I tend to disagree with quite a few of the views expressed above. As a management graduate, I find myself in a position to validate and disprove quite a few of the myths surrounding an MBA degree.
Not all MBA graduates work as consultants to the company. Given the number of MBAs that graduate from various institutes across the country, that assumption is outlandish. Any company is generally divided into several levels. While the exact organizational structure may differ from corporate to corporate, at a broad level, the hierarchy is as follows:
1. Upper Management - Manage Policy and Strategy
2. Middle Management - Manage Procedures and Tactics
3. Line Management - Manage Operations and Execution
Fresh MBA graduates typically join the Line Management tier and are part of teams involved with functional responsibilities. Depending on the specialization, an MBA could join the Marketing/sales/systems/supply chain/research/any other department.
Typically MBA grads work their way up from being management trainees to assistant managers to managers and up.
There is a lot of noise about whether an MBA degree adds any value. While it is true that getting a degree/diploma from a reputed institute opens quite a few doors, the fact remains that the institute can only get you a foothold. Beyond that, it is entirely up to the candidate to perform consistently. An MBA course, being a post graduate qualification, is not typically limited to classroom learning. It can't give you all the tools and skills you need to succeed in a corporate environment if you don't already have the aptitude for it. What it does is that it gives you an opportunity to interact and network with your future professional peers. It streamlines your thought process and your analytical skills. At least in principle.
There are enough examples of people who have made it big without an MBA. There are enough examples of people who failed despite having an MBA. What does that prove? Nothing. An MBA degree is not the only parameter that determines success or failure.
As for the remuneration, the figures are highly exaggerated. The 1 crore pay packages are rare, and in the current economic scenario, non existent. Most of the higher packages go to MBA - Finance graduates. Even when the 1 crore pay packages were offered, they were offered to a handful of students (in most cases 1-2.) These offers are usually made by foreign investment banks. Indian packages are far more modest in nature. Not to say they aren't substantial in themselves.
It is expensive. Obscenely so. Should you go for it? That's an entirely personal call. What I will say is that if done right, an MBA qualification can give you a solid platform and a foot inside the career of your choice.
:SugarwareZ-167: