“Education is the most powerful weapon which you can use to change the world.”-Nelson Mandela
Most Indian parents want their children to pursue a management degree due to the many perks it has to offer. But ever since globalisation has expanded its roots formal education has taken a back seat. Hence the students are in a dilemma whether to pursue a degree or not. Reports have also shown that a management degree is not a pre-requisite to land good jobs or higher positions in organisations. However, having an MBA in Finance, Banking or Marketing Management is always a bonus.
Is an MBA Degree Helpful for Managing Business?
India ranks 2 for having the highest number of MBA graduates in the world. No doubt, a management degree can enhance the way you perceive things. One in five MBA applicants, according to the 2019 CarringtonCrisp study of applicants from around the world, thought to enrol in a program to launch their own business. Additionally, entrepreneurship rose from tenth to fifth most popular alternatives in the MBA curriculum in only one year, making it one of the most valued specialisations.
Skills that Formal Management Education Helps You Develop
Management education is a popular course that is expected to have an increased ROI. Over the period of time, universities have focused on adding more specialisations in their management education curriculum. Not only that, the format of the education system has also changed. With globalisation penetrating in India, online and distance education is given equal importance. The education system has made management curriculums more holistic, introducing practical skills through case studies, capstone projects and/or internship opportunities. Hence, the students get a chance to enhance their skills along with theoretical knowledge.
Following are some skills that management education helps you develop: –
- Position Your Brand in the National and International Market
- Jack of all Trades – Finance, Accounting, Business Law, Entrepreneurship etc.
- Teamwork and Leadership Skills
- Build and Expand Network
- Marketing Tactics
And much more.
Do CEOs of Fortune 500 Companies have Management Degrees?
Studies have shown that one-third of the CEOs of Fortune 500 companies have a management degree. Here is a tabular presentation of the top 10 individuals who have a management degree and have swayed the world with their entrepreneurial skills. Not only Fortune 500 companies have a good number of MBA graduates but also others global brand names who have put their degree to use such as – Sheryl Sandberg, Elon Musk, Tim Cook, Meg Whitman and the list goes on.
|1||C. Douglas McMillan||Walmart||1|
|2||Darren W. Woods||ExxonMobil||2|
|3||Tim Cook||Apple Inc||3|
|4||Mary T. Barra||General Motors||13|
|5||Jamie Dimon||JPMorgan Chase||18|
|6||H. Lawrence Culp Jr||General Electric||21|
|7||Joseph W. Gorder||Valero Energy Corporation||24|
|9||Gary R. Heminger||Marathon Petroleum||31|
|10||Gail Koziara Boudreaux||Anthem Inc.||33|
Should You Pursue Formal Education to Land a CEO Position?
People are not born with the in-built skills of a CEO. They need assistance during their education to inculcate the right skills. A management degree can accelerate this process. Also, if you do your course from a recognized business school, considering the placement opportunities, networking opportunities, curriculum, etc., can also boost your business mindset development. In India, some of the top B-Schools are IIMs, Narsee Monjee Institute of Management, Amity University, Chandigarh University among others
Which Course Should You Choose to Become a CEO?
So far we have discovered the importance of a management degree. Now, let’s take this conversation to the next level. If you think about it, you would want to pick an MBA if you want an up and running successful business because of many reasons. But Narsee Monjee Institute of Management Studies and other prestigious universities in India also offers a course called “Executive MBA”
According to Coursera “An Executive MBA (EMBA) is an advanced business degree program designed for professionals who are about 10 to 15 years into their careers.”
NMIMS’ executive MBA is a 24-month course that is thoughtfully crafted and packed with skill-based knowledge. The university offers five specialisations in this course, namely: –
- Digital Marketing
- Applied Finance
- Operations and Supply Chain
- Leadership and Strategy
Moreover, they have collaborated with Harvard Business School to provide an optional certificate course for value addition, thus, exposing students to the global education system.
Is Executive MBA Better than MBA?
You must be wondering why an Executive MBA is better than an MBA. There are a lot of similarities in the course such as duration, application process, test requirements, etc. but EMBA has an edge because the individual already has 10 to 12 years of corporate experience so as to build something of his own.
According to Caryn L. Beck-Dudley, the president and CEO of AACSB International, the enrollment in executive courses has increased to 68%. This degree is meant for working professionals who want to land leadership positions in organisations. It is an ideal way to give a push to your career if you are at a standstill.
We are sure you can come up with many reasons and examples saying a management degree is not necessary but we are saying that an MBA or an Executive MBA can help accelerate the process. You get to build a network, learn how theoretical knowledge can be executed to practical projects. Through the capstone projects and internships students learn how to work in a team which is imperative to build a business.