Top MBA Colleges in India – the breeding ground for world-class professionals

India has earned a special place on the world map in terms of providing management education and nurturing industry-ready professionals. MBA, the contraction for Master in Business Administration, is the most sought after course in India and abroad. This 2-year course is generally taken after graduation. Fortunately, students in this country have access to some of the best MBA programs in the world. These programs are offered by renowned institutes like IIMs, XLRI, FMS-Delhi, MDI, etc.

The need for world class managers is always felt by various industries such as IT, Automotive, Hospitality, Insurance, FMCG and many more. To meet this growing need for efficient managers, many management institutes are springing up in different parts of the country. However, the Indian Institute of Management or IIMs are the best MBA colleges in India with an excellent track record since their inception.

Young people in India often choose an MBA after graduating, because the program offers them plenty of growth opportunities. It certainly helps them climb up the corporate ladder quickly. As effective management proves to be an integral part of any business, the demand for MBA professionals is increasing day by day.

The scope of MBA is very broad as compared to other courses. A graduate in management always has the opportunity to work in any sector of his preference. The salary packages are always attractive and include allowances and other emoluments to raise the standard of living. Graduates who pass out from top MBA colleges in India have held high positions in many corporate houses. In addition to building a career in business, one can become an entrepreneur, or work in cooperatives and NGOs, as the possibilities are simply limitless.

Several MBA and postgraduate degrees in management or PGDM courses are designed to instill multidimensional and multitasking skills in the graduates, making them least affected by a downturn in the economy or changes in the business environment. For example, an MBA professional with a finance specialization may not necessarily feel the heat when the finance industry is stagnant. He can always continue his career growth by engaging in the marketing of financial services (e.g. marketing of insurance products).

The best MBA or PGDM institutes in India offer specialization in subjects like finance, human resources, marketing, business management, banking and insurance, international business and IT and systems. Specialization in niche areas such as hospitality management, event management and fashion technology is also possible.

There are a total of 8 IIMs in cities like Ahmedabad, Bangalore, Kolkata, Lucknow, Kozhikode, Indore, Shillong and Ranchi. Admission to the best Post Graduate Program in Management (PGP) programs is conducted through Common Admission Test (CAT). The list of employers includes HSBC, Larsen & Toubro, Proctor & Gamble, Tata, ICICI bank and Deutsche Bank.

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Established in 1949, Jamshedpur Xavier Labor Research Institute (XLRI) is known for its two-year postgraduate degree in business administration and two-year postgraduate degree in personnel management and labor relations. It selects candidates for its programs through the all-India entrance examination known as XAT.

The salary of MBA graduates depends on the reputation and credibility of their business schools. Students of IIMs are always known for getting the best salary packages across the country. Business schools like XLRI-Jamshedpur, FMS-Delhi and SP Jain-Mumbai are also not far behind. According to 2010 placement records, there has been an average 25 percent increase in average domestic salaries at the top MBA colleges in India. For example, IIM-Calcutta has recorded an average salary of Rs. 15 lakh for the year 2010. Many other business schools also have similar encouraging news related to salary. Numerous global blue chip companies such as Mckinsey & Co, The Boston Consulting Group, Bain and Company, etc. have hired graduates from these institutes.