Business Managers form the backbone of a company. Every organization, regardless of industry, relies on business principles to prosper and business managers play a key role in contributing to an organization's profitability and viability. Perhaps you have considered getting a degree in business management as the most practical choice like almost everyone. But how does a business management degree help?
A career in Business management is more varied than most people realize. It can involve the most obvious functions such as management and marketing and also encompasses many areas that you might not even consider to have anything to do with business like, Accounting, Human resource, Finance and investing, Mathematics, Psychology, Sociology, Advertising and marketing and Leadership and training.
With all of this knowledge behind you, you should be well rounded enough to not only fit into almost any company and bring a lot to the table, but to also become your own boss and your own business!.
A Business management degree lays the foundation for mastery of business fundamentals and management theory, while allowing you to focus in an area that interests you the most, a niche or a specialty. In essence, you also learn how to manage and make the critical decisions that are a part of every organization.
Depending on the nature of the company or department, Business managers can have wide- ranging duties extending beyond personnel management and coordinating subordinates work and include the following:
- Selecting and hiring employees
- Training and Development
- Overseeing Operations (Project management, factory output, payroll, quality control, etc)
- Ordering and managing Inventory
- Setting directions and implementing strategies
Salaries and Job Outlook*
|Median Annual Pay||INR 6.5 lacs per annum|
|Number of Jobs|
|Projected Growth Rate|
Business managers are undoubtedly one of the best paid professionals although the pay varies with the size and nature of the establishment. With an MBA degree under your belt your earning capacity is certainly enhanced. Fresh management graduates are usually recruited in campus through their placement schemes. That being said, there are two major career paths for Business manager degree holders,- those who want to work for others and those who want to start their own company. Generally a business manager has an earning potential of INR 6.5 lacs p.a to 7.0 lacs p.a.
Education and Training
A post graduate degree ( 2years) or equivalent from a recognized university. A Business administration degree can be achieved on clearing various entrance exams like CAT (Common admissions test), MAT ( management aptitude test) or State CET ( Common entrance test).
The MBA programmes are designed to help aspiring managers formalize ideas and look at them logically. A combination of rigorous research based curriculum with an emphasis on real life applications pushes students to discover practical business solutions in real work scenario.
Valued Traits & Abilities
Although a lot would depend on the prestige of the school you graduated from and your specialty Business management career opportunities are the most versatile and available in every sector of the economy. The growing economy is continually fostering the addition of new businesses to the market. These businesses will need qualified professionals to ensure profitability and survival, creating a strong career outlook for Business managers. With a variety of settings and situations, ranging from very small companies to large multinational corporations, they can be in charge of departments in accounting, production, human resource or information technology. Among the endless selection of careers that are open to you, some of the popular job options would be in areas of Sales, Retail, Healthcare and Hospital, Financial services, Real estate or Non profit organizations.
Key responsibilities vary according to businesses but include managing marketing mix, developing strategy and plan, managing budgets and also ensure timelines for delivery.
Evaluate financial reporting systems, accounting and collection procedures, and investment activities, and make recommendations for changes to procedures, operating systems, budgets, and other financial control functions.
They are responsible for all the activities in the organization which contribute to the effective production of goods and services.
Computer and Information systems manager
These managers implement and oversee computer-related activity within a company or organization. Working with top executives, they help determine the computing system needs for a company and then produce a suitable plan to meet them.
- HCL Technologies
- JP Morgan Chase & Co.
- Bharti Axa Life Insurance
- Cisco Systems
- Aviva Life Insurance