What does business schools teach?

Business education is an American innovation. Americans felt that they needed people who understand business well to run large corporations which took birth after Second World War. The trend was and to a large extent still is (in US and Europe) to work for a couple of years after your graduation and then go to B-school when you reach a managerial level.
MBA in real terms stands more much more than a degree in business. It is a supposedly a course designed to prepare professionals to deal with all the aspects of the modern day complex and competitive world. MBA is a generic course unlike any other masters and thus violates the basic definition of mastering a particular subject. It is so because the professionals who come out with a MBA degree should be able to adapt to and perform in any industry. The core topics covered in a MBA degree are:-
• Finance
• Marketing
• Operations
• Human Resource
• Strategy
• Law
• Economics
• Accounting
• Company Structure and Organizational Management
• Information Management and Technology
• Ethics
Most MBA courses are structured in such a way that the students will have to take core topics in the first year and electives on particular specialization in the second year. As a part of the electives, the students are offered a wide range of courses in the second year spanning various specializations and he/she is supposed to choose a specified number of electives focusing on a particular subject. IIMA is a exception to such a system; the curriculum at IIMA doesn’t constraint the students to focus on electives belonging to a certain subject and allows them to take electives from all subjects. In past few years, finance has been the hot favorite of students due to the mammoth pay packets offered for trading jobs by Investment banks such as Goldman Sachs, Morgan Stanley and the late Lehman Brothers.