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The Transformative Power of Management Education

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Jagpreet

25 October, 2023

The Transformative Power of Management Education

In the modern century, the significance of Management Education has become more pronounced than ever. It serves as the bedrock of knowledge for administration and business, shaping individuals into professionals ready to navigate the complexities of the corporate world.

What are the Different Management Education courses?

The Graduate Management Admission Council states that there are many management courses that you can pursue. The best part of pursuing management courses is that the curriculum is suited to providing the students with modern-day specialisations.

  • At the graduation level, you can choose courses like BBA, Hotel Management, Aviation Management, Retail Management, Event Management, Operations, International Business, etc.

  • For post-graduation, Many students and even professionals today go for PGDM and MBA degrees, knowing how many benefits they offer. An online/distance MBA degree has also become a popular choice. It offers flexibility and saves time as well. India has many excellent colleges/universities which offer long-distance/open management degree options. The curriculum is highly comprehensive and helps in upskilling the students.

  • Even certificate and diploma management courses provide the learners with certification upon completing the course. Universities, Colleges, Government Skill Institutions, or even stand-alone institutions provide diploma management courses.

  • After post-graduation, one can pursue a doctorate if interested in management courses.

Evolution of Management Education

Introduced in the year 1950s, the first ray of this educational revolution in India emanated from the Indian Institute of Social Welfare and Business Management. Today, the education sector boasts over 7,300 management colleges, offering a range of courses from Diploma to Postgraduate Degrees.

The Popularity Surge

Management courses have experienced a rise in popularity, evident from the increasing number of graduates each year. Notably, management institutions in India produce approximately 3,000 part-time MBAs and 5,000 full-time MBAs annually.

The Transformative Power

Management education is the line of study that deals with learning various practices for managing a business, trade processes, and other activities. The professional value of the management courses is high. Management education helps build both intrapersonal and interpersonal skills. The curriculum of the course grooms the learners. It makes the use of theoretical knowledge to be put into practical application. It not only educates but also trains individuals to be able to excel in the real world.

Management Education: The Need of the Hour!

It is a simple but important fact: Management helps run an organisation or a business smoothly. Controlling, processing, dealing, and discarding components is a part of running any line of work. Management education teaches an individual all aspects of it. Management Education is today one of the highly sought-after streams of study, given its many prospects. From BBA, PGDM to MBA, students prefer these degrees.

From Old Times to the Present!

Management education was introduced for the first time back in the 1950s era. It came as a revolutionary move for the education sector. India was just rising and developing new strategies. At that time, introducing a line of study that would prepare individuals for business, trade, and other financial sectors was an ace move. Through further decades, other management institutions were established.

Today, there are at least more than 7,300 management colleges across India.

The Popularity of Management Education is on the Rise!

Preference for management courses has only become prominent through the years. GMAC (Graduate Management Admission Council) presents a report on management courses every year.

For 2022, their survey stated that:

  • Among global prospective students surveyed in 2021, most disagree that online degree programmes offer the same value as on-campus programmes.
  • Full-time MBA degree is still one of the most dignified courses to pursue.
  • The online degrees hold as much preference and value as the conventional ones.
  • The preference for online degrees has increased post-COVID.
  • Career opportunities have increased by threefold in the past decade for management education learners.

A survey conducted by www.gofyi.com, Neilsen, and IBEF is presented in the table below. It clearly shows how the preference for different sectors of management education has increased over the years.

Preferred Sector 2014 2016 2018
e-Commerce 26% 30% 29%
Retail 16% 25%
IT 14.8% 24% 25.4%
Consulting 22% 19.3% 31.4%
Financial and Automobile Services 19% 25.9% 43%
FMCG 34% 24.1% 46%

How Beneficial are Management Courses?

Management Education degrees have become a hot topic these days. MBA today is one of the most reputable degrees that many students or professionals go for. Let’s look at the many benefits of pursuing a management course.

  • Wide Career Opportunities

There are various courses that you can pursue in the domain of management. Pursuing a degree from a high-ranked institution will serve you with global exposure, internships at reputable institutions, and chances to make good connections. Not just that, you will find many specialisations to choose from under one degree, for example, an MBA comes with over 50 specialisation options. A learner has far more career opportunities than one can think of in management courses.

  • High ROI (Return on Investment)

As discussed above, management degrees provide a lot of exposure, career opportunities, and many chances to make business connections. This implies that these degrees will land the students a job with high chances of ROI.

If the students find good placement within a respectable organisation, the ROI would also be high. They soon can expect to get good returns on the time and the monetary funds invested during their degree.

Also Read: Return on Investment of an MBA: The Long-Term Benefits

  • Personality and Skill Development

The management courses provide the learners with a competitive environment, build connections, and visit or work at prominent institutions. It also helps the students learn and exchange new information, learn different business styles, etc. It not only adds to their knowledge but also helps in their personality and skill development. A person can witness personality change and confidence boost before and after a management degree.

  • High-Level Guidance

The management courses have a meticulously curated curriculum. On top of that, the students undergo rigorous teaching and training. They also intern with reputable organisations that help them step into the real business world. It all helps them to develop an entrepreneurial mindset and skills.

  • Competitive Environment

Since management courses have become such a favoured course of study, a great deal of students and professionals go for management degrees. And since the number of learners is so high, the competition is obviously at its peak. Be it for jobs, placements, or internships, the competitive environment keeps one at tip-toes and moving. It is highly effective later on, as it helps a great deal in setting up a business in the market or cracking deals with professionals.

  • Theoretical-cum-Practical Knowledge

The difference between management degrees and other courses of study is that management education is about balancing theory and practical knowledge. Management education is not just about what is in the books but also about what runs up and down in the real world. Management education, therefore, stresses putting the theory into practicality. Since any firm/business/institution runs while competing and surviving in the market, it asks to use your theory knowledge to make the best decisions for the trade.

  • Learning from the Ground Level to Gradually Upskill

If you ask an expert, they will tell you one thing about ‘Management’: start from the basics and slowly move your way up. It is true not just for the management stream but for any other stream as well. Unless you are not clear about the basics, you cannot understand and rectify complex situations.

As for any business, you must know what goes on at the ground level. One needs to be acquainted with the raw source material to understand the final product.

Takeaway

Today, there is a demand for a high skill set and high-profile knowledge. These days, management education serves as an asset. It is vital to know the ABCs of any business,  handle the issues, run out a plan, etc. Management education makes a person resourceful and systematic.

The topmost leaders of the world always suggest knowing the basics of running a business. It holds to any other domain as well. The real key to success is “Knowing the Fundamentals”.

Management education does everything; coaches, trains, upskills, specialises, and provides expertise. It is an ‘Investment for your Future’.


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