MBA Honors vs. MBA: Difference, Concentrations, and Unique Value Proposition
The Master of Business Administration MBA (Honors) degree was started in the United States in the mid-twentieth century when industrialization in the country was about to reach its peak and various companies were in quest of some logical ways to deal with their management related issues. Some of the popular topics that were covered in the MBA course those days were almost the same across the world. These were:
- Applied insights
- Business morals
- Business law
- Administrative financial aspects
- Enterprise economics
- Showcasing, and
- Store network, etc.
Master of Business Administration was in itself a professional course at that time also rather than just being a mere postgraduate degree. But when it comes to a modern MBA (Honors) degree, it is inclined more towards professional attributes and experiential learning. However, as for MBA admission, fees, there is no drastic difference between what is paid for MBA and MBA Honors. The program includes a comprehensive range of workshops and corporate topics that aim at using theoretical knowledge in practical applications.
Difference Between MBA and MBA Honors
MBA Admission, Fees
The conventional MBA provides students with a broader skill set that prepares them to achieve success in diverse industries with varied job functions. All students after cracking a nationwide MBA admission test are granted the choice of colleges or universities as per their ranking where they build a foundation of management knowledge by completing a set of core courses. An MBA program provides the students with a wide choice of electives in the 2nd year.
As per the latest trends, some ‘mini-concentrations’ are also included in the electives to capacitate students to earn certain certifications along with their degree with the same MBA fees. This formula of blending some ‘mini-concentrations’ with elective courses inculcate in students a set of abilities that is easily transferable across the job functions.
Today’s business environment has become hostile and a large number of dynamic uncertainties and complexities are characterizing it. This type of hostility has made the work of both business owners and managers extremely challenging. Each day, new products and services are being launched to meet the contemporary requirements of the markets in a completely changed scenario of the corporate world. In the past 15 years only, there has been a dynamic upsurge in the demand for management professionals who can deal with such complex and challenging business situations effectively and efficiently.
Things that make an MBA Honors different from an MBA
An MBA Honors program has emerged from such needs to create competent professionals with specialized knowledge. With the things kept intact in the first year, the MBA Honors program allows second-year students to concentrate more on their elective coursework in a specific business discipline. Students after completing their course in a single discipline are granted an honors degree noting their area of concentration.
An MBA Honors is an ideal program for those who are interested in focusing on a particular industry or specialty throughout their career without paying any different MBA fees and without facing any different MBA admission test.
Objectives of the program:
- Applying multidisciplinary domain knowledge including accounting, finance, international business, operations, and HR management to select project proposals for a business enterprise.
- Applying practical and conceptual business knowledge not only to identify but also to resolve organizational problems.
- Using an analytical, systematic, and well-planned approach to combat challenging situations.
- Assessing international opportunities to take the company’s growth curve upward through mergers, new venture development, acquisitions, and international expansions.
- Evaluating the implications of changing environmental factors on organizational choices within a global environment.
- Demonstrating critical awareness of current issues in business and management and exhibit ability to lead research and practice.
Some of the most popular concentrations in the MBA Honors program include the following:
Entrepreneurship is one of the most popular specializations offered during an MBA Honors program. This specialization lays stress upon developing the entrepreneurial skills that all would-be business leaders might need to start their own business.
In MBA Honors, finance is one of the most desired concentrations providing students with all the necessary skills required to carry out:
- Financial analysis
- Financial strategies
- Capital budgeting
- Mergers and acquisitions, and
- Investment banking.
Various students might grab the impression that they have to face any different MBA admission test or pay different MBA fees to pursue an MBA Honors course. In effect, they need to understand that all basic things with the course are almost the same just like they go with an MBA course.
The specialization in management during an MBA Honors course focuses on all aspects of business management including:
- Strategic management
- Human resources management
- Leadership, and
- Organizational behavior.
Marketing as a specialization subject provides students with in-depth insight into:
- Consumer behavior
- Brand and product management
- Marketing strategies and tactics, and
- Digital marketing, etc.
After clearing an MBA admission test conducted by a reputed college and earning an MBA Honors degree, you are enabled to send a clear message to your recruiters about your interests, caliber, and specialized knowledge. This will lead to guaranteed success in your career earlier than your peers with an MBA degree in hand.
Unique Value Proposition
- More practical insights that justify your MBA degree to be different than the management courses in general
- Wider industrial exposure compared to the other programs
- More practical workshops with a focus on specific concentrations
- Better development of interpersonal skills
- More emphasis on soft skills
- More career-orientation.