Why MBA has become so Important :
MBA is Masters in Business Administration the name itself says that it teaches a
person how to handle a complete business efficiently. But the question is why we
need so many MBA's that there is mushrooming of MBA institutes.
Now the story
goes way back in 1991 when India used to be a closed economy and the businesses
were not so big at that point of time people used to strive for a
or a lawyers degree or an engineers degree or to become teacher most of us were
not even aware of what MBA is. But in 1991 our then prime minister Mr. P.V
Narasimha Rao and our then finance minister Mr.Manmohan Singh(our former prime
minister) decided to go for liberalization and with the effect of liberalization
the businesses started increasing and small firms started expanding themselves
and became conglomerates and lots of MNC's came to INDIA.
large and complex then there arise a huge need to manage those businesses and an
MBA is an appropriate person to manage a large business. So the companies
started hiring MBA professionals and this course became a huge hit in the
education market. So the large need of MBA led to the mushrooming of
institutes. But in the early days of liberalization MBA used to have only
Production, finance, Marketing and
sales as its specialization areas but the
businesses kept on increasing and got more diversified for example in the
specialization of finance we have got more specializations( just because of
expanding businesses) there are specialization in insurance management and
specialization in banking management, corporate finance management,
management, mutual funds management etc and the story is same with every field
be it marketing be it HR be it production.
This is one of the biggest reasons
why MBA is so important and it will be important till the time big companies and
industries are there. And the whole education scenario will keep on getting
complex day by day till the time businesses will keep on getting larger and the
field of technology will keep on getting innovations.