If you are someone who enjoys working with people, and have an ability to motivate and lead them, if you are a good planner and have been known as an excellent organizer―you are simply cut out for a career in business management and administration.
In simple words, management can be defined as the function of utilizing and managing all the available resources in the organization, such as human resources, material resources, and financial resources, so that the goals of the organization can be achieved. A degree in business administration will prepare you to perform this function of management in an appropriate manner.
To enter this profession, you will need to get into a business school and get an MBA degree. Here is some useful information on the kind of training, studies, and experience you can expect at a business school during your degree, followed by the jobs that you will become eligible for once you pass out of the course.
- General Management
- Human Resources Management
- Financial Management
- Business Strategy
- Business Ethics
- Information Management and Technology
- Business Laws
- Company Structure and Organizational Management
- Economic and Financial Affairs
- E-Commerce & Technology
- Communication (Spoken and Written)
- Problem Solving
- Customer Relationship Management Skills
- Negotiation Skills
- Team Building
Today, education has evolved a lot, owing to changes that have taken place in the corporate world, due to globalization and technological advancements. There have been new subjects introduced, such as e-commerce, international finance, information technology, etc., and the emphasis is shifting more on practical experience and learning, by way of guest lectures by industry professionals, case studies, internships, presentations, and group assignments.
Careers in Business Management and Administration
A person who has an MBA degree, years of experience in the corporate world, and the desired skills, has the potential to reach the highest position in an organization, i.e., become a CEO. However, to reach such heights, he needs to have the experience of heading various departments, and performing all functions such as planning (setting individual, departmental, short-term and long-term goals), organizing ( setting supervisory-subordinate structures, fixing responsibilities, communication flow structure, etc), hiring (interviewing applicants and selecting workforce), directing (motivating and leading people to achieve maximum employee output), and controlling (taking performance appraisals, attaching ‘rewards and punishments’ to ensure results).
An MBA degree will open up a lot of job avenues for you in the corporate world. The salaries at the entry-level positions are pretty competitive too. According to the Bureau of Labor Statistics, an entry-level managerial position can fetch you anywhere between $30,000 to $ 110,000, with the finance specialization being the most well-paying. A senior manager can expect anywhere between $60,000 to $1,000,000, depending upon the size of the company, his work profile, as well as the location.