How to select the right career after MBA?
More than 3,50,000 students graduate with an MBA degree from more than four thousand business schools in India every year. MBA is one of the widely chosen educational degrees after graduate programmes in any subject by people around the world. While choosing where to do your MBA from, two main things need to be considered: first what do you want to do for the next two years, and secondly, what do you want to do after the MBA course of two years? Asking yourself these questions will help you decide the MBA program suitable for your career goals. Other factors that might be considered while searching for a college are: batch size, curriculum, career support, ranking and placements. Online MBA courses are also taken up by a lot of people who can’t manage going to college with their jobs in hand, every year.
Why is MBA a cherry pick by so many?
1)Talking about the latest scenario, many students opt for an MBA course so that they can acquire the skills necessary to start a business or a start-up.
2)Besides providing a wide scope for career development and skills, it kick-starts a good career.
3)Experienced professionals might take up an MBA course to switch careers.
4) It offers a wide scope for innovative outlook.
5) A MBA graduate has the capability to communicate and convey information and viewpoints, whilst developing a professional or personal connection with a prospect in the market.
6)MBA graduates have a brand value.
7)MBA degree not only promotes both professional and personal growth.
8)MBA graduates have a lot of chances to work outside their native places this helps them gain the exposure needed and understand the market conditions better. MBA for working professionals opens up a door for boosting up their corporate careers.
Top business schools like IIMs, XLRI, SJMSOM stay successful in remaining a bright spot in the eyes of big recruiters. Despite the gloomy economic atmosphere, there has been a 5% to 10% growth in the salary packages some of the top business schools managed to lure whopping salary packages of more than 30 lakhs per annum. New campuses of IIMs such as IIM Kozhikode and IIM Trichy are also able to keep up their game.
It has been noticed that pre-placement offers are a new method adopted by the companies to distinguish competent young talents through internships. The companies recruit students, who had done their internship as summer projects with them because they were acclimatized to the stress and style of the workplace.
After the economic slowdown from 2013 to 2016, we realized that there has been a substantial drop in the employment rate of MBA graduates. Skill gaps and less experience in the fast changing corporate world, also many colleges require hands on work experience after graduation as one of the criteria for selection, are some of the many factors contributing to that.
Every year after appearing in CAT exams only a section of students manage to secure 80 percentile or above and get admission in top 100 colleges in India , while the pool of the remaining students are left with no option other than settling for remaining Tier 2 or Tier 3 business schools in the country. Lack of education that is required to develop set of skills to meet the global standards for surviving in the ever changing and competitive market, lack of skilled and qualified teachers, and the lack of concern towards the updation of the syllabus are few of the many reasons why the students fail to get recruited by good companies.
So, in order to make a better use of our demographic dividend, the low tier colleges should help their students, who are mostly coming from nearby districts and villages to develop managerial, strategy making and entrepreneurial skills so they can contribute in the growth of small and medium sized enterprises , regional and local markets which have the potential to make it big.
Corporate Recruiter Survey 2019 gave a list of soft and quantitative skills like- oral communication, managing self, analysing data and budgets, measuring data, listening etc. that are taken into consideration while recruiting a candidate based on the company’s type- Fortune Global 100, Fortune Global 500, for-profit public, for profit private, Start-up; Industry- health, pharmaceuticals, tourism etc. ; Company’s size; Region- Europe, Asia Pacific.
Anyone with an MBA degree can manage to get a variety of jobs in any industry in private and public or government sectors. There are glistening opportunities in top sectors for work after completion of one’s MBA degree in India:
FMCG: fast moving consumer goods is the fourth largest sector in India. It deals with distribution, production, marketing, sales and contentment of customers for the products like food, pharmaceuticals, household products, plastic goods etc. People with MBA in finance, business analytics, digital marketing, operations, information technology, HR, supply chain management have great job opportunities in this sector with handsome pay.
Also read: Career as Supply Chain Manager
Also read: Career as Business Analyst
Also read: Career as Bank Branch Manager
Also read: Career as Bank Probationary Officer (PO)
Also read: Career as Investment Banker
Also read: Career as Bank Clerk
INFORMATION TECHNOLOGY: It is one of the top ten most valued sectors in the world. People with MBA in IT and business analytics gave a good opportunity in this sector.
E-COMMERCE: E-commerce is a big step in the retail industry. It is currently a 3.53 trillion US dollar sector. It is a boon for low scale entrepreneurs. Amazon is one great example. An aspirant opting for an MBA in international business, business analytics, supply chain management or entrepreneurship can grow a fortune in this sector.
RETAIL MANAGEMENT: It’s considered to be the toughest sector. Maintaining profits, sales and stores. People with specialized MBA degrees in business analytics, finance, business operations can do very good in this sector.
CONSULTING: Business consultation is a growing sector. It deals with the organizing and making strategy for different companies for more profit. MBA in banking and finance, business analytics, international business can be an advantage for anyone who has these degrees.
HEALTH CARE/ PHARMACEUTICALS/ TOURISM: largest growing industries with great employable and revenue generating capacity. People with MBA in biotechnology, healthcare management, hospital management, hotel management, aviation management, hospitality management can be in the running.
Also read: Career as Health Inspector
Start-ups are great career options for those who are ready to take risks. Flipkart, PayTM, OLA are a few great examples from Indian start-up ecosystem. An MBA in entrepreneurship can be of great help if you want to start your own venture.
Factors to Consider Before Taking Up a Job:
While searching for job opportunities after MBA courses in India, it important to keep in mind some key points related to it: -
Organisation: When deciding whether to join an organisation or not, it is essential to inspect the nature of work in the respective organisation, the ambit for career development, success, failures and it's plans for the future, additional information about the company that you can obtain from a lot of sources and also ascertaining the company’s reputation. It helps aspirants understand and make the right decision.
Job Profile: Rather than saying yes to jobs or work that you come across, aim for the one that suits you the best. Even though searching for the right job can be a task,be patient. Also, do not be lured by the high pay, but choose a work profile that is based on your occupation, because it helps you grow on the path of professionalism.
Location of Job: If you are looking to relocate from your hometown and take up a job outside of the comfort of your native city, make sure you understand and compare costs of food, living and transport among others. In addition, what is important is that you compare your salary with the costs incurred on living in the new location.
Few other factors that you should consider before taking a job are: -
Salaries and Benefits (bonuses).
Opportunities such as promotions offered to the Employees.
The pandemic has imposed a serious threat on the world economy. It affected almost every sect of the society, ranging from economics to humans. Some of the worst hit sectors of the corporate world are – information technology, FMCG, Banking and Finance, Transportation (airways, seaways, roadways). Thousands of people have lost their jobs, saw big cuts in their salaries and big companies went bankrupt, people in this difficult time, especially in 2020 are not sure about pursuing an MBA degree because virtual experience won’t train them for the real industrial experience. Well, the good news is some of the leading economic firms and IMF, indicate a cationic growth for India as compared to other countries because it’s a consumption based economy. We hope that by the end of 2021 we see things getting back on track, with that there would be an increased demand for people with specialized skill sets in operation management, business development etc. which would require an MBA degree in operations, project management etc. It would also be wise to mention that the New Education Policy can change the face of administrative studies – the selection and recruitment process.
Frequently Asked Question (FAQs) - How to select the right career after MBA?
Question: Is it a good idea to pursue an MBA after CA or CS?
Yes, MBA will give you an extra edge over others and will give you more opportunities in the management field as well.
Question: What is the eligibility criteria to pursue MBA from IIMs? Can I get any Scholarship?
Scholarships are awarded on various criteria. The norms vary for different universities and programs.
Generally they are as followed:-
1. Merit scholarships: Based on overall academic achievement.
2. Need-based scholarships are those, which are created to help students from financially weaker backgrounds to pursue their academic ambitions.
3. Sports Scholarships are usually provided to aspirants based on their sporting and athletic performances and they’re usually included In the college sports groups
4. School-Based Scholarships: These scholarships are usually provided to students of a specific school, which is collaborating with the university.
5. Partial scholarly grants : These are usually granted to students and tend to cover costs such as accommodation, books and other academia-related payments apart from the tuition fee.
Further, at the IIMs, financial assistance is provided to students as almost all IIMs tend to have a need-based special scheme for scholarships that are a perfect combination of the industrial and government assistance.
Question: For those in full-time jobs, should they pursue a part-time MBA or should they opt for an Executive MBA?
Which of the two offers better career prospects for working executives? Executive MBA is a more lucrative option but the admission process for this program is quite competitive. With a part-time MBA, the fee is affordable but difficult to maintain a balance between work and studies. So, it’s a difficult choice to make for working professionals. Share your thoughts on the best option for working professionals.
Question: Which is the best university for distance MBA in India other than IGNOU?
The most important aspect to consider whilst choosing the right distance education programme is to notice and be aware if the entity you are applying to is a university or an institute. If it's an institute then it will be a diploma course not MBA, whereas when it's a University then it will be an MBA course.
MBA is a two years Masters course provided by University, which is valid across the globe, you can also go for PhD. and M.Phil. courses after pursuing MBA. In addition, it will be valid for all government as well as private jobs. PGDM is a certification course provided by the Institute. After pursuing PGDM, you cannot go for further education (PhD, MPhil). In addition, some companies are not validating PGDBM. Symbiosis Institute of Management and IGNOU are the best institutes to pursue MBA through distance if you consider.
Question: Is having an MBA helpful when working in a public sector?
If you are able to apply your MBA concepts in your company smartly, then certainly an added degree is always a bonus to you. How you apply the concepts and how passionate are you for your job matters the most.
Check out different specialization subjects in MBA such as accounting, finance, marketing, supply chain management, logistics and which will help you grow in your company and make you their asset. To help give your career a dream start, follow the given steps -
1. Research about the degree, go through its syllabus and see if it really interests you, why do you want to do an MBA, how will you benefit yourself and the company by attaining that degree.
2. How, with an MBA, you will be able to help your company grow and achieve its objectives in time. If a company is having poor logistics, is it worth your time and money and energy to get a MBA in Logistics. How valuable is an MBA in Logistics in the market?
Question: What is the scope of MBA in the government sector?
There is a very vast scope for MBA post graduates in the government sector as even there, they have a need for people with managerial skills. For this, you can pursue an MBA in banking and finance.
Companies such as MTNL and BSNL are always on the lookout for managers, where they prefer hiring MBA postgraduates for such roles. Furthermore, a lot of government colleges are in need of professors who are not just knowledgeable about their field, but are packed with a lot of experience too. Other sectors such as aviation, banking, finance and HR are other fields that require managers with an MBA. The likes of Allahabad Bank, IDBI and SBI alongside GAIL, BHEL, HAL also hire MBAs regularly.
Question: What are the job opportunities available for MBA graduates in public sector units?
1. This year PSU banks hired as many as 34 of the 265 students at IIM Calcutta. Other public sector companies, which came to campus, included IOC, NTPC, Coal India and not surprisingly, the average salary here fell by 23%.
2. The average annual salary offered by PSUs is just 10 lakh but MBA graduates are accepting these salaries. Considering those from less well known institutes are scrambling for jobs.
3. Even those from the elite IIM Ahmedabad have taken up public sector offers and here salaries have dropped by as much as 30%
4. Average salaries have dipped by 30% at IIM Bangalore too, what with the high paying financial firms opting out and PSU’s in. SEBI, GAIL , NTPC , BPCL and HPCL participated and about 15 students have so far accepted offers from these companies.
5. Just last year most of these PSUs were untouchables at IIM campuses, not even allowed to recruit anyone from the campus due to the lower salaries they offered. This year at IIM Calcutta for example, any company offering a minimum of Rs 8 lakh per annum has been allowed to recruit students, but last year the minimum was Rs 10 lakh per annum.
6. Maybe the PSUs really believe that they need MBA graduates. The opening up of the economy which started about a decade back has forced many PSUs to spruce up their work environment and there are many who are becoming competitive and customer focused and are in fact in a state of transition.
Question: What should I specialize in for my MBA?
Question: What career opportunities do I have after completing an MBA in aviation?
One can pursue a multitude of careers after completing an MBA in aviation, some of which are -
Airport traffic controller
Airport Security Manager
Airport traffic controller
Question: What is an MBA in Project Management all about?
An MBA in Project Management focuses on preparing candidates for strategic as well as leadership roles that are focused on problem-solving & is a 2-year postgraduate course that one can pursue after completing their BBA or similar undergraduate degrees.