Business management is today one of the most sought-after careers. For aspirant in the employment market, this has opened limitless opportunity in diverse spheres with the promise of rewards in the form of good remuneration, status and scope for professional and personal growth. Moreover, in this achievement-oriented profession where results count more than year of experience, bright and hardworking young people can rise to top positions fairly quickly.
Areas of work in business management
Professional managers, depending of individual skill and specilization, usually operate within one of the five defined functional areas. These might vary slightly from organization to organization.
- Personal Management or Human Resourse Development
- Production and Operation
- Sales and Marketing
- Management Information Systems (MIS)
There are also some special areas for work in business management, that is a particular type of business management.
- International Management - deals in all areas of international trade and business.
- Public System Management - management of public interprises, non-government organization and cooperatives.
- Operational Research - using mathematical analysis for solving financial and production problems.
- Technology Management - specilizes in all aspects of technology, including financing and marking.
- Management Consultancy - responsible for identifying and correcting problems concerned company policies, procedures and methods.
- Hospital Management - responsible for the efficient running of hospitals and health care organizations.
- Hotel Management - concentrates on all aspects of hospitality and hotel administration.
- Rural Management - utilizing management practices for managing agro-based and other village industries as also marketing rural products.
- Forest Management - responsible for handling the administration and marketing of forest-related projects and products for forest development.
- Disaster Management - this comes into action during the times of natural calamities and disasters and is involved with reconstructing and rehabilitating disaster-stricken people and managing relief materials and other resourses.
- Leisure & Event Management - management of leisure-related activities, clubs, parks and events.
Eligibility for business management
Graduate studies in business requires a good percentage in standard XII from any subject stream. However, subjects such as commerce, economics and mathematics would prepare a candidate better for business studies. Selection is either on the basis of class XII marks or throught an entrance test.
Postgraduate studies require a undergraduate degree (BA, BSc. or BTech.) in any discipline and clearance of entrance selection processes. A requirement of a minimum of two years of work experience is likely to be introduced for eligibility to most master's programmes to keep them on par with international management courses.
Duration of management courses
Undergraduate studies (BBA): 3 years.
Postgraduate course (MBA): 2 years
Fresh management graudates are usually recruited on-campus. Corporate organizations, multinationals, foriegn banks, foreig 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
Remuneration package for the MBAs are among the higest today, as there is still a predominant shortage of well-trained managers. Starting salary and perquisites vary depending on the size and prestige of the recuiting organization, the candidate's qualification and the institute of training. they could be as low as Rs. 8,000 per month or as high as Rs. 1,50,000 per month .
Career Related to Business Management
- Market Research
- Public Relations