CareerChoice:Business Management

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Latest revision as of 07:13, 31 May 2009

Contents

Introduction

Business managers are among the highest earners in the country today. An MBA degree from a reputed Managment School, almost always guarantees high salaries. Business managers are required in almost all types of companies. So finding employment after getting an MBA degree from a reputed institute is not much of a problem. Business managers are required to form and lead teams to ensure completion of projects. All aspects of a business are divided into broad categories to ensure smooth operation. A business manager is put in charge of each team to ensure that each team does its work and also ties up with the other teams to take the company ahead. Though business management courses are expensive, one can take student loans to study and if one passes out from a reputed institute, the loan can easily be paid off within a year of working. Therefore, one must ensure that one does one's business management degree from a reputed institute and not from any unrecognised institute which has mushroomed in this atmosphere of high demand for business managers.

Nature of Work

The nature of work usually involves one of these five broad categories.

  1. Personal Management or Human Resource Development (HRD)
  2. Finance
  3. Production and Operation
  4. Sales and Marketing
  5. Management Information Systems (MIS)
The exact nature of the work under these broad heading is often too varied but is usually of the nature of being in charge of a small unit and overseeing its proper functioning.

Personality

Business managers need to be responsible not only about their own work but also about the work of the people who are working under her or him. Business managers need to have good organisational skills, as well as be able to inspire others (especially those working under one) and be a leader. One also needs to strike the right balance between being firm and harsh to ensure that the team one is managing does the appointed work properly within the stipulated time. Business managers need to ensure efficient working of the team and satisfactory end of the project as well as keeping the morale and camaraderie of the team in order.

Business managers also have to work very hard and put in long hours at the office. Business managers must be prepared to work till late in the evening and even carry work home. It is not as if business managers are paid fat salaries for doing little work.

Professional Courses

There are BBA (Bachelor of Business Administration) and MBA (Master of Business Administration) courses available widely. Whereas the BBA course is of 3 years in duration, the MBA course is of 2 years in duration generally though sometimes it may also be a 1 year course. There are also some shorter duration courses as well as part time MBA courses. There are courses leading to a PGDBM, Post graduate Diploma Programmes in Management (equivalent of MBA) and Fellowship programmes in Management (equivalent to PhD).

Colleges, Institutions and Universities

The seven Indian Institutes of Management situated at Ahmedabad, Bangalore, Kolkata, Lucknow, Indore, Kozhikode (also known as Calicut) and Shillong are among the top business management institutes (which are usually referred to as business schools) in India and the ones at Ahmedabad, Bangalore and Kolkata also score highly in global surveys of business schools.

Among the other top business schools in India, mention must be made of the following:

  • Xavier Labour Research Institute (XLRI), Jamshedpur
  • Indian School of Business, Hyderabad
  • Faculty of Management Studies, Delhi University - This is one of the few elite business schools in India which is attached to a university
  • Jamnalal Bajaj Institute of Management Studies, Mumbai
  • S. P. Jain Institute of Management Studies, Mumbai
  • Management Development Institute, Gurgaon
  • Narsee Monjee Institute of Management Studies, Mumbai
  • Xavier Institute of Management, Bhubaneswar
  • Symbiosis Institute of Business Management, Pune
  • Symbiosis Center for Management & Human Resources Development, Pune
  • Institute of Management & Technology, Ghaziabad
  • International Management Institute, Delhi
  • Bharathidasan Institute of Management, Trichy
  • Mudra Institute of Communications, Ahmedabad
  • Indian Institute of Foreign Trade, Delhi
  • T. A. Pai Management Institute, Manipal
  • Loyola Institute of Business Administration, Chennai
  • Institute of Rural Management, Anand
  • Institute of Management Development Research, Pune
In addition, there are the schools of management at the Indian Institutes of Technology (IIT). These management schools are also rated among the best in the country.

Besides these, there are several other management schools in almost all major cities of India. One needs to ensure that one joins a course at a reputed management institute and which offers recognised degrees. Given the high demand of business managers, there are a lot of business management institutes which are not affiliated to any major institutions and degrees of which are not recognised widely at all. Doing a business management course from such institutes is not advisable as the end result after an expensive management degree will be of little value. Unrecognised institutes offering degrees which are of little value have mushroomed all over the country because business managers are in great demand now.

Eligibility and Admissions

The IIMs conduct a Common Admission Test (CAT). The CAT scores are often considered an eligibility criterion even by other business schools in India. Some business schools have their own admission tests.

Typical eligibility for admission to a Management School is Graduation. The eligibility criterion differs from institute to institute, so check the brochure of the institute you are planning to apply to. Some others also admit students on the basis of their graduation marks.

The CAT tests analytic and quantitative knowledge in English and mathematics. Management institutes which admit students on the basis of class 12 marks also lay emphasis on the marks in English and mathematics.

For post graduate courses, the eligibility criterion often includes some work experience. Usually it is work experience of 1 year or 2 years. Other than that, graduates in any subject are generally eligible to apply for post graduate courses.

Specialization

The kinds of specialisation that one can opt for depends on the institute. Also, there is a scope for specialisation after one has been placed in a company. The recruiting company offers specialised training to business managers. Some special areas on offer are as follows.

  • International Management - Deals in International trade and business.
  • Public System Management - Management of public enterprises, non government organisation (NGO) and cooperatives.
  • Operational Research - Using mathematical analysis to solve financial and production problems.
  • Technology Management - Specialises in technical fields including financing and marking.
  • Management Consultancy - Identifies and corrects problems concerned with company policies, procedures and methods.
  • Hospital Management - Ensures the efficient running of hospitals and health care organisations.
  • Hotel Management - Concentrates on hospitality and hotel administration.
  • Rural Management - Utilises management practices for managing agro based and other rural industries as well as marketing rural products.
  • Forest Management - To handle the marketing and administration of forest related projects and products for forest development.
  • Disaster Management - Managing relief and re-development operations during natural calamities and disasters.
  • Leisure & Event Management - Management of leisure related activities like operations of clubs, parks and events.
  • Sports Management - Managing the administrative, marketing and organisational activities of sporting organisations and sport clubs.

Career Prospects

The career prospects for those with an MBA degree and especially for those holding an MBA degree from one of the above mentioned institutes is sky high. Business managers are required in almost every business. So changing jobs is also not much of a problem as those with an MBA degree from reputed institutes do not find it difficult to find employment. Therefore one can even change the kind of company one is working for mid way through one's career. However, establishing oneself in one company by working for a considerable number of years adds a lot to one's resume. Then, one may find it easier to migrate to some other kind of company if wishes to.

Remunerations

The remuneration for business managers is among the highest in the country. Rs 50,000 per month is almost an average if one holds an MBA degree from the above mentioned business management institutes and the upper limit can stretch to several lakhs per month for those placed overseas. The remuneration for those holding an MBA degree and a bachelor's degree in a discipline which is also concerned with that kind of work enhances the expertise and also the remuneration.

How to find a Job?

Almost all Management Institutes have a campus placement programme and almost all kinds of companies come looking for business managers. IT companies, banks, oil companies, financial companies, event management companies, chemical companies, telecom companies - these are only some of the wide range of companies where business management graduates can find a job. There is no dearth of job opportunities for business managers. One can also branch into market research, advertising and public relations. Marketing is closely associated with business management.

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