Dr. Shahid Amin Trali
Businesses have become an indispensable component of the modern world. And, the management of businesses is equally important to save resources, be more profitable and contribute to societal welfare. Businesses have also grown enormously in complexity and scope, and more than ever, they require well educated, ethical, skilled, innovative and creative leaders who are global in outlook.
The remarkable growth of the degree in Business Administration is largely due to its widespread recognition by employers and the almost guaranteed return-on-investment of the degree. The possibilities for a business graduate are almost endless. We can see business management professionals working for small, medium as well as large establishments. One can secure a job in both public as well as private sectors. Business management professionals are needed in every industry be it primary, secondary or tertiary sectors.
A career in business management can mean working in a startup, start our own business, or working with a large enterprise or even be a part of Fortune 500 companies. Business management is a very broad area, and we can certainly find a career that is a good fit for us as a Top executive, Plant Manager, Marketing manager, HR manager, Operations manager, Management analyst, Medical and Health services manager, Financial manager, Accountant, Product manager and so on. We can find managers working in industries like manufacturing, information technology, telecommunications, banks and financial services, health care, pharmaceuticals and many more.
The skills developed on completion of the business management course may include better decision-making abilities, analytical and critical thinking, a creative approach to problem solving, an understanding of organizational behavior and structure, persuasive written and oral communication, the ability to research, interpret and use business and financial data, understand customer behavior, ability to manage time effectively, manage projects and resources, understanding of the dynamism of the business environment and be proactive and many more diverse skills.
Generally, business management professionals are involved in formulation of plans, strategies, policies and procedures that guide the business both on a daily and a long term basis. They are also responsible for the coordination of financial, human and material resources to achieve the objectives of the organization.
Business schools have grown as much as they have because they have adapted to the changing needs of the companies and organizations that hire business graduates. There a number of types of business degree which our aspirants can undertake. A good foundation for a career in business management is a Bachelors Degree in Business Administration (BBA) or Bachelors Degree in Business Management (BBM). Some institutes also offer Honors in Bachelors Degree in Business Administration (BBA). Students can also think of Masters degree and specialize in many areas like Masters in Business Administration (MBA) in marketing, MBA in finance, MBA in Human Resources, MBA in international business, MBA in supply chain and logistics, MBA in financial markets, MBA in accounting, MBA in leadership, MBA in hospital management, MBA in tourism management, MBA in Aviation and many more. There are also options available as MBA in dual specialization where students gain understanding of two areas (like marketing and finance, marketing and HRM, HRM and International Business, Marketing and International business and so on) and thus have more scope and latitude for job opportunities.
Industry oriented programs not only will help students get a good grounding of the fundamentals, but also gain insights that can help them build a rewarding career. Students nowadays also have an opportunity to go for degrees (BBA and MBA) in Universities and Colleges with Industrial tie ups for specialized courses. In such courses, there is equal involvement of industries associated towards better learning outcomes and better job placements for students.
ITM University Gwalior offers an MBA program in logistics and supply chain management in collaboration with Safexpress, MBA program in financial markets in collaboration with National Stock Exchange (NSE) and BBA (Honours) program in financial markets with NSE. Ansal University has a tie-up with Bajaj Capital to offer a specialized Master’s degree in applied finance. Last year TimesPro announced its academic partnership with Bennett University for its Industry Oriented MBA Programs. This kind of association of academic institutes and industries is a boon to MBA aspirants nation-wide and comes as a game changing proposition in the fast-changing and ever-growing industry.
Students have also options for higher studies like Doctorate or Postdoctoral degree in the area of business management. Earning a Doctorate in this field can help students get ahead of the competition and land a high paying job or join the teaching profession. A Degree in Business Management has helped many enter into careers that have allowed them to follow their passions. An advanced business degree can be transformative for career changers. But, there is no guarantee that even an advanced degree in business management can work wonders on everyone. Business graduates from world’s best business schools (Harvard, Yale and so on) can also lose their jobs. Their entrepreneurial ventures can also go bust. But then there are reasons and all the good studies show that a Business Management degree is well worth it and those who opt business management degrees are more than satisfied with the experience.
The author is an Assistant Professor at ITM University, Gwalior. He can be reached at: firstname.lastname@example.org