MBA – What, why and where
MBA – What, why and where
In the business world, everyone is paid in two coins: cash and experience. Take the experience first; the cash will come later. ~Harold Geneen
If you ask a graduate what do they want to do next, the most probable answer will be ‘MBA’. More than that if you come across an adult in late 20’s and ask them what they you done, the answer will most probably be MBA. Undoubtedly, MBA is one of the most prevalent degrees in not only Pakistan but throughout the world.
Anyone thinking of applying for an MBA program could benefit greatly from learning more about the program beforehand, and finding out what an MBA is all about as well as which institution to join in order to earn a recognized masters’ degree. Following tips and guidelines will help you.
Wise are those who learn that the bottom line doesn’t always have to be their top priority. ~William Arthur Ward
What is an MBA?
Business Administration. As the name suggest this degree has something to do with Business.
However, this is not all one should known before enrolling for MBA. MBA is a postgraduate degree in business studies. It is also one of the most sought after degrees in the world because of its value to people in business and administration. An MBA degree can be beneficial in achieving position in business and management, especially those in executive and managerial positions.
To enroll in an MBA program, the candidate needs to have his/her bachelor’s degree. Preference is given to those having a BBA (Bachelors in Business Administration) degree.
Many programs allow students to specialize in a particular area. Standard concentrations include accounting, economics, banking, finance, general, management, human resource, insurance, international trade, marketing, organizational behavior, project management and risk management.
Benefits of an MBA degree:
An MBA program offers a range of benefits for the successful applicant, including:
Business Knowledge: The MBA program and business schools give you important knowledge about business and all its connected aspects. You learn about business strategies and concepts, not only in theory but also learn how to apply it to practical life because of the projects etc.
A business that makes nothing but money is a poor business. ~ Henry Ford
Leadership Abilities: An MBA degree involves rigorous training, assignments, reports, presentations, and group projects, all of which give you the necessary abilities to handle real-life business situations. This helps to set you apart from those who do not have such expertise and can make you a leader in your chosen field. If you want to work in the corporate world, MBA is the real channel to enter into the most lucrative corporate environment.
The journey to an MBA Degree:
To enroll yourself in an MBA program, it’s not necessary that you hold a BBA degree. There is no subject compulsion either. However those who have studied accounting, economics and statistics in their previous years of study grasp the contents of MBA course more quickly and easily.
There are numerous colleges and universities in Pakistan that offer MBA program, however the best ones are listed below and their requirements are also given.
Being one of the leading business schools in this part of the world, the Institute of Business Administration (IBA) provides a solid foundation to prepare students to meet the challenges of work environment.
Application to the MBA program must have bachelor’s degree (with a minimum of 50%) from recognized university in any area of study. The IBA also accept holders of professional degrees (B.E., M.B.B.S., C.P.A., C.A., etc) there is no provision for transfer of credits from any other University/Institution.
To turn really interesting ideas and fledgling technologies into a company that can continue to innovate for years, it requires a lot of disciplines. ~ Steve Jobs
Admission to any program at the IBA is decided on merit and there are no reserved seats for any category. The main condition for admission is the performance of the applicant in a series of tests conducted by the IBA. Initial screening is done through an aptitude test. The successful candidates then appear in an interview. Those who pass the interview are evaluated through a group discussion where their communication skill, confidence, maturity and leadership potential is assessed.
University of the Punjab, Lahore:
Punjab University is the oldest university of Pakistan which has produced thousand of professionals who are serving the country at different key posts. The two years MBA program is being offered by two different department of the University of Punjab. Institute of business Administration offers MBA with specialization in various fields including Human Resource Management. At the same time Hailey College of Banking & Finance, University of the Punjab is offering MBA program with specialization in Baking, Finance, International Trade, insurance and Risk Management. Admission is granted in MBA programs on the basis of previous academic record of the applicant (Weight age 70%) and Admission Test (30%). Academic record is evaluated as 1/4th of total marks in Matric/O Level plus 1/5thof total marks in intermediate, plus total marks obtained in bachelors from HEC accredited institution. Preference is given to those who have studied either of these subjects, i.e., Mathematics, Statics, Economics or Accounting at Graduation Level. Admission Test comprises of Language Comprehension, Mathematical Ability, Analytical Skills and General Knowledge.
LUMS (Lahore University of Management Sciences indeed does not need any introduction. Every young person today, knows about it. However, if you want to apply to LUMS for MBA you need to know about their MBA program and their requirement for it.
Masters of business administration (MBA) at LUMS provides an intensive and demanding experience, involving two years of full-time study. Admission is totally based on merit. To be considered for a MBA place at LUMS, applicants will be assessed on the following criteria:
A minimum of sixteen years of education resulting in a Masters or Bachelor’s degree from an HEC recognized University, Graduate Management Admission Test (GMAT) OR LUMS Management Admission Test (LMAT), work experience (preferred but not compulsory), interview performance and Letters of recommendation.
There are no age restrictions.
The Admission Office will first review the applications to ensure that candidates meet the above requirements. After the review, Admissions Committee will short list the candidates for interviews. The final decision will be taken after the interview.
Half the times when men think they are talking about business, they are wasting time. ~ E.W. Howe
FAST offers a range of graduate and undergraduate degrees, which include MBA too. Its campuses are located in Lahore, Islamabad, Karachi and Peshawar.
Their MBA program is a 2-year program like most other universities. Candidates who want to apply must have a degree earned from recognized university after 16 years of education with at least 2.0. Selection is done according to the performance of candidates in FAST Admission test of MBA or NTS exam, or GRE International Exam. Minimum score of 1200 out of 1800 AND at least 4 out of 6 in Analytical writing is needed to apply for MBA.
Short-listed candidates may be invited for an interview/group discussion, for which there are no marks. However a candidate may be invited for an interview/group discussion, for which there are no marks. However as candidate may be rejected on the basis of his / her performance / conduct in the interview / Group discussion.
For admission to MBA, applicants will be required to take an aptitude Test and pass it with at-least 40% marks. Only those who pass the aptitude test will be considered for admission, which will be determine purely on merit basis without giving any credit to the test score.
Bahauddin Zakariya University, Multan has a top ranked business school IMS (Institute of Management Sciences). The study environment in MS is the toughest in Pakistan that produces a high quality out put. The graduates of IMS have established a sound position in business administration job market.
“There was a moment when I changed from an amateur to a professional. I assumed the burden of a profession, which is to write even when you don’t want to, don’t much like what you’re writing, and aren’t writing particularly well.”
― Agatha Christie
The courses being offered at the Institute of Management Sciences are founded upon growing demand of complex business environment and complex management problems. Institute offers both undergraduate BBA and graduate MBA.
Eligibility for MBA program: For admission to MBA class, the candidate is required to have at least 45% marks in B.A. /B.sc. / B.com. / Professional Examination. Merit will be determined on the basis of 50 percent weight age to be given to admission test marks and 50 percent weight age to marks obtained in B.A. /B.sc. / B.com.
There were just a few institutions that offer MBA, there are countless others in country. Their requirements might be the same or little different. You can log on the internet or get their prospectus and find about their requirements. It always advisable to know the requirements of different colleges while you are in high school so that you act and achieve accordingly.
“In business ‘professionalism’ is not a tactic but a moral value.”
― Amit Kalantri