an executive MBA can give you the necessary set of skills to succeed in the corporate world.
Part-Time MBA Program
The good news is that it is substantially easier to get into a part-time MBA program from a reputed institute than into a full-time MBA program. It does have some clear advantages over a full-time residential program. A part-time program ensures a steady income alongside acquiring a MBA degree. The course structure is comparatively lighter and gives you more breathing space. But of course, it is not without disadvantages. The duration is longer and lacks peer-to-peer interaction which is important for networking. We all know how the business world is all about networking!
So, if you’re a working professional who’s looking to get an MBA degree without compromising on your job then THIS is the best program for you!
These programs generally run year-round, with classes scheduled outside of normal business hours. You have the flexibility of choosing how many classes you take each semester.
There are generally 2 types of part-time MBA programs:
- Lock Step Programs
- Self-Paced Programs
Self-paced programs are generally more flexible than the lock step programs. In the lock step programs you enter the program with a batch who learn with you.
The eligibility criteria for admission to a part-time MBA/PGDM course is graduation in any discipline from a recognized university with a minimum of 55% (depending on the college), and preferably a minimum of two-three years of work experience.
The best part-time MBA programs in India are:-
- JBIMS Mumbai
- IMT Ghaziabad
- FMS Delhi
- MDI Gurgaon
Online MBA Program
The first online MBA Program was started by Aspen University in 1987. Since then the popularity of this mode of MBA has grown rapidly over the years. Today as the world is ushered into the new age of Digital Learning, online MBA programs have a bright future ahead.
It allows you to explore the world of MBA right from the comfort of your home. Today over 60% of the MBA courses are offered online and over 46% of MBA aspirants opt for online MBA.
With a variety of course formats, including recorded lectures and live web conference courses conducted in virtual classrooms, online MBA programs are all about flexibility.
But this mode of MBA too has some clear disadvantages. The ROI of online MBA programs is 76% lower than on-campus MBA programs. Further a significant number of students with online degrees do not get qualified jobs and the cost of online MBA programs is only 20% less than on-campus programs. This mode lacks peer-to-peer interaction and scope for networking too.
Eligibility criteria – Candidates must hold a bachelor’s degree with a minimum of 50% score (depending on the college).
Some of the colleges for Online Learning:-
- Sikkim Manipal University of Distance Education
- ICFAI University Tripura
- Indira Gandhi National Open University (IGNOU) Delhi
- Symbiosis Centre for Distance Learning
So, we would conclude by stating that the best MBA program ultimately depends on your requirements. If you’re looking climb the corporate ladder faster in your current company then a part-time or an online MBA program will work best for you. If you’re looking to build up your business skill set and enter the corporate world with more vigor then with 2-3+ years of work ex, an Executive MBA would be the right path for you. Finally, if you’re looking to start a new career or a full-time job then the 2-year full-time MBA programs are the way to go.