India, with its booming economy and rapidly evolving business scenario, offers a host of opportunities to MBA graduates. An MBA degree enhances not only your business acumen but also creates doors to many lucrative and diverse career paths. We shall now discuss the top careers for MBA graduates in India and why they are so popular and how they can shape your professional journey.
Management Consulting
Management consultancy still remains one of the most sought-after career options for many business management course graduates. Consultants work with companies to solve the most difficult business problems related to performance improvement and growth. So, being a consultant requires strong analysis skills, strategic thinking abilities, and the capability to work under pressure. The top consulting firms, like McKinsey & Company, Boston Consulting Group, and Bain & Company, really go out of their way in recruiting MBA graduates. According to a report by Management Consulted, entry-level consultants in India can earn an average salary of INR 14-18 lakhs per annum, and even this figure makes them eligible for huge pay rises subsequently in career-building processes. Source: Management Consulted.
Investment Banking
Investment banking is yet another money-dishing career alternative for an MBA graduate. As a look-in or interpretation of the term, an investment banker assists companies with capital issues, manages mergers and acquisitions, and advises on financial matters. This can be a high remuneration field, with starting salaries reaching as high as INR 12-20 lakhs per annum, along with fat performance-based bonuses. The job requires strong quantitative skills and financial acumen, along with the ability to put in long hours of hard work. Top investment banks like Goldman Sachs, J.P. Morgan, and Morgan Stanley have been known to hire MBAs from leading institutes. Sources: Careers in Investment Banking.
Product Management
Added to the host of other careers available is product management, which becomes an exciting career opportunity for MBA graduates and more specifically for those interested in the technology industry. The product manager’s job involves development, launching, and management of products throughout the product life cycle. They collaborate with cross-functional teams-including engineering, marketing, and sales-on ensuring the success of a product. Given the myriad technology startups on their way to success, or already established technology firms, skilled product managers have been in high demand. According to Glassdoor, the average salary of a product manager is around INR 16 lakhs per annum with fast-growth prospects in this career path. Source: Glassdoor Product Manager Salaries.
Marketing Management
MBA graduates can enjoy a challenging and creative career stream in the marketing management arena. Marketing managers formulate and execute strategies for the promotion of products and services and to raise awareness about the brand, and hence promote sales. This role calls for a mix of analytical skills, creativity, and consumer behavior knowledge. The industries that MBA graduates can enter are plenty, like FMCG, retail, e-commerce, and entertainment. The average salary for a marketing manager in India, according to Payscale, will be about INR 9-12 lakhs per annum. Experience and performance, according to Payscale Marketing Manager Salaries, may bring larger earnings.
Operations Management
Operations management is the part of the organization that emphasizes process optimization, efficiency maximization, and cost minimization. As an MBA graduate in Operations Management, a person would be indulged in supply chain management, logistics, quality, and production planning. This requires a great problem-solving ability with a good eye for detail and the ability to multitask. Manufacturing, logistics, and service industries aggressively pursue MBA graduates for operation management. According to LinkedIn Salary Insights, the average salary of an operations manager is about INR 10-15 lakhs per annum. This figure came from LinkedIn Salary Insights.
Human Resources Management
Human resource management is a very important function in any organization that deals with the management of people to work in an organization so there is a congenial work environment. An MBA graduate in HRM works on recruitment, training and development, performance management, and employee relations. This job requires one to have good interpersonal skills, empathy, and the ability to deal with sensitive issues. According to Glassdoor, the average salary of an HR manager in India can be about INR 8-10 lakh per annum. There are chances of earning a much higher amount in senior positions. That is what Glassdoor has reported on the salaries of HR managers.
Entrepreneurship
It is one of the very challenging and exciting career options open to MBA graduates. An MBA will arm you with the knowledge and capability to create and run your own business. Entrepreneurs are innovators, generators of employment, and prime movers of economic growth. India has a vibrant startup ecosystem and government policies that foster this through the Startup India initiative. According to a report by Nasscom, over 50,000 startups exist in India, with 1,300 new startups added in 2019 alone, according to the Nasscom Startup Report.
Conclusion
In a nutshell, the MBA degree is a way to go for many of the highly valued career options within the boundary of India. Let it be management consulting, investment banking, product management, marketing management, operations management, human resources management, or even entrepreneurship, you are absolutely on the right track. They are not only highly lucrative but also professionally and personally enriching in a career. One can use MBA skills and knowledge to drive an impact in the chosen area and really contribute towards a dynamic business landscape for India.
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