Management Consultant Job Description: Responsibilites, Skills Required, Salary Range

Some people are born leaders, while some strive hard and get there. Whatever be your pathway, leadership is perfected through years and years of experience. It is a blend of many different skills, methodologies, and practices that enable leaders to pioneer innovations and solve complex real-world problems. CEOs of big companies like Apple, Google, Facebook, Microsoft, IBM, and many others have set in some great examples of leadership. While we have heard their inspirational stories and brilliant ideas, we can’t help but wonder – what leadership theories they apply to materialize their ideas into successful ventures?  You can find out the answer right here! Today, we’ll take a look at some of the most inspired and time-tested leadership theories.  Top 5 Leadership Theories 1. Contingency Theory The contingency theory works on the principle that different attributes define the style of leadership. Each situation is different from the others, and hence, each demands unique techniques. There is no one way about it! Essentially, it depends on the leader and the course of action they choose to tackle a particular situation. A good leader possesses the perfect balance between context, needs, and behavior. A leader must never fail to understand the needs of his employees, analyze the situation and come to a decision accordingly. These are a few basic elements of Contingency theory. To follow this approach, one must be adept at making fair judgments after assessing a situation. This theory focuses on the different “variables” that make you a great leader. For example, the success of any leader depends on their experience, accuracy level, followers, and the situation at hand, among other things.    2. Situational Theory Situational leadership theory was proposed by Professor Paul Hersey, who believed in two main aspects – maturity of followers and leadership style. He focused on the principles of leadership style and excellence. In his theory, he mentioned that each circumstance would demand a different leadership style. To clarify, when you have skilled team members, a leader must have democratic leadership approach. On the contrary, when the team members are unaware of the situation, it’s best to follow autocratic leadership. At first glance, the situational theory may look a little similar to contingency theory, but it has some differentiating factors. First, it is important to remember that situational leadership theory depends on choosing the right strategy for a specific situation. Thus, it entails doing the right thing at the right time. Second, it believes that no case is the same, and a leader can not apply a similar leadership style in all situations. In other words, leaders must react according to the concerning situation, assess the situation, nature and maturity of members, and other determinants. Hersey and Blanchard have classified maturity into different degrees. These degrees vary from M1 till M4: M1 – Team members don’t attain skills and motivation to complete work. M2 – Team members are ambitious and willing but do not have the understanding ability. M3 – Team members are skilled but not ready to be accountable for their work. M4 – Team members have all the skills and are motivated enough to do the job. A leader must be skilled enough to understand the maturity level of the employees and only then take the situational approach accordingly. 3. Transformation Theory Transformation theory focuses on the relationship between the leader and team members. Hence, transformation leadership theory may also be known as relationship theory since its prime focus is on relations. This theory brings attention to the centre that is the leader. A leader must be charismatic and inspirational to instil passion among their followers (team members). It focuses on organization goals, group performance, supervision, coordination, and planning by the leader. This theory aims to build a team with enthusiasm and passion. It also signifies the level of contribution each team member must possess. When following transformation theory, a leader must focus on teamwork, guidance, and leadership roles in an organization. This theory proclaims that efficient leadership is one that gives direction to organizational goals. In this theory, there are two vital domains – punishment and reward. So, while it emphasizes rewarding a member’s success, it also encourages reprimanding members who fail to get the desired results. The aim here is to correct the behaviour of followers, motivating them to work harder for better results.  This theory is often widely used for training and introductory sessions for new team members. 4. Trait Theory Trait theory is derived from Great Man Theory. It follows the same pathway, where it is assumed that people are born with certain traits and qualities. This theory helps them to be good leaders. Unfortunately, it tries to stipulate that leaders are born, not made! As a result, one cannot learn the accurate skills of being a leader. Self-confidence, being extrovert, having communication skills, and courage are gifted qualities to a person. These skills contribute to achieving top leadership positions. Well, to many, this theory may not seem to be justified because it fails to define genuine leadership. If “particular traits” are key features of a leader, how do people with no such traits become leaders? While some people devoid of these specific traits may make great leaders, others possessing them may never make the mark as a true leader.  To put it simply, this theory focuses only on the leader’s qualities, traits, and personality – a thought process that seems to be quite dated. 5. Behavioural Theory This theory is quite interesting as it believes that leaders are made, not born. It is one of the most classic theories of leadership. It focuses on building leadership skills by effective learning, enhancing communication, practising planning, and finding solutions for challenges. In this sense, the behavioural theory contradicts the trait leadership theory.  It gives a new and progressive approach to leading a team.  Behaviourism is the essence of this theory. This approach aims at the actions of leaders and not on some particular skills. According to this theory, people can develop their abilities by observing and teaching. If you aspire to gain first-hand leadership & management training from top global mentors and industry leaders, you should check out upGrad’s PG Program in Management. This course is designed to help you become an effective leader by teaching you the fundamentals of management, leadership, and analytical problem-solving. Offered in collaboration with IMT – Gaziabad this 11-month course takes the application-based learning approach and includes interactive discussion boards, quizzes, and case studies. The best part – there’s no entry barrier in this course! Anyone from any educational/professional background can enrol in this course.  upGrad boasts of a 40,000+ global learner base spread across 85+ countries. Each learner gets 360-degree career assistance and dedicated guidance. Apart from living interaction sessions with mentors, students also engage in peer-to-peer learning, thereby opening up to new ideas and thoughts.  Wrapping up Over time, these theories have evolved in many different ways and perceptions. Each has a specific use case and approach to solving everyday business and workplace challenges.

Business administration is among the most popular disciplines globally. The demand continues to accelerate as management courses open up diverse pathways to achieving career goals. The Graduate Management Admission Council (GMAC) found that 53% of respondents in the United States go for management education to get a raise, and 41% enrol to obtain a senior-level position. Job transition to different companies or occupations is another post-course goal that candidates seek to fulfil.  MBA-qualified candidates are compensated well, particularly in the industry sectors with a shortage of skilled talent. This blog will familiarize you with the Business Management salary in the US and further discuss how you can secure higher earnings.  But before we begin, let’s understand why management training is garnering increased interest in the present-day job markets. Here are some of the key reasons:  The rising skill gap between the competencies employees want and what the candidates possess. The emergence of new technological trends, such as Big Data, Artificial Intelligence, Machine Learning, etc. triggering the demand for professionals with leadership aptitude. Increased job market competitiveness with companies paying a premium for talent. The desire for flexibility and pursuing courses that enhance the work experience.  MBA is an excellent upskilling choice for graduates and professionals alike. Nowadays, online programs allow you to learn at your pace and in alignment with your career needs. Read on to know where these credentials can lead you!  Business Administration salary in the US The following list will acquaint you with the post-MBA career options and the annual salaries associated with each track (as reported by salary.com).  1. Business Development Manager Business Development Managers are responsible for evaluating different business opportunities, including licensing, research and development, mergers, and joint ventures. In addition, they manage growth activities and apply a wide range of field concepts and practices to guide the work of subordinates.  Business school graduates with 3-5 years of experience in the relevant sector can find employment at an approximate annual pay of $129,622. 2. Business Application Delivery Manager The development, implementation, and maintenance of application systems require the streamlined efforts of several business functions. Business Managers can help facilitate such smooth conduct. They give strategic input for decision-making, assist in budgeting activities and further offer recommendations for improvements. The minimum qualification for this position is a bachelor’s degree. However, higher education in Business Administration and 3+ years of managerial experience can set you apart from the competition. In terms of salary, the national average for this job stands at $127,025.  3. Business Office Manager These professionals coordinate the multiple business operations to direct performance towards a common goal. They typically report to a senior manager and rely on their judgment and experience to address specific day-to-day issues. The median salary of $82,074 can significantly increase as they gain advanced credentials in areas like Human Resources, Operations Management, or General Management.  4. eBusiness Development Manager This job is concerned with e-business strategies and helping organizations implement overall policies and objectives. The manager’s task is to identify potential partners,m negotiate agreements, and also liaise with product development and marketing teams.  You would require at least 1-2 years of supervisory experience and extensive knowledge of departmental processes to qualify for this role. Recruiters typically give preference to Business School graduates with 5 years of relevant work experience. The median salary for this role is estimated at $142,230.  5. Business Continuity Manager Every business has to deal with uncertainty. And to deal with it, organizations need skilled professionals who can prepare contingency plans and enable effective change management. Managerial positions in this area involve establishing frameworks, training, communication, and testing of plans.  A background in IT, audit, or control can benefit those looking to enter this field. An MBA or related business certifications can demonstrate your relevant knowledge and functional expertise to prospective employers. Business Continuity Managers in the US receive a lucrative pay package of $117,712. 6. Business Intelligence (BI) Manager This management position entails dealing with complex technical problems, starting from identifying issues to the implementation of solutions. Prior experience in data analytics, decision science, and business intelligence also lets managers discharge their duties with a strategic focus. Their efforts align projects and departments with budgets, milestones, and larger organizational goals.  BI Managers typically report to the head of the department or unit and have authority for personnel actions. The median salary hovers around $135,773 as per current estimates.  7. Business Process Optimization Manager This job encompasses the synchronization of business operations with information technology. As the title suggests, the primary responsibilities comprise the management of day-to-day tasks to enhance performance results.  Individuals with practical knowledge of operations management, business analytics, and deploying optimization frameworks are fit for this role. This, combined with appropriate supervisory experience, can lead to an annual salary as high as $122,359.  8. Ethics & Compliance Business Unit Manager The Ethics & Compliance unit monitors the organization’s best practices, compliance procedures, and ethical relationships. Managers in this area study the applicability of different policies to specific business situations, sometimes also developing compliance risk management plans.  Ideal candidates already have strong legal and regulatory know-how. To that, a business management degree can add foundational knowledge of ethical sourcing, quality assurance, internal audit, risk management, communication, and human resources. The average annual salary of Ethics & Compliance Managers is $140,455. 9. Human Resources (HR) Manager HR Managers analyze job market trends and prepare workforce plans to make a positive impact on business results. They take care of the planning, recruitment, and selection of employees to fill specific posts. They also measure performance, determine compensation plans, and undertake training and development of the recruits.  Every business administration course has a dedicated module on strategic HR management. Candidates can also opt for specialized tracks if they are sure about this domain. US employers pay a median remuneration of $148,299 for senior HR designations.  10. Management Consultant/Entrepreneur You can pursue management consultancy as a career if you have specialized management qualifications and adequate experience in a particular field. Wealth Management Consultant, Systems Consultant, Risk Management Consultant, HR Consultant, and Strategy Consultant are examples of potential job titles. Project Management Consultants in the US make $85,729 on average.  Alternatively, you can venture out on your own and open a consultancy firm, offering your services and advice to the government, businesses, and clients.  Approximations by the employment site Indeed show that the average annual pay ranges from $34,648 for the Assistant Manager level to $223,624 per year for Founders and CEOs.  We have bifurcated the Business Administration salary by functional areas and specializations below:  Human Resources: $69,171 per year Finance: $100,231 per year Business Operations:  $100,603 per year Information Technology: $111,652 per year Product Management: $131,400 per year Logistics: $92,086 per year Marketing: $93,548 per year Strategy: $116,650 per year Salary Source: Payscale Here’s a breakup of Business Management salary by location as reported by Indeed:  New York, New York: $87,678 San Diego, California: $73,818 Tampa, Florida: $73,030 Chicago, Illinois: $64,478 Houston, Texas: $63,091 Austin, Texas: $60,330 Dallas, Texas: $66,772 Phoenix, Arizona: $60,513 Candidates can advance to consistently higher pay packages with the right qualifications, skills, and industry exposure.  Future Scope in Business Management It is clear that a Business Administration education provides a significant boost to your career and earnings. According to the National Association of Colleges and Employers (NACE), the subject is a leading choice at the bachelor’s and master’s levels.  Compensation projections by NACE predict that the starting salaries for Business School graduates will be 11.3% higher in 2021 than the class of 2020. Industry experts also reiterate that MBA serves as a gateway to leadership positions and high-paying roles. Now that you are aware of the Business Management salary in the US, you can make an informed decision that helps you realize your aspirations. upGrad’s online course in PG Program in Management is excellent for value addition. Trusted by 40,000+ paid learners and validated by 500,000+ working professionals globally, the platform offers worthwhile learning experiences for all. Plus, you get to connect and interact with peers from across the globe, facilitating the exchange of ideas and peer-to-peer learning.

What could be the key to effective communication? The answer to this question does not fall within the realms of the seven Cs in communication– clear, concise, courteous, coherent, correct, complete, and concrete. This particularly decisive skill in communication is breaking the traditional bounds on the business front, so top employers today are training their employees to develop this skill.  The skill is listening. Listening plays a crucial part in communication as it solely represents the degree of effectively receiving and interpreting messages. When one listens, it directly contributes to an effective chain of communication. On the contrary, the absence of listening skills can be a barrier to good communication.  Many success stories of entrepreneurs and other leaders accredit listening skills as it reduces errors and paves the way to productivity. For example, business magnate Richard Branson often quotes listening as a vital factor that shaped his success. Bernard M. Baruch also famously said, “Most of the successful people I’ve known are the ones who do more listening than talking.” According to a Deloitte report, communication skills emerged as the second most important skill after self-management.  Source  What must you know about effective communication and listening? major things and skills you must know to enhance your communication are given below: 1. Listening is NOT Hearing  The psychological act of hearing is more like collecting data. It involves the involuntary action of perceiving sound. Listening, on the other hand, is voluntary as it demands hearing with thoughtful attention.  Hearing results in partial interaction from the purview of business as it might involve a preconceived plan or notion upon responding. In contrast, listening points at a complete interaction as it is influential and aids in providing solutions or recommendations upon responding. People usually want to be heard and understood. “I hear you” or simply paraphrasing what is being communicated to ensure that you have deciphered the message correctly might clear up any confusion and reassure the speaker. One does not always have to be the most charismatic or the funniest person in the room. If you pay close attention to the speaker and ask curious questions, you’ll come off as someone interested in what’s being discussed or said.  2. Active Listening is the secret ingredient.  To be an active listener, one must be completely aware of what is said with utmost concentration. It is a term that was coined by psychologists Carl Rogers and Richard Franson in 1957. They wrote that “Active listening is an important way to bring about changes in people. They indicate how clinical and research evidence clearly shows it as one of the most effective agents for individual personality change and group development. And also how active listening brings changes in peoples’ attitudes toward themselves and others; shaping their basic values and personal philosophy.” Much like the seven Cs in communication, you can easily master the art of active listening by employing three simple As: Attention Due to a predominantly digitized lifestyle, the attention span of people has come down significantly. A study conducted and published in Time magazine in 2015 pointed out that people’s attention span is lower than that of a goldfish. The results showed that the average attention span of people has dropped from 12 seconds to an even lower – 8 seconds. To be a good listener, one will have to pay complete attention to what is said without getting distracted. Professionals are now engaged in several exercises, meditative activities, and mind games while taking a break at their workplaces. These stimulative exercises aim to elongate the attention span of people.  Attitude Your attitude influences all of your actions. Retaining and reflecting a positive and respectful attitude goes a long way. One of the most sincere ways to be respectful is to listen. For instance, making the person at the other end of the conversation comfortable enough to have an open dialogue, not interrupting them, keenly observing non-verbal communication, among others, are signs of listening respectfully.  Adjustment To listen is to be able to allow yourself to be changed by the other who is communicating. To adjust is to have an open mind and have room for more perspectives. Thus, active listening demands that you be open to understanding new things and sometimes even changing the preconceived notions after critically assessing what is said. Be ready to invest time and energy to work through the challenges in your way. Listening in Business Communication Business communication can be classified into two broad categories: 1. Internal As the term suggests, internal communication happens within the organization and is necessary for setting up an environment of mutual trust and coordination. Internal communication helps boost productivity, solve conflicts between team members, and enables better and faster decision-making. Most importantly, it allows workers to stay motivated while promoting a healthy workspace.  Senior-level executives can build a loyal workforce of skilled employees by ensuring that they are being heard. Listening to your employees’ challenges, pain points, or success stories helps you understand their strong and weak points. Consequently, you can give them meaningful advice. This is crucial to building trust and loyalty.  When employees are loyal and trustworthy, they become more productive. Also, this fosters a free flow of opinions, ideas, and feedback through all parallels of the organization. Internal communication aims to help develop healthy work relationships that can drive the company towards fulfilling its goals.  2. External External communication is what the organization is communicating with the customers. It promotes the organization/business by projecting a favourable image before the target audience, stakeholders, and partners.  In external communication, listening to the audience’s pain points and understanding their demands is crucial. Many advertisement campaigns miss the mark. They do not influence the perception or the behaviour of people. This is mainly because of the failure of the organization in understanding the requirements of its target audience. The most effective business and marketing personnel are the ones who are exceptional listeners.  Emotions drive the purchasing behaviour of customers. Hence, recognizing these human emotions and creating products or services that are authentic, real, and resonating with the emotions of the target consumers are vital. Thus, listening is one of the most critical aspects of business communication, both in the internal dynamics and external engagements and discussions. How to master effective communication skills? By now, you are aware that effective communication is a superior quality of a successful leader working across the different organizational levels. A good leader or manager can communicate their ideas to all team members while creating ample room for discussion and brainstorming. They listen to the ideas and perspectives of other people involved in the discussion and build on those to solve business challenges.  If you aspire to enter the managerial level, or better yet, the C-suite, the best career pathway for you would be a professional management course. These courses are designed to groom candidates for managerial positions, giving 360-degree training on fundamental topics like business growth strategies, marketing strategies, leadership, structured thinking, interpersonal and communication skills, time management, analytical thinking, sourcing analytics, etc.  upGrad has two fantastic courses for students and professionals looking to hone their managerial skills: 1. PG Program in Management (11 months) Certification from IMT Ghaziabad One on one mentoring Sessions from Industry ExpertsAssociate Alumni Status from IMT Ghaziabad Earn credits for a Global MBA Degree with Top B-Schools from UK & Australia 85 plus countries’ learner base with 40,000 plus paid learners. 10 Industrial Case Studies 360-degree career assistance Engage in collaborative projects with student-mentor interaction Get personalized, subjective feedback on your submissions to facilitate improvement 2. Professional Certificate Program in HR Management and Analytics (5 months) Professional certification from IIM Kozhikode, one of the top B-Schools globally Learn with the best management faculty of IIM Kozhikode Cutting edge, industry-relevant curriculum  Industry-relevant skill development 360-degree career assistance from upGrad  Global networking opportunities both with international learners and industrial experts Conclusion Apart from a robust technical suite, companies look for professionals with good soft skills, effective communication, and listening skills topping the charts. If you master interpersonal and communication skills, you can make an excellent first impression on anyone you meet, be it a potential employer or a vendor. Also, you can smoothly negotiate tricky matters like a promotion or salary hike.  The bottom line is, the faster you adapt to the current industrial requirements and demands, the better it is for your career trajectory. So, why not take a little professional guidance from upGrad’s seasoned industry experts and become a certified management candidate?

Stepping into adulthood demands a dynamic change in an individual’s demeanor. Along with the qualifications relevant to the job profile you are applying to kickstart your career, a set of relevant soft skills is necessary to establish. You can only bring value to any place by evolving as a well-rounded entity, professionally and personally. Problem-solving skills prove to be an essential criterion to strive towards creating value for an organization. Today’s dynamic industry scenario is replete with challenges. Every organization or company has its distinct set of challenges and issues. Hence, companies actively look for competent problem-solvers who can bring innovative and unique approaches to solving their business problems. In fact, as you grow in your career, you’ll have to face a host of different responsibilities and challenges that come with the role. Your goal should be to face any issues head-on. This is why professionals must upgrade their problem-solving skills.  In this guide, we’ll deep dive into what problem-solving skills are necessary for professionals and how you can enhance this in-demand soft skill. What are problem-solving skills? Problem-solving skills include exactly what the name gives away – the skills to solve problems. Solving a2 + b2 might seem like a matter of seconds, but real-world equations take a lot more effort to tackle. Problem-solving in professional spaces requires comprehensive knowledge to understand the root cause of an issue and work on the same to rectify it within a stipulated time. From analytical skills to technical finesse, you need to have all cards on the deck. Though it sounds complicated and demanding, it’s not impossible. The first thing you need here is an attitude and mindset that anything can be solved if you put your mind and effort into it.  Why are problem-solving skills so important? You cannot move ahead with a hurdle stuck in the middle of your path. In a workplace, these hurdles range from a conflict in your team, disagreement with colleagues, a client’s incessant interference, or unrealistic deadlines. When things aren’t as you’d want them to be or aren’t in sync with your beliefs, displaying outright disagreement can fuel conflicts that may further harm various aspects of your relationship with people. The only way to deal with such problems is with the help of problem-solving skills. An individual who knows their way with people and circumstances can effectively be the peacemaker in these situations. Thus, acquiring the right problem-solving skills is a crucial gift if you want to climb the promotional ladder.  Simplifying the Process of Solving Problems A user manual is necessary to understand the workings of a product and its best use. Similarly, understanding the process of solving problems can help to develop it as a skill. A step-by-step process simplifies breaking down each part to speculate it in detail.  1. Identify the problem The first step towards problem-solving is to identify it. Root, cause, and consequence – these three things play a vital role in the identification process. The key to solving a problem is to get familiar with it. The situation might look grave from above, but inspecting it from all possible angles might unearth potential solutions and answers. 2. Learn about it A clear understanding of a subject makes it easier to manage it. Now that you understand the problem at hand run a thorough research on it. Learn its intricacies to know whether it’s something you can control or if it demands a more advanced or collaborative approach. Do not hesitate to seek help from your team. A collective effort is better than a single struggling entity. 3. Seek solutions for it Access to information has simplified this step drastically. A library’s worth of reference can be put to use while seeking solutions for any problem. Look through available resources to find if similar problems occurred before. Note down your preferred solution together with the proven methods that have worked wonders in the past. This will enable you and your team to find the most befitting answer to the issue. 4. Apply it  Take your time to script a strong plan to implement the decided solution. Going all out in a rush can lead to more harm than good. Make sure you understand the situation fully before acting upon it. The aim is to control the situation instead of it controlling you. Well-thought, deliberate actions have always produced better results than rash or impulsive decisions. 5. Learn from the experience Now that you’ve been through the lengthy process of creating and finding solutions, it is time to see your plan in action and watch the results unfold. The complete procedure is a learning curve, irrespective of the results. The more challenges you take on, the wiser you become. Each experience will give you a unique perspective on approaching different problems, both in your personal and professional life.  Problem Solving Tools for the Win For people who lack natural fluency in problem-solving skills, don’t worry! It’s never too late to start. Problem-solving tools are the key to unlock, understand and unravel the art of solving complicated situations. As any other art requires practice, so does this one. Let’s head for the remarkable traits possessed by the best problem-solving geniuses. Analytical Skills A powerful problem-solving tool, analytical proficiency showcases your technical knowledge and explains how well you put the same to use. Formal and informal concerns are easy to curb under the guidance of a critical thinker. Segregating complex issues to solve separately to aim for the best conclusion is surely what a master problem-solver would go for! Emotional Intelligence Needless to say, a work environment is always under the threat of experiencing a host of conflicts, including emotional conflicts. Disagreements often lead to situations capable of causing emotional damage. Considering the well-being and interests of everyone included in a situation – be it clients and stakeholders, or employers, or employees – is necessary to deal with conflicts. Anyone with high emotional intelligence possesses the ability to initiate the reconciliation process amid any conflict.  Creativity Different perspectives, when combined, can welcome a variety of problem-solving techniques to the table. The presence of a creative mind is the only way to aim for such practices. Brainstorming creative methods to address a problem can be more fruitful than using conventional ways to get the desired results. Perseverance Solving problems is not a one-time affair. It often takes numerous chances to hit the bull’s eye. The possibility of your idea solving the issue at hand in the first attempt is pretty low – if it does, great! Hone your perseverance skills to employ different ideas and study the results closely. This particular problem-solving tool has the leverage to benefit other aspects of your professional life too. Teamwork Any workspace is empty without strong teamwork. Most of the time, solo efforts are not enough to take down even the most complicated issues. That’s where your workforce joining hands can help conquer the obstacle. Encourage yourself to work and maintain coordination among a group of people. Share and be considerate of others’ ideas and perspectives. Be open to listening to new approaches and visions of your colleagues or subordinates.  Get your hands full of experience. Experience is the greatest teacher among all, but it takes time to gain that. So while you gain experience in your workplace, you can boost your soft skills by enrolling in professional courses. upGrad is a platform that helps you get top-notch education while connecting with peers from across the globe. With a learner base of 85+ countries, upGrad serves thousands of learners every day, all around the world, with its live programs created under the guidance of global university partners. One of India’s top online education giants, upGrad always strives to deliver quality learning support and 360-degree career assistance. Learners at upGrad are equipped with industry-specialized coursework and essential soft skills to become a part of the same industry later. An excellent opportunity for individuals looking to strengthen their experience towards working as professionals in the relevant sector. You can surf through the vast course catalog on the website.  upGrad alumni speak highly of their incredible experience confirming its reliability and invaluable guidance towards a successful career path. From business analytics to machine learning, a detailed curriculum composed of best-in-class content assures enriching education quality for all. Students, working professionals, or entrepreneurs, anyone can join upGrad courses due to their flexible nature.  Conclusion Problem-solving is an essential life skill, and strengthening it is the best way to flourish personally and professionally. Troubling occurrences might seem intimidating from the surface, but leaning a bit more can offer great insights to mend things easily. Take baby steps but do explore your abilities and limits over time. Remember, learning is a lifelong process, constant and it’s never too late to start! Check out upGrad’s professional courses to add value to your resume and gain industry-relevant skills.

Among the many traits an employee is expected to possess, analytical thinking leads the list. It is a part of the problem-solving process, but only better and more meticulous. Analytical thinking doesn’t limit itself to the workspace. Instead, it takes inspiration from one’s everyday routine to think and implement actionable plans or solutions for different life challenges. The way to develop analytical thinking might be lengthy, but that doesn’t mean it’s impossible! Being part of a working environment brings a deep sense of responsibility. After all, it’s a valuable skill to offer assistance across the myriad facets of work. But only a few manage to put forth effective solutions – these are the analytical thinkers. As an employee, there will be instances where your analytical thinking ability will be tested, and it can be an indicator of your current and future space in the organization. Practicing analytical skills is the best way to win over such situations while proving your worth as an asset to the brand.  Analytical thinking encompasses brainstorming ideas, collecting and evaluating information, and putting it to the best use. However, it’s not as easy as it sounds. It takes years of practice to hone these subtle aspects of analytical thinking. The first step to getting there is to have a curious outlook and mindset. Once you start thinking and exploring a situation from every possible angle, you can pave the way for your growth in any work environment. Types of Analytical Skills To get started with working on building analytical thinking, explore the nooks and crannies of its components. The fundamentals of analytical thinking include a set of practices that are essentially common soft skills sought by recruiters worldwide.  1. Data Analysis Seeking solutions for complex problems simplifies when you own an ample amount of data relevant to it. Knowing the formula leads you to the outcome of a sum more quickly than struggling for shortcuts. Gain proficiency in dealing with statistics and quantitative analysis, finance, and tech spaces! 2. Communication Skills The search for the right clues only initiates after gauging the problem, which requires efficient communication skills. Meeting people, knowing their concern points, reassuring them of delivering solutions, and winning their trust constitute the first few steps of bagging a client. When dealing with a client, remember that you are verbally representing your organization. Lack of communication can kill the conversation at the initial stage. 3. Innovative thinking Conventional approaches are bound to lose their vigor after a while. Modern businesses face modern challenges and demand innovative and unique solutions. Put your brain to work – start reading relevant materials, connect with new people, and experiment with fresh ideas.  4. Reasoning Instead of skimming through the concern points in hopes of a stray idea entering your head, try the proven method of reasoning. Gauging all the available options can lead you to the most effective solution so take time to come to a conclusion after thorough deliberation and reasoning. 5. Researching The journey to reach a conclusion begins when you start thoroughly understanding the right resources, tools, and methods required for addressing the situation at hand. Apt researching skills enable you to identify the most compelling solutions for problems. 6. Critical Thinking Critical thinking is usually based on a unique perception that an individual reaches after analyzing the subject from their subjective viewpoint. Being rational is necessary for critical thinkers – which leads them to reach unbiased conclusions. Practicing critical thinking allows a balance between analyzing technical information along logical reasoning to reach a fair conclusion. So, how do critical thinking and analytical thinking differ from each other? Considering both demand logical comprehension skills, efficiency with data, and a rational mind, both methods may seem interchangeable. Analytically, they are not. Critical thinking seeks to understand a condition after viewing it from multiple perspectives. This may include data, opinions, alternatives, and the current situation. It carries more of an opinion-backed style. On the other hand, analytical thinking breaks down evident information and relevant data to analyze a condition deeply, following precise, ordered steps. It backs the conclusion with scientific results rather than simply relying on logical thinking or opinions.  How to Practice Analytical Thinking? Now that you’re on a journey to develop your analytical skills make use of these simple tips to catalyze the process. Try and start practicing the different types: 1. Bring out your maths book. Maths can be a great player to replenish your lost data analyzing skills. Solving reasoning problems can be a great exercise as well! The complexity of equations is challenging enough to put any mind in the forward gear. Try and practice math problems regularly to sharpen your analytical thinking skills.  2. Start reading Reading is one of the most prominent practices to strengthen any skill. Read regularly to build comprehension skills and concentration, which will lead you to assess situations better. There is nothing that cannot be found in books. Compiled view of the world can gift you the wild itself. Just try immersing yourself in any genre. 3. Be observant Understanding human behavior is complex in itself, so why not practice it a bit by being receptive to our surroundings. Walk around spaces with a crowd, and interact with them occasionally to share thoughts. You’ll be amazed to find so many fresh perspectives. 4. Practice problem solving The best way to train your brain for a possible mental dual is to practice it beforehand. Visualize problems and identify the most practical answers for the same. Offer your assistance to others as well – an excellent practice to sharpen your mental prep. 5. Podcasts on the go Instead of wasting hours commuting from office to home, enjoy the route by playing informational podcasts. These podcasts are full of bite-sized information which one can easily consume and gain useful insights to improve the analytical side of the brain. Podcasts come under different genres, so you can choose the ones that align best with your interests and field of work.  6. Analytical tools Different analytical tools are available in bulk to capture daily life activities and practice analysis of data. Thus, instead of cluelessly struggling with analytical tools at the first go, you can start with one tool and mix it with your own experience to understand the correlated patterns.  7. One skill a day tactic Expansion of information in mind is the biggest achievement one can proceed towards. This is possible with the help of developing new skills. One skill a day tactic aims for the readers to participate or try learning about at least one different skill every day. Actively running your mind can result in wonders. You can choose both online and offline means to pick up different skills that can make your mind more active and productive.  8. Introducing changes in personal life Monotony can hamper your analytical abilities. You need to fuel your analytical side by introducing a fresh routine in your daily life or professional workspace. Recognize your behavioral patterns and try approaching life problems in different ways. Hone New Skills  Now that you know how to develop your analytical thinking put the mentioned skills to work. The best way to do so would be to get enrolled in a dynamic course that seeks active participation, as well as enriches you with world-class coursework found only on upGrad. The Professional Certificate Program in HR Management and Analytics is an excellent option to acquire analytical thinking skills. This 5-month course is perfect for mid-level and senior-level managers.  With a learner base spread over 85+ countries and 40,000+ paid learners enrolled globally, upGrad delivers quality education online. Explore paid and free courses created under the expert guidance of industry professionals to deliver the market’s most sought-after skills. Furthermore, the dedicated team of mentors ensures 360-degree career assistance to learners, helping them to seek the best career opportunities after accomplishing their upGrad journey.  Conclusion Analytical thinking is a highly coveted skill in the present industry. No wonder companies prefer professionals with the right mix of analytical and critical thinking skills. Learning and upskilling are both lifelong processes that demand dedication, patience, and effort. So, strive hard in your career growth journey, and you’ll reap the rewards that will take you further up the ladder.  Check out the comprehensive list of industry-curated courses on upGrad’s website to learn more and start your development journey already!  

One of the primary fuels to make any organization work is its financial structure. Whether dealing with the organization’s finances or keeping the cash flow in check, the finance sector of a brand is always on the run to make things work around the clock. However, the finance sector alone is not capable enough to work following the monetary exchanges of any organization. Financial transactions such as dealing with capital funding and investments are out of their responsibility. Hence, corporate finance emerges to relevance over this section. Corporate finance utilizes several resources to allocate finances for demanded areas, keeping the organization’s expansion in mind. But what exactly is corporate finance? Corporate finance is the study of financial activities, dealing with the utilization and distribution of wealth to maintain a company’s capital and economic structure. This area of finance manages investment, funding aspects to proceed towards stable wealth generation that can help the company experience relentless growth. The corporate finance motto includes making sound financial decisions to enhance the monetary impact by implementing sustainable goals, profiting both the shareholder and organization. It uses proven tools and analysis to aim towards sustainable growth rather than a momentary profit.  Read: Career in finance and its Scope. Fundamentals of Corporate Finance To comprehend the core of corporate finance, initiating from the base is essential. Here are the vital principles of corporate finance to understand actions that management takes to prioritize boosting the company’s value. 1. Investment Principle – opting for the befitting space to allocate resources. The investment principle’s significance is to warrant the use of scarce financial resources to make the most efficient decisions. A company must allocate its finances to the right decisions, keeping the potential opportunities in mind. The investment must be made to ensure a stable flow of economic opportunities while keeping funds in check for future usage. From estimating the return on a planned investment to allotting credit days to the customers, corporate finance deals with all, choosing investment-worth markets and companies to acquire, also come under the working procedure of corporate finance.   2. Financing Principle – seeking the right mix of capital to fund your business Orchestrating a business structure requires capital, which usually is a mix of debt and equity. This principle of corporate finance deals with reaching an optimal mix of many such financial instruments while keeping the future implications under vigilance. Corporate financiers use this principle to help businesses make stable financial decisions leading to a reduction in the acceptable hurdle rate. The value of this optimal mix for capital structure is also kept in mind while making steady decisions. After deciding on the right financing mix to establish the capital structure, the principles also help implement it for the long or short term. 3. Dividend Principle- allocating the generated revenue As the outcome of relentless participation in investment opportunities, any company that matures is bound to reach the phase when generated cash flow exceeds the existing investments and hurdle rate. At this juncture, companies are to determine the right ways to reward investors and return debts. It can either decide to utilize the excess cash to pay off or use it to expand businesses. The decision has to be made keeping the maximum value of the business in mind. Both private and public corporations handle dividend decisions differently.   Types of Corporate Finance Types of corporate finance include the various methods of raising funds for the business. These are broadly categorized to ensure that the company discovers its best match. Short-term and Long-term are the two divisions that encapsulate several activities relevant to raising funds for the company. Short-term corporate finance Short-term is the type of corporate financing that extends its services to a company for a short period of time. The tenure for short-term corporate finance is limited to a few months or a whole year at maximum. Short-term corporate includes various other sub-activities. Financial lease:  Financial lease refers to the type of corporate finance where the financial entity is the owner of the asset till the lease is repaid. In some instances, companies own the operating control over the assets by the time payment structured on time is exhausted. Trade Credit: Trade credit is an agreement where clients can purchase any offered goods while paying the supplier at a scheduled date later on. Prominently part of the B2B structure.  Accrual accounts: This method of corporate finance refers to following the accrual method of accounting, which enters the sale at the time of invoice generation rather than when cash is actually received. Most companies include this method in their work-frame.    Long-term corporate finance As the same suggests, Long-term corporate finance refers to corporate financial aids spread over a year or more. The time span tends to get longer with minimum interest rates that can be returned as monthly interest payments. Long-term corporate finance includes various types of activities, such as: Debentures: A debenture, also known as a type of bond, is the debt instrument used by big corporations and governments that agree to borrow finance following a fixed interest rate. Lack of collateral backing makes the reputation of the issuing entity the only aspect to rely on for obtaining the principal amount and interest. Bank Loan: Bank loan is the most common financing option that almost every other company relies upon to structure its expansion. Entities can choose from medium to long-term financing options.   Floatation: Conversion of a private entity into public by issuing shares for the general public. This type of corporate financing ensures obtaining funds from external means rather than depending upon earnings and fresh projects for maximizing the corporation. Scope of Corporate Finance Scope of corporate finances refers to the various objectives and responsibilities that are dealt with under the corporate financing sector. These objectives focus on maximizing the sustainable expansion of the company along with generating wealth. Some of them are as follows: Capital budgeting to keep expenditures in check while allocating only the most profitable projects. Market analysis to keep up with the rapidly changing trends by accumulating the same in practices. Decision-making after in-depth market research around raising capital through reliable and most effective sources. Taking up the advisory roles under mergers, acquisitions, and takeovers. Analyzing different investment options using fundamentals of corporate finance to redeem an optimal mix of the most efficient financing instruments. Decisions to diversify and expand as per the growth of the company. Additional Resources to Strengthen your Knowledge Millions of people realize a promising career under the umbrella of corporate finance. While a full-time degree may not be accessible to everyone, an online educational platform like upGrad is making a change with its well-curated range of international programs. With 85+ countries learner base, 40,000+ paid learners globally, 500,000+ working professionals impacted, upGrad has emerged as a breakthrough in the education consuming process. Learners are offered advanced certificate courses equipped with industry-relevant skills, curated specifically by expert faculties and industry professionals. upGrad’s 360-degree career assistance allows students the right place to solve all their grievances and career-related queries, making it an extremely learner-friendly platform. upGrad success stories speak volumes of its dedication to proffer career-enhancing education. Conclusion Keeping up with the ever-so-fast pace of the market can get tough with the lack of a responsible and expert workforce. The best way to keep your company unfazed amid the changing winds of the market is with the help of a reliable team. Any business that generates money and seeks expansion in the near future must enable a smoothly running corporate finance section. A panel of experts, appropriate data, and the needed tools to configure research materials are enough to strengthen your company against all odds. Students or working professionals, anyone can look for better career opportunities with a strong resume that you can easily win through upGrad. The dynamic field of corporate finance is full of ups and downs, so prepare yourself to go hard for it!