This is the second most important question that any MBA (or PGDM, PGDBM, PGPM, etc... etc.) aspirant would need to have an answer to before starting this eventful journey. Believe me, Destination of this journey would completely depend upon this single very important answer.
Never decide your stream based upon your educational background.
So this is for all those aspirants who have decided to do MBA but need some more information to decide upon their stream.
1.Streams have got nothing to do with under-graduation background. Never decide your stream based upon your educational background. One big misconception people have is MBA in Finance suits those with Commerce background. It is not so. Yes, if one has commerce background, it helps in some concepts. But largely, people with Engineering background do equally well if not better.
In fact, most I-banks or consultancy companies prefer people with MBA (Finance) and Engineering background. The reason is that engineering subjects stress more upon logical and analytical thinking and practical approach to solve problem.
2.Marketing Management is not about boardroom marketing strategy planning. Yes, please get real. The career for a Marketing Management graduate starts with Sales. Hardcore Sales. And if FMCG sales looks too glamorous from outside, lets get some basics right. FMCG sales realistically would mean going to smallest towns in India in scorching heat, or flooding rains, or shivering cold in old, about-to-breakdown buses or overloaded jeeps, and selling products from shop to shop.
Yes, you do get rewarded for the efforts you put in your initial years. And you do get to make strategies, but that comes much later. You have to spend no less than 3-4 years in sales before being considered for marketing role. But if sales is not your cup of tea, think twice before opting for marketing. In marketing, the skills required are:
•Ability to plan and execute marketing ideas
•Ability to develop ideas which lead to growth in sales
•Ability to mobilize resources to achieve the set objectives
•Communication skills - written & Oral
•Interpersonal skills
•High energy levels and enthusiasm to work
•Analytical skills
3.Doing Information Management is not a pre-requisite to get into an IT company. Just like IT companies do not only recruit Computer Engineers but also Mechanical and Civil Engineers (I was a mechanical engineer but was offered job by a software company), the same applies to MBAs also. IT companies do give preference to IM graduates but they are open to other streams too. So, even if you choose Marketing Management or Operations Management, you have not missed out on IT companies. A specialization in IT offers scope for a career in many areas in the industry.
The skills required are the following:
•Good Analytical Skills
•Project Management
•Team Work
•Quest for knowledge
•Good communication
4.Human Resource Management is specialized function dedicated to the entire gamut of activities concerning people. kills required to do well in this area include :
•Ability to understand and deal with people of all levels
•Ability to cope with unstructured situations
•And the person should have the 4 Cs
•Creativity
•Calmness
•Conceptually sound
•Convincing ability
5.'Operations' in the management world encompasses almost all the areas that reflect the efficiency of the organizations in the area of background work and execution. It includes inventory management, vendor development, purchasing management, and also a few other areas which demand multi-disciplinary skills viz. supply chain management, enterprise resource planning and also all cost optimization initiatives.
Depending on the type of organization, one might be responsible for a few activities / regions in the initial stages and consequently growing up to handling broader areas. A typical career would see one handling a few plants/ vendors initially, followed by the responsibility for an entire factory and eventually undertake a more strategic view like global sourcing / alternate materials / imports etc. but, at each stage there is a lot of responsibility and risk.
The skills required for any of the above jobs are integrity, ability to negotiate, ability to remain calm in the toughest of situations (there is a fire almost everyday, somewhere) and lastly good coordination skills coupled with technical knowledge.
6.Entrepreneurship is chosen by two kinds of people. One, who have family-managed businesses to handle or take over immediately after passing out from the institute, and the other kind who have ideas they want to implement in a new business after passing.
The second kind is now very much in vogue, especially with the mushrooming e-commerce culture where every idea has a possibility of fruition in a flourishing business. These ventures are typically characterized by a large amount of risk, but with equally high returns if they succeed.
To young Managers either in profession or aspiring for one, Entrepreneurship remains a challenging and exciting career option.
7.Agri- Business - Agriculture in India is an untapped market that has huge potential. Specialization in this field trains students to deal with the issues faced by the agriculture, food, rural, and allied sectors. Students can find job opportunities in both domestic and international levels. The demand for this branch will increase as more and more Indian and multinational companies enter/invest in agribusiness.
Major enterprises will be in the following areas:
•Production and marketing of inputs which includes pesticides, fertilizers, farm machinery, seeds, livestock feed, and irrigation equipment
•Finance and credit arrangement, rural banking, and insurance
•Processing and marketing of agriculture related outputs, such as fisheries, livestock, forestry, dairy farming, horticulture, and food crops
•Tertiary services, such as rural energy, water management, logistics, research & development, and export & import
8.An MBA in International Business grooms working managers and executives for careers of increased responsibility with focus on diversity and multicultural concerns, International relations and business strategies sensitive to international issues.
We call those International that are not restricted by geographical or political boundaries. Hence business operations without geographical boundaries, i.e., global commerce and the Internet have made the world smaller, but far more competitive. So one deals with terms like international business, multinational, transnational, globalization, multi domestic and the global marketplace very often. This arena along with the traditional export and import industry provides pathway to a multitude of careers.
In today’s global economy, many businesses are looking to expand into an international market, therefore, careers in international business are expected to grow at a faster than normal rate. From banks to manufacturing firms to government agencies, almost all industries have a need for people with a background in international business. There is such a wide range or opportunities available that someone with strong business skills and an international mindset should be able to easily find a job in a field that interests them.
9.It has been rightly said, "Just as Amitabh Bachchan stands tall in the entertainment industry, an MBA comes out at the top on the career front." But how does MBA fit into Media And Entertainment industry? There is a strong connection between management and entertainment and the management students have to deduce just what will open the doors of opportunity for them.
There are various jobs directly concerned with Media And Entertainment industry and require an MBA in Marketing. A few jobs for MBAs in this industry are:
•Event Management- to organise and promote events such as award functions, live shows, etc.
•Production Management- to help in the production of films, serials, news and entertainment channels.
•Ideation- to develop ideas for stories for television serials, informative programmes, or documentary and other films.
•Celebrity Management - to manage careers of celebrities.
•Brand Management - to maintain and promote brand names through various methods.
MBAs without work experience can also look forward to the following career options:
•Agents or Money managers - An MBA can work as a financial manager handling the finances of film stars, directors, musicians, etc.
•Business development and consulting - An MBA can work to develop strategic alliances and partnerships for Media And Entertainment companies and work as a consultant to companies for cost cutting, restructuring, etc.
10.Retail environment requires professionals with new skills, efficiency and capability to be told, to compete and to think beyond the box. A specialization module in retail would provide the students a comprehensive exposure to the retail business world.
Today Retail management is your step to a stable career and a bright future. This MBA program trains students for specialized and proficient employment in the retail industry. A person having done MBA in Retail ought to possess robust decision creating skills particularly in terms of pricing and promotions, staffing and abundant more. MBA in Retail Management course is administrated by several Prime B Schools and universities. These MBA Colleges teach students the ideology of retail and merchandise; it prepares the students with skills to face the challenges of the new age.
After we speak of the scope of MBA in Retail in nowadays's scenario then the answer is often a YES. Specially having big brands like Pantaloons, Spencer's, Big Bazaar, Shopper's Stop, Reliance, Westside, and several more into long term investment in India's market.
By selecting to try to to an MBA in Retail an individual will build a future in varied fields like sales, merchandiser, offer chain distributors, retail manager, marketing executives, retail buyers and merchandiser, logistics and warehouse managers etc. All over India, there are various job opportunities conjointly in books and publishing business, multiplexes, garment trade, searching malls, music stores etc. MBA in Retail management is one amongst the most standard courses among the kids as a result of once getting knowledge in retail, one can achieve more store sales and profit, merchandise shipments and much more. In this course a private can additionally learn to be an experience while communicating with shoppers satisfying them and managing the shop very well. The career growth and scope of this field is not limited only to India. However it has nice future in abroad too.
This is the second most important question that any MBA (or PGDM, PGDBM, PGPM, etc... etc.) aspirant would need to have an answer to before starting this eventful journey. Believe me, Destination of this journey would completely depend upon this single very important answer.
Unitedworld Executive.
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