Is MBA Worth It? (2024 Guide) - Quick Facts on MBA

The MBA (Masters in Business Administration) program is the most in-demand postgraduate program currently. But their a debate going on for a long time that ‘Is an MBA really worth it?’  

Yes, an MBA indeed opens doors to high-paying jobs, improves strategic and business skills, and helps build great networks, but is it for you?

In this guide, we have brought some interesting explanatory pointers that can give you a better overview of the MBA program, and help you find out if an MBA is right for you or not. You’ll go through the pros and cons of an MBA and the right reasons why one should pursue this program.

MBA Facts in 2024

• India has around 5,200+ management institutions offering MBA or PGDM programs.
• Approximately 3.5 lakh students enroll in MBA programs across India each year.
• The Common Admission Test (CAT), one of the main entrance exams for MBA, sees 2.3 to 2.5 lakh candidates applying annually.
• Graduates from top-tier IIMs (IIM Ahmedabad, IIM Bangalore, IIM Calcutta) typically recover their MBA investment within 3-4 years.
• MBA graduates from Tier 3 institutes often take 6-10 years or longer to recover their investment, as starting salaries are typically much lower.
• Salaries can be as low as INR 3-8 lakh per annum for MBA graduates from Tier 3 institutes.
• The demand for Online MBAs in India has 30-40% growth post-pandemic, with universities like NMIMS Online, Amity University Online, Manipal Online, etc.
• There are a total of 355 accredited Online MBA programs right now in India.

All About MBA Degree

Master of Business Administration is a PG degree that deals with business, entrepreneurship, and organization management learning. The program equips you with interpersonal, communication, and organizing skills. Throughout the course, students can experience the fundamentals of business and analyze the organizational functioning through profit, shares, equity, annual revenue, and marketing methods.

Networking, Arrangements, Strategies, and a Motive are something that a student learns once they begin with their studies. A degree MBA adds the value of a qualified graduate who began with practical exposure by inventing some business methods and techniques. The fantastic part is that students from any background can indulge themselves with an MBA degree and experience sustainability. 

Business Administration studies include case studies and approaching techniques. The 2 years of duration has multiple topics and subjects which are industrial-related concepts. Examinations, Assignments, and Presentations boost students skills. Advanced training helps lead a professional journey. 

Degree completion for a student is not only an educational achievement but students can take a first step towards career prospects. Degree of MBA is access to global world exposure where an individual can expand or originate a business with a unique purpose and ideation. 

Pros and Cons of MBA

Pros/Advantages

The advantages of the MBA program will help to decide if an MBA is actually a good fit for your career or not. In this section below we have tried to add some interesting Pros that can boost your learning and through which you can get details of the bright side of the MBA Program. 

• MBA students can grab information on the Global Market Movement
• Students will enhance their Communication & Presentation Skills 
• MBA graduates can establish a strong network for business chain and support 
• An individual learns to be organized and creative according to the industry's demand
• Multiple Job Opportunities & attractive Salary packages can give professionals fantastic & conventional growth 
• Organisational growth credit can be achieved and can help for bright future opportunities 

Cons/Disadvantages

The brighter side can also have some drawbacks or negative observations and for accurate information, we will be providing some key pointers on MBA Cons which can prove to be a time waste or time consuming program. 

• MBA is an expensive degree so the cost is not affordable for everyone
• The entrance race has a huge competition and not all can sustain & achieve good scores.
• A Full-time commitment is not possible for all students
• Tier 2 or 3 university MBA has a limited scope compared to the top institutes
• Growth is Performance-based, so there is no such guarantee for an MBA graduate's successful career

Is an MBA Really Worth the Money? 

Worthiness is all dependent on the ROI, opportunities at scale, student's ability to attain and grab the concept details. For the general prospect, yes the MBA program is worth the money because the investment it takes can repay an individual in double the amount once the educational journey finishes. Jobs are not ordinary because the roles and responsibilities for sure are essential. 

The demand which is considered to be the highest carries a little expensive amount but definitely it is worth it because the management and business studies are on top when it comes to professional learning and educational programs in India. 

Right Reasons to Pursue An MBA

• Looking for a quick career switch: If you want a pivot in your career for example- you are an engineer and want to be a financial analyst or marketer, an MBA can help you in your career transition quickly without worrying about salary decreases and extra hours of hard work.
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• Want promotions with higher salaries: Many companies hire only MBA graduates for executive or higher positions, so an MBA can help you take a leadership role and grow your career.

Bad Reasons to Pursue An MBA

• Learn more about business: To be honest, the actual business that you learn will be during your job or when you implement things practically on your own. Otherwise, theoretical learning can be achieved through YouTube and other platforms. 
• Get Increased Salaries: An MBA doesn’t guarantee a better salary. Yes, you can get better opportunities but for a higher salary package individual’s skills matter the most.

Demand for MBA Degree In 2024 

MBA is a well-known Degree and above it the demand for the program is unremarkable. Individuals who are searching for lucrative options for management studies. For students who want an innovative journey an MBA program can be a blessing for them because the business strategies and tactics can help them master Management & Business Studies.

It's quite visible that the management degree is turning out as the best experience for achieving a certificate, also the active participation zone in the educational theory method gives industrial exposure to the students. For a start-up or Rebuilding of a business, students are getting a positive approach. 

Also, a very interesting point which should always be kept in mind is that students should maintain and prepare themselves in a way where their skills and degree are valued and you can achieve a good hike in career because the degree is in demand for sure but having practical skills can open industries top jobs after MBA.

Importance of MBA Entrance Exam 

MBA Program entry in some top business schools is possible only when students qualify for the entrance test and grab good marks. The true value of an MBA is observed by which management institute degree is held by students. The examinations are quite challenging but good grades can confirm students' seats in Top IIM Institutes. 

Popular Known Entrance Examinations are CAT, MAT, XAT, CMAT, and GMAT. Students who have completed their graduation degree from a relevant stream. The entrance includes basic reasoning, mathematics, aptitude, English questions, and some of the graduation studies concepts. 

The Main purpose of the entrance examination is to evaluate the skills and knowledge of the students for management studies. The examination scores will give students a self -determination about to what extent they can grow and what is their actual caliber. 

To get a well-recognized B-School requires some good scores which can help them to secure their master's degree seat. Scoring well can lead towards the professional journey step where students will be facilitated with career-building skills. 

Have a look at the entrance pattern that a student needs to follow before applying for the entrance entrance test:

• Language Comprehension
• Quantitative Techniques and Data Interpretation
• Logical Reasoning
• General Awareness
• Innovation and Entrepreneurship

MBA Top Specialisation for Future 

MBA programs have a variety of subjects that are available for the students. Also for management studies, there are a variety of specializations in marketing, finance, HR, Information Technology, and many more. In the future students can have successful careers if they choose any of these subjects in their higher education.

The Long-Term Value of an MBA

An MBA has long-term value, achieving an MBA degree from a reputed institution like IIM  comes with a tag, which can help you be placed in top companies easily even if you take a career break in between. But you must update yourself as the industry demands. Take the example of a Mobile phone - Why Nokia is not able to succeed– the answer is it never changed or modified the mobile feature and the results were obvious it was out of trend, so MBA has long-term value only if you stay updated about new technologies and market trends.

Traditional Knowledge remains the same but some modern solutions require to be learned by MBA graduates even if they are in the working profession or a break. The core value can never be less but upscaling will be also highly valued in the rapidly changing market pace. 

Top MBA Trends in 2024

• MBA Leading in the 4th Industrial Revolution: MBA is a popular enough degree which is impacting the Industrial Revolution where the new concepts and strategies are changing the market value. Definitely, it is a trend which is proving to be the successful journey of the business specialists. Educational and Training fields have combined their hands to just uplift the management and business strategies. Graduates are not only seeking jobs but they are shifting their interest towards innovation. Ideation and Marketing strategies are recognised in the market and hence MBA is considered to be on the 4th level for the Industrial Revolution. 
• Increase of Entrepreneurialism: Individuals after finishing their studies are working for their own businesses with very unique concepts. In the past 2-3 years there have been so many cool businesses which are started by young MBA graduates. The youth has a different approach to business studies. My interest in business learning is helping students to grow organically step by step with brief insights into leading a business. 
•  Acceptance for Online Mode: Students in recent times have given a positive thought towards the alternative mode of MBA learning and that's what is helping for the conventional growth. Online mode is useful for flexible study and through these modes, students can manage their job as well as studies without any hectic schedule. Due to such flexibility, professionals are exploring and grabbing dual skills for career prospects. 
• Salary Hike and Forward Approach: The best trend is the monetary benefit which has been experienced in recent years. According to profile ability and proficiency, professionals are getting a satisfactory amount. The approach is positive and cognitive as the profile delivers the best outcome for organizational growth. In the future also the earning scale will be fantastic for professionals who are capable enough to gain a growth graph in any organization or firm.

MBA Graduates Experience

Generation Loop is something that can give individuals the clarity of what is best or good for the educational journey. Of Course, the alumni experience reflects but also one should match their situation and skill pattern so that a fact check is self-identified. 

The observation and the experience of the MBA graduates is still positive and the degree is considered to be worth it degree. Specialist and professional experience is gained through practice and that's the key tool of successful life. 

A survey indicates that the specialization subjects have helped in meaningful study in recent times for business insight growth. Earlier the generalistic overview was based on traditional strategies and methods, so somewhere down the line the learning methods have changed and are helping more with exploration patterns. 

Job options have increased in some new domains where the management tricks are more relatable. The business ratio and start-up increment are some of the innovations that have evolved entrepreneurship learning which was not possible for the earlier graduates. 

Students back in 2000 had a very different approach towards business & strategies which is now totally modified according to the market demand. Internship options were not even existing which are now easily available for the students' betterment. 

MBA Future Scope 

The scope is relevant to the achievements that can be remarked for the growing journey. The caliber of an individual can be maximized by implementing the strategies and the plans and taking them to an upper level with continuous modifications. Future Scope lies where the efforts are crystal clear. The industrial dynamics are giving hope that there is much more to come and achieve and for that, the research method should never be stopped. The scope is wider and MBA will have a great future. 

MBA Alternatives 

Masters of Business Administration has some of the options that a student can choose for their educational training. Alternative programs are some of the choices that students can make if they are not willing to select the MBA program. The best part of recent times is that students are getting so many options to explore. This exploration is helping students to have an ongoing mode of going which is helping for learning alternative topics. 

Below is the list of these programs which students can read: 

• Master of Financial Management (MFM)
• Master in Management Studies (MMS)
• Master of Business Administration (Retail Management)
• Master in Marketing Management (MMM)
• Master in Risk Management
• Post Graduate Diploma in Management
• PGDM in International Business
• Project Management Professional Certification

Read Also: Top 10 Online/Distance MBA Colleges For Working Professionals

MBA Future Opportunities

Options and Opportunities are never-ending in the Business Management field. Through the various new areas in the management area, one can expand their profile designation which covers a lot of variant fields. In all sectors may it be Private or Government the options are wide in range also the international opportunities can be higher in today’s comparison. Job Options and Entrepreneur Steps with more unique and new ideas will always be in the field through a chain of flow and accordingly, the growth will be expanded with a rapid demand which is still in comparison to other fields. 

Importance of Online MBA

Online MBA is helping students to have flexible learning, the major relaxation and benefit is experienced by working professionals who are thinking of pursuing an MBA but do not have time to invest in the full-time educational journey. 

Post Covid the situations have just changed for students as the distance and online mode is considered to be one of the popular and accessible modes for learning purposes. The popular universities have started with the new modes of learning and the degree is proved to be an achievement for the career hike.

Read also: Best UGC/AICTE Approved Distance MBA Colleges in India

Rise in Online Education

Online education in the Indian market is driven by demand, supply, and macroeconomic factors. Nearly 48% of the population in India's 15-40 years age group with higher aspirations are going to be potential students of online education.  These are just numbers that are published pre-COVID era. Obviously, the numbers are certainly going to increase post-COVID-era.

Here is the figure that will tell you the growing size of the Online/distance education industry in the Indian Market

In employability as per the online MBA, the domain increased by 54% in December 2022 against 40 the previous year. In these contemporary times, the distance MBA is picking up pace as it gives an edge over the regular MBA and gives a cutting-edge industry experience to you.

The study conducted by the Graduate Management Admission Council (GMAC) which administers business school admission has revealed that you will expect an average hike of 39% after graduating from a business school.

As per the study in the GMAC survey here is the expected increase in salary after doing an MBA:-

• Products/Services: 59% increase
• Nonprofit/Government: 45% increase
• Technology: 35% increase
• Manufacturing: 34% increase
• Finance/Accounting: 34% increase
• Health Care: 33% increase
• Consulting: 32% increase
• Energy/Utilities: 24% increase

Find also: Distance Education MBA

College Vidya: Stats Of Distance/Online/PGDM MBA

College Vidya surveyed the scenario of distance education. As the survey was conducted in India we compiled data. As India is a geographically vast country we created a data-taking demographic region as a major deciding factor. 

The declining technological barriers and the flexibility gained from distance/Online education is the reasons that the Online MBA is seeking a surge in the acceptability of students.

The study of College Vidya also revealed the stats for the reasons people go for the online mode of MBA rather than the conventional one. These studies by College Vidya revealed that distance mode or online education is rapidly growing and soon will be the mammoth in education as technologies advance.

Other Types of MBA
Global MBA Online	Executive MBA Online

So, a distance/online MBA or PGDM degree skyrockets your career while you are still in your job. The certification holds equal value in the market. An MBA with experience is in demand and an online MBA is the best you can get while you work. You can literally go from place to place after pursuing a distance MBA.

Now, if you are wondering why your colleague got promoted to the managerial level out of the blue, that must have been the Online MBA degree hidden in his portfolio. It’s time that you also become a manager.

Some Top B-Schools for Distance/Online MBA
​NMIMS Distance Learning​	Manipal Online University
Amity Online University	Jain Online University
LPU Online University	UPES Distance Learning

How Does College Vidya Help in Admission to Online Programs?

College Vidya is an unbiased education advisory platform only dedicated to distance and online modes of education. A dedicated educational platform that aims to bring clarity to online education in India. 

College Vidya provides online career counseling and provides free consultation about any query related to the online course without any bias based on facts, stats, fees, approvals, student reviews, etc.

Thus, every consultation provided by College Vidya is truly factual and information-driven, unlike others driven by the commissions per admission given by various universities. College Vidya is the link between students and Online University and helps you choose the best. 

Conclusion 

You must have made your decision now, If you choose to pursue an MBA- go for it choose a tier-1 college, crack the exam, and have a wonderful experience with 2 years of business learning. Keep learning new skills and gain knowledge. If you choose not to pursue an MBA- it is a great decision, you have saved a huge amount of money, invested it in skill building, and pursue an Online MBA program side by side to achieve a relevant degree and greater success in your career.