October 09, 2018

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Role of Management Education in National Progress

Management Education

Management Education –A Key to national progress

Management Education

Management Education is a vista for employment opportunities that enhancing the demand among the younger generations. The effect of globalization, privatization, and liberalization has replaced traditional approach in the educational system with a new dimension. Technical acquisition, skilled employment, advanced knowledge in technology, etc intensify the ultimatum of Management Education apart with skill acquisition in communication, leadership and decision making. Variety of courses, broad career prospects, and feasible pay scale makes Management Education a better choice to aspiring students. The industrial sector calls for potential candidates having expertise with managerial qualities along with industrial knowledge to navigate their system in masthead. In the current scenario emerging new technologies at times making challenges to the corporate to survive in this field. Precise cogitation about the management education is essential to ensure vantage.

Major Areas of Management Education (Components)

Accountancy

Read more: Accounting Study aids How can you use it?

Accountancy is the backbone of every business entity. It is prevalent in all industries. The practitioners of accounting are known to be Accountant. The certified professionals of this field are Chartered Accountants. Accounting categorized as Financial Accounting, Management Accounting, Auditing and Tax Accounting.  Qualified accountants all over the world titled as Certified Public Accountant (CPA).

Duties of an Accountant:

  • Maintaining financial records
  • Advising the organization the means to reduce costs and enhance revenues and profits.
  • Making sure about all the taxes are paid
  • Creating backups to ensure financial data.

Scope of Accounting:

Being a crucial part of an organization; managing payroll, auditing and financial management is assigned to accountants. Public, private or non-profit industries and companies are in high demand for variety of accounting jobs.

Skills Required for an Accountant:

Communicating skills, analytical skill, knowledge about accountancy software, arithmetic skills, inter personal skills, Interest to work in computing area as long term etc.

Courses and programmes in Accounting:

Bachelor’s degree in Accounting is the minimum qualification required to become an Accountant. One can opt accounting for undergraduate level to Master’s Degrees and Doctoral courses are available in accounting.

Top Colleges that provides courses in accounting:

  • Amity College of Commerce & Finance, Noida, Uttar Pradesh
  • Annamalai University, Chidambaram, Tamil Nadu
  • Sri Ram College of Commerce (SRCC), New Delhi
  • Andhra University, Colleges of Arts & Commerce, Andhra Pradesh, Visakhapatnam
  • Ramjas College, New Delhi
  • Acharya Institute of Graduate Studies, Bangalore
  • Amrita Schools of Art & Science, Kochi, Kerala

Economics

As the Economics related to production, distribution, and consumption of goods and services, it explores the entire ambit of area that has exposure on financial affairs and resolutions. How the individuals, family, institutions and nations exert their limited resources to accomplish maximum profit belongs to the functions of Economics. Microeconomics, one of the branches of Economics, deals with the market behavior of consumers and organizations where as Macroeconomics examines the economy as a whole. National income, recession and inflation, growth of economy, pattern of employment, etc are some of the issues related to economics. Decision making in the field of enterprise became relevant after the advent of globalization. It is significant for organizations to have a precise comprehension on economic concepts, theories and tools. Well-trained economists have immense demand across the world in this rapidly globalizing economic scenario. Job markets are widely open for economic analysts, researchers and consultants. Prestigious government sectors such as Indian Economic Service, Indian Civil Service, Ministry of Economic Affairs, Planning Board, Planning Commission, and Resesrve Bank of India etc have excellent career options. Aspirants can attempt private sectors like MNCs, BPOs, private banks, journals and newspapers.

Top institutions provide courses in Economics

  • Delhi School of Economics, University of Delhi, Delhi.
  • Indian Statistical Institute, New Delhi
  • Indira Gandhi Institute of Development Research, Mumbai.
  • Reserve Bank of India, Mumbai.
  • Indian Statistical Institute, Calcutta
  • Department of Economics, University of Calcutta, Calcutta.
  • Department of Economics, Jadavpur University.
  • Department of Economics, University of Hyderabad, Hyderabad.
  • Indian Statistical Institute, Bangalore
  • Centre for Developmental Studies,Trivandrum
  • Sardar Patel Institute of Economics and Social Research, Ahemedabad
  • Institute of Petroleum Management, Gandhinagar.

Business Studies

Business Studies is a wide subject which combines elements of accountancy, finance, marketing, organizational studies, and economics and extends the profound study of its scope. This includes studying individuals, communities and organizations along with evaluating needs and problems and detects proper solutions. As the environment of business is not constant, developing these skills is very essential to cope with changes. Those who have strong foundation on Business Studies can be specialized on management, international business, marketing, accounting, information, and communication technology or entrepreneurship. This subject incorporates with variety of subjects including mathematics, technology, science, etc.

Scope of Business Studies:

All the industries such as chemicals, fashion, health, grocery, utilities, construction etc have indispensable requirement for functional managers who possess accurate comprehension of systems, expertise, and functional issues. Private, public and voluntary sectors necessitate the employers for management and analysis roles.

Skills Required:

  • Decision-making capacity
  • Analytical and critical thinking
  • Comprehensive idea about organizational behavior and structure.
  • Problem solving efficiency
  • Communication skill
  • Competency to manage time
  • Self-sufficiency
  • Leadership quality

Courses and Programmes in Business Studies:

Aspirants who desire to pursue and expertise in a certain area of business can be select the subjects like marketing, finance, human resources, computing and international business management. MBA is a best option to acquire in-depth knowledge in business.

Top Colleges provide courses in Business Studies:

  • University of Delhi
  • University of Mumbai
  • NMIMS University, Mumbai
  • Guru Gobind Singh Indraprastha University, Delhi
  • Symbiosis International University, Pune
  • Christ University, Bangalore
  • Bharati Vidyapeeth Deemed University, Pune
  • Indian Institute of Management, Culcutta
  • Indian Institute of Technology, Bombay
  • Indian Institute of Management, Lucknow
  • Xavier Labor Relations Institute XLRI Jamshedpur School of Business and Human Resources.

Supply Chain Management

Supply Chain Management refers the management of the flow of goods and services, movement and storage of raw materials etc. In short, design planning, execution, control, and monitoring of supply chain activities through which creating net value, building proper infrastructure and synchronizing supply with demand etc are the purpose of Supply Chain Management. It is an integral part of every organization. It operates the growth of multinational corporations, partnerships, global brand expansion and outsourcing. Proficiency in Supply Chain Management has great impact on the success of business. Customer’s demand and expectations are fulfilled by supply chain process.

Certain Functions of Supply Chain Management:

  • Facilitate customer service
  • Decrease operating costs
  • Enhance financial position
  • Secure human survival
  • Enrich quality of life
  • Guard cultural freedom and development

Scope of Supply Chain Management:

Supply chain consultant, ERP consultant, Operations analyst, production and scheduling manager, business process engineer, quality manager etc are the vast job opportunities for the employers.

Courses and Programmes in Supply Chain Management:

There are several subjects includes under the range of Supply Chain Management courses such as production planning, business process design, operations management, business logistics, supply chain management and scheduling a quality management. Designing, managing and process improvement initiatives of systems etc can be explored at post graduate level. Doctoral courses for quality management, systems thinking, manufacturing and service systems modeling, supply chain modeling and coordination, and health care delivery are available.

Top colleges provide courses in Supply Chain Management:

  • IIM Ahemdaad
  • IIM Bangalore
  • IIM Kolkatta
  • IIM Indore
  • Indian School of Business, Hyderabad
  • Institute of Logistics and Aviation Management
  • Symbiosis Centre for Management and Human Resource Development, Pune
  • Amity University

The global phenomenon like privatization and liberalization has outreached in India as well. The emerging business organizations require skilled and experienced professionals in the field. Quality of education has given emphasis in the present scenario. By catering systematic learning, Management Education equips the aspirants to assimilate the trends and practices exist in the management domain.

 

About The Author

The author is a qualified senior teacher of Kerala higher education board schools.

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