Future Scope of Management: Scope, Salary, Career Opportunities

What every company or organisation wants is to earn profits from the business they run. For running their business successfully and earning profits in the best possible way, companies require skilled professionals. These professionals, a.k.a. managers, supervise the whole department they are in charge of and look after the smooth movement of the overall infrastructure of the department. They work towards achieving the best results and maximum profits for the company and providing the best solutions to problems that occur. As management lies at the centre of all companies, this makes a career in management very desirable for young graduates in the country and makes it a popular choice among them. 

If you’re interested in this field, then let’s discuss the scope, salary of management jobs, and career opportunities that a degree in management offers.

Scope of Management

The future scope of management is continuously growing. The management sector consists of several departments, which each carry equal importance. Any one of these sectors can be chosen to have a fulfilling and rewarding career in the management sector. These sectors are as follows:

1. Marketing Management– This management field deals with advertising and making strategies for expanding the public reach of the company.
2. Finance Management– Finance management deals with the management of the financial assets of the company. It also focuses on generating increased revenue for the company for better results.
3. Production Management– Also known as Production and Operation Management, this department deals with industrial processes, planning, and control. This ensures a smooth transaction at every level.
4. Human Resource Management– It is a comprehensive and strategic approach that of managing the workplace environment, culture, and the people involved.
5. Personnel Management– This type of management deals with hiring, using, developing, and maintaining employees to become more and more valuable to the company. It helps in maintaining a satisfied workforce.
6. Office Management– Office management deals with all the tasks and operations responsible for running the company. In other words, it focuses on administrative management.
7. Inventory Management– Maintenance, management, and stocking of goods for the inventory is the prime focus of Inventory Management.
8. Banking Management– This management field deals with the commerce section of the company. Investment, taxation, seed funding, fund management are all part of the management section.

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Salary in Management

The salary in management varies depending on the area or career in management you’ve chosen to be involved in. The average annual pay for management job positions can range from Rs. 354,123 to as high as Rs. 994,667 depending on the various areas of the management sector. The specific salaries for each sector are as follows:

1. Marketing Management- Rs. 684,012
2. Finance Management- Rs. 994,667
3. Production Management- Rs. 763,215
4. Human Resource Management- Rs. 698,197
5. Personnel Management- Rs. 750,000
6. Office Management- Rs. 465,694
7. Inventory Management- Rs. 354,123
8. Banking Management- Rs. 789,078

Career Opportunities in Management

There are multiple career options in the management sector offers after you complete an MBA. An MBA is without any doubt one of the best degrees that boost your chances of landing a high profile management role in reputed companies. It boosts and advances your career like no other postgraduate degree and helps expand your range of jobs into various domains like Finance, Operations, Human Resources, Marketing, and many more.

As there are many sectors in the management domain, and each sector offers a ton of job opportunities, here is a list of jobs you can choose from if you’re looking to boost your career in management after graduation.

1. Marketing Manager– A marketing manager deals with the outreach of the company to the desired market. Their main job consists of implementing services and delivery of the company’s product to the market.
2. Management Consultant– A management consultant helps the company or organisation improve its efficiency and performance by analysing the problems that exist and then solving them in the most efficient manner.
3. Investment Banker– An investment banker is responsible for raising capital for the organisation or the company he is working for. They closely work with financial institutions and are even recruited by the government.
4. Business Analyst– A business analyst analyses the organisation’s need and tries to provide technological solutions for those problems in a cost-effective way through the help of computer processes.
5. Financial Advisor– Financial advisors advise their clients on all their money matters in any situation. They are considered planners, partners, and educators organisational issues.
6. Administrative Manager– Administrative managers ensure smooth administration of the business and help to run it in an organised way. They overlook organising, planning, and implementation of various administrative systems and supervise the whole staff.
7. Human Resource Manager– Human Resource Manager overlooks the training, management, recruitment, career development, grievances, compensation, benefits, and every other aspect when it comes to people or employees.
8. Product Manager– A product manager is responsible for developing and managing new products in the company.
9. Operations Manager– Operations management deals with controlling and designing the production process and redesigning operations along with the production of goods and services.
10. IT Manager– Information Technology Manager deals with the technological structure of the company and its implementation and maintenance. They handle technical processes and fix glitches that arise in computer processes.

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How to become an expert?

To become an expert in the management field and excel in management, you need to specialise in the area you are currently employed in or the area you desire to specialise. Both regular universities and colleges offer a wide range of courses in different fields in management. 

You can check out the following MBA management specialisations:

• MBA in finance will make you an expert in asset management, treasury, corporate finance, credit risk management, private equity, corporate banking, Hedge fund management, credit risk management, and sales and trading.
• MBA in Business Analytics will open doors for you in senior positions for roles like data scientist, business analyst, IT analyst, healthcare analyst, computer systems analyst, market research analyst. It will make you an expert in the fields of E-commerce, financial institutions and Information Technology.
• MBA in Human Resource Management paves the way for senior job positions like staffing director, compensation manager, placement manager, technical recruiter, HR generalist, and employee relations manager.
• MBA in marketing will make you an expert in product and brand management, retailing management, and advertising management. It will offer a career in competitive marketing, analytical marketing, customer relations marketing, online marketing, and business marketing.
• MBA in Information Technology will offer a lucrative career in management with positions like business analyst, project manager, system manager, analytics manager, marketing manager, data processing manager, and business development executive or manager.

Since management positions and responsibilities often overlap, you will have to opt for an MBA, which is flexible in approach and covers almost all topics so that you master multiple management domains. Industry-relevant MBA courses like upGrad’s PG Program in Management from IMT can prepare you for a career boost in any direction you desire.

Conclusion

The future scope of management looks highly promising. With management being one of the most sought-after career pathways in the decade, it is essential to skill up and keep pace with modern developments and advancement in the field.

Pursuing an MBA program like PG Progam in Management can open various job opportunities and offer a substantial salary hike. While it can be confusing to choose which post-graduate program to go for, an MBA is a safety net you can always rely on. An MBA graduate is preferred over all other graduates for managerial positions because they are excellent value additions for any company.

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