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    MBA Syllabus & Subjects 2023

    Master of Business Administration (MBA) Syllabus and Subjects Overview

    The MBA curriculum aims at providing students with a comprehensive understanding of the various facets of the management sector and its function in the business world. A Master of Business Administration or MBA is a two-year postgraduate business degree that teaches students technical, managerial, and leadership skills. MBA course subjects cover core topics such as Business Law, Entrepreneurship, Corporate Finance, Financial Accounting, among others. Popular MBA specializations include MBA in Marketing Management, MBA in Financial Management, MBA in Human Resource Management, MBA in International Business, MBA in Logistics Management, MBA in Supply Chain Management, etc. 


    The MBA syllabus generally has around 11 core subjects and 35 elective subjects. The electives of an MBA vary depending on the specialization. The MBA course syllabus provides practical opportunities (Internships, group projects, etc.) for students to apply business concepts. It also provides both hard and soft skills such as management, leadership, communication, and negotiation. On this page, find everything encompassing MBA syllabus and subjects for popular business schools in India. 

    Master of Business Administration (MBA) Year Wise Syllabus

    The MBA course syllabus has been segregated into four semesters that are designed to inculcate leadership and entrepreneurship qualities in a candidate while also providing them with knowledge about other aspects of business like Finance or Risk Management. The first two semesters of the MBA course syllabus deal with all the essential management and business principles. The IIIrd and IVth semesters lay emphasis on business administration principles based on the chosen specialization.

    The MBA syllabus depends on the specialization chosen by the candidate among Accounting, Human Resource Management, Finance, International Business, Marketing, etc. Given below is a list that provides the MBA syllabus for each semester:

            Semester               MBA Course Subjects
            Semester I
    • Micro-Economics
    • Business Statistics
    • Operation Research
    • Financial Accounting
    • Managerial Economics
    • Business Environment
    • Business Communication
    • Organizational Behaviour
    • Finance for Non-Finance
    • Macro Economics & Policy
    • Excel Spreadsheet Modelling
    • Business Research Methodology
    • Financial Reporting and Analysis
    • Marketing of Products and Services
    • Marketing and Consumer Behaviour
    • Business Communication & Presentation Skills
    • Management Concepts & Organizational Behaviour

            Semester II

    • Costing Products and Services
    • Research Tools & Techniques
    • Bringing Ideas to Market
    • Financial Management
    • Human Resource Management
    • Marketing Management
    • Data Science Using R and Python
    • Production & Operations Management 
    • Indian Economy in the Global Context
    • Corporate Environment 
    • Indian Banking and Financial Markets
    • Cost & Management Accounting 
    • Managing Operations and Supply Chain
    • Business Data Processing 
    • Managing Financial Resources
    • Communication & Behavioural Skills
    • Managing Stakeholders and Legal Processes
    • Synthesizing and Analyzing Data using R
    • Strategic Management

          Semester III

    • Consumer Behavior
    • Web Design & Multimedia
    • Leveraging IT for Business
    • Analyzing and Mitigating Risk
    • Network & Security Analysis
    • Compensation Management
    • Management of Financial Services
    • Corporate Tax & Financial Planning
    • Business Model and Intellectual Property
    • Integrated Marketing Communication
    • Labour Laws and Industrial Relations
    • Corporate Governance and Social Responsibility

          Semester IV

    • E Governance
    • Project Management
    • Capstone Simulation
    • Risk Management
    • Mergers and Acquisitions
    • Leadership Development
    • Ethics and Indian Ethos 
    • Entrepreneurship Development
    • Information Security Risks & Audits
    • International Business Management
    • Core Management Control System
    • Strategic Brand Management
    • Supply Chain and Logistics Management
    • Strategic Human Resource Management

    Stream Wise Master of Business Administration (MBA) Syllabus

    The range of MBA stream-wise subjects under each specialization has been tabulated below:

    SpecializationMBA Course Syllabus
    MBA in Finance
    • Corporate investment management
    • Portfolio management
    • Hedge fund management
    • Small business and corporate finance
    • Investments
    • Securities analysis
    • Borrowing
    • Fundraising
    • Collections
    • Disbursements
    • International finance
    • Coverage of global financial institutions, valuation, volatility, fixed income securities, international markets and macroeconomics
    MBA in Marketing
    • Managerial Economics
    • International Business
    • Managerial Communication
    • Financial Management
    • Marketing Management
    • Advertising Management
    • Entrepreneurship Development
    • Product and Brand Management
    • Information Technology for Managers 
    • Sales and Distribution Management
    • Logistics and Supply Chain Management
    • Statistical Analysis and Operations Research
    • Entrepreneurship and Managerial Economics 
    MBA in Human Resource Management
    • Management Process and Organization Theory
    • Fundamentals of Industrial Relations
    • Individual Behaviour in Organization
    • Entrepreneurship Development
    • Performance Management and Competency Mapping
    • Compensation and Reward Management
    • Corporate Social Responsibility and Business Ethics
    • Organizational Change and Development
    • Production and Operations Management
    • Contemporary Employment Relations
    • Economics of Human Resources
    • Human Capital Management and HR Audit
    • Managing Interpersonal and Group Processes
    • Cross Culture and International Human Resource Management
    MBA in International Business
    • Global Business Ethics
    • International Trade Law
    • Management Information Systems
    • International Finance
    • India’s Foreign Trade and Policy
    • Global Strategic Management 
    • Ledger Balancing
    • Introduction of HRM
    • Managerial Accounting
    • Wage and Salary Administration
    • Sales and Distribution Management
    • Marketing Communications and Promotion
    • Introduction and Concept of Disaster Management
    MBA in Business Analytics
    • Artificial Intelligence & Deep Learning
    • Multivariate Data Analysis
    • Optimization
    • Business Analytics and Intelligence
    • Business Forecasting
    • Social Entrepreneurship
    • Supply Chain Analytics
    • Marketing Analytics
    • Infrastructure Development
    • PPPs and Regulation
    • Corporate Valuation
    • Digital Marketing
    • Research for Marketing Decisions
    • Brand Management
    • Supply Chain Management
    • Entrepreneurship in Action
    • Creating High Performance Organizations
    MBA in Entrepreneurship
    • Operation strategy
    • Financial Accounting
    • Accounting Principles
    • Managerial Economics
    • Quality Management
    • Entrepreneurial promotion
    • Web Marketing
    • Enterprise Resource Planning
    • Legal Environment of Business
    • Labour Relations and Employee Security
    • Project Financing and Development Banks
    • Technology Transfer and Joint Ventures
    MBA in Logistics & Supply Chain Management
    • Costing Products and Services
    • Retail Logistics & SCM
    • Managerial Economics
    • Marketing Management
    • Accounting and Finance
    • Financial Management
    • Quantitative Techniques
    • Human Resources Management
    • Port and Airport Management for Logistics
    • Production and Operations Management
    • Public-Private Partnership And Port Development
    • Procurement, Storage and Warehouse Management
    MBA in Healthcare Management
    • Strategic Management in Health Care
    • Health Care & Hospital Administration
    • Human Resource Management
    • Human Anatomy, Physiology and Medical Terminology
    • Hospital Accounting & Finance
    • Patient Care Planning and Management
    • Health Insurance
    • Legal & Ethical Issues in Healthcare
    • Health Systems Research & Research Methodology
    • Managing Quality in Healthcare
    • Health Communication Planning and Management
    • MIS & Application of IT in Healthcare

    Master of Business Administration (MBA) Subjects

    Following are the MBA course subjects and topics covered in the MBA syllabus in top B-Schools of India:

    MBA SubjectsManagement Topics Covered
    Accounting and Financial ManagementFinancial Systems, Accountancy, Company Law, Business Economics, Cost Accounting, Financial Accounting, Business Management, Income Tax Laws
    Business EconomicsEconomics of firm strategy, Managerial economics, Economics of the money and banking, Basic financial accounting, Statistics for business analysis, Entrepreneurial development, Marketing, Fiscal economics
    Corporate Financetime value of money, risk-return tradeoff, cost of capital, interest rates, retirement savings, mortgage financing, auto leasing, capital budgeting, asset valuation, discounted cash flow (DCF) analysis, net present value, internal rate of return, hurdle rate, payback period.
    Human Resource ManagementPrinciples of Management and Organizational Behaviour, Cost and Management Accounting, Marketing Management, Quantitative Techniques in Management, Human Resource Development and Planning, Managerial Economics, Methodology of Training and Planning
    Change ManagementLeadership Alignment, Stakeholder Engagement, Communication, Change Impact and Readiness, Training, and Organization Design.
    Management Process & Organizational BehaviorIntroduction to Management, Process of Management, Fundamentals of Organizational Behavior, Individual & Group Behavior and Process in Organization
    Managerial EconomicsIntroduction, Demand Analysis and Theory of Production, Theory of Cost and Market Structures, Introduction to Macroeconomics
    Management Theory and PracticePlanning, Organizing, Command, Coordination, and Control
    Sustainable ManagementCombination of Sustainability & Business Success, Business Marketing, Social Responsibility, International Business Law, Environmental Management Systems, Cross-Cultural Understanding & Management, Negotiations, Leadership & Communication Skills
    Marketing ManagementMarketing management, Operations management, Consumer and brand insight strategy, Digital marketing and social media management, Forecasting, modelling, and marketing strategy, New product strategy, branding, and marketing, International and multinational marketing, Sales force management
    Strategic ManagementBusiness Policies & Strategic Management, Business Ethics & Corporate Governance, Introduction To Strategic Management, Global Strategic Management, Environment For Strategic Management, Strategic Finance, Strategic HRM, Implementation Of Strategies

    Master of Business Administration (MBA) Common Subjects for All Semesters

    The MBA course subjects that are embedded in all four semesters of the MBA program are as follows:

    • Financial Accounting
    • Business and Society
    • Introduction to Strategy
    • Corporate Financial Policy
    • Organizational Behaviour 
    • Managing Customer Value
    • Managerial Accounting
    • Human Resources Management
    • Financial Markets and Valuation
    • Macroeconomics in the Global Economy
    • Process and Operations Management
    • Leadership Communication Foundations

    Master of Business Administration (MBA) Optional Subjects

    MBA Elective Subjects are chosen by the students to further gain specific expertise within the purview of Business Administration. The MBA Optional Subjects have been mentioned below:

    Accounting Systems and ProcessesAuditing
    Advanced Studies in Industrial RelationsBusiness and Corporations Law
    Business EconomicsCommunication in Business
    Corporate FinanceCurrent Developments in Accounting Thought
    Customer BehaviourFinancial Accounting
    Financial Accounting 2Financial Markets and Instruments
    Financial PlanningGlobal Marketing
    Human Resource ManagementICT Project Management
    Integrated Marketing CommunicationsInternational Human Resource Management
    Investments AnalysisIT Infrastructure Management PG
    IT Risk ManagementIT Management Issues
    Leadership – A Critical PerspectiveManagement of Change
    Management Accounting for Costs and ControlManaging for Sustainability
    Managing Project and Service InnovationOrganizational Behaviour
    Research MethodsStrategic Human Resource Development
    Taxation

    Specializations Offered in Master of Business Administration (MBA)

    There are 20 popular specializations offered under the purview of MBA that have been mentioned below:

    MBA SpecializationType of Specialization
    MBA in FinanceFunctional
    MBA in MarketingFunctional
    MBA in International BusinessFunctional
    MBA in Operations ManagementFunctional
    MBA in Human Resource ManagementFunctional
    MBA in Logistics & Supply Chain ManagementFunctional
    MBA Big Data Analytics/ Data Science/ Business AnalyticsFunctional
    MBA in Rural ManagementSectoral
    MBA in Healthcare ManagementSectoral
    MBA in Banking & Financial ServicesSectoral
    MBA in Insurance Business Management Sectoral
    MBA in Pharmaceutical ManagementSectoral
    MBA in Retail ManagementSectoral
    MBA in Energy ManagementSectoral
    MBA in Agri-Business ManagementSectoral
    MBA in Infrastructure ManagementSectoral
    MBA in EntrepreneurshipSpecial Interest
    MBA Dual Country ProgramSpecial Interest
    MBA in Family Managed BusinessSpecial Interest
    MBA in Sustainability ManagementSpecial Interest

    Syllabus for Master of Business Administration (MBA) Distance Programs

    A Distance MBA program is designed for those students who cannot pursue a full-time MBA program due to economic constraints, work schedules, etc. The detailed MBA course syllabus for the distance MBA program has been provided below:

    MBA Course Subjects TitleSubjects chosen for Specialisation
    Management Functions and BehaviourHuman Resource Management
    Marketing for ManagersOperations Management
    Management of Human ResourcesMarketing Management
    Information Systems for ManagersOperations Management
    Economic and Social EnvironmentFinancial Markets Practice
    Quantitative Analysis for Managerial ApplicationsFinancial Management
    Managerial Economics-
    Strategic Management-
    Accounting and Finance for Managers-
    Management of Machines and Materials-
    Organizational Design, Development and Change-

    Semester-wise Distance MBA Course Syllabus

    Semester ISemester II
    Business CommunicationFinancial Management
    Statistics for ManagementOperations Research
    Managerial EconomicsProject Management
    Management Principles, Process & OrganizationOrganization Behaviour
    Human Resource ManagementMarketing Management
    Information System for ManagersManagement Information System
    Financial Reporting and Management AccountingProduction and Operations Management
    -Data Analysis & Business Decision Making
    -Strategic Planning & Implementation
    Semester IIISemester IV
    Research managementStrategic Management and Business Policies
    Legal aspects of businessInternational Business Management
    Economic Environment in India-
    Business Research Methods-
    Corporate Finance-
    Human Resource Management-
    Legal & Regulatory Environment of Business-

    Master of Business Administration (MBA) Entrance Exam Syllabus

    The entrance exams that the candidates must qualify to get admission to MBA programs are CAT, MAT, XAT, SNAP, NMAT, among others. The detailed syllabus for the MBA entrance exams has been provided below:

    TopicSyllabus
    Reading Comprehension (RC)
    1. Current affairs making impact on Social Life, International Affairs, Govt policies and Schemes for example Triple Talaq, Clean India Mission, Migration of people from one country to other, Growing intolerance across the Globe
    2. Business & Economic RC Passages for example Global economic changes, economic development at the cost of environment, Impact of Demonetization in India, Wasteful expenditure by Governments
    3. RC passages from various English Literature books, from articles authored by great philosophers, thinkers, from various speeches of great personalities like passages from Charles Dickens, Aristotle, Martin Luther King, Mohan Das Karam Chand Gandhi, Churchill among others
    4. Passages on Science & Culture including the journey to Modern world; Fading culture with the advancement of technology
    5. RC Passages on Historical events leading to social changes for example French Revolution, War of Roses, Social changes in Indian History and thoughts shared by  various activists which are very much relevant even today.
    6. RC Passages from Mythology
    Verbal Ability (VA)
    1. Para summary 
    2. Jumbled Paragraphs
    3. Error Correction of Verb, Noun, Pronoun, Adjective, Adverb and other parts of speech in the Sentences
    4. Correcting the sequence of sentences in the paragraph for example correct use of conditional sentence, time clauses, reported speech, passive writing
    5. Vocabulary usage – picking the correct pair of words
    6. Vocabulary usage in RC passages – finding out the correct synonyms and antonyms
    7. Fill in the blanks with correct vocabulary words
    8. Completion of last sentence of Paragraphs
    9. Analogies
    10. Sentence Completion
    11. Facts, Inference and Judgement
    12. Phrasal Verbs Usage
    Data Interpretation (DI)
    1. Data Tables
    2. Data charts
    3. Pie charts
    4. Caselet based Data
    5. Graphs – Line X-Y Graphs
    6. Data analysis and Data comparison
    7. Bar diagrams & Charts including Simple, Stacked, Composite Bar charts
    Logical Reasoning (LR)
    1. Clocks
    2. Calendars
    3. Binary logic
    4. Seating Arrangement
    5. Blood Relations (Family Tree)
    6. Assumption
    7. Input-Output
    8. Series
    9. Syllogism
    10. Cubes
    11. Rows
    12. Quantitative Reasoning
    13. Puzzles
    14. Critical Reasoning
    15. Linear and matrix arrangement
    16. Logical Reasoning based on Rankings
    17. Direction sense and Decision Making
    18. Set Theory, Venn Diagrams, Network Diagrams
    Quantitative Ability (QA) 
    1. LCM and HCF
    2. Percentages
    3. Profit and Loss
    4. Interest (Simple and Compound)
    5. Speed, Time and Distance; Time and Work; Averages; Ratio and Proportion and others
    6. Number System 
    7. Algebra
    8. Geometry/Mensuration
    9. Venn diagrams 
    10. Linear Equations
    11. Quadratic Equations
    12. Complex Numbers
    13. Logarithm; Progressions
    14. Binomial Theorem
    15. Surds and Indices
    16. Inequalities
    17. Permutation and Combination
    18. Probability Functions
    19. Set Theory
    20. Mixtures and Alligations
    21. Coordinate Geometry
    22. Trigonometry

    Master of Business Administration (MBA) Important Books

    The following reference books make it easy for the candidates to score maximum marks in the MBA course:

    • The Lean Startup by Eric Ries 
    • Bankable Business Plans by Edward Rogoff
    • The Psychology of Selling by Brian Tracy
    • Value-Based Fees by Allan Weiss
    • Spin Selling by Neil Rackham 
    • Principles of Marketing by P. Armstrong and Kotler
    • Marketing Management by Kotler, Keller, Koshy, and Jha
    • Industrial Relations by Venkat Ratnam
    • Human Resource Management by Muller-Camen and Croucher
    • Effective Business Communication by Murphy and Thomas
    • The Etiquette Advantage of Business by Collins
    • Information Technology for Management by Henry and Lucas
    • Using IT- A Practical introduction to computers and Communications by Williams
    • MBA Fundamentals Accounting and Finance by Michael P Griffin
    • Finance and Accounting for Non-Financial Managers by Samuel C Weaver and J Fred Weston

    Master of Business Administration (MBA) Course Structure

    MBA mainly offered as a 2-year postgraduate degree, is spread across four semesters which develops entrepreneurship skills of the candidates. MBA graduates are more likely to hold top managerial positions in companies. Businesses prefer to hire MBA graduates because they are better positioned to work in a strategic thinking environment. It enhances one’s leadership skills, understanding of a business environment and enables him/her to operate efficiently in a global market.

    In general, an MBA course is structured into core and elective courses. Core subjects are covered in the first couple of semesters of the MBA program. The following table exhibits the MBA course structure as per the basis of foundation, core, electives and skills:

    TypeObjectivesMBA Course Curriculum
    FoundationTo acquaint the students with the nature, scope and dimensions of Business Policy, Strategy Management Process, etc.
    • Sociology
    • Psychology
    • Business Analytics
    • Micro Economics
    • Mathematics for Business
    • Business Economics
    CoreTo develop an appreciation of what a business is and the role of management in planning, decision making, organizing, directing, communicating, motivating, controlling and coordinating.
    • Accounting
    • Economics
    • Finance
    • Strategy
    • Marketing
    • Operations Management
    • Organizational Behavior
    Elective Subjects

    To offer students a pool of

    specializations under

    the umbrella of Business Administration

    and help them specialize in their field of interest.the cooperation

    • Analytical Marketing
    • Brand Management
    • Business to Business Marketing
    • Competitive Marketing Strategy
    • Consumer Behaviour
    • Customer Acquisition and Retention
    • Customer Relationship Management
    • Digital Marketing
    SkillsTo develop your practical managerial skills to prepare you for a successful career in any aspect of business.
    • Negotiating and Persuading Skills
    • Personality Development
    • Problem Solving & Consulting Skills
    • Etiquette and Conversational Skills
    • Selling
    • Conflict Resolution
    • Writing Skills
    • Career Skills
    Project SubmissionTo acquaint the candidates with the objectives of Business – Profitability, Growth, Stability, Efficiency and Survival.
    • Effectiveness of training and development with special reference to Voltas Limited
    • A study to identify the retail penetration level of Airtel prepaid cards (MBA Marketing)
    • A comparative study on consumer behaviour about Colgate and Pepsodent paste (MBA 
    • A study on the customer perception of mobile phone service providers in A study on factors influencing the disconnection of landline of BSNL
    Case Study

    To think through the various solutions and the process used to arrive at the solutions to business issues.

    In the case method, students are presented with a broad business issue (being faced by the company management) typically accompanied by supporting data and facts. Students discuss the business problem in class, identify the relevant data points and come up with possible solutions either individually or in groups. The case method requires active student participation and engagement to be successful.
    Group-Based Projects and ActivitiesTo understand different viewpoints, learn from the experience of your peers and simulate a team environment. Students are divided into learning teams of 6-8 people who go through the course and complete activities together such as assignments etc. since in the business world, work is often done in teams and the success of an organization depends on the cooperation & participation of team members.

    Related Questions

    g

    geet, Student / Alumni

    MBA at LPU is a different experience altogether. The program is a great mix of cutting edge curriculum, experiential learning pedagogy, industry interface, projects, internships and consultancies, technologies trainings and many more. The sheer size of campus and number of students provides a plethora of opportunities to students to explore their entrepreneurial skills. The multicultural intake ensures that students learn and understand cultural sensibilities which become an asset in corporate life. The most striking point however is the center for professional enhancement, the students are exposed to new ideas about personality development, professional etiquette, virtues, ethics, interpersonal and networking skills for almost full duration of the program rather than just a few weeks of placement trainings. This inculcates these qualities in the students in much better way and go a long way into shaping the career apart from cracking the interviews. Coming to reputation, since you asked, NIRF a govt agency has ranked Mittal School of business among top 50 B-schools in the country twice in a row, in some of the parameters it has even beaten most IIMs and ranked no. 2 in the country ! More importantly, more than 200 companies visit the campus for recruitment of management grads only ! Which is a huge number and a big achievement. More than 97% of eligible graduates get their dream placements. It is not like any other university, you can see it from the first step of selection, even IIMs have basic eligibility of 50% in graduation, while LPU has raised the bar to 55%. No wonder it has one of the largest intakes in the country which has over 97% placement record.
    Please give me complete knowledge about MBA
    -Maheepal -Updated on Dec-19-202216 Answers
    R

    Ramandeep Kaur, Student / Alumni

    I highly recommend LPU for an MBA degree based on the following things- The Business School of LPU is accredited by ACBSP, Accreditation Council for Business Schools and Programs from the USA ensuring quality education and industry-experienced faculty members, studying in LPU will get a degree accredited from a body of USA. LPU is ranked No. 2 among Indian B-Schools in 'Outreach and Inclusivity by NIRF ranking released by MHRD, Government of India. Placement: Every year more than 550+ companies visit LPU for placements. LPU has a very good placement and achieved awards for employability also. The main thing for placement that I liked there, LPU provides placement classes to the students from the very first year which helps students to be prepared for placement till their final year of the program. The maximum package available for the management programme is 21 lacs. per annum. Specialization offered in MBA: Agribusiness Management, Human Resource, Marketing, International Business, Financial Markets, Digital Market, Hospital and Healthcare, Business Analytics, Banking and Financial Services, Operations, Artificial Intelligence, Entrepreneurship, Information Technology, Auditing and Taxation, E-Commerce, Digital Marketing, Investment Banking, etc. Scholarships: LPU provides very good scholarships to bright students with good academic records, sports, or extracurricular activities achievement. LPU also helps students in the Education loan facility. Faculty: All faculty members are well qualified from IITs, NITs, IIMs, and top-ranked universities all over the world. Infrastructure: All the facilities are available on the campus itself, a student does not need to go outside for anything. On the campus, Central Library, Hospital facility is available 24*7 for staff and students, Shopping mall, Indoor Sports Stadium with 3 Olympic size Swimming Pools, Public/Private Sector Banks, ATM, etc. Ranking: 1. For Focus on Affordable and clean energy, LPU has 1st rank in India 2. For Decent Work and Economic Growth, LPU has 2nd rank in India 3. among the top 80 Universities in India 4. among the top 90 engineering colleges in India 5. among the top 50 business management schools in India 6. LPU ranks amongst the Top 200 universities of the world as per the prestigious ‘Times Higher Education Impact Rankings’ 2021, which assess universities against the United Nations’ Sustainable Development Goals (SDGs). 7. It is among the top 20 Indian organizations that have filed the highest number of patents in India in the last 10 years including IIT Madras. For more details, you may refer to the LPU website. I hope this helps All the best for your future.
    A

    Akshita kapoor, Student / Alumni

    MBA at LPU is a different experience altogether. The program is a great mix of cutting edge curriculum, experiential learning pedagogy, industry interface, projects, internships and consultancies, technologies trainings and many more. The sheer size of campus and number of students provides a plethora of opportunities to students to explore their entrepreneurial skills. The multicultural intake ensures that students learn and understand cultural sensibilities which become an asset in corporate life. MBA programme comes under Mittal School of Business which is among the first 10 institutions in India to get ACBSP (USA) accreditation. Last year in MBA students got a package of max 16 Lacs per annum and the average packages were of 5 Lacs per annum.

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