- Is It The Perfect Career for You?
- Nature of Work
- Skills Required
- Different Disciplines of Management Services
- After 10th
- After 12th
- Career Prospects & Job Opportunities
- Angels and Demons
Is It The Perfect Career for You?
According to Peter F Drucker who was known as the founder of modern management, “The fundamental task of management remains the same: to make people capable of joint performances through common goals, common values, the right structure, and the training and development they need to perform and to respond to change.”
In a group activity or in a class, you will always find those who lead from the front, take charge of organizing and managing several aspects of an activity or an event and have a natural ability to get things done both effectively and efficiently without breaking a sweat. Those students are candidates for a successful career in business management and have the potential to break out of the mold to become entrepreneurs in their own right or ‘business thinkers’.
Management is all about managing money, men, and material. It involves careful planning, implementation and efficient allocation of these resources to generate maximum output.
Business Management Services provides an overall view of the health of a business and suggests an actionable insight to deliver better business services. It includes a broad set of categories such as finance, accounting, human resources, management, production, and economics. At graduate level, they are considered to be the most popular fields of study in universities worldwide.
A career in management services comprises of a plethora of management and administration positions that involve directing, managing, and evaluating operations in order to ensure greater efficiency and high productivity. Students who aim for management services as a career must be capable of understanding, managing, and taking responsibility of every aspect of business.
Business Management is a core function in every organization and plays a crucial role in every industry may it be hotel, construction, education, healthcare, hospitality, information technology, international business, retail, transport or textile.
An MBA degree is one of the most coveted qualifications in the country. The job opportunities in business management remain unparalleled due to the economic liberalization of the country paving way for a large number of MNCs to set up offices here.
The recent years have seen a steady increase in the demand for management professionals in the corporate world. Fierce global competition has upped the ante for Indian business counterparts in most of the sectors. The goals are high – increased profits, lower margins, reduced overhead costs, and maximum results with optimum usage of available resources ensuring a heavy demand for business professionals in every sphere of the various sectors in the country.
There is a steep incline in the demand for middle and senior level management professionals in India especially in the healthcare sector and the IT/Telecom industries due to the increasing competition and customer needs. The infrastructure and manufacturing sectors are also looking to hire talented management professionals to oversee the influx of new companies. A career in management services across sectors will continue to be on the uptrend in the foreseeable future.
Nature of Work
Business managers work in a variety of settings and situations, ranging from very small companies to large transnational corporations. They can be in charge of departments responsible for everything from operations, production, and energy policy to human resources. They can lead departments that lend support to multiple departments. The one consistent aspect of any Business management position is the need to be able to motivate and coordinate workers in the most efficient way possible, to achieve the desired output with minimum wastage while keeping the staff happy. Depending on the nature of the company and the department, Business managers can have wide-ranging duties extending beyond personnel management and coordination.
A Manager typically works in a corporation with the responsibility of getting people working for you to do what you want. As a Manager, you are a leader of the people in an organization. You are a visionary and can see the big picture. You are able to inspire and motivate your troops to embrace the organization's goals and vision. You let your team have responsibility and hold them accountable for their jobs. You care about the organization as a team, keep morale high, and maintain a high energy level. You are also concerned about meeting goals, maintaining efficiency and dealing with performance problems. Managers are based in many different types of working environments. You’ll need to show commitment to the job, including working overtime when necessary.
- Able to initiate/generate new ideas
- Critical thinking & decision making
- Organizational skills
- Appreciation for diversity
- Great listening
- Awareness of ethical issues
- Team building
- Possess time management skills
- Able to handle stress
- Good work ethic
Different Disciplines of Management Services
The career options with a Business/Management major are certainly varied, almost limitless. Whether you want to explore your entrepreneurial side and start your own business, or just be a part of one, this is the right major for you. Mentioned below are some of the majors one can opt for as a specialization to become a master in the field.
- General management
- Human Resource management
- Research methodology
- Entrepreneurship & Family business
- Planning & Management
- Retail management
- Sales & marketing management
- Quality Assurance management
- Strategic management
- Purchase management
- Brand management
- Operations management
- Organization behavior
- Strategic management
- Information systems
- Financial economics
- Quantitative methods
- Health care management
- Agri business management
- Rural management
- International business management
Travel & Hospitality
- Heritage management
- Hotel management
- Hospitality management
- Event management
- Tourism & Event management
- Operations management
- Financial management
- Security management
- Wealth management
Medicine & Health
- Healthcare management
- Financial hospital management
Transport & Logistics
- Disaster management
- Logistics & Supply chain management
- Coastal management
- Sports and recreation management
To become a Business manager, a bachelor’s degree is the minimum needed. Business Administration degrees are perhaps the most versatile, but degrees in Finance, Accounting, Economics, or other related fields will also be relevant. Regardless of your degree or specialty, an understanding and familiarity with computers is mandatory.
Master’s of Business Administration or an MBA degree is typically a two year course. The first year focuses on giving knowledge of all fields of management, while the second year makes the student proficient in one of the selected specializations. For those unsure about which path is best for them, the first step is to pay attention to which classes they find most stimulating while earning a Business degree. For example, if a student enjoys learning the different methods a business can use to attract new customers, that student may have a future in Marketing, Sales, Advertising, or Product development. If another student is fascinated by how a company keeps track of the vast number of financial transactions that happen every day, a position in Accounting or Finance may be ideal for that student.
A student has to complete 11th and 12th from his/her field of interest. A student can be from any stream to get admission in a Graduation college.
After 12th a student can take up any undergraduate Management degree programs. For post graduation courses, like MBA, PGDM, etc. graduation is a mandatory minimum qualification. Courses at post graduation level are offered with specializations in the specific field.
Executive MBA programs for working professionals and part-time management courses are conducted at various leading B-schools. Almost all reputable management institutions in India admit students through entrance tests like CET, CAT, SNAP, MAT, XAT, etc. For each type of recognized and organized business, there is a management program made available.
Note: For details of these entrance exams please visit the entrance exam page.
Career Prospects & Job Opportunities
A career in Management is one of the classics in our economy. A good Manager has the opportunity to rise in an organization through a succession of roles. You may start off fresh out of college or an MBA program in an associate role with limited responsibility. Before long, you move on to manager, then director, then VP. From there, the air is a little more exclusive and, if you're really good you may have a shot at the top job - CEO.
The growing economy is continually fostering the addition of new businesses to the market. These businesses will need qualified professionals to ensure profitability and survival, creating a strong career outlook for Business professionals. Advancement in Business careers depends on the actual career path the student chooses (such as Marketing executive, Department director or Corporate trainer). Some Business Management degree graduates will be able to move up in the field simply by gaining on-the-job experience, while others will need to earn a master’s degree or industry credentials.
MBA graduates are equipped with the basic knowledge and skills to start in an entry level Administrative position in a business community or to establish and/or manage a small business. There is a multitude of career opportunities available to you with a bachelor/masters degree in Business Administration
Consulting Firms, Banks, Advertising Firms, Consumer Goods Manufacturers, Market Research Organizations, Insurance firms, Governments and Non-profit organizations employ management graduates.
Below is a sample of types of positions that Management graduates have gone on to.
Note: This is not an exhaustive list as there are many other careers available. Many positions require additional education or experience.
- Accounts Executive
- Business Analyst
- Human Resources Manager
- Market Research Analyst
- Operations Manager
- Promotions Manager
- Portfolio Manager
- Media Planner
- Sales Analyst
- Training Specialist
- Purchasing Agent
- Entrepreneur & Business Developer
- Project Manager
- Line Manager
- Event manager
- Hospitality manager
Angels and Demons
- You will have freedom to manage, organize, and plan your assignments your way.
- You will have to give guidance to the people below you.
- Managers are responsible for bigger projects, so success is more likely to be noticed.
- Large organizations tend to offer their managers generous benefits, including company cars, bonuses, a pension scheme and health insurance. You may also be eligible for stocks or shares in the organization.
- If anything in the team goes wrong; the manager is the one who will be responsible and answerable.
- Risk taking can lead to adverse effects.
- The pressure to meet deadlines and to succeed can be stressful.
- A manager is unlikely to be able to follow a strict nine-to-five schedule.