The percentage of management graduates in India is increasing every year. Management education has clear goals – provide holistic knowledge, diverse skill sets and overall personality development. In spite of clear objectives, there is a need to revisit the practices followed at management schools.
According to a study conducted by ASSOCHAM, out of the 5,500 B-Schools in the country only 7% lead to employment. This raises two questions – First, Are there fewer jobs in the market? Second – Do jobs today demand specializations or specific skills?
After the economic slowdown in 2014-16 there has been a decrease in campus placements, and the overall job market scenario has changed. 99% of MBAs in India are unemployable (Higher Education Report by FICCI; Ernst and Young). The major reason is due to the gap between educational training and actual industry requirements.
According to a recent report, in 2016-17 there was a dip of 4 % in placements as compared with the previous years.
However, with technology becoming more pervasive, things are turning around. The job market in India is full of new and inspiring opportunities for professionals in a range of emerging roles. But students also need to quickly evaluate and prepare for what lies ahead for them.
Following are the jobs that are becoming high in demand with new and evolving skill-sets:
Management Consultants: The demand for management consultants is high. Skills required are core technical expertise, problem-solving, teamwork, organizing and data interpretation are the major requirements.
Social Media Managers: A new job in the bucket list with the increasing use of technology and digitalization. Skills required are know-how of social media websites, digital marketing, Knowledge of Marketing communication, strategic thinking, problem-solving and teamwork.
Financial Analyst: Financial Analyst capitalizes on the skills learnt during MBA to assess the financial performance of the company. Skills required are interpretation of financial data, report writing, analytical thinking.
Data Analyst: There are different types of data analyst like business intelligence, finance, data assurance etc. A career as a data analyst requires high analytical skills, strong mathematical skills and inquisitiveness.
Forensic Accountant: The role involves an integration of accounting, auditing and investigative skills, eye for detail, excellent statistical skills, and an investigative mindset.
Supply Chain Manager: Supply chain managers are responsible for the movement of goods, from manufacturers and suppliers to the customer. Skills required are organizing, operations management, willingness to work in manufacturing set up.
Corporate Investment Banker: CIB provides a range of financial services to companies. There are three types of CIB – debt capital, equity capital and corporate finance. Skills required are a financial mindset.
Data Scientist: Organizations must deal with large amount of data. Data Scientists are hired to turn data into information using machine learning and algorithms. Skills required are data interpretation, analytical mindset, and statistical expertise.
Human Resource Officer: HR Officer is required in almost every sector. Managing people is an important role of an organization as business are formed by people. Skills required are excellent knowledge of HR practices, team work, problem-solving, self-motivation, leadership.
Business Development Manager: Business development can be applied to education, healthcare, IT, manufacturing, telecommunications. You can work either as B2B or B2C. As a Business Development manager, one needs to possess great communication skills, business minded and has high need for achievement.
Environmental Engineers: Although engineering degree is required to become an Environmental Engineer, but companies also hire core management graduates with excellent problem-solving and scientific skills to create technological solutions which protect, restore and preserve the planet.
Business graduates learn to write in a clear and concise manner.
Business schools often make them work in teams, solve problems, analyse cases, use simulations and experiential learning exercises so that they turn out to be corporate leaders. Business schools, as well as graduates, must try to bridge the gap between industry and academia by understanding the industry requirements and develop skills-sets for the future.
(The author is Assistant Professor, School of Management, BML Munjal University)