The contemporary world may best be defined in terms of business corporations. Science and technology, media and industry sum up the state of things. While the cream of management graduates rule the best companies and PGDMs usually hold plush appointments. Not only are Fortune 500 companies indebted to management graduates, the local industries and media houses may also have them.
Previous job experience is considered essential for admission to the best colleges. Internships, electives, and specialization during the course ensure that job-ready pass outs quickly get absorbed in the top companies. Campus interviews with high-paying assignments are often the reward for candidates with the right aptitude, mindset, and dedication to work.
While freshers may often be paid an annual salary of Rs.3 lakhs as executives, tremendous opportunities arise for promotions. Depending upon the clout of the parent institution, the beginning salary could reach Rs.5 lakhs per annum. That is only the beginning. A few years down the road and salaries are probably getting better, though it would depend on particular individuals. Most business schools in India succeed in getting placements for about 70% of the students. Fabulous salaries are sometimes offered to the lucky ones by mega corporations!
Chief Executives, Managers, Sales Managers, could earn salaries that reach Rs.24 lakhs per annum or higher, per annum. Directors and CEOs may command whatever salaries they choose.
Some career boosts in economically viable companies
Since management graduates basically serve in businesses, it is obvious that the companies need to be on a firm footing. Banks and financial services is a sector that offers tremendous potential. India now has a powerful banking industry flush with money after the recent demonetisation.
Hotel Management has specialized courses, but management graduates fit in well there too. PGDM offers ample choices of fields and hospitality would be an excellent choice. The mighty growth of the tourism industry and the infrastructure growth only means more high-income jobs.
Health Care facilities and Hospitals present another mighty possibility. Management principles remain quite the same, applied to whatever industry. A flair for communication, an outgoing personality that likes to interact with society are some qualities needed. Being prepared to work long and odd hours will be a necessity.
Human Resources lie at the heart of every organization. The ability to select the best workers, based on value principles, is a science and an art. Much of the selection happens online and recruitment can be quickly done from across the world. Managing a mammoth workforce in the company would require diverse HR skills.
Rural management and retail management are some of the newer areas that have come up in recent times. New age careers like some in the IT industry have the advantage of novelty that would be very interesting for some people. Besides, being a new field, they would not yet be saturated with workers. More opportunities would exist.
Careers in Finance
Financial Managers are very important in highly competitive business environments. They supervise the company transactions. Budgeting, investment, and management of cash are some primary duties. Arranging for capital and managing company mergers and acquiring new companies would require tremendous expertise. MNCs undertake global transactions that require skillful financial management.
Investment Fund Managers take care of individual and company investments in real estate and stock markets, besides others. They need to select securities and specify objectives and detect problems. Study and experience in finance would be an asset besides management.
Investment Bankers assist companies to arrange for loans in the capital markets. They facilitate financial transactions and are instrumental during company mergers. In a rapidly growing market, securities and commodities are some areas of great demand for management graduates with knowledge of finance.
Financial Advisors advise clients regarding the best management and investment of finances. Children’s college education and increasing retirement savings are some common areas of worry.
Careers in Technology
Chief Technology Officers need a particular knowledge of IT management. They take care of the technical ideas and manage the technological aspects. Supervising a team of IT workers would be required, besides facilitating research and projects.
Computer and Information Systems Managers manage the organization’s tasks concerning computers. Managing internet sites as well as the intranet would be required. Installations of software and hardware would be part of the duties. Developing computer systems would be another major responsibility.
IT Directors are essential in every industry. Many companies completely depend upon software and hardware systems through the day and night. Security and constant maintenance are big responsibilities. Management and performance of the IT infrastructure rest in their hands.
Careers in Marketing
Research in marketing offers tremendous opportunities because that is how companies succeed, by gathering customer information. Both qualitative, quantitative analytical ability would be needed to gather information and interpret it. Market Research Director, Market Research Manager, Market Research Supervisor, and Market Analyst are some portfolios.
Brand Managers wield enormous clout in industries that show mammoth growth in the present and the future. The work requires lots of travel in a field that constantly witness change as trends depend upon the whims and fancies of customers. Opt for Brand Manager, Product Manager, and Product Development Manager.
Advertising Managers of the new age are getting excessively important. Creativity is essential and every company needs to have an advertising branch, besides media and market research. Advertising Sales Director, Media Director and Media Coordinator are some interesting designations.
Senior positions like managers and directors would usually be reached after several years of experience in junior executive positions. How long the promotions would take is quite entirely according to abilities and performance. Besides, some companies offer greater incentives for good performance.
The arrival of global companies in India has raised demand and salary levels. The situation is likely to stay that way with accelerated growth in several sectors like e-commerce. Management Consultants usually make specialized studies of a specific field. They help companies improve production, cut down on costs, ensure worker performance, etc. If new rules are introduced, the consultant helps the adjustment process. They would help set up online businesses too. Why not step into such shoes for a marvelous career in management?
At IFBS we strive for excellence with each passing day and we are proud to share that the average annual package for our previous batches has been around 6.5 lakhs per annum.
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