Careers in Business Management
One of the most sought after degrees, the Post graduate Diploma in Business Management or the MBA in Business administration opens diverse lines of employment for the aspirant. Business management can be defined as the process and supervising the business and related functions of a company. Thus a student specializing in the course goes into corporate sector managing different business activities of the company. Post Liberalization, with many MNC and other corporate giants setting shop in India, the prospects have only brightened in the field. In fact Business Management is today one of the fastest growing professional courses career options promising rewards to the students in the form of good remuneration, status and scope for professional and personal growth. Business Mangers usually perform a wide arena of functions. Broadly these can be categorized into the under mentioned five categories:
- Personal Management or Human Resource Development (HRD)
- Production and Operation
- Sales and Marketing
- Management Information Systems (MIS)
Course Details For Career in Business Management
There are different diploma, under graduate and post graduate program available for studying Business Management. The Bachelor of Business Administration (BBA), Bachelor of Business Management (BBM), Bachelor of Business Studies (BBS) are the under graduate courses. A student should be 10+2 pass in any stream to be eligible to enroll into a BBA/BBM/BBS program. All these bachelor programs are of three year duration.
The basic eligibility for an MBA degree is graduation in any discipline. Thus students from all streams such as B.Com, B.Sc, B.Tech., B.A are eligible for the course. Now the courses offered for Business Management are either MBA(Management of Business Administration) or PGDM ((Post Graduate Diploma in Management/ Business administration).Technically and career wise there is no difference between the two. While MBA programs are awarded only by the universities or university affiliated colleges whereas PGDM programs are honored by independent colleges. The duration of both these courses are two years.
Apart from these, there is a 1 year PGDM program that is also available for working executive. The Executive MBA program is however a part time degree and not considerd in par with a Full time MBA or PGDM degree. Part time MBA from some reputed business schools like IIMS are however held at par with regular MBA degree. Doctoral degrees in business administration are generally only for those who wish to pursue the academic or research sides of the field.
Different entrance exams for admitting students into MBA/PGDM courses are held annually. These are Common Admission Test (CAT) conducted by Indian Institute of Management (IIM); Management Aptitude Test (MAT) by All India Management Aptitude Testing Service (AIMATS) New Delhi; Xavier Admission Test (XAT) by Xavier Labor Research Institute, Jamshedpur (XLRI); Joint Management Entrance Test (JMET) by Indian Institute of Technology (IIT); ATMA by the Association of Indian Management Schools (AIMS).Scores in these tests are accepted across different institutes in the country. Certain Business schools and universities conduct their own entrance test like National Management Aptitude Test (NMAT), Symbiosis National Aptitude (SNAP) Test, Open Management Admission Test (OPENMAT) by Indira Gandhi National Open University (IGNOU), Written Admission Test (WAT), IBSAT, CEMAT etc. All these exams follow the same syllabus and students can appear in multiple written tests to assure themselves of a seat in one of these institutes.
After the written tests are done, group discussion (GD), team-building task and personal interviews (PI) are conducted by the institutes individually to select the students. Some institutes consider the marks in the graduation level also. Extra curricular activities and qualifications like work experience will be an added advantage to the candidates but are not compulsory.
Career Prospects of Business Manager
Management graduates are usually recruited on-campus. Corporate organizations, multinationals, foreign banks, foreign financial institutions, and others attempt to woo students from the top management schools with lucrative job offers. Most of the major business schools have also initiated career placement schemes for the benefit of graduating candidate. MBA degree holders can join any of the following as executive or assistant managers.
- Financial Organizations
- Public Sector Enterprises
- Industrial Houses
- Business Houses
- Export Companies
- Multinational Companies
- Marketing Organizations
Apart from the above mentioned sectors, MBAs are also needed in NGOs. Business Management professionals also can opt to become entrepreneur. Moreover, consultancy is also a viable and remunerative option open to business managers.
A fresh Business Manager can start his career with Rs 20,000 to Rs 25,000 per month salary. With some experiences in this field one can well go up to Rs 40,000 to Rs 50,000 per month. Students from few reputed institutes like IIMs and ISB can even touch seven figures remuneration.
Institutes Offering Courses in Business Management
There are above 2000 different institutes across the country providing MBA/PGDM courses. Please click here for the list of top MBA institutes in the country.