A degree in MBA opens up a lucrative career path for engineers. It also makes you stand out from your peers, writes Ritesh Raushan
It’s a common phenomenon to see graduates opting for MBA after completing engineering. This is because the Masters in Business Administration (MBA) degree increases the job prospects of students and also presents them with umpteen opportunities. This helps them unleash both their technical as well as management skills in the organisation. The intensely-competitive Indian market is flooded with scores of startups that require skilled professionals who are versatile and good at multitasking.
The lucrative salary packages and high profile job roles are the main reasons why engineers prefer doing MBA after attaining technical knowledge in engineering.Every year, the number of engineers who are taking up management courses including MBA have soaring yeaar after year. This is due to the abundance of opportunities that are avilable when one completes the programme.
A plain engineering degree certifies the students’ ability to apply their technical know-how in a practical setting. On the contrary, an MBA degree makes students proficient in managing people with engineering degrees and bringing the best out of them. While engineering helps students inhoning their analytical and mathematical skills, a managerial course makes them adept at fulfilling job roles in fields like investment banking, consulting, equity research and various other disciplines that require data analysis and business intelligence.
By learning the concepts of management, engineering managers are able to handle a team of engineers who are passionate about technology. Just being well-read doesn’t work in the field of management. It’s of prime importance that the managers develop the necessary people skills to coach, mentor and motivate technology professionals.
Engineers can get enrolled in tier-1 management colleges in order to explore the exciting world of management. Top B-schools where they can pursue MBA are IIM Ahmedabad, IIM Calcutta, IIM Bengaluru and Indian School of Business, Hyderabad. These are the leading management colleges of the country and select only the best from a huge number of students who give the entrance exams.
These colleges guarantee a promising career for aspirants across realms like consulting, sales and marketing, finance and general management. Students get an average salary package of Rs 15 lakh per annum through these colleges. The only flip side of this lies in the fact that students have to pay over Rs. 13 lakh as college fees. Apart from this, students also get the opportunity to get placed abroad, if they pursue MBA from these renowned institutes.
Besides this, IIMs also conduct fellowship programmes where engineers can get registered for a particular course through the GATE exam. For this, they get an attractive stipend of over Rs. 3 lakhs per annum during their studies along with other allowances. Not many are aware of this.
The GATE exam is considered as one of the selection criteria for Nitie admission. An engineering management students from Nitie, another tier one college in Mumbai, can get an average 15 lakhs job offers, with the maximum pay package being close to 23 lakhs last year.
Also, many tier 2, tier 3 and tier 4 colleges have cropped up in the country. They are not of high stature and are far away from the standard top tiers, but these colleges do not lag behind when it comes to developing suitable managerial skills among students and giving them a solid grounding.
One could also start their own business. Today, entrepreneurship is bringing waves in the business landscape of the country. In recent years, some of the successful entrepreneurs include Pranay Chulet, Founder and CEO of Quikr, Sarathbabu Elumalai of FoodKing, and Rohit Pande, CEO and co-founder of Classteacher Learning Systems.
So, not only does pursuing an MBA give you an the much needed edge, it proves to be a beneficial added bonus to your success. With the additional knowledge that is gained during the course, engineers are not just limited to technology and it helps you explore a multitude of different areas.
(The author is co-founder and director, Gate Academy)