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There is unprecedented competition in the marketplace today. The need to understand consumer desires and cater to them has become the norm for existence and survival in business. Thus, the necessity for enterprising managers with a global vision arises. Management education has received a great boost in the post-globalisation era. Premier institutes have descended upon the scenario with programmes aimed at carving out well-rounded personalities who can confidently walk through the portals of the corporate world .
The MBA (Master of Business Administration) degree is probably the worlds best known and most widely recognized post graduate degree. It is a professional degree - in that it is intended for those who work in business and management i.e., the intention of a program leading to an MBA is to prepare or further prepare individuals for responsible positions in business - usually managerial positions. MBA programs are run throughout the world, as they are seen to be relevant for the preparation of people for work in management irrespective of the industry, business sector, the nature of the economy, etc.
In fact the degree is a bit of a misnomer. For most people this is a management degree, and it is not only relevant and of value to those in ''business'' - as normally defined - but also those in government, the public sector etc. The MBA degree title has always been used in the USA - where it was first developed, but not always in other countries. In the UK for example - where Post Graduate degree level management education only began to develop from the late 1960s the title was not initially used. For example the main schools at that time used the MSc and MA degree titles. From around 1980 however most established programs around the world had adopted the MBA title. There are of course programs which look very much like what other Schools would call an MBA - which still lead to degrees with other titles. Such titles include MBL (Master of Business Leadership - predominantly in S. Africa), MBS (Master of Business Studies), MSc and MA as well as more specialist degrees e.g., Master of Finance. Often such programs are seeking deliberately to differentiate themselves from other programs
Being equipped to handle the opportunities and threats of today''s dynamic business environment has never been more important. New products, new markets, off-shore resourcing, mergers, and new technologies all create uncertainty and opportunity. An MBA helps position you to take advantage of the opportunities and protects you from the threats. A Master of Business Administration provides you with a broad view of the functional areas of business.
- Jayaprakash Gandhi
