Non Conventional Career Options for Management Students in the Turbulent Times
Non Conventional Career Options for Management Students in the Turbulent Times
Wooohhh....Obama just announced one more stimulus packages for US economy amongst the news that 70,000 people got pink slips on December 26, 2008 - THE BLACK MONDAY. The difficult times have created a question mark in many of the Management Students completing their Management Degrees in a few months. There seems to be no way out. There seems to be no options. It looks like it all is dark and dark around. But, every cloud has a silver line. In these times also, if one thinks out of box, if one puts a little bit of extra effort, if one is a little bit more flexible, there are plenty of avenues that still exists. This article will try and "humbly recommend" some options. Obviously, the list I'm going to talk about is just an indicative one and not the exhaustive one. Let us just consider a few of the options:
01. Research
02. Consultancy
03. Teaching
04. Modeling
05. Journalism
06. Entrepreneurship
07. Public Relations/Event Management
08. Social Service
09. Disaster Management
10. Politics
11. Film Industry
12. Further Training/Education and Other Potential Careers
Here follows the in-depth discussion.
1. Research: Now-a-days, the social science research is booming. Corporate houses look for newer ways to cut the costs, optimize the business processes and business models, and increase the market shares/profits. If you want to be in research of social science, there are some very good options around. You can pursue FPM (Fellowship Programme in Management) from IIMs or any other premier institute like Nirma University. Generally, for admission in such programmes, you need to appear for the specially designed CAT. Alternatively JRF (Junior Research Fellowship) exam, conducted by UGC is also recognized. FPM is a full time Ph.D. and requires four to five years minimum. You will get a very handsome stiffen during the programme. Alternative to this is the Ph.D. program. You can enroll in any University's Ph.D. and conduct a research under a guide. This is a traditional model of research. One more way is to start as a research associate in premier institutes like IIMA and IRMA. Researchers get paid heavily, though never as much as executives, but the job satisfaction is very high as you contribute something to the existing theory. Many people join ICFAI as a research associate. ICFAI produces a lot of cases and books and most of its cases are even used in International B-Schools. European Case Clearing House(ECCH) also sells its case in European Business Education Market.
While all the above ways will lend you in more of an academic research kind of structure, you can also join a research firm like KPMG, Ac-Nielsen, Polaris etc. But, these firms demand people with a strong research aptitude and attitude. You must work on your Statistics/Quantitative Analysis and research skills to crack in any of them. Working in such a firm will give you exposure to more industry specific research. Alternatively, you can join Marketing Research
Wing of any company like HUL, Godrej etc. If you like the stock market research, firms like Sharekhan are equally good career options.
2. Consultancy: Consultancy is a good option if you have rich managerial experience of 10 to 15 years. The big IF exists of course and it also means each and everyone cannot indulge in this business unless you have a proven track record as a practicing manager. You can start under a seasoned consultant before being on your own though. People with good communication skills and creativity may try their hand as trainers. For that, it'd be advisable to work under professional soft-skills trainer. At times, many end up earning more than their full-time jobs in this field.
3. Teaching: Teaching hmmmm! MBAs used to hate teaching and call it OUTDATED as the job was not so called 'challenging' and 'financially rewarding'. But, I have seen the attitude changing overnight with many more MBAs looking for this job. There are a few reasons for this new trend: 1. Jobs in so called corporate sectors are dying and drying up! No more packages, no more big money.....2. Newer colleges are coming up which do look for faculty members 3. Sixth pay commission is out which means the pay scale in this field is increased quite a bit. To enter Management teaching, one may go for a full-time job straight, or may try to clear UGC-NET, do M.Phil or Ph.D. etc. All you need is a first-class degree in PG to kick-start.
4. Modeling: Modeling is a good option guys...Look around, Tushar Kapur, Perizaad Zorabian, John Abraham....many Management graduates are working there, you see. Modeling can be one option for those who have the right attitude for it. Other requirements, like looks, fit body, communication skills etc can be developed if you have the right spirit. So, if you ever thought to be a model but sacrificed for that investment banking job, it is the right time to look for it once again.
5. Journalism: If you can write creatively, correctly and stylishly, may be this one is for you. Especially, Management graduates can try their hand on Business Journalism. You should have flair to know newer things, a flair for writing, and creativity. Work as a trainee at some good business newspaper (like the financial express of the economic times) or business magazine (like business world or business today) in the starting phase and then the sky is the limit for the right people. But beware, it has it own pitfalls and so talk to professional counselors before choosing it as a career. One pitfall is that the career in media is less rewarding (financially) in the starting phase, and money does flow in a long time.
6. Entrepreneurship: Wanted to be a businessman ever? Go for it! It is the right time. Government, companies (like IBM) etc provide finance to the people with new ideas and ability to run an enterprise. You can launch a website or you can start a manufacturing unit, depends on your abilities. You can also open a school or college, or take a franchisee of any big company. The booming areas in entrepreneurship, in short, are educational entrepreneurship, social entrepreneurship, consultancy and dot com to name a few. Though there is an opinion that dot com is already a history, a new and innovative ideas always has the space. For example, www.ticketvala.com ,which allows people to book private bus/railway tickets through its hotline/website and delivers tickets at your doorstep.
7. Public Relations/Event Management: It is a glamorous field. So, if you like to meet new people, like to talk to them, develop a network and public dealing, this is the field for you. But, initially, money may be a constraint. In a long run, your goal should be to establish your own unit. Initially, you should look forward to work with an established PR company (e.g. Simulations India, Ahmedabad).
8. Social Service: One form of this career is to start with an NGO or join one. Some big NGOs pay handsomely and at the same time you get the job satisfaction of serving the society. A lot of demand for people in this area comes from abroad too. In Ahmedabad, there is an NGO – “Blind People’s Association”, which has many employees who are highly qualified and one of them used to work in New Zealand. But, you will be surprised that their employee turnover is almost 0% and they have been able to retain young people for last six to eight years. This is a very good example of how an NGO can be run professionally.
9. Disaster Management: Whether we like or not, disaster- manmade or natural – are going to occur and they are a reality of life. The professionals who can work in such emergencies, are high in demand. It requires professional skills, patience, ability to deal with hardship, ability to lead people, ability to use the resources in the most meaningful and productive way. Many universities (e.g. one is Bhavnagar University, Gujarat) run courses in this area. If you are a civil engineer, then you have the right background required for this profession. But, a non-engineering background cannot disqualify you from opting this career. Meaningful research in this area is also a good career option.
10. Politics: No no! I am not recommending you to join active politics (yeah, you can join – Paritrana – a political party set up by IIT graduates), but rather, I am of the opinion that a management graduate can join a political party and guide it over how to position itself correctly amongst the masses. As a management professional, you can advise the political parties on promotion mix, public relations and even managing their finances. This might look an absurd idea on the first look, but I am sure, if thought over properly, it may become a career option. Ultimately every field needs management professionals!
11. Film Industry: Recently, IIM-A, has introduced a subject on “Introduction to Contemporary Film Industry”. This shows that the demand for management professionals is going to rise in the film industry too. Business houses like Anil Dhirubhai Ambani Group are also into the production of movies. So, if you have the right attitude and aptitude, this career option is a good one too. And, with entertainment industry on a rise, the future looks to be bright too for the people employed in it.
12. Further Training/Education and Other Potential Careers: Many career counselors would advise that a person who has completed five to eight years in his managerial career, can opt for further studies. The programmes, which are exclusively designed for experienced executives (e.g. PGPX by IIMA or Post Graduate Programmes by ISB), are good options for those, who want a break from regular career, want to update their skills and want to take a big leap in their career. Such programmes can also be helpful in changing your career. Same way, you can undergo SAP/ERP training of six to twelve months. Same way, you can pursue course in hospital management, prepare for exams like IAS, IPS or GPSC.
Conclusion: This is just an indicative and not at all an all inclusive list of possible non conventional career for management students. But, the point is, one has to think differently and come out of set mind-set for a different career path.
Wooohhh....Obama just announced one more stimulus packages for US economy amongst the news that 70,000 people got pink slips on December 26, 2008 - THE BLACK MONDAY. The difficult times have created a question mark in many of the Management Students completing their Management Degrees in a few months. There seems to be no way out. There seems to be no options. It looks like it all is dark and dark around. But, every cloud has a silver line. In these times also, if one thinks out of box, if one puts a little bit of extra effort, if one is a little bit more flexible, there are plenty of avenues that still exists. This article will try and "humbly recommend" some options. Obviously, the list I'm going to talk about is just an indicative one and not the exhaustive one. Let us just consider a few of the options:
01. Research
02. Consultancy
03. Teaching
04. Modeling
05. Journalism
06. Entrepreneurship
07. Public Relations/Event Management
08. Social Service
09. Disaster Management
10. Politics
11. Film Industry
12. Further Training/Education and Other Potential Careers
Here follows the in-depth discussion.
1. Research: Now-a-days, the social science research is booming. Corporate houses look for newer ways to cut the costs, optimize the business processes and business models, and increase the market shares/profits. If you want to be in research of social science, there are some very good options around. You can pursue FPM (Fellowship Programme in Management) from IIMs or any other premier institute like Nirma University. Generally, for admission in such programmes, you need to appear for the specially designed CAT. Alternatively JRF (Junior Research Fellowship) exam, conducted by UGC is also recognized. FPM is a full time Ph.D. and requires four to five years minimum. You will get a very handsome stiffen during the programme. Alternative to this is the Ph.D. program. You can enroll in any University's Ph.D. and conduct a research under a guide. This is a traditional model of research. One more way is to start as a research associate in premier institutes like IIMA and IRMA. Researchers get paid heavily, though never as much as executives, but the job satisfaction is very high as you contribute something to the existing theory. Many people join ICFAI as a research associate. ICFAI produces a lot of cases and books and most of its cases are even used in International B-Schools. European Case Clearing House(ECCH) also sells its case in European Business Education Market.
While all the above ways will lend you in more of an academic research kind of structure, you can also join a research firm like KPMG, Ac-Nielsen, Polaris etc. But, these firms demand people with a strong research aptitude and attitude. You must work on your Statistics/Quantitative Analysis and research skills to crack in any of them. Working in such a firm will give you exposure to more industry specific research. Alternatively, you can join Marketing Research
Wing of any company like HUL, Godrej etc. If you like the stock market research, firms like Sharekhan are equally good career options.
2. Consultancy: Consultancy is a good option if you have rich managerial experience of 10 to 15 years. The big IF exists of course and it also means each and everyone cannot indulge in this business unless you have a proven track record as a practicing manager. You can start under a seasoned consultant before being on your own though. People with good communication skills and creativity may try their hand as trainers. For that, it'd be advisable to work under professional soft-skills trainer. At times, many end up earning more than their full-time jobs in this field.
3. Teaching: Teaching hmmmm! MBAs used to hate teaching and call it OUTDATED as the job was not so called 'challenging' and 'financially rewarding'. But, I have seen the attitude changing overnight with many more MBAs looking for this job. There are a few reasons for this new trend: 1. Jobs in so called corporate sectors are dying and drying up! No more packages, no more big money.....2. Newer colleges are coming up which do look for faculty members 3. Sixth pay commission is out which means the pay scale in this field is increased quite a bit. To enter Management teaching, one may go for a full-time job straight, or may try to clear UGC-NET, do M.Phil or Ph.D. etc. All you need is a first-class degree in PG to kick-start.
4. Modeling: Modeling is a good option guys...Look around, Tushar Kapur, Perizaad Zorabian, John Abraham....many Management graduates are working there, you see. Modeling can be one option for those who have the right attitude for it. Other requirements, like looks, fit body, communication skills etc can be developed if you have the right spirit. So, if you ever thought to be a model but sacrificed for that investment banking job, it is the right time to look for it once again.
5. Journalism: If you can write creatively, correctly and stylishly, may be this one is for you. Especially, Management graduates can try their hand on Business Journalism. You should have flair to know newer things, a flair for writing, and creativity. Work as a trainee at some good business newspaper (like the financial express of the economic times) or business magazine (like business world or business today) in the starting phase and then the sky is the limit for the right people. But beware, it has it own pitfalls and so talk to professional counselors before choosing it as a career. One pitfall is that the career in media is less rewarding (financially) in the starting phase, and money does flow in a long time.
6. Entrepreneurship: Wanted to be a businessman ever? Go for it! It is the right time. Government, companies (like IBM) etc provide finance to the people with new ideas and ability to run an enterprise. You can launch a website or you can start a manufacturing unit, depends on your abilities. You can also open a school or college, or take a franchisee of any big company. The booming areas in entrepreneurship, in short, are educational entrepreneurship, social entrepreneurship, consultancy and dot com to name a few. Though there is an opinion that dot com is already a history, a new and innovative ideas always has the space. For example, www.ticketvala.com ,which allows people to book private bus/railway tickets through its hotline/website and delivers tickets at your doorstep.
7. Public Relations/Event Management: It is a glamorous field. So, if you like to meet new people, like to talk to them, develop a network and public dealing, this is the field for you. But, initially, money may be a constraint. In a long run, your goal should be to establish your own unit. Initially, you should look forward to work with an established PR company (e.g. Simulations India, Ahmedabad).
8. Social Service: One form of this career is to start with an NGO or join one. Some big NGOs pay handsomely and at the same time you get the job satisfaction of serving the society. A lot of demand for people in this area comes from abroad too. In Ahmedabad, there is an NGO – “Blind People’s Association”, which has many employees who are highly qualified and one of them used to work in New Zealand. But, you will be surprised that their employee turnover is almost 0% and they have been able to retain young people for last six to eight years. This is a very good example of how an NGO can be run professionally.
9. Disaster Management: Whether we like or not, disaster- manmade or natural – are going to occur and they are a reality of life. The professionals who can work in such emergencies, are high in demand. It requires professional skills, patience, ability to deal with hardship, ability to lead people, ability to use the resources in the most meaningful and productive way. Many universities (e.g. one is Bhavnagar University, Gujarat) run courses in this area. If you are a civil engineer, then you have the right background required for this profession. But, a non-engineering background cannot disqualify you from opting this career. Meaningful research in this area is also a good career option.
10. Politics: No no! I am not recommending you to join active politics (yeah, you can join – Paritrana – a political party set up by IIT graduates), but rather, I am of the opinion that a management graduate can join a political party and guide it over how to position itself correctly amongst the masses. As a management professional, you can advise the political parties on promotion mix, public relations and even managing their finances. This might look an absurd idea on the first look, but I am sure, if thought over properly, it may become a career option. Ultimately every field needs management professionals!
11. Film Industry: Recently, IIM-A, has introduced a subject on “Introduction to Contemporary Film Industry”. This shows that the demand for management professionals is going to rise in the film industry too. Business houses like Anil Dhirubhai Ambani Group are also into the production of movies. So, if you have the right attitude and aptitude, this career option is a good one too. And, with entertainment industry on a rise, the future looks to be bright too for the people employed in it.
12. Further Training/Education and Other Potential Careers: Many career counselors would advise that a person who has completed five to eight years in his managerial career, can opt for further studies. The programmes, which are exclusively designed for experienced executives (e.g. PGPX by IIMA or Post Graduate Programmes by ISB), are good options for those, who want a break from regular career, want to update their skills and want to take a big leap in their career. Such programmes can also be helpful in changing your career. Same way, you can undergo SAP/ERP training of six to twelve months. Same way, you can pursue course in hospital management, prepare for exams like IAS, IPS or GPSC.
Conclusion: This is just an indicative and not at all an all inclusive list of possible non conventional career for management students. But, the point is, one has to think differently and come out of set mind-set for a different career path.
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