The Master of Business Administration (MBA or M.B.A.) is a master's degree in business administration (management). The MBA degree originated in the United States in the late 19th century when the country industrialized and companies sought scientific approaches to management.
The core courses in an MBA program cover various areas of business such as accounting, finance, marketing, human resources and operations in a manner most relevant to management analysis and strategy. Most programs also include elective courses.
There are many business schools and colleges in India offering two-year MBA or PGDM programs accredited by AICTE or UGC. Typically programs offer full-time, part-time and executive education programs.
The premier institutes in India, the Indian Institutes of Management, however offer post graduate diploma in management. Diplomas are awarded by IIMs because of an archaic Indian law which says that only universities can award degrees. IIMs are not considered universities since they were created by a special decree of the Indian parliament to increase management talent in India. Indian Institutes of Management are also unique in that they offer rigorous and intensive 1 year full-time MBA programs for graduates with approx. 5 years or more of work experience and call them as Executive full-time MBA programs. IIMs also offer 2 year full-time programs which are primarily aimed at fresh graduates and those with 2–3 years of work experience. Both the 2 year and 1 year full-time programs are considered on par with other regular MBA courses delivered from schools like Insead, IMD and Harvard and enjoy excellent credibility in the APAC region.