Why Study Business Management Today?
Business Management related subjects such as entrepreneurship, banking, finance, accounting, human resource, marketing, organization behavior, strategic management, quantitative techniques and economics are among the most popular fields of study at universities worldwide, particularly at graduate level. You might wonder why this is the case. The answer lies in increasing globalization and transnational expansion of business operations over time and consequent requirement of skilled people to address complex set of business problems. Since business touches on pretty much every aspect of modern human life, careers for business graduates are diverse and often highly paid.
What to expect from a Business Management degree?
A student enrolled for an undergraduate degree in business management course can expect a three- or four-years of study, with some business schools and universities offering an extra year for the student to study abroad or to get an in-company experience. Some institutions offer their business management degree as a BSc (Bachelor of Science) instead of a BA (Bachelor of Arts). One can pursue Business Management degree either in some highly specialized subject or as a generic course that includes a variety of aspects concerning business. The choice of a particular course depends on one’s career goals. However, most students go for a generic course at the undergraduate level to gain essential foundation in multiple aspects of the business world before choosing a specialization. From master’s level onwards, business management degrees are usually more focused on a particular aspect of business, with some flexibility for students to opt for a combination of courses to match their individual interests. Business Management courses lay strong emphasis on the practical application of theory, through the use of a variety of learning tools such as case studies, role playing, practice oriented activities, decision making and problem-solving tasks, presentations, project and team work, as also internships.
1. Academic Opportunities
A first-class degree in Business Management is the natural and ideal base for launching yourself into the most rigorous of Masters programmes in areas involving business and management studies including Banking & Finance, Business Analysis, Business Law, Human Resource Management, Public Relations, Investment Management, Management Consultancy, Business Journalism, Accountancy, both within India and outside.
And if you choose to pursue a career as an academician thereafter, the theoretically and analytically rigorous nature of a Business Management programme will stand you in excellent stead. Research in Business Management studies, therefore, is a popular and viable option for you.
Moreover, the quantitative ability, intellectual curiosity and communication and decision-making skills you will develop while studying a Business Management programme give you an edge for business-school admissions. This is because these are some of the key skills sought out during MBA programme admission tests and interviews, a fact borne out by admissions data from such schools across the world.
2. Corporate / Entrepreneurial Avenues
The quantitative, communication and decision-making skills you will garner will also stand you in excellent stead in the eyes of employers across a wide range of sectors – from lucrative and challenging jobs in areas such as investment banking, consulting and marketing to firms engaged in economics and management research, policy-making and non-governmental work.
The application-oriented nature of a Business Management programme ensures that you have both the ability and the practice to understand the implications of international and national events for your economy or your corporation. This skill is valued very highly by the full spectrum of employers.
Family businesses are typically founded on and run on traditional bases, which, as we are well aware, are fast becoming outdated. The entrepreneurial and managerial skills you will acquire throughout a Business Management Programme will enable you to understand and implement the nuances of the modern organisational framework in either a family business run on traditional lines or a venture that you, as an entrepreneur, wish to start-up. The distinct competence that will be gained will hold you in good stead.
In order to be eligible for admission into Business Management undergraduate degree course, one must have successfully completed 12th class studies. Besides, individual institutions prescribe their own entrance requirements including written tests and interviews for the purpose of such admissions. You must also be proficient in mathematics and English communication.
Why at ISBF?
The BSc Business and Management Programme offered at ISBF under the academic direction from the London School of Economics and Political Science (LSE) prepares you fittingly for the demanding world of business and management. LSE is known as a leading school in the world for social science studies with a multi-disciplinary perspective, and this programme makes the participants familiar with a wide range of subjects that look at business and management analytically and critically. The programme enables the students to explore, understand and appreciate the inter relationships between business and management issues from the perspective of a number of social science disciplines.
What this means is that the courses offered through the programme address the problems and solutions of today’s globalised world of business and management holistically. So, you will no longer merely learn concepts in accounting, finance, marketing or human resource as discrete sets of knowledge; rather more importantly, you will learn to analyse their collective role in the success of business and management in a competitive market scenario. You will thus acquire the ability to think independently about business and management decisions and gain a degree which will be valued by employers looking for people who can demonstrate logical and quantitative reasoning. Importantly, you will acquire the cultural sensitivity required to learn from issues and experiences relevant to your local environment. Consequently, the degree will equip the participants with sufficient entrepreneurial and managerial skills needed for undertaking their own/family business either locally or globally.
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ABOUT THE AUTHOR
Indian School of Business and Finance (ISBF), New Delhi