Career in Business Management
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Career in Business Management
Business Management
The purpose of management is to make the best use of available resources, human, physical and monetary, in order to achieve an objective. The work of business management professionals covers basically all areas of work. They can, however, train in several specialist areas. These could be in the areas of International management, dealing with international trade and business, and technology transfer ; Public service management, which includes management of public enterprises, non-governmental organisations and co-operatives ; Hospital management, responsible for the efficient running of hospitals ; Hotel management concentrates on all aspects of hotel administration ; Technology management, which specialises in all aspects of technology, including policy, financing and marketing ; and Rural management, which is concerned with management of rural resources, environment, agricultural produce and so on.
WORK
There are broadly five functional areas of work for professional managers and most students try and specialise in one of them. These areas are, personnel or human resource development, finance, production or operations, marketing, and information services.
The function of Personnel Management / Human Resource Development (HRD) is to make the most effective use of an organisation’s resources – it’s people. This means handling recruitment, placement, training, as also manpower planning, staff welfare, industrial legislation and labour relations. Other specialist areas in which HRD personnel are involved, include compensation and benefits for the staff, health and safety, and other welfare aspects and staff welfare schemes, handling management of change and so on.
Management executives in the area of Finance are responsible for their organisation’s financial health. They handle budgets, execute financial programmes and conduct profitability appraisals.
Production is a vast area that directs, co-ordinates and controls the operational aspect of an organisation, and the efficient utilisation of men, machines and materials. It is the process by which the physical output of an organisation is planned. Depending on the scope of operations of an organisation, production can also include planning, purchase and control of materials used, and the maintenance and running of equipment.
The Marketing & Sales department directs the flow of goods and services from the producer to the end user. Marketing Management therefore involves the planning of strategy to deliver goods and services efficiently and at the least cost to the customer. The work here also involves research and analysis, which would include devising means for collecting information on current and future needs of customers and interpreting their results, planning, testing of new products or services and sales forecasting. Sales is linked to marketing in that it is responsible for putting the marketing strategy into action. This means finding and dealing with customers for the particular goods and services produced by an organisation.
Management Information Services is gaining in importance as it involves the collection, processing and dissemination of information of significance to the efficiency of an organisation.
ENTRY
There are basically two ways of entering a career in management :
(a.) By becoming a specialist in any one of the cross-functional / specialist areas.
(b.) By starting as a trainee in an organisation that offers a career in management.
This, however, usually requires some previous qualification or experience. Moreover, most organisations give preference to qualified management graduates. So, professional training is essential for entering the management profession.
Eligibility:
As far as eligibility for management courses is concerned, admission to the BBS (Bachelors in Business Studies) is granted to students who have cleared the 10+2 examination.
Admission to an MBA course, however, requires a good undergraduate degree (BA / B.Sc. / B. Tech.) in any discipline and clearance of the entrance selection processes. The lower cut-off percentage might differ slightly among institutions, but the minimum aggregate considered for admission is usually not less than 50%. Candidates in their final year of graduation may also apply for admission. However, what is more important is the results of the entrance exam held for admission to all management institutes.
Selection:
Most business schools follow a standard selection pattern. A written examination called the Common Admission Test (CAT) is held in December every year by the IIMs, and some management institutes ; other institutions hold separate entrance exams, such as the Management Aptitude Test or (MAT). Major newspapers carry an advertisement stating the method of application and the place, date and time of the test which gauges verbal and problem solving abilities, comprehension and data interpretation.
The CAT, or MAT exam is essentially an elimination procedure that analyses the candidates’ personality and intelligence. There is no fixed structure to the papers which are set in the objective type format. To help candidates prepare for the CAT exam, a book called ‘CAT’ is published every year. Local coaching schools also prepare students for these tests held by the management institutions.
After clearing the written exam, candidates may apply on prescribed forms to one or more institutions of their choice. They are generally selected on the basis of their participation in group discussions (GDs), which are followed by a personal interview.
Duration:
The duration of undergraduate courses is 3 years. However, the duration of postgraduate courses is 2 years.
INSTITUTIONS
The great demand for MBA degrees / diplomas has spawned a mushrooming of business schools around the country. However, among the leading institutions offering courses in business management are :
– The Indian Institutes of Management located at Ahmedabad, Calcutta, Bangalore, Lucknow, Indore and Kozhikode (Calicut).
– Jamnalal Bajaj Institute of Management Studies, Mumbai.
– Xavier’s Labour Relations Institute, Jamshedpur.
– International Management Institute, New Delhi.
– Faculty of Management Studies, Delhi University (South Campus), New Delhi.
– Narrsee Monjee Institute of Management Studies, Vile Parle (West), Mumbai.
– Symbiosis Institute of Business Management, Senapati Bapat Marg, Pune.
– Institute of Business Management, National Council of Education, Bengal, Calcutta.
PERSONAL ATTRIBUTES REQUIRED
High IQ ; analytical mind ; imagination ; creativity ; ability to crisply grasp changing information ; foresight regarding the implications and consequences of considered action ; technical competence ; business acumen ; entrepreneurial flair; capacity for risk taking ; decision making ability ; high achievement orientation ; ambition ; physical and mental agility ; self confidence ; leadership qualities; interpersonal skills ; communication skills ; ability to articulate ideas ; spirit of team work ; sociability ; tact ; patience and perseverance ; flexibility ; courage ; moral integrity ; resilience ; emotional stability.
JOB PROSPECTS
For Management graduates :
* Business houses / corporations,
* Multinational corporations,
* Industrial houses / manufacturing companies,
* Export organisations / trading companies,
* Marketing organisations,
* Financial concerns,
* Banks,
* Public sector enterprises,
* Advertising agencies,
* Hotels,
* Corporate hospitals,
* International development agencies / non-governmental organisations, including agencies such as the World Bank, UNICEF and other UN bodies, OXFAM, etc.
* Consultancy / self-employment
* Teaching / research
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