MBA in Business Forecasting is a 2- year post-graduate course designed to teach candidates about forecasting skills, which is basically the attempt to predict future outcomes based on past events and management insight.
The course is divided into four semesters of six months each for which the basic criterion of eligibility is an undergraduate degree in any discipline from a recognized university. In India, the average annual course fee charged for the course ranges between INR 2 and 20 Lacs, varying across Institutes.
Successful postgraduates of the course in India find lucrative employment opportunities in MNCs, both private and public sectors, and are offered an average annual salary ranging between INR 3 and 8 Lacs, gradually increasing with experience and skillsets.
Following are the major highlights related to the course.
|Eligibility||An undergraduate degree in any discipline|
|Admission Process||Counseling after taking entrance test|
|Examination Type||Semester System|
|Course Fee||INR 2 to 20 Lacs|
|Average Starting Salary||INR 3 to 8 Lacs|
|Major Entrance Tests||CAT, CMAT, XAT, MAT, SNAP, etc.|
Business Forecasting, considered to be one of the most important aspects of corporate planning, is used to estimate or predict future developments in business such as sales, expenditures, and profits. The course is designed to train candidates in the art of precise business forecasting using experience, sound instincts, and good judgement arrived at from established formulas.
Enrolled students are taught to understand the nature and causes of economic fluctuation with the help of computers and special programs designed to model an economy- oriented future.
Aspiring candidates having the ability to use systematic processes and learn from past experience to plan to fill the gap between the current state and the intended future state of a company are ideally suited for the course.
They would ideally possess an analytical mind, proficiency with computer applications, good judgement, sound instincts, and the ability to remain stable in trying situations.
Tabulated below are some of the leading Institutes offering the course in the country along with their corresponding locations and annual fees charged by each.
|COLLEGE NAME||CITY||AVERAGE ANNUAL FEES IN INR|
|Indian Institute of Management (IIM)||Bangalore||6,50,000|
|Indian Institute of Management (IIM)||Ahmedabad||6,00,000|
|Indian Institute of Management (IIM)||Calcutta||6,00,000|
|Department of Management Studies, Indian Institute of Technology (IIT)||Delhi||2,09,150|
|Department of Management Studies, Indian Institute of Technology (IIT)||Madras||4,250|
|Xavier School of Management (XLRI)||Jamshedpur||Not Mentioned|
|Indian Institute of Management (IIM)||Kozhikode||Not Mentioned|
|Indian Institute of Technology (IIT)||Roorkee||2,09,200|
|Indian Institute of Management (IIM)||Indore||6,50,000|
|Vinod Gupta School of Management, Indian Institute of Technology||Kharagpur||3,10,000|
|Faculty of Management Studies, University of Delhi (DU)||Delhi||10,000|
|Management Development Institute||Gurgoan||7,40,500|
|SP Jain Institute of Management and Research||Mumbai||1,202,250|
|Indian Institute of Technology (IIT)||Kanpur||1,20,000|
|Rajiv Gandhi Institute of Management||Shillong||Not Mentioned|
|Indian Institute of Foreign Trade||Delhi||1,570,500|
|Department of Management Studies, Indian Institute of Science||Bangalore||1,58,800|
|Indian Institute of Management (IIM)||Raipur||6,00,000|
|Indian Institute of Management (IIM)||Tiruchirappalli||5,00,000|
|Indian Institute of Management (IIM)||Ranchi||3,00,000|
Candidates aspiring to apply for the course are required to meet the following minimum eligibility criteria:
Eligible students are required to clear an entrance examination followed by a round of group discussion. Subsequently, a round of personal interview is also conducted to test candidates’ general aptitude.
Some of the major entrance examinations conducted at the State and national levels are mentioned below:
A semester-wise breakup of the course’s syllabus is tabulated below.
|Principles and Applications of Business Economics|
|Principles of Business Forecasting|
|Management Process & Organizational Behavior|
|Accounting for Managerial Decisions|
|Computer Applications in Business|
|Business Communication Skills|
|Business Environment Analysis|
Business Forecasting is a rapidly- growing field, as most organizations require business forecasters, to be on the safe side during phases of economic downfall, as well as to predict future developments in business.
Various professional avenues are open to successful postgraduates in Business Forecasting in both government and private sectors.
Some of the job profiles offered to such postgraduates are listed below, along with the basic duties and corresponding salaries offered for the respective positions.
|JOB PROFILE||JOB DESCRIPTION||AVERAGE ANNUAL SALARY IN INR|
|Business Planning Manager||To create and streamline returns, rebuild operations, forecast reporting, manage day-to-day refurbishing operations including setup of new products and inventory management and to manage/ support post-sales strategic projects.||2 to 4 Lacs|
|Lecturer/Professor||To teach at undergraduate and graduate level in areas allocated and reviewed from time to time by the Head of Department.||3 to 7 Lacs|
|Forecast Analyst||To recognize, follow, and analyze trends in the market and to research historical data to map trends and determine how they would influence the business.||3 to 5 Lacs|
|Business Analyst||To develop technical solutions to business problems, or to advance a company's sales efforts, beginning with defining, analyzing and documenting requirements.||4 to 8 Lacs|
|Business Research Analyst||To perform research and gather data to help a company market its products or services and collect data and information using a variety of methods, such as interviews, questionnaires, focus groups, market analysis surveys, public opinion polls, and literature reviews.||3 to 5 Lacs|
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