Master of Business Administration or an MBA was introduced about 100 years ago and look how far it has come. Today, MBA is one of the most coveted degrees for business knowledge and management skills.
But how did the MBA come so far? What are the major milestones in its journey? Let's take a look at it briefly.
1) 1819: The world’s first business school, Ecole Spéciale de Commerce et d’Industrie (ESCP Business School) was established in Paris, France
2) Late 19th Century: The first business schools were established in the United States, such as the Wharton School at the University of Pennsylvania (1881)
3) Early 20th Century: Harvard Business School (1908) and the Tuck School of Business at Dartmouth College (1900) were founded, shaping modern business education
4) 1940s-1960s: The demand for business education grew significantly after World War II, leading to the expansion of MBA programmes
5) 1949: Xavier School of Management (XLRI), Jamshedpur was founded as the oldest business school in India
6) 1953: First ever MBA programme offered in India at Institute of Social Welfare & Business Management in Kolkata
7) 1961: The first Indian Institute of Management (IIM) was established in Calcutta (now Kolkata), marking the beginning of formal business education in India. This was followed by the establishment of IIM Ahmedabad and IIM Bangalore
8) 1980s - 90s: The demand for MBA programmes surged, leading to the establishment of several new IIMs in cities like Lucknow, Kozhikode and Indore
9) 1990s - 2000s: The expansion of the Indian economy and the IT industry's boom led to an increased interest in MBA education, with various new private business schools emerging across the country
