PGDBM

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 doctors degree 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 current prime minister) decided to go for liberalization and with effect of liberalization the businesses started increasing and small firms started expanding themselves and became conglomerates and lots of MNC”s came to India. When businesses became 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 management institutes. But in the early days of liberalization MBA used to have only HR, Production, finance, Marketing and sales as its specializations 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) they are specialization in insurance management and specialization in banking management, corporate finance management, investment 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.