Running a business enterprise is a big deal. It comes with a lot of anxiety and stress. There’s a team involved in handling business affairs and each individual in it has their own scrupulously defined task. Above these people, helping them execute their tasks with maximum efficiency and ensuring that they meet their deadlines is management. Corporate is run by the management and its importance can’t be overstated.
So starting a business management career seems like a daunting task. It sure is, there are a lot of variables that contribute to the possibility of you making or breaking it in the long run but one thing that’s sure is- if you are willing to put in the work and grind- success is sure to follow. Let’s take a better look at business management and what scope it has in our country.
India is an emerging corporate playground, there are startups popping up everywhere and many moguls and giant MNCs have sunk their roots deep into the Indian soil. The economy, however hard it might be struggling to stay put right now, received the make in India program well and a surge in manufacturing plants and branch offices in India was witnessed.
It’s remarkable just how many management jobs sprung out of nowhere seemingly in the span of a few years but it’s not all that surprising if you take a step back. With that said, it’s the right time to jump-start a business management career. What’s the most crucial part of business management- analytical skills, logical reasoning ability, good communication and interpersonal skills, leadership qualities, a hard-working persona are all important, sure, but the most important skill is team management skills.
Besides those, a degree in management is crucial. The country has premier institutions like IIMs, Xavier’s and ISB. The faculty of management studies is also a reputed institution that offers all degrees ranging from a bachelor’s program to a full-time post-graduate diploma in business management. MBA, however, remains the most popular pursuit of future managers and has proven its ability as a well-rounded course with apt exposure and practical knowledge along with carefully structured course matter in various streams.
In order to enter an MBA program in business management, CAT or the common admission test needs to be cleared and based on its score and the overall profile of the candidates the management studies institutions that accept it decide if they should let the students enroll after a personal interview. MBA comes with a sizeable price tag and while student loans remain a way out for people, eighteen to twenty-four lakh rupees is still an important decision to make and should be considered well beforehand.
Banking and Insurance, IT, Logistics, Operations and International Business are some major streams of MBA (and it’s bachelor’s counterpart BBA) that are of interest to students. These domains come with various detailed job responsibilities upon placement and have vastly different career trajectories. The progression after landing a job still remains somewhat close.
The average salaries offered of the graduate is from one of the A-tier Colleges (Yes, pedigree matters here) are twenty-three to twenty-five LPA. While it drops significantly to twelve to fifteen LPA for tier B colleges and further to Seven LPA for other colleges.
Bachelor’s degree holders eventually get placed at associate or junior level profiles such as Management trainee, Junior Analyst, Associate Business Analyst, etc. MBA holders see an average 64% hike in salaries and manage to get placed in more refined positions such as Administrative Assistant, General Manager, Sr. Analyst, Project Manager, HR manager, etc. They also seem to have a faster career progression and steady growth over time.
India is a land of opportunities. We are an agriculture-based country but managed to get to an economy worth more than three trillion dollars in under eighty years of being an independent country. While corporate isn’t as involved in this growth as it should be, the tides are changing and there is a definite demand of good management to ensure the process doesn’t slow down, the supply of skilled professionals is on the low which is why this is a good time to enter the management world and make a career in business management.
