A Career in Management
If you wish to be in a career where you are making decisions, shaping company policies, setting new growth records and making your firm a Fortune 500 company, then business management is the track you should be on. Although many students opt for management courses after graduation, their reasons for doing so vary considerably. Some do it because all their friends plan to, others in anticipation of a good job on completion of the management course.
The MBA(Master of Business Administration) is the most popular business qualification in the world. Most prospective students regard the MBA as an adjunct to their career. They believe that the MBA is about success in the corporate world in terms of both promotion and salary. It is a broadening process, designed to introduce the student to all the main management functions. Accountancy, Economics, Finance, Human Resource Management, Information Management, Marketing, Production and Operations Management, Business Policy, Bovernment and the International Economy, Organisational behaviour, Quantitative methods, would be the core of a serious management programme. Most management programmes allow the students to pick out a stream to specialise in during their second year of the MBA programme, building upon their first year grounding. The MBA also seeks to improve effectiveness. It is designed like a physical fitness regime. Not only are broad management functions introduced, students are drilled in them so that they respond swiftly, almost automatically. The case method of teaching in which real-life corporate problems are analysed, is a classic way of doing this.
What does it involve?
Management of a business is the process of planning, organisation, leading and controlling efforts of members of an organisation and using the available resources of the organisation to achieve the organisational goals. When the process of planning, organising, leading and controlling is applied to business organisations, it is called business management. The current trend of thought regarding management is that it is both an art and a science. The element of science is present in the theory of management while the ability to apply it correctly represents the art element.
Work Environment
Working conditions vary according to the position, employer and industry. You just cannot expect any standardised pay packet or work environment or set of responsibilities. Most managers, however, work long hours and in some industries regularly work night shifts too. The pace of work also varies. In media, managers are subject to constant deadlines, in the retail trade businesses, seasonal changes in activity are pronounced. Managers are decision makers. They set goals and policies and work through other people to reach them. As a business executive or manager, you are directing others in sales, research, production, accounting, and purchasing. There is often a lot of teamwork involved.
Management consulting and financial services have always been the traditional routes to top jobs and high salaries for MBA graduates. Both these sectors have cut MBA recruitment in recent years.
Management consultants collect, review and analyse data, make recommendations and assist in the implementation of proposals. An Operations manager improves productivity and performance of an organisation. They are problem solvers, problems typically revolving around inventory control, personnel schedules, security, forecasting, resource allocation, product mix and distribution systems.
Personnel and Industrial Relations / Labour Welfare Officers / Managers deal with people, some deal with interviewing, selecting and recommending, others handle union-management relations ,some handle wage and salary administration, others specialise in training and career development on the job. Commonly know as human resource manager, they may oversee several departments, each headed by an experienced manager specialising in one of the above-mentioned activities.
Financial managers oversee the cash flow and develop information to assess the future financial status of a business.
An MBA may become a Bank manager in the private sector or in a foreign bank. Banks are in the "money" business and the bank manager is responsible for the management of the bank's business.
Market analysts use market research to plan, implement and analyse surveys to learn more about consumers' want, needs and spending patters. Marketing is a fascinating and challenging job that is attracting top MBA students because of its influence on company business strategies.
Levels of responsibility
In any business organisation there are a series of management positions from the top to the bottom. The amount of authority and status of any managerial position is determined by the level of management. Broadly, there are three levels of management -- top, middle and lower. In the top management level we have the board of directors, chief executives and the departmental heads. These people provide leadership to the organisation and establish overall long-term goals. The middle level management consists of the departmental managers who receive orders, suggestions and decisions from the top management and convey them to the lower level for implementation. The lower level management is responsible for day-to-day working of the organisations.
Education & Training
The allure and financial reward of a career in management have fuelled an unexpected boom in application to business schools/institutes from the mid-eighties and the interest is till escalating. The demand far exceeds the supply and so there is a mad scramble among students to join the business schools in the country. The candidates applying for the M.B.A. programmes in reputed business schools are too many and the seats available are too few.
The minimum educational qualification for entry into the M.B.A. programme is graduation in any stream. Some universities and business schools do lay down a minimum aggregate of 50% for being eligible to apply for their MBA programmes.
Admission notifications appear from August onwards. Another twenty business schools use the Common Admission Test being conducted by the Indian Institutes of Management as the written test for the first round of selection.
Premier Business Schools [an indicative list]
Indian Institute of Management, Vastrapur, Ahmedabad-380015 [www.iimahd.ernet.in ]
Indian Institute of Management, Bannerghatta Road, Bangalore -560076 [www.iimb.ernet.in ]
Indian Institute of Management, Joka, Diamond Harbour Road, Calcutta-700027 [ www.iimcal.ac.in ]
Indian Institute of Management, Prabandh Nagar, Off Sitapur Road, Lucknow -226013 [ www.iiml.ac.in ]
Indian Institute of Management, Rajendra Nagar, Indore-452012 [www.iimidr.ac.in]
Indian Institute of Management, Kozhikode [www.iimk.org]
Institute of Management Technology, Post Box No.137, Raj Nagar, Hapur Road, Ghaziabad-201001 [ www.imt.edu ]
Management Development Institute (MDI), Post Box 60, Mehrauli Road, Sukhrali, Gurgaon-122001 [ www.mdi.ac.in ]
T.A.Pai Management Institute, Manipal-576119 [ www.tapmi.org ]
Institute of Management Development & Research, IMDR DE Society Campus, Deccan Gymkhana, Pune-411004 [ www.imdr.edu ]
X L R I , C.H.Area (E), Jamshedpur-831001(also PM & IR)[ www.xlri.ac.in ]
University of Delhi, Faculty of Management Studies, New Delhi-110007 [www.fms.edu ]
S.P. Jain Institute of Management & Research, Munshi Nagar, Dadabhai Road, Andheri W, Mumbai-400058 [www.spjimr.org]
Indian Institute of Social Welfare and Business Management(IISWBM), Management House, College Square (West), Calcutta-700073[www.iiswbm.edu]
Jamnalal Bajaj Institute of Management Studies, Dadabhai Naoroji House, 164 Backbay Reclamation, Road No. 3, Churchgate, Mumai-400020 [www.jbims.edu ]
Bharathidasan Institute of Management , Post Box No 12, BHEL Complex, Tiruchirapalli- 620014 [www.bim.edu]
K. J . Somaiya Institute of Management Studies & Research, Vidyanagar, Vidyavihar, Mumbai-400077 [www.simsr.com]
NMIMS, V L Mehta Road, Vile Parle W, Mumbai-400056 [www.nmims.edu ]
Xavier Institute of Management, Bhubaneshwar-751013 [ www.ximb.ac.in ]
Symbiosis Institute of Business Management, Senapati Bapat Marg, Pune-411004 [ www.sibm.edu ]
Lal Bahadur Shastri Institute of Management, LBS Institute of Management, Shastri Sadan, Venkateshwara Mandir Marg, Sector III, R K Puram, New Delhi-110022 [www.lbsim.edu ]
Selection Procedure
The M.B.A. admission process inevitably starts off with an entrance test. This is basically a sieving process. This process is relative in nature rather than based on individual scores i.e., if the general level of performance in a particular test is very good a student who has done average may not be selected, whereas if the general performance level is fair the student who has turned in an average performance may be among the ones selected.
The format for the entrance test for the different schools/universities/ institutes varies. Each institute also changes its format frequently. However the overall range of abilities the entrance tests seek to test, remains more or less unchanged.
The aim of the entrance tests is to evaluate under stress, a candidate's general, verbal, mathematical and analytical abilities which are critical for the M.B.A. courses and a career in management. The management entrance tests calls for a superior hold on the English language, quantitative prowess and sharp perceptive mind. The entrance tests are constructed keeping the structure of the management course in mind. Since the management course is grounded in mathematical reasoning the test is designed to keep out those who are shaky with numbers. The importance of command over the English language is related to the factor of communication skills. Case studies have to be written, analysed and lectures have to be followed in English which calls for a good command of the language. The entrance tests seek to locate candidates who have the ability for creative and logical reasoning revealing a decisive and perceptive mind.
The entrance test for an M.B.A. course is not in the nature of an IQ test devised by psychologists; they are more in the nature of aptitude tests. Although aptitude for something cannot really be created, at the same time it can definitely be built up an intelligent and concerted effort.
All entrance tests are objective-type multiple-choice tests. The following elements are generally included in an M.B.A. entrance test:
· Verbal ability & Comprehension in the English Language
· Mathematical/Quantitative Ability or Problem Solving
· Data Interpretation
· Analytical Reasoning
Of late, some management schools have introduced a section of analytical writing, usually for the specialised management programmes.
The time available for each question varies between 30-45 seconds. Although it is not expected that you would be able to answer all questions it is advisable to keep a goal of attempting all questions.
The key to success in the test is constant practice and sufficient exposure to the different types of questions. Systematic working for at least one year on the right lines is advisable.
Final Selection
Candidates who qualify the first round of selections or the written test are called for the final round of selections - Group Discussion and Personal Interview.
During the process of the group discussion, a candidate's leadership qualities are assessed, his/her interaction with the group is observed along with his confidence level and the quality of what he contributes to the discussion. A candidate appearing for the interview for the final selection for an M.B.A. course faces an interview board consisting of experts and specialists from the management institute and industry. Brush up your General Knowledge, be confident about your personal academic profile, likings, aspirations, strengths, goals and hobbies. Read a financial paper regularly some months before the interview so that you have information on the corporate world. If your opinion is sought try to give a balanced view.
Placements
The employment scenario for the management graduates is brightest for the premier institutes. Top companies, multinationals, financial institutions, and banks wait eagerly to sign them up even before they have completed their programme, on the basis of their ongoing performance, academic record and performance in the campus interviews. Fresh management graduates in top companies start their working life with salaries upwards of Rs.25,000 and their remunerations and perquisites rise as they learn how to go about adding value to their organisation's business.
The number of service industry management jobs is likely to be high compared to the number of good-producing industry jobs. All managers plan, organise and control the major functions of an organisation-be it the automobile manufacturer, the department store, the local bank branch or the CEO of the MNC.
The spread of job opportunities of an MBA spans many industries and varied organisations. With the vast range of jobs under its purview it is impossible to generalize about prospects. However, one thing is certain that there is a serious shortage of good managers although the entry to management jobs remains very competitive.
Progress in any sector of the economy would automatically require professional managers to handle the growth-hence the need for management graduates will continue to be felt.
What happens after?
Once you obtain your desired job, you should still be applying the techniques and approaches learned on the MBA to ensuring that you do your job effectively and that your career needs are met. Application to job content is obvious but the same goes to your own career management and achievement of your life objectives.
Think about your objectives at intervals. Take action if you feel that it is not satisfactory.
Accept the idea of continuing education as a way of life all your life. You need not take formal course work for this, but make it your style to read, watch educational programmes on the TV and attend industry meetings where new trends surface. Just as you work to keep fit, get into the habit of doing an information workout on a regular basis.
If you want to lead in the 21st century, learn to handle money and to manage technology. If you have mastered one, pick up the other during evening or weekend studies. Money and technology are an unbeatable combination.
