MBA in Product Management: Course Details, Eligibility, Fees, Admission, Duration

Shristi T

MBA in Product Management is a two-year programme designed to cultivate practical expertise and essential skills in the strategic realm of product development. The MBA Product Management curriculum delves deeply into the strategic aspects of product lifecycle management, market analysis, user-centered design, and innovative problem-solving techniques.

As part of the admission process for MBA in Product Management, eligible applicants are required to hold a Bachelor's degree from a recognized university with a minimum aggregate score of 50%. A relaxation of 5% is offered to candidates belonging to the SC/ST/PwD category. Universities consider entrance exams such as CAT, MAT, XAT, NMAT, etc. as part of the selection process. MBA in Product Management fees range between INR 15,000 and INR 30 LPA.

What is MBA in Product Management?

MBA in Product Management equips individuals with essential skills for excelling in the intricate field of product management. Graduates develop business acumen, technical proficiency, strategic thinking, and critical skills like market analysis, prototype creation, and project management upon completion of the course. The course is one of the key specializations under MBA courses. ISBR, Amity University, etc., are some top universities that offer MBA Product Management course. 

The job scope for MBA in Product Management in India is broad and students can bag job roles like Product Consultants, Product Managers, Business Development Executives, Purchase Managers, etc., in top companies like Amazon, Wipro, TCS, ICICI Bank, etc.

MBA in Product Management Eligibility Criteria

The general eligibility criteria for MBA in Production Management in most universities and institutions include the following:

• A recognized Bachelor's degree in any discipline from a reputed institution.
• A minimum aggregate score of around 50%, with relaxations of 5% for candidates belonging to SC/ST/PwD categories.
• Qualifying scores in relevant management entrance exams like CAT, MAT, XAT, or equivalent, as specified by the respective university or institute.
• Proficiency in English is demonstrated through scores in tests like TOEFL or IELTS (for international applicants).
• Successful completion of any additional admission processes or interviews conducted by the university or institute.

Why Choose an MBA Product Management Course?

MBA in Product Management equips students not only with a degree but with a potent arsenal of skills that sets them apart as strategic thinkers, innovation drivers, and valuable assets to any organization. Here are some important reasons why students can opt for this program:

• Specialized Proficiency: Pursuing an MBA Product Management equips you with finely tuned knowledge and hands-on skills designed to excel in the fiercely competitive realm of product development. Notably, experienced product managers command an average CTC of INR 10.76 LPA, a figure that stands at least twice as high as India's national average wage of 3.87 LPA.
• Networking Opportunities: MBA programs often offer a platform to connect with industry experts, fellow students, and alumni, opening doors to valuable contacts and potential career opportunities.
• Diverse Career Avenues: Graduates find themselves qualified for an array of roles including Product Managers, Innovation Strategists, and Business Development Leaders, spanning various industries. The top B-Schools have reported a 7% increase in placement rates in the department of product management.
• Interdisciplinary Approach: You'll gain a comprehensive understanding of market analysis, user-centric design, and data-driven decision-making, fostering cross-functional collaboration.
• Strategic Mindset: The program hones your ability to think strategically, enabling you to navigate complexities, anticipate market trends, and drive successful product life cycles.

Also, Check: Top Reasons to Pursue an MBA

MBA in Product Management Admission 2023

Admission to the MBA in Product Management program is accessible through a combination of entrance examinations and merit-based selection. Numerous universities extend admission options, including direct entry and entrance exam-based routes, for the MBA Product Management course.

Here is an outline of the admission procedure and selection process followed by most universities and institutions:

Application Process:

• Step 1. Applications for the MBA in Product Management degree course can be submitted online through the university's official website or offline by visiting the admissions office.
• Step 2. Some colleges may conduct entrance tests, personal interviews, and group discussions as part of the admission process to assess candidates' communication skills.

Selection Process:

The selection process for the MBA in Product Management program is generally consistent across specializations.

• Colleges determine the final selection based on candidates' performance in entrance exams and their undergraduate degree merit. 
• Marks obtained in entrance exams and academic performance are key factors influencing the selection of candidates for the MBA in Product Management program in India.

Read More on MBA Admission Process

MBA in Product Management Entrance Exam 2023

MBA in Product Management course admissions are primarily based on entrance exams conducted at both national and state levels. Various management entrance exams serve as a gateway for admission to reputed institutes offering MBA Product Management programs. Some of the prominent entrance exams for MBA Product Management are detailed in the table below:

Top MBA in Product Management Colleges with Fee Details

Some institutions offer an MBA in Product Management, while some institutions offer product management as a specialization in their second-year syllabus. Detailed in the table below is a list of institutions and universities offering this course along with their average fees:

MBA Product Management Syllabus and Subjects

The MBA Product Management syllabus offers a comprehensive and multidisciplinary curriculum, encompassing various management domains to equip students with essential knowledge and specialised skills. 

Furthermore, the program emphasizes industry interactions and case-based learning, providing students with valuable insights into contemporary business practices and trends. Like most other specialised MBA programs the curriculum is divided into core and elective courses.

Core MBA in Product Management Subjects

The core courses go beyond imparting practical knowledge; they offer case-based lessons and collaborative learning models, enabling students to develop analytical, decision-making, and leadership skills rather than mere theoretical understanding. Listed below are some core courses in the MBA in Product Management syllabus

MBA in Product Management Elective Subjects

Elective subjects in the MBA in Product Management syllabus offer the flexibility to choose courses based on the interest of the student, some of which can be listed as follows

Read More: MBA in Product Management Syllabus

MBA in Product Management vs. MBA in Project Management

To gain a clear understanding of an MBA in Product Management, we can compare it with an MBA in Project Management. These two specialized courses offer unique perspectives within the realm of business management. Given below are the basic differences between the two courses:

Read More: MBA in Project Management

Courses After MBA in Product Management

After completing an MBA in Product Management, students can further enhance their expertise and career prospects by considering various courses and paths. Here are some options to consider:

• Executive MBA (EMBA): A specialized MBA program designed for experienced professionals seeking advanced management education.
• Doctorate of Philosophy (Ph. D): An advanced research degree in the subject for students interested in pursuing academic or research careers.
• Post Graduate Programs: Industry-specific certifications to gain expertise in areas like digital marketing, project management, data analytics, etc.
• Post Graduate Diploma in Supply Chain and Logistics Management: Deepen your understanding of supply chain dynamics, logistics operations, and demand forecasting to optimise product delivery processes.

Salary After MBA in Product Management 

MBA in Product Management graduates can explore a wide range of opportunities in sectors such as finance, consulting, healthcare, technology, hospitality, and more with an average salary range of INR 2-15 LPA. The versatility of the MBA in Product Management program equips graduates with the skills to thrive in diverse roles and industries, making it a stepping stone for a rewarding and successful career. 

[Source: AmbitionBox] 

Career Options After MBA in Product Management

After graduating with an MBA in Product Management, candidates will be equipped for a variety of exciting and strategic roles in the business world. Here's a list of potential job roles offered after completing an MBA in Product Management:

• Product Manager
• Market Research Analyst
• Innovation Manager
• Business Development Manager
• Product Strategist
• Products Portfolio Manager
• Product Analyst

Top Recruiters for MBA in Product Management Graduates

In a landscape of active infrastructural, agricultural, and governmental projects, specialized MBA graduates in Product Management find abundant job prospects. The evolving market dynamics and technological advancements offer diverse roles in both private and public sectors. Below is a list of top recruiters known for their competitive salary range

Read More: Career Options After MBA in Product Management

Skills Required for an MBA in Product Management

Here are some key technical and soft skills that distinguish an exceptional MBA in Product Management graduate:

• Strategic Vision: The ability to formulate and articulate a long-term plan that aligns with business goals and market trends.
• Data-Driven Decision Making: Utilising relevant data and insights to make informed and effective business choices.
• Leadership Abilities: Guiding and motivating cross-functional teams toward successful product development and launch.
• Product Development: Conducting market research and developing products as per the needs of customers.
• Tech Savviness: Being knowledgeable about technology trends and leveraging them to enhance product strategies.
• Effective Communication: Clearly conveying ideas and plans to diverse stakeholders, both within and outside the organization.
• Innovative Thinking: Generating novel ideas and approaches to stand out in a competitive market.
• Business Competency: Should know the difference between revenue and profit and knowledge of budgeting and cash flow in the product management process.

Top MBA in Product Management Colleges

ISBM University

Mahasamund,Chhattisgarh

University College of Commerce and Business Management, Osmania University

Hyderabad,Telangana

Annamalai University Distance Education

Chennai,Tamil Nadu

Brahmanand Institute of Research Technology & Management Distance Education, [BIRTM-DE] Gurgaon

Gurgaon,Haryana

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Top Management Entrance Exams

CAT

• Eligibility Criteria
• Syllabus

MAT

Exam Date: May 19, 2024

• Eligibility Criteria
• Syllabus

NMAT

• Eligibility Criteria
• Syllabus

GMAT

• Eligibility Criteria
• Syllabus

JEMAT

• Eligibility Criteria
• Syllabus

CMAT

• Eligibility Criteria
• Syllabus

IBSAT

• Eligibility Criteria
• Syllabus

IMUCET

• Eligibility Criteria
• Syllabus

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MBA in Product Management Fee Structure