MBA- The Quill of Education; Globally

INTRODUCTION:

Today's organization’s talent is its primary source of competitive advantage. Talent acquisition makes an organization's strategy stronger. The current global economic situation has increased overall job seekers in the employment market worldwide, but there is still a notable talent shortage in different sectors and different countries, which leads to increased demand for "Talent Search". The present global scenario is facing lots of ups and downs. Corporate clients require a person with multitasking skills. The best talent is critical to achieving the best results. Therefore, everyone today is required to acquire basic managerial skills and knowledge (Rebecca L. Ray, 2012) to become competent in a competitive world. So, today, Master Business Administration has become the need of the hour. Being an MBA would further strengthen the qualities of an individual to stand together with the nation.

Education is a channel or a process to develop the potentialities of an individual and enable him or her to grow into a responsible citizen. Education guides human beings to meet the challenges of life with courage and diplomatic skills. In specific, a career-sloping education will make the individual take up a career according to his or her aptitude, ability, and competence. The Master of Business Administration, one of the professional educations, is the best-known management qualification throughout the world. It can accelerate an individual career, prepare him/her for promotion, and help him/her to have a complete career change.

NEED FOR MBA:

Management Practice has become "Sine-qua-non" in the present-day Global business scenario. Today’s business requires a person with management skills who is result-oriented within the shortest span of time. MBAs with skills such as leadership, communication, group dynamism, versatile knowledge, and multitasking skills can lead any global business.

The complexity of business and demanding top- and bottom-line results require a full-time MBA to steer business houses towards a desired target. With the globalization of today’s education, student exchange, and faculty exchange programs, professional education is becoming more challenging and complex. Especially professional courses like MBA are aimed at preparing dynamic and challenging managers who can work in any part of the globe and lead corporations more effectively.

To be a good and successful manager, one must have decision-making, financial analysis, and interpersonal relationship abilities. He must also be able to utilize those skills in the face of limits, opportunities, and alternatives. Professional management programs are built on the notion that people can learn to better handle all types of business situations. MBA programs not only assist students build abilities that many companies value, but they also provide a theoretical background for solving many business challenges.

Source: The Workforce Crisis of 2030

Source : https://www.businessinsider.in/

According to the information shown above, several countries are experiencing a talent shortage. It is apparent that the necessary talent is required. This opens up a lot of opportunities for people to learn the best talents and become more competent in the world.

Top 10 jobs that employers are having difficulty in filling easily

Rank	Jobs
1	Skilled trade
2	Sales Representatives
3	Technicians[production/operation/engineering]
4	Engineers
5	Management executives
6	Accountant and Finance staffs
7	Production operators
8	Secretaries, administrative assistants
9	Drivers
10	Laboure’s

 Source: NYSE: Manpower Inc, first quarter of 2021

The current global economic conditions have boosted the number of employment and job searchers around the world. However, many countries continue to face a substantial manpower deficit. According to a poll performed by NYSE: Manpower Inc for 35,000 employers in 36 countries during the first quarter of 2021, 31.6% of employers worldwide are having difficulty filling vacancies due to a lack of available talent for the relevant post.

Higher Education System in India:

Opportunities:

1. Knowledge a key resource for global competitiveness 

2.India a key player in global knowledge economy – off-shoring, knowledge-intensive manufacturing 

3. Opportunity to convert demographic surplus to economic strength

Threats:

1. Skill shortages despite high graduate unemployment

2. Regulatory system fails to maintain standards despite formidable entry barrier

3. Unplanned expansion

4. Poor standards of academic research

Thousands of students graduate from universities in India with UG and PG degrees. Companies are still struggling to find the appropriate talent for the right position. They lack marketable skills. Professional courses, such as MBA, will help students build "Employable Skills" and make them competitive in the global marketplace.

Personality transformation through MBA:

A Management education does make a difference to your personality and career prospects. Extensive Training: In today's economy, many companies recognize the benefits of hiring someone with an MBA. It demonstrates that the employee has undergone extensive training that will be immediately applicable in the business world, resulting in less time spent on training and supervision. An MBA can provide a number of personal benefits as well. An MBA may offer the student a number of advantages, one of which is personality development.

Developing a vibrant personality requires, besides outward attractiveness, an even more important quality called INNER CHARISMA. A charm that comes from within. This INNER CHARM is the talent that shines through training and technique.

The Magical E’s that transform your personality through MBA:

Experience: Experience is invaluable. No amount of money can buy a valuable experience. Stop for a while and think. It is for making us study and understand these experiences (case studies) that the world-famous Business Schools are slogging day in and day out. Experiences are lessons that life offers us free of charge. Experience, be it bitter or sour, should not bog us down. On the contrary, we should feel gratified for having tasted it. Are we not in a position to caution others? Guide others? So let a negative experience make us wiser.

Exposure: Expose yourself to the greater possibilities of life. When opportunity knocks at your door, embrace it! Do not get into the shell as a snail does in response to external stimulus. Constant exposure to new ideas and intellectuals will keep you energized. If you do not feed your mind with new concepts and theories, it will become famished and emaciated. So nourish your mind with new ideas.

Education: Education is a never-ending process. Learning never ends. You can only keep adding to it. Learning new things and technologies and keeping yourself updated will enrich your personality. There’s one secret about learning. Share it with others. Constant learning keeps you young forever. You will see yourself growing younger.

Environment: Your environment is your surroundings. It is the lifestyle you adopted as your own. As a child, you were influenced by your environment. As an adult, you can create it and control it according to your requirements. Now it is irreversibly proven that you can either create or destroy your own happiness. I think this needs no further explanation. Do not overlook the importance of these four magical E’s. Don't let them control you. You can orchestrate the environment around you so as to generate happiness. Select your experience. Seek the right exposure. Let education be an eternal learning and energizing process. 

During the course of MBA an individual can develop his/her personality according to the present market demand Like:

Integrating skill: It is all about working on different areas and managing the correlation between functions and verticals.

People managements: In order to work in a team and create a powerful solution, one needs to develop interpersonal sensitivity. Handling people and group dynamics in today’s competitive world is considered to be one of the most important challenges.

Street smartness: Apart from the technical knowledge of management, MBA gives you many chances and situations where every individual has to perform and show the ability to think differently and "just get the work done," which in MBA jargon is called street smarts.

Confidence:

In the existing competitive, holistic, and dynamic environment, everyone needs to develop a deep-rooted confidence in their abilities. The feeling that, come what may, I am ready to face the challenge and face it boldly comes uniquely with this career option. It might sound biased, but the fact is that there are lots of MBAs with something different in them as far as confidence is concerned.

Set Your Career in Fast Track with an MBA Degree:

Most of the degrees are obtained with the sheer purpose of advancing their career prospects and job opportunities. The same is the case with an MBA degree; the only difference is that an MBA degree is considered the most valuable postgraduate degree in the world and has exciting career opportunities. People take the MBA program in order to set their careers on the fast track to career growth.

MBA jobs in India certainly enjoy high status. The very fact that there has been a tremendous increase in recent years in the number of colleges and private institutions offering MBA programs shows that there is a profitable job market for aspirants.

"MBA jobs in India certainly enjoy a high status. The mushrooming of MBA Colleges in India indicates that there is a profitable job market for aspirants."

In any organization, there are clear disparities in career opportunities between pre-MBA and post-MBA students.  Employees with an MBA degree have a whole new world opened up to them and are promoted to management positions on the strength of the additional abilities and information earned via the MBA program.

Why do MBAs have more demand in the Job Market?

An MBA Program offers a wide range of advantages and benefits for successful candidates. The key benefits of an MBA are business knowledge, leadership abilities, networking, and financial gain.

• Students at MBA colleges gain valuable business knowledge that helps them understand, gauge, and gather information about various business areas.
• MBA provides a practical learning approach so as to boost the confidence level of the students to handle any situation in the corporate world.
• Rigorous training, assignments, projects, and presentations during the course also help in attaining the necessary abilities or leadership abilities. These abilities make the candidate more capable of handling key business responsibilities.
• The MBA program helps a lot with networking and making individual associations that usually last for years and years even after the course is over.
• Overall, the MBA provides a platform to learn and develop on both a personal and professional front and makes the MBA students able to face the corporate world with ease.

Due to these qualities found in MBA students, corporations perceive MBA Students as a ready-made resource to run their business operations rather than hiring a graduate at a lower salary and spending their money and time training them.

Major Differentiators for MBA Graduates:

1. Positive perception of Corporate
2. Wide Scope for the Jobs
3. Faster Career Growth
4. Better Salary Package
5. Better Designation
6. More Job Options

VERSATILE CAREER OPPORTUNITIES FOR MBA’S

In terms of career opportunities, the MBA provides a range of career opportunities in various different fields. It can help in getting higher-level positions with a good salary package. Many business positions like investment banking, human resources, marketing, finance, and management consulting require an MBA for prospective advancement.

MBA-Career Opportunities in Marketing:

Marketing is the key to all business problems. It’s a way to publicize the brand through advertising and promotion. The best career opportunities for professionals with an MBA in marketing are as brand managers, product managers, marketing managers, new product development specialists, and account management specialists.

People who are responsible for the sale of goods or services for any organization should be able to create an effective marketing strategy and express their views effectively. The MBA program acquaints students with the theoretical knowledge and practical skills of marketing, which may help in obtaining work in the field of marketing. With an MBA degree, one can learn to become no less than a product leader in charge of marketing.

MBA: Career Opportunities in Finance:

A finance MBA program has numerous job opportunities and is believed to be the most effective tool for enhancing proficiency and market credibility. Most MBA finance professionals are recruited by investment banks, security firms, and corporations. The most widely recognized jobs falling under this category are financial managers, financial analysts, accounting managers, corporate controllers, chief financial officers, cash managers, investment bankers, finance officers, treasurers, management consultants, credit managers, investment sales associates, traders, and investment banking associates.

Those in the field of finance should be quick thinkers, have a high level of energy to keep abreast of the financial markets, and, most importantly, have the patience to deal with clients and explain things to them.

MBA: Career Opportunities in Human Resources:

An MBA in human resources is another great way to open the door to numerous career opportunities. These professionals have various opportunities, including human resources information systems, job analysis, employee relations, skill development, training, recruitment, hiring specialists, restructuring analysis, and customer relations.

Entrepreneurial Opportunities for MBAs:

Those who have their own businesses have a great benefit from completing the MBA program. But even better is that the MBA degree can give them all the skills and abilities necessary to start their own business and become entrepreneurs, bringing them a great career.

This is only the tip of the iceberg, as far as career opportunities are concerned. An MBA degree gives countless employment opportunities, mainly at the upper level, and could help your career to a great extent.

Article Written by : 

Dr. Bhargav Revankar, 

Associate Professor, Chetan Business School, Hubli

Prof. Shilpa B. Revankar, 

Teaching Associate, Karnatak Arts College , 

Dept. of Tourism Studies, Dharwad