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Hello Pooja,
A very apt question asked. These days courses have become a rat race.
Students not knowing their potentials and most importantly not knowing what they wish to focus or what they want out of their career make a choice blindly.
Thus you will notice, many MBA graduates are still at a junior level and few are working in positions or roles they do not fit into at all.
Thus answer to your query, as to scope and success of a management course would completely depend on your abilities, aptitude, potentials and most importantly knowing what you wish to do in future.
Also Management is a trait which follows experience. But we see a lot of freshers who jump into a management course, not knowing anything about the functioning of the industry. I suggest, pursue a management course only after few years of work experience, as one would know the true meaning of management and would be able to utilise the learnt management principles.
Wish you good luck.....
In the modern era, pursuing a career after having an MBA degree has become the most competitive field. The three letters degree has become mandatory for getting into the corporate sector. It has become a herculean task for one to get differentiated among others for getting bright future options. Going for a business program boosts various career prospects for a successful future, even after having a cut throat competition in this field. According to the Graduate Management Admission Council, there is a high rise in MBA admissions each year after 2008. Only self-knowledge can help one to pursue the right career choice to ensure one's career progression. Here we are going to discuss various career scopes after having a master’s degree in business administration and management courses:
For any Confusion Regarding Career Paths – Take here: Psychometric Career Tests including Ideal Career Test
Financial analysts:
Pursuing a career as a financial analyst after doing an MBA is beneficial to have bright career options. The role of a financial advisor is to provide investment, insurance, retirement and taxation related guidance to customers. It also includes a perfect strategy to achieve financial targets of a company. An MBA can follow up to the role of a manager for future success.
Salary package:
A financial analyst may get a salary package of up to 3 lacs per month. The increase in the pay scale of a financial advisor or an investment advisor is highly influenced by his experience.
Finance manager:
Financial manager has responsibilities to overview company’s financial growth, to prepare and review financial reports on monthly as well as on annual basis, to analyze latest trends of the market and to manage personnel and financial profits of a company. Along with the degree in finance, companies also hire MBA students to boost their analytical abilities and extra skills that may help the rapid financial growth of a company. Companies offer high pay scale to the MBA aspirants.
Average monthly salary of a finance manager is approx 1 lac. There is no big effect on pay scale even after having years of experience.
HR (Human resource) Manager:
Due to rise in demand of skilled HR managers in various human resources department, an MBA can directly approach to this post. This post brings the responsibility of administration work to recruit, to hire and to give training to executives. HR manager also helps an organization in a strategic manner to maintain its development, compensation and benefits. One has responsibilities to solve various company issues such as harmonious relations with clients, compliance, redundancies, solve disciplinary etc.
Average monthly pay scale of an HR manager is varied from 25k to 2 lacs depending upon the skills and experience. Senior HR manager can get 60k to 2 lacs of monthly salary package. An HR executive may get 20k to 1 lac per month salary package.
Information system manager:
IT is the most demanding field oflate. Each and every company whether it’s big or small hire information system manager to ensure their system requirements such as to upgrade old technologies, to find out the new technologies and to keep the system secure. Several MNCs hire IT professionals who have Master’s degree in computers and have MBA degree as an additional qualification. The aim is that manager can easily handle all the prospects related to the company including IT as well as business skills to deal with clients for getting success.
An average salary package is about 1 lac per month. For higher pay scale, further skills are required related to the post of project manager or ERP(Enterprise Resource planning). Experience will be an add-on for further growth. Chief Information Officer (CIO) may get an average salary package up to 4lacs.
Management analyst:
Many companies hire graduate’s for the post of management analysts. These companies require improvement in costs, finance, problem-solving skills and more. Some large scale companies prefer MBA degree for this post. The aim is to achieve company’s high targets and to work tactically with a team. About 20% of management consultants prefer to be self-employed.
Average salary package of management analyst is up to 3 lacs per month depending upon one's skills and experience. For higher pay scale further skills are required, such as operational management, business strategy, marketing strategy, IT solutions etc.
Data analytics:
In today’s era, the 'Big Data' has become more important for startups and all kinds of businesses. It is required to analyze all the aspects of the market demand and to focus on the same for company growth. Data analytics has become the most demanding part of the corporate sector. One can pursue his career as a data scientist also for edging the future success.
The Average monthly salary package is about 3 lacs for a data analyst. For getting a high rise in pay scale one should have high experience and have skills related to SAS, data modeling, big data analytics, statistical analytics and more.
Health service manager:
During MBA, Healthcare Management Program is specially designed to boost up healthcare business. Hospital management involves work including clinical, global and healthcare management and hospital administration services. One can follow up his career as a manager to oversee the work of doctors, lab assistants, clerical and technical helpers in a hospital.The one who has an MBA degree can get financial growth in this field.
An Average salary package is between 2-4 lacs monthly. It requires skills like operational management. Experience will have only a moderate effect on high salary packages.
Investment banker:
One can pursue his career as an investment banker or an investment fund banker after MBA. The first one is to help various government and private companies to raise their funds in equity and debts. An investment banker guides strategically to merge and acquisition of a company to the other for achieving high financial targets. A fund manager advice people to make investments related to the stock market, real estate and several other financial and banking sectors.
The investment banker may have monthly salary package from 70k to 1 lac. One should acquire skills like JAVA/J2EE along with the experience for getting higher pay scale.
Marketing manager:
Companies need someone who can help to expand a company’s market value. Marketing manager helps them to obtain new distributors and customers to increase sales and profits of a company. The role of the marketing manager is to research on latest trends, to explore various opportunities, to estimate market demand, and to develop marketing campaigns. Employers related to hi-tech industries, mainly prefer MBA degree along with the bachelor’s degree in engineering and science stream.
An average annual salary package is about 10 lacs for a Marketing Manager. Skills required for high pay scale are product marketing, strategic marketing, branding, marketing communication, business analyst.
A Senior Marketing Manager may have pay scale from 15 lacs to 2 crores annually depending upon experience and skills. Web marketing, product marketing, social media marketing, branding and advertising are the required skills for getting such a high salary package.
Success rate:
The success rate for an MBA varies from person to person. It is based upon one’s skills, field requirements, capacity, innovative ideas and more. Only differentiative skills can lead one towards high career progress.
Employment Growth Rate:
From the analysis of various industries, it is forecasted that there will be a rise in employment growth in all the fields related to MBA till 2020.A career in management sector offers high remuneration packages and rapid success rate. Various incentives are also provided by the private companies including accommodation, CPF, medical allowance, transport allowance, reimbursement and more. The knowledge and discipline gained during MBA are strongly recommended for the growth of the company. It leads all the MBA aspirants to enter new scopes and to unlock the path for rapid advance success rate in the upcoming years.
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Vikramaditya Duggal is heading his own organisation - Abhivyakti - the Expression. It specialises in training, coaching and consulting services for people, leadership and organizational development. He is a professional banker. He worked in State Bank of India for 22 years. He held a variety of roles and responsibilities during that period. He took early retirement to pursue his passion in the field of learning and development. He was Assistant General Manager and faculty member in State Bank Staff College, Hyderabad when he took retirement. Thereafter, he worked in Administrative Staff College of India and Centre for Organization Development, Hyderabad where he developed and delivered a variety of programs in the field of Organizational Behaviour. Some of his areas of interest include Leadership – an inside-out approach, Emotional Intelligence, Coaching, Communication & Presentation Skills, Negotiation Skills, Team Building and Work Life Balance. He also has the expertise of conducting Out-bound Learning Activities. He is associated with many organizations as Consultant Trainer. He has delivered more than 20 programmes in Indonesia, Philippines and Malaysia. In his experience of over 12 years in the field of Learning & Development, he has interacted with more than 11000 participants from public, private, government sectors and NGOs. He facilitates personal and organizational transformation by encouraging people to discover their hidden potential and take responsibility for change.
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