For all the management aspirants who wish to explore this field and its various, conventional to new-age specializations
Management is one of the most popular courses opted worldwide and the reason being its versatile approach in terms of its content as well as its application in various industries.
It is a career stream which allows a student to venture into any industry as managers are taught almost all the aspects of business administration. The choice, however, lies in studying this course in Graduation (BBA) or Post Graduation (MBA) and further in opting for one of its specialisations.
Here is a list of some of the most conventional yet popular management specialisations:
Known as one of the most important branches of business administration, finance management deals majorly with the study of financial viability, the cost of production, investment and profit margin of any business. It covers the concepts of time, money, risk and their relation.
Some of the popular careers after management in Finance are:
- Investment Banker
- Equity Analyst
- Credit Manager
- Financial Planner/Consultant
After Finance, Marketing comes as the second best choice in specialisations. Marketing Management comprises of some of the core business functions such as sales, advertising, public relations and communications. This specialisation functions closely with the product or the service and also with the customers. Almost all businesses require marketing services in order to know and understand their customers as well as reach out to them.
Popular careers in Marketing Management are:
- Market Research Analyst
- Sales Manager
- Public Relations Manager
- Advertising Manager
- Communications Manager
Human Resource Management is one of the integral functions of business as it deals with the manpower involved in any business. From the step of quantifying the need of manpower required for a particular business to identifying the right candidates, recruiting and training them, deciding their remuneration and managing their performance is a part of human resource planning and management. It also involves planning of various employment and employee benefits in order to retain employees. There are various sub-specialisations that have emerged under this stream of management such as performance management, talent management.
Given below are careers after Human Resource Management:
- Human Resource Manager
- Personnel Manager
- Human Resource Consultant
- Recruitment Manager
One of the conventional branches of management, Operations, comprises of the integral start to end process of a product or a service. Manufacturing in case of a product and service management in case of a service, operations is about its entire planning and execution. This process can be broken down into manufacturing, development and distribution of goods and services and further into inventory management, quality control, and warehousing. Supply Chain Management and logistics are two sub-specialisations which have emerged as separate streams altogether.
Few career profiles under this stream are:
- Production Manager
- Operations Manager
- Plant Manager
- Service Planner
- Warehouse Manager
Beyond these conventional specializations, there are few other streams of management which are emerging in different industries. These may have an amalgamation of subjects from the various specialisations, and form a new course stream altogether, such as:
This stream encompasses of strategizing, organizing and executing a particular project with the help of assets. It includes defining the objective of a project, setting the goals and quantifying the assets and setting timelines. Classifying the assets and making their optimum is also a part of the job of a Project Manager. Step by step planning to achieve the smaller as well as the larger objectives of the project requires an understanding of the various other functions of a business. Hence, Project Management has to be aligned with all the functions involved in the business.
Considered as one of the most unconventional streams of management, entrepreneurship is a course which is still under debate. The question is whether it is something which can be taught or not. However, as more and more people are looking at turning their idea into a business and pursuing their passion, this debate is getting diluted. On one hand where entrepreneurship is considered to be an innate quality of the mindset, on the other hand, there are various techniques which can be learned and imbibed by budding entrepreneurs.
Management, by definition, is an Art as well as a Science and hence, it offers a plethora of career options across industries. However, you must prioritize your interest and passion over the market demands before picking up a specialization.