A Guide on MBA Salary 2023 in India (Freshers & Experienced)

Having an MBA degree can make you a valuable asset in various industries. However, it's not the only reason startups hire MBAs. An MBA will add value to a company. Even a highly-skilled MBA takes you one step closer to a startup's success. An MBA can complete analyzing of various dimensions of the market. This article focuses on why startups hire MBAs, career scope, and salary, and explores multiple job options available for an MBA.

Did You Know? The number of startups seeking MBAs is increasing every year. A survey conducted by the Graduate Management Admission Council indicated that 62% of startups plan to hire MBAs.

Top 6 Reasons Why More Startups Are Hiring MBAs

The startup world is full of MBAs. There are several reasons for the same. MBAs tend to apply widely available solutions to most problems and find great solutions. As a result, hiring MBAs in your startup's early days will add stars to your company's growth. Before knowing about MBA graduate salaries in India, check why startups should hire MBAs.   

1. Growth And Expansion

To grow and expand your startup, it is suggested to hire qualified MBAs. A recent report from the MBA Career Services and Employer Alliance highlights a huge increase in startups' on-campus recruiting. Also, the study indicated a large number of MBA students are participating in entrepreneurship as well.

However, this trend is not universal. Some companies hire MBAs from various fields and others prefer to hire for specific experience only.

As a startup founder, hiring a full-time MBA is too costly in the early days. It may turn out costly to hire MBAs to set the structure and plan for your company in the early stages. 

Therefore, hiring summer interns may turn out a wise choice. An MBA is helpful, and companies hire the candidate to help accomplish short-term projects. Also, the salary can be modest enough not to break the bank.

2. Marketing

Startups tend to hire MBAs for their marketing positions. They generally have some money set aside for product and senior hires. However, hiring MBAs are good for early-stage startups.

Founders typically lack connections and networks. Therefore, MBAs can help to expand companies' networks online and offline as well. MBA programs emphasise networking, so MBAs are a great fit for startups. MBAs often take director-level titles due to their knowledge and skills.

Almost 80% of MBAs who enter a startup land a position in business development. The term "business development" has a broader meaning than just marketing. However, the roles are often related to operations and growth.

3. Networking

Networking is vital for a startup. Startups have limited funds and cannot afford to hire recruiters or HR to find top-tier talent.

Unlike corporate offices, startup companies rely on networking to hire top-tier employees. When you network carefully, you have the chance to connect with startup founders. Also, network well with these startup founders and get a chance of working in a good job as well. 

4. Financial Planning And Management

MBA graduates are a good fit for startup companies because they are trained to work with data. They specialise in interpreting and taking data-driven decision making. 

As a startup grows and develops, financial planning becomes vital.MBAs help startups manage cash flow and improve customer service. Moreover, joining a startup can help a business gain valuable experience and enhance its professional development. Make sure to work on your communication skills and improve them.

When applying for a position at a startup, candidates need to make a good first impression. They must convince the CEO and the management team that they can thrive in a startup environment regardless of the challenges.

Startups have very small teams. They need MBAs and dedicated team members who work effectively achieve the company’s goals.

5. Human Resource Management

MBAs are highly skilled professionals with strong business acumen. Startups often struggle with HR management as they lack the necessary experience.

These professionals possess excellent management and communication skills. With their extensive experience in human resources, MBAs help startups achieve success.

In startups, HR managers are responsible for creating the culture and ensuring that the organisation shares its values. An MBA in HR provides an individual with an understanding of the business environment, organisational skills, and HR regulation complexities.

6. Market Research

Proper market research is an essential element of the growth process for any business. Entrepreneurs conduct research to understand the market better and find new opportunities by using various tools.

Market research is an integral part of MBA studies, and the same thing helps out the startups in doing robust market research. The MBA experience is necessary to make a difference at a startup. However, MBAs must be innovative and entrepreneurial to bring success to startups.

Also Read: Salary Advance Loan- Meaning, Pros, and Cons

Want To Gain Work Experience? Here's a List Of Work-From-Home Internship Opportunities

Below are some of the best internship WFH opportunities available: 

• Team Everest 

Team Everest, India's largest NGO for youth, offers WFH internships in "Design A Game." The program contains research on virtual games. Anyone who has an interest can start work from home. The internship is unpaid.

• Earth5R

Earth5R is an environmental organisation offering a WFH internship for the position of "Environment Champion." The candidate will conduct plastic waste sampling and analyse data from segregated waste to conduct research.

In addition, they need to educate citizens about 'the harmful impacts of plastic pollution and techniques for separate waste.' Start this unpaid internship by applying online.

• Teach For India

 This network for teaching all students offers a "Student Mentoring Internship." The internship requires supervising a smaller group of students on an ongoing basis for 3 months. Candidates should be able to start their WFH internship before December 6. The internship is unpaid. 

• Sportskeeda

Sportskeeda connects athletes and fans across the globe and offers Search Engine Optimization (SEO) internship opportunities at WFH. The interested candidates are required to assist the SEO team in their daily tasks. The duration of the internship is 6 months. Candidates can apply until December 17. The applicant will receive a salary of ₹10,000 each month.

• Gradeup

GradeStack Learning Private Limited is offering a Content Development internship. The applicant must develop new questions for the UGC-NET (paper 2 of the computer application). Also, the applicant must write the answers to the previous year's papers for NET and Set. The candidate must begin working from home or an internship until December 16. The applicant will receive an amount of ₹1000-4000 per month.

Highest Paying Jobs After MBA in India

You might be having a question such as what is the salary after an MBA in India? and What are the highest paying jobs in the MBA sector? We’ll give you three suggestions. 

Either become a financial manager, business operations manager, or marketing manager. The best option may not be the first one that comes to mind.

Here are the three best job options for MBA graduates:

• Business Operations Manager

A business operations manager is the master of all trades. Their job entails analysing critical factors and formulating a long-term strategy for the organisation.

This role requires strategic thinking, interpersonal skills, and the ability to build relationships with employees. They must also be able to make difficult decisions. Those who pursue this career path will have a wide variety of job options and be in high demand.

• Financial Manager

A career as a financial manager is among the top choices for MBA graduates. This role includes overseeing the investment and management of a company's assets.

Other responsibilities include preparing and analysing financial reports and forecasts based on industry conditions. Financial managers require extensive communication skills and have an in-depth knowledge of various business subjects.

A financial manager manages financial activities and ensures that all regulations are followed. Those who want to land this job need to work long hours and deal with high-stress levels.

In addition, the salary is extremely competitive. If you're considering a career in finance, earning an MBA in finance can put you on the fast track to a position as a financial manager.

• Marketing Manager

Among the highest MBA jobs salary in India, a marketing manager can be a wise choice. MBA graduates with a concentration in marketing can pursue marketing management careers.

An MBA in marketing is the perfect choice for those interested in working with digital technologies.

A marketing manager will use various digital technologies to build brand awareness. They lead marketing teams or be responsible for marketing efforts.

Some of the common job titles in marketing management are media manager, advertising coordinator, and advertising director.

These positions require excellent organisational skills and the ability to communicate creatively. MBA graduates find rewarding careers in these fields.

Also Read: List of Top Highest Paid Jobs in India 2023 Salary

Factors on Which MBA Salary in India Depends

The MBA starting salary highly depends on the following factors.

• MBA specialisation 
• Experience of the candidate
• Industry
• Institute/ college from which a candidate has passed
• Designation

MBA Starting Salary in India

The average placement MBA salaries in India for some of the best business schools are as follows:

Specialisation Wise MBA Salary in India

Area of expertise determines the kinds of jobs you are capable of doing. The right MBA specialisation can boost your resume. 

Selecting the right MBA specification is essential since employers look for the same. A majority of students choose to study marketing and finance. Here are the salaries you get according to your specialisation.

Conclusion:

MBAs are a valuable asset for startup businesses. They have excellent communication and management skills. Typically, they can relieve the startup founders from handling their business's human resource management aspect. This allows them to focus on more important activities.

Many MBA students have a hard time choosing the perfect one. This article discussed some of the key qualities of an ideal candidate for this position.

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