OVERVIEW

The field of management is one of the most prosperous career options in India. A Degree in Business Management can help the aspiring managers to get a career in business, across various sectors and industries all over the world. The management students are in great demand by employers worldwide which makes management as a career option an attractive choice for today’s young population.

WHAT IS MANAGEMENT?

Management is a very popular and one of the most widely used term. Management as a discipline refers to that stream of knowledge which is associated with study of principles and practices of business administration. It provides for certain code of conduct to be followed by the manager and also specifies various methods of managing an enterprise. It helps a person to become a successful manager and teaches him/her the skills to manage an organizations resources effectively and efficiently.

MANAGEMENT AS A CAREER:

With the growing economy and increasing competition, the demand for professionally qualified managers has increased significantly over large few decades. In any, say, typical organization the managerial position ranges from an entry-level Front-line supervisor to the topmost level of a manager i.e. a CEO.

A career in management is a stable career choice with a good package and an opportunity to develop managerial and leadership skills. Easy promotions and chance to reach to top positions of an organization lure the aspiring managers to pursue career in management.

DIFFERENT DEGREES:

·         MASTER OF BUSINESS ADMINISTRATION

·         POST GRADUATE DIPLOMA IN MANAGEMENT

·         POST GRADUATE PROGRAM DIPLOMA

 

I.                   Master of Business Administration (MBA)

MBA or Master of Business Administration is a very high value and internationally recognized degree which is designed to provide both theoretical and practical knowledge to the students to develop the skills required to become a successful manager. It prepares the aspiring managers to learn how to manage, lead, organize and adapt in different business environments.

The value of an MBA extends beyond the business world. An MBA Degree can also be useful for those who aspire to pursue a managerial career in the public sector, government, private industry, or any other areas. An MBA can also easily start its own entrepreneurial venture with the skills set attained during the tenure of the course.

An MBA is a degree that is provided by the Universities (either Government or Private) or Colleges affiliated to these Universities.

TYPE OF COUSRES IN MBA:

There are different formats of MBA course worldwide. The most common type of MBA course are as follows:

A.    FULL-TIME MBA

The Full-Time Master of Business Administration Degree is the traditional format of MBA degree which offers a Two-Year program that seeks to provide to students a detailed understanding of how business functions. The curriculum in most of the top B-schools is divided into two parts- core and electives courses and Summer Internship.

The core courses in an MBA program cover the various areas of business such as:

i)                    Managerial theory and practice

ii)                  Managerial Economics

iii)                Business Ethics

iv)                Business Law

v)                  Applied Statistics

vi)                Business Mathematics

vii)              Marketing Management

viii)            Operations Management

ix)                Business Communication

x)                  Strategic Management

xi)                Research Methodology

xii)              Leadership and Entrepreneurship

xiii)            Human Resource Management

xiv)            Accounting and Financial Management

Further after the Summer Internship of 8-10 weeks the students are allowed to choose the field of specialization in the areas related to the industry they wish to work for after their MBA program whereas some B-Schools offer Two-Year Specialized MBA programs to students.

The Areas of Specialization or Electives offered at top B-Schools are as follows:

i)                    MBA in Finance

ii)                  MBA in Human Resources

iii)                MBA in Information Technology

iv)                MBA in Marketing

v)                  MBA in Operations Management

vi)                MBA in Rural Development

vii)              MBA in Strategy

viii)            MBA in Sustainability

ix)                MBA in Corporate Social Responsibility

x)                  MBA in Entrepreneurship

B.     PART-TIME MBA

Part-Time MBA is a two-year MBA program designed to suit the needs of working professionals. Through this program, the MBA aspirants can pursue the course without leaving their current jobs. The classes are mostly held during evenings. The course structure is almost similar to Full-time MBA with the core and electives subjects. The course provides the professionals with strong fundamental skills and ability to adapt and use those skills in different business environments.

C.    EXECUTIVE MBA

An Executive MBA program aims at the working professionals who have an experience of at least ten or fifteen years in managerial positions mostly who wish to deepen their knowledge of business, hone their leadership skills, become better managers and earn more salary. This degree can help the executives to get more strategic roles in the organizations or even begin their own entrepreneurial ventures. The course is more customized and specialized for the executives to meet their special business needs and develop the required capabilities.

 

II.                POST GRADUATE DIPLOMA IN MANAGEMENT

PGDM or Post Graduate Diploma in Management is a Diploma programme which is offered by the b-Schools that are recognized by All India Council for Technical Education (AICTE). Most of the private B-Schools offer PGDM as they are autonomous body and not universities or affiliated to any university.

III.             POST GRADUATE PROGRAM DIPLOMA

PGPM or POST GRADUATE PROGRAM DIPLOMA in Management is a Diploma program offered by Indian Institute of Management (IIM’s), institutes which are recognized by Ministry of Human Resource Development of India.

 

DIFFERENCE BETWEEN MBA AND PGDM/PGP:

As far as corporate career is considered, there is no difference between an MBA degree and a PG Diploma in Management. The employer gives more value to the brand perception of the institute and the alumni base. However, some of the basic difference is as follows:

 

MBA

PGDM/PGP

Affiliation/Recognition

A post graduate degree offered by the Universities recognized by UGC (University Grant Commission) or Institutes affiliated to those Universities.

A post graduate Diploma in Management offered by Institutes which are autonomous and not affiliated to any University.

 

PGDM - Diploma offered by Private Institutes recognized by AICTE.

 

PGP – Diploma offered by Institutes recognized by MHRD, India 

Curriculum

An MBA program’s curriculum is more rigid. As they are associated with university and bound by UGC rules, changing or updating syllabus is a complex process.

The curriculum is more flexible and updated regularly to meet the industry requirements.

Approach

An MBA program mostly by Government Universities focuses on theoretical aspect and is more exam-oriented

The PGDM/PGP program offered by private institutes concentrate more on improving soft skills of students, giving practical understanding of business acumen and thus make them more job ready.

Higher Education/ Qualification

The candidates can opt for Doctorate and do PhD in their area of specialization

The PGDM/PGP holders are not eligible to do PhD however they can go for FPM programmes which are equivalent to PhD by UGC recognized University.

Affordability

Fees is very low and affordable to commoners

Fees is very high and vary from institute to institute.

 

 

SCOPE:

An MBA is extremely versatile and possess the required Knowledge, skills and attitude to run or manage a business enterprise. The MBA can pursue different career opportunities after the graduation.

Let’s see some of the career opportunities after doing an MBA:

I.                   Management Consultant

A Management Consultant can be either be self-employed or work in large consultancy firms. It is a very prestigious and high earning job. A Management Consultant’s job is to guide or advise companies on their business policies and practices. He needs to identify the company’s problems and give optimal solutions.

II.                Human Resource Manager

The role of an HR Manager is to strategically manage the Human Resource of an organization. The HR manager is responsible for managing the flow manpower in the organization and ensure the availability of talent in the company. It encompasses all the activities from recruitment & hiring of employees to the outflow of the employees.

III.             Marketing Manager

A Marketing Manager is responsible for planning and execution of an effective marketing plan for the company’s product and services. They are responsible to create budgets, plan marketing campaigns, and manage staff on the marketing and sales team to conduct market research, launch marketing campaigns, and analyse the data collected from each campaign to make improvements. Their main goal is to create more brand awareness and bring in sales. Marketing managers must possess the knowledgeable about the different types of marketing theories and approaches and be skilled at leading a diverse team.

IV.             Operations Manager

An Operations Manager is responsible for the general oversight of company’s operations and formulating policies, managing the daily needs and operations of the entity. It is also responsible for manpower and resource planning. Their job is to assign work, make up schedules for staff and ensure that all projects are completed on time.

V.                Finance Manager

The main role of Financial Manager is to maintain and improve the financial health of the organization. They typically will produce financial reports direct investments, come up with new financial management strategies, and plan for the long term financial health of the company.

 

VI.             Investment Banker

Investment Banker’s help the companies to invest and grow their capital through strategic purchasing of equity and debt. They also provide advice and assistance to companies during any financial transitions such as acquisitions and mergers. Investment Bankers are responsible for ensuring that all important paperwork is in place and all government regulations are followed during the transactions.

VII.           Financial Advisor

Financial Advisor’s cater to the individual rather than businesses, and play a key role in helping families manage their wealth. They help them to plan for retirement, invest in their children's education, and build individual wealth. A financial advisor role is to ensure their clients' best interests by creating a strong and optimum portfolio and also suggesting good investment opportunities and creating realistic long-term plans.

VIII.       Product Manager

A Product Manager is known as CEO of certain product, often a technology, pharmaceutical, financial or medical device product. It is his/her responsibility to draw the roadmap, strategy and general feature set of the product for its success in the market place.

IX.             Business Development Executive

A Business Development Executive is responsible for assisting their companies to acquire new customers and sell additional products or services to existing customers. The role of a BDE is very crucial for the companies which aims to increase its client’s base and expand its business.

X.                Sales Manger

A Sales Manager is responsible for meeting the sales targets of an organization through effective planning and budgeting. It is his responsibility to devise strategies and manage the sales team to effectively achieve the company’s target. A sales manager is not only responsible for selling but also maintaining and improving relationships with the client.