Viewing the COVID-19 Crisis Through the Prism of History

Today, the world is passing through an unprecedented crisis, nick-named, Covid-19. Some have compared the gravity of the present upheaval with the disastrous impact of Great Depression of 1929-33, in terms of job losses, drastic fall in production & consumption and in the standard of living of millions of people around the globe. People also lost confidence in the capabilities of market-driven institutions in pulling out the economy and society from a hopeless situation.

These kinds of major developments and circumstances gave birth to a new subject called Keynesian Economics or Macro Economics, which is taught and debated at all levels in business schools, University colleges, and centers of excellence; starting from the secondary school stage to most advanced teaching-learning discourses and even reflected in the highest order of research studies. The impact of Keynesian economics went beyond economics and virtually no subject in social sciences remained untouched.

The basic premise and rationale of Macro Economics (Keynesian Economics) was presented through the existence of macroeconomic paradoxes. A paradox in economics is the situation where the variables fail to follow the generally laid principles & assumptions of the theory and behave in the opposite fashion. For example, saving is a private virtue but a social vice because if every individual endeavors to maximize savings, it would severely affect the growth rate of the country and revenues of corporate.

The fundamental change characterizing this shift lay in the new and pervasive role of Government heralding a shift from laissez-faire economy where all solutions to economic ills were to be found by the free enterprises and markets to a proactive role assigned to national Governments in stimulating the economy through injection of large Government expenditure funded through ballooning deficit budgets, year after year. This would compensate for the fall in private demand caused by dysfunctional labor markets, collapse of financial systems and loss of confidence of people in the private enterprises.

In the next stage, in the wake of historical destruction caused during the Second World War, the attention of USA shifted to the reconstruction of war ravaged economies of Western Europe which represents today the most developed part of the world. The concept and the initiative were encapsulated in what came to be popularly called the Marshall Plan. It is pertinent to mention that the Marshall plan under which the USA spent $13 billion for reconstruction of economic and physical infrastructure in West European countries were also funded through heavy reliance on deficit budgets, year after year. Interestingly, the salient features and underlying ideology of the Marshall Plan were presented by U.S. Secretary of State George Marshall during an address at Harvard University in 1947. It is not accidental that effective implementation of the Marshall Plan led to the emergence of USA as an undisputed world leader who designed international economic and social order, reflected in the setting up of various institutions like UNO, IMF, World Bank etc to strengthen and perpetuate its hegemony.

The impact of Keynesian Economics on the minds of policy framers, particularly Finance ministers, around the world, was so deep that they started believing that deficit financing by national governments was the panacea for achieving high growth rates, eliminating unemployment, improving the standard of living of masses by putting purchasing power in the hands of poor through direct cash transfers or by giving them assured jobs on public works programs, reducing regional imbalances, spreading the tentacles of the state in every sphere of economic activities and even for self aggrandizement.

The phenomenal growth of leftist economic philosophies, ideologies, and literature brought concepts like Welfare Economics, Inclusive Growth, and Growth with Justice, to the center stage of academic debates where the distribution of gains across various segments of society became the primary issue and wealth generation & concentration became hated words. The pendulum had swung to another extreme, thought the centrists and economists having inalienable faith in the market economy. Amongst many others, Michal Kalecki discovered a paradox which brought out from the analysis of national accounts data of select economies that higher government deficits generate larger profits for the capitalists. It would not be unrealistic to infer that a part of these larger and ever growing profits are shared by capitalists with those connected with designing of such policies. High inflation levels which are always accompanied or followed by higher doses of deficit financing undertaken in the name of creating larger job opportunities for masses also affect the low income people most adversely because inflation rates are generally higher in respect of essential commodities like food and fuel on which poor households spend most of their incomes.

It was precisely because of such complex relationships, that economists like Milton Friedman argued in favor of balanced budgets, financial stability, and reduction in the size of bureaucracy, minimum economic regulation, maximum autonomy for central banks from the pressures of Governments and transparency in the making of economic policies. Fiscal Responsibility and Budgetary Management Act 2003(FRBM) was passed by the Indian Parliament precisely to discipline the Governments against reckless dependence on deficit financing for supporting ever-growing public expenditure by restricting it to around 3 percent of GDP.
The present crisis of Covid19, is structurally very different from Global Financial Crisis (GFC) of 2007-09. GFC was confined to the financial sector, Banking sector, and Nonbanking Financial institution. Its root cause was thoughtless lending by financial institutions to support the purchase and sale of spurious financial products with the ultimate aim of maximizing bonuses and incomes of players like brokers, commission agents, arrangers& fixers operating in high places. They all worked through deception and manipulation. Two Nobel Prize winners in Economics George Akerlof and Robert J Shiller proved it in their book titled “Phishing for Phools” published in the year 2015.

All emerging economies, including India, recorded the highest growth rate in their history, in the magnitude of 7 to 8%, as capital moved from advanced economies to the less developed world in search of higher returns. However, in view of the current crisis of Covid 19, it is the real sector and not the financial sector that is the epicenter – evident in standing crops waiting to be harvested and labor which has fled leaving behind their sources of livelihood. The wheels of production and consumption have been thrown out of gears. Supply chains are in disarray. Parameters such as growth rate, investment and capital formation have lost their relevance, except for statisticians and economists.

Many things are expected to change. FRBM would be relegated to the background for next couple of years. India should be ready to face inflation levels ranging from 10 to 15 percent or even more in months and years to come as against 4 to 6 percent in the last few years. Interest rates are bound to rise in sympathy. Real interest rates may become negative, hurting the interests of fixed wage earners and pensioners. Wages may not keep pace with inflationary trends because of structural imbalances and distress conditions in labor markets. Corporates are bound to come up with all possible innovative practices to bring down operational costs.

Different sectors are likely to experience varying market conditions. For example, sectors like civil aviation which until recently experienced cut-throat competition resulting in a significant reduction in tariffs may face trying times in years to come. The real estate sector may not see its revival in near future. Conditions in steel and cement sectors may remain sluggish. There would be job cuts in all these sectors, particularly at middle and senior levels. The jobs involving direct selling of commodities and services may command higher salaries and incentives. Expenditure on items like advertisements, publicity, brand building, travel, even research, and consultancy is likely to go down. Online transactions in business are likely to become more popular. As a result, the corporate would inject fresh capital in IT systems and technology. The government might also revisit its policy stance to close down loss-making public sector enterprises in strategic sectors like essential drugs & pharmaceuticals where overdependence on imports could prove suicidal. There would be many more intended and unintended consequences that are difficult to predict as of now. But one conclusion seems to be certain: 2020 would go down in history as a year which witnessed economically and militarily mighty state of USA in a helpless and vulnerable state. Are we in for a New International Economic Order?

How Do You Prepare Yourself Financially For Business School?

Studying MBA is increasingly becoming one of the most popularly chosen business programs. More and more students are opting for this field and aspiring to become business experts. Top-notch colleges like IBS offer some of the best business programs to students across the globe. From Finances to Human Resources, students can acquire in various fields in the world of business. Because of the popularity of this particular program, the business field is becoming more and more competitive. Having an MBA degree will surely land you a good job in some of the best multi-national companies and get the opportunity to train with seasoned professionals. You will have the choice to continue working in these big brands and organizations or establish your own venture. Whatever path you might choose for your career, studying MBA is the starting step to it.

Like most of the lucrative professional programs, studying for MBA can be expensive. It is a financial investment that has a very good return which securing your future. So once you have chosen the institution you want to enroll in and the area of business you want to specialize in, you need to take proper measures to make sure that there is no hassle in funding your education. Following are some of the options that you can go to:

  • Student Loan: One of the best and most relied options for funding your business studies is exploring the option of student loans. There are a number of government schemes and bank loans that are available. Do good research and try to find out about all these student loan options available at a low-interest rate. Once you have secured a job you can easily pay back your loan. The best part about student loan is that it is easy to get as compared to any other kind of loan. So, with minimum paperwork, you can get good funding for your studies.
  • Grants and Scholarships: There are a number of colleges and universities that provide students with grants and scholarships. Getting one will tremendously help you out financially. In addition to this getting a grant will also look good on your resume as it is usually given to students with a good academic record. In a number of cases, students who are good academically are also offered with the option of assisting the professors with teaching some of the classes. This can help you out not only finance wise but also will help you get parallel the practical exposure of teaching which can be a very good experience.
  • Check Different Colleges: One of the effective ways of budgeting for your business studies is by tallying the fee structure with different colleges. Sometimes, students tend to opt for colleges that are hyped about. In such a case, while the education quality might not be very good, the fee structure can burn a hole in your pocket. Hence, it is always advisable to do research on the reputation of the colleges, their faculty member, the programs that they are offering and most importantly the fee structure. Once you get a fair idea, you can make the choice of taking admission in the institution that fits your budget, without compromising on your education.
  • Part-Time Jobs: Getting a part-time job while studying is not uncommon. Many students take up odd jobs that interest them to support themselves and fund their education. Therefore, try to find a place that will offer you a good job and have fewer work hours so that you can carry out both your job and studies simultaneously. Getting a part-time job has great advantages for a student, especially someone who is studying business. This will give you a chance to understand the functionality of an organization and put your theoretical knowledge to better use. This will give you an edge over others in securing good jobs after you have completed your MBA.
  • Save Small and Gradually: While this is an obvious solution, but also something that one must try to do gradually in the long run. Try to save as much money as you can to help you fund your education. If you manage to save your money and fund your business studies, you will not have to worry about paying off your debts and deal with loan interests if you take loans. Review your expenses, and start saving your money in a small amount and gradually.

Attending an MBA program can be quite an expensive endeavor. Once you complete your business studies you can easily get a handsomely paid job, but till you get one paying those semester fees can turn out to be quite a challenge. Thankfully, with different financial aids that are available nowadays, funding your MBA can be done easily.

Different MBA Specializations Offered by B-Schools In India

Running a business is not a one-man show. It requires the help and contribution of several people with different specialization to look after individual sections. Therefore, if you are aspiring to step into the world of business then you have the option to choose the job you want to do in an organization or even when you have your own business. Business world is full of opportunities and people with appropriate knowledge and skill get the required exposure in their professional life. For students who are planning to make a career in this field must understand that there are several specializations that many colleges and universities offer across the country to pursue. Specializing in a particular sector, not only helps you gain complete knowledge of that particular business area and functionality, but also makes you indispensable in the professional world.

Top Colleges such as ICFAI Business School, IIMs and Xavier School of Management etc. offer a wide range of MBA specialization programs you can choose to get a post-graduation degree. Following are some of the top MBA specializations in high demand in the job market:

  • Finance: Finance is one of the most popular specialization for MBA. The subject teaches you to manage capital, budgeting, costing and funding of various projects and everything related to the fund of a company. A degree in finance will make you an expert in the finance department of various organizations.
  • Job Profile: Amongst other financial sectors such as stock exchange, the Insurance industry, financial consultant and mutual fund industry, the banking sector is always in need of experts who are highly skilled in the handling of finance. With the rapid growth in this field, there will be no dearth of jobs. A degree from a reputed college like ICFAI Business School will give you an edge over others and will help you secure a good job.

  • Marketing: In today’s cut-throat competitive world, specialization in marketing is no less than gold. Acquiring unique skills in marketing helps you understand customer behavior, market behavior, advertisement and number of other elements of marketing.
  • Job Profile: Marketing is all about reaching out to your target audience through various mediums to inform and convince them of your products. This is a department that every organization has and therefore you can find a job in any firm and become Marketing Manager, Sales Manager, Product Manager, Head of Digital Marketing and many other profiles.

  • Human Resource Management: Any business is incomplete without its workforce. The functioning of different departments and sections requires skilled and expert employees. A degree in Human Resource Management helps you acquire the skill to recruit the right workforce, manage acquisitions and mergers and cater to demand and supply of workforce.
  • Job Profile: A degree in Human Resource Management can get you a job in topmost organizations across the globe. With gradual growth in your career, you can start as an executive and go on to become Team Leader, Assistant HR Manager, Senior HR Manager and ultimately Chief HR Officer

  • International Business: As we already know, the world of business exploded with globalization. Specialization in International Business Management teaches you the management of International Finance, International Logistics, Marketing and Foreign Exchange. It opens up opportunities to travel and cater to clients globally.
  • Job Profile: An individual with specialization in International Business can get jobs in both India as well as international firms which is quite advantageous. You will be eligible for major professional roles in various firms and acquire positions such as Business Development Director, International Foreign Policy Advisor, Multinational Manager and several such job profiles.

  • Information Technology: Acquiring an MBA degree in Information technology will teach you database management, computer security, systems analysis and effectively manage planning, designing, and implementing upcoming technologies into various in-house projects as well as for clients.
  • Job Profile: While there are professionals who are dedicated in the innovation and development of technology, it is the job of management professionals to ensure that implementation is in a profitable manner in order to ensure growth of business and as an extension to the end-users as well.

  • Rural Management: Rural Management is a comparatively new specialization in management programs, but has garnered much attention from professionals across the country. Students are taught to focus on development of rural India and creating financial opportunities for them by utilizing their skills. Majoring in Rural Management gives you a chance to learn rural economy, management of rural business and much more.
  • Job Profile: There is tremendous job potential in the rural management job market. You can directly get associated with government organizations and work on various initiatives for the upliftment of rural livelihood. You get to utilize your degree in working towards solving major challenges in rural India, and ensure upliftment of the rural society. You will get jobs with government research institutes dedicated to rural areas, non-government organizations, and head rural development projects.

    There are plenty of opportunities ready to be grabbed by students and make a career out of it with a business degree. So, determine your field of interest and choose your specialization.

Book or Real Life Exposure, What Helps You Achieve Your Business Dream

There are a number of factors that contributes to success of a venture. From choosing the target audience to providing quality products and services, effective marketing and hiring the right resources, there are plenty of elements which add to the value of your business to make it the best in the ever-growing and competitive world. For people who strive to become experts or professional in this field, it is important that they learn about all the tricks of the trade. So the question is, what is the best way of gathering the knowledge of running a business or become an expert?

While a number of people think that getting a formal education in business is the right way to become a business expert, others feel that your real life exposure is enough to teach you everything that you need to know about running an establishment. In the world of business, there are a number of popular names that have not received any formal education and have still succeeded, while there are also successful people who have received the best education from Ivy League colleges and are running excellent business. So how do you decide the best way to acquire knowledge for business?

Real Life Exposure

When you rely solely on deriving knowledge of real life exposure, there are certain advantages and disadvantages that come with it.

Pros:

  • When you are working in an establishment or running or own venture, you get the opportunity of doing all the tasks on your own, understand all the functionalities right from meeting people, production, manufacturing, sales, marketing and all the other tasks. This gives you a first-hand experience of the business world which is very important. One you get a grip on all the aspects of business, you can gradually grow to a prominent name in your field.
  • You get to meet new people and that boosts your networking. Interaction with already established individuals helps you understand your field and you get to learn a lot from them and use the ideas in your business.
  • Cons:

  • One of the biggest disadvantages of depending only on real life exposure is that, initially you are not aware of the functionality of a business. This can lead to an extremely slow growth of your business and sometimes, lack of knowledge can cause loss. While you might learn over a period of time, but in the initial years, the lack of a formal education can work to your disadvantage.

Formal Education/Books

In India, there are a number of reputed institutions that offer MBA programs designed to make you an expert in the business field. Here is how pursuing this business program can help you in establishing your career in the said field:

Pros:

  • Pursuing a course like MBA gives you the advantage of getting holistic training on different kinds of functionalities and activities under the supervision of experienced faculties.
  • With a strong faculty, you will be able to clear all sorts of doubts and take their help whenever it is required and learn from them
  • With an MBA degree you are qualified to associate with some of the best business establishments across the globe. It gives you an opportunity to open various career options which are not otherwise possible without any formal education.
  • From attending guest lectures to getting an opportunity to work on different projects and even have an internship, these experiences you get within the protective environment of your college, can work tremendously to your advantage.

Cons

With some institutions, they don’t provide exposure or impart practical knowledge to run a business. Doing so will only make the student an expert in theory and may not be able to work when they start off business career. This can greatly work to their disadvantage.

Here management colleges like ICFAI Business School (IBS) come in the scenario where they provide CASE based learning, which plays a vital role when it comes to bridge the gap between theoretical knowledge and industry exposure. Formal education, such as MBA or reading books and getting a real life exposure, all these factors together make an individual an expert in the business field. Therefore, individuals who are planning to make a career must understand the significance of both aspects, i.e. business education and real life experience. To attain the balance one must choose a college or an institution that helps you strike a balance between the two. This way you will not only get to have an in-depth knowledge and theoretical understanding of running a business and its various functionalities, but also simultaneously get to put the acquired knowledge to practical use under the guidance of an expert. This leaves you enough room to correct mistakes, and based on your experience you can build or create your own venture. Thus a balance of both is what you need to succeed in the business world.

7 Major Factors to Consider Before Choosing a B School

In today’s date and time business studies have become a popular choice for students who are looking to pursue under-graduation and post-graduation. With the boom in the business sector, there has been quite a growth in the job market. There is no shortage of investment for students as management studies not only assures jobs in reputed firms but also an in-depth knowledge of the various functionalities. Therefore, it is of utmost importance that you choose your college or university carefully before enrolling in one.

Significance of choosing the right college

Your college plays an integral part in determining the quality of education you receive. Therefore, choose it carefully. Completing business studies from a reputed college gives you exposure to not only bookish education but all kinds of real-life hacks that one requires to make it big in the business sector. Choosing the right business institution has several benefits:

  • Opportunity for better education
  • Get taught by experienced faculty members
  • Availability of better and updated facilities
  • Better option for holistic development
  • Good job placement

While we all understand the importance of choosing the right college, the question is how to select the right one. When you are looking for colleges, the first and foremost thing to do is to make a list of things that you want in your institution. Once you have determined the points, then research various colleges yourself instead of following your peers. There are several things to consider before enrolling in a B school. Following are the top 7 factors that you must consider before getting admission in any business school in India.

  1. Qualified faculty members: One of the most important things to consider before getting enrolled in a B school is to see whether they have experienced and talented faculty members with a real business background. For a course such as business studies, it is best to be taught by someone who has real experience. Faculty members who have themselves worked in reputed firms will be able to offer much more than academic knowledge. They will know about all the tips and tricks that one must apply while working in business world. They will also have the right connection within the industry that can be used to help students in their career opportunities. Therefore, it is best to get into a college that has very strong faculty team.
  2. Good ranking: One of the best methodologies of choosing the right college is by checking its ranking. An institution with ranking received from a top publication works as a great tool to compare the education quality, alumni, recruiter reputation and several other things. Studying from a college with a good ranking will also help in the long-run as well. It helps create a positive image for business firms and gives you an edge over others
  3. Availability of management programs: The business world is ever-expanding and is therefore not just restricted to a handful of sectors. Make sure that the college you choose offers a variety of majors and subjects in business studies. This will help you to not only learn to specialize in something niche but also makes you unique and therefore improves your chances in the job market. The business market is always in search of people with unique specialization. Having a degree in such subjects can be thoroughly beneficial for you in the future.
  4. Alumni and placements: While your business course educates you about running businesses and gives you ideas of real-life hacks, tricks, and tips for establishing your own, securing a job is also significant. So, when you are looking for taking admission to B-schools, make sure that provides you good on-campus placement opportunities. Though no college promises to offer 100% placement, a college with a decent percentage of placement makes a big difference and improves your chances of getting a job easily.
  5. Infrastructure: In addition to education, infrastructure also plays a major role in the holistic growth of a student. Therefore, when it comes to selecting a college make sure that the institution has adequate infrastructure that will contribute to your growth. A management institution should have a well-stocked library, an updated computer center, sports facilities and a classroom containing all the basic amenities. Besides this, there are several other things one must consider such as availability of hostel, playground, mess, and medical facility.
  6. International exposure: The business world today is not just restricted within the boundary of a certain country. It has expanded globally and therefore it demands professionals who can handle the global market. To be able to cater to this requirement, students also need to have international exposure to understand foreign policies, understand cultural differences and be able to come up with a solution that suits the global market. International exposure such as, an opportunity to study for one or two terms at other international institutions through an exchange program is significant. Through this student will get first-hand experience of professional situations and also required skills to deal with them.
  7. Campus ambience: The campus of your institution plays a major role in building a student’s mental strength and character. Therefore, before joining a college do a thorough research of the college’s history, reputation, and experience of previous students. A healthy campus life will enhance your academic experience, social and professional skills to make a career in the business sector.

The decision of enrolling in an institution is vital and it can impact both personal and professional life. Therefore, it is of utmost importance that the institution you choose has, if not all the factors mentioned, at least some of them. Your business education is not just restricted to the classroom. It is also about learning professional responsibilities, managing teams and projects, and several other things. Enrolling in a good college helps you with acquiring all the skills you need for handling various tasks and handling multiple teams and above all learn the right way to do business.

Best Career Options For Students Pursuing BBA

Most of the students who wish to make a career in the business sector pursue BBA. Bachelor of Business Administration (BBA) is an undergraduate business course offered by colleges and universities. This course introduces students to the various aspects of running an effective business and helps you get an understanding of the basic concepts related to this sector. While you get to learn the primary concepts of the business world in your graduation, you will need a lot more to make a successful career in this field. Therefore, the next right move for you would be to pursue your post-graduation degree in MBA. In MBA, students get to learn about business studies in detail, they get to choose their specialization which can help them in building their career in the long-run. In addition to this, you will also learn the strategic development of ideas and their usage in propagating your business venture. Some of the common topics that will be covered in MBA are:

Marketing
Finance
Human Resources
International Business
Accounting
Business Operations
Retail

Besides this, several other subjects and topics are covered in this business program. Through this business program, they determine their area of specialization and focus on refining their skills in that area. An MBA degree will open up a wide range of career opportunities for you, which might not be possible with BBA degree. Following are some of the career options that you can explore after completing MBA.

  • Start your own business venture: Completing MBA will give you a very strong understanding of the functionality of business and different aspects associated with it. Therefore, once you have completed this program you can start your business venture. Doing this will let you make practical use of all the knowledge that you have acquired during your studies. Besides this, you get to be your boss, get the opportunity to lead a team and use your administrative skills.
  • Take up managerial roles: After MBA, there are many managerial fields that you can fit into, such as :
  • -Marketing Manager
    -Business Consultant
    -Research and Development Manager
    -Finance Manager
    -Human Resource Manager

    You can also apply for jobs in the corporate sectors such as Banks, Education institutes, Multi-national companies, various business financial and marketing organizations and many more. There is no dearth of jobs for a student with a MBA degree. There are innumerable options for you at your disposal.

  • Hotel management: MBA course imparts good knowledge of management and therefore making a career in hotel management can be a good option. From managing finances to handling different teams, a job in the hotel management requires all sorts of managerial skills and a student with an MBA degree can very well step-up to the expectation.
  • Teaching: Getting a job in the education sector is a very good career move for an individual with an MBA degree. As we already know that management courses like MBA is highly in demand, as they are also in need of professionals who know to teach all the technicalities and provide other students the guidance. MBA postgraduates will be capable of conducting classes in finance, economics, and accounting.
  • Chartered Accountant (CA): If finance and accounts interest you then Chartered accountancy is a career option for you after you have completed your MBA Program. After completing this course, you can get a CA degree, after which you will be easily placed in any sought-after multi-national companies.
  • Foreign embassy: This might come as a surprise to students, but several foreign embassies need employees with a management background. Taking up a job in a foreign embassy is not only a highly paid profession but through this, you also get to visit different countries and learn about different cultures. This way along with a job you also get to put the knowledge and education that you have received from your MBA degree to practical use.
  • Financial analyst: A major part of the business is all about finance and marketing. Therefore, this is a perfect job for a person who has MBA degree. From managerial economics to financial management, several related topics are covered in this program, hence, you can easily get this job. In this job profile, you need to use your analytical skills to provide advice to companies to earn the profit.
  • Marketing and sales executive: Sales and marketing is the basic requirement for any business. MBA degree holders can easily get the job done. An executive in sales and marketing is required to come up with different ideas on different kinds of marketing strategies and sales ideas. You are then required to implement them successfully and thus eventually boost profits of the firm.

In the job sector, several companies need employees graduating with a business degree. If you are interested in becoming an expert in a certain section of the business sector then doing your post-graduate in MBA is the best thing to do. Through MBA you get the option to study a section of business studies and become an expert. Gaining your expertise in a niche section can lead to better growth professionally and scope for more learning.

Significance of Business Education In Real Life

Running a business requires a perfect combination of understanding of the market and skill to cater to its requirements. It is popularly believed that business studies are only restricted to those who want to make a career in this field. Most of the students who are looking to associate with multi-national companies or opening a new venture tend to opt for popular business courses such as BBA, PGPM/PGDM/MBA, and similar courses. While these courses largely help students with acquiring the art, skill, and understanding of a business, this knowledge is not completely dedicated to this particular job. The education or the knowledge that one gets from these courses are applicable in any professional field that you want to choose and even in your daily life.

Enrolling in a reputed business institution such as ICFAI Business School, IIMs and NMIMS, etc. not only opens up job opportunities in business sectors but also imparts a perspective that most of the people are not aware of or are not told about in other programs. In the three or two years of the business course that you choose to enroll in, your skill is honed through a series of theoretical education and practical skill.

So, you may ask, why should people with other field of interest acquire business education. The answer to this is that business studies is not all about running a business or creating job opportunity alone for individuals. There are several benefits of business education in real life, following are some of them:

  • Makes you a team player: Irrespective of the profession that you choose, you need to be able to work with your team and cooperate with them. In management studies, one of the basic things that you are taught is to become a team player. For any business to succeed, one needs to be able to get along with everyone, including people’s skills and expertise and deliver your results successfully. The same education can be utilized in other walks of life as well. Be it personal or professional scenario, the ability to bring together people and making optimum utilization of the skill that each of them have to offer is very beneficial and a must-have quality in every individual. Through your business studies, you will be able to have a better understanding of the significance of a team and learn to coordinate with the members efficiently.
  • Take financial decisions: One of the core elements that a student gets to learn in a business program is the management of the finances. While many factors contribute to the success of a business but finances are the foundation on which it stands on. Therefore, it is important to understand how to earn maximum profit, distribution of budget in various projects, human resources, and several other things. It also helps you understand the market from a financial point of view, where to invest, how much to invest and many other crucial things. This knowledge can be implemented in your everyday life and manage your money, which will eventually be beneficial in the long-run. With a formal education in management, you will very well be able to make a good financial decision from something as basic as saving to investing in the right places based on the market condition, which is something that everyone needs to learn in their lives.
  • Inculcate management skills: The business world is all about the correct management of the resources and so is every other sector be it your household or any other job that you take up. Business studies help you with inculcating management skills through effective techniques. Mastering this skill helps you to make proper utilization of the available resources, use them in the right direction and management. Management skill is something that is not merely restricted to a particular profession or organization and therefore it is of extreme importance. By enrolling in a business program, you can become an expert in management which you can implement in every section of your life. The management skill can be used even in the basic situations of your life as well as while taking big decisions.
  • Learn about networking: Both in business and personal affairs networking is essential. Networking is all about reaching out to like-minded people and peers who not only help you with their resources but also by mentoring and guiding you in your field and journey to your goal. Getting in contact with the right people and associating with them can help you in several ways such as getting resources, developing ideas and get aid in finances. All the skills of networking can be learned in detail in business studies which you can utilize in several other manners and throughout your career in the respective fields.
  • There are several other benefits of business studies, some of them being marketing, sales, human resources and many more. These factors may seem to be only part of a business organization and the world of entrepreneurs but you can use the skill in your everyday life.

ICFAI Business School IBS is the Biggest Winner in Case Method ‘Oscars’ 2019

ICFAI Business School (IBS), Hyderabad won a whopping three awards in the 29th year of UK based The Case Centre’s Award and Competition. These annual awards are widely hailed as the case method community’s Oscars andcelebrate worldwide excellence in case teaching and writing.

Mr. Richard McCracken, Director of The Case Centre said, “ICFAI Business School (IBS) are the most successful school in our Awards and Competitions 2019, winning three out of 16 categories. This outstanding achievement highlights the school’s dedication to producing high-quality, topical, innovative classroom materials that are used in business schools worldwide. We are proud that our annual case ‘Oscars’ shine a light on these impactful achievements.”

Harvard Business School, with two awards, is the next most successful institution, while other institutions with one award each include Stanford, INSEAD, IMD, Cornell, Oxford, Kellogg, Columbia, ESCP Europe, etc.

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How to Prepare for Business School Interviews?

Clearing a management entrance examination is a great feat and millions of students all over the world hope to achieve this. The competition is very tough and it really takes a lot of effort and preparation to make the cut for the leading business schools in India. A lot of students unfortunately believe that the entrance examination is the only crucial step in the selection process and just because they have secured a good rank, they will get admitted in the B school of their choice. This is not true at all and the students who slack off after their entrance exam results may jeopardize their good rank during the entrance examination. After clearing off the entrance examination, the next step in the selection process is usually the Personal Interview. With the Personal Interview, the students can congratulate themselves and be assured that they are moving forward their candidature towards admission in the business school of their choice.

The Personal Interview at a business school entrance is a very common practice by the business schools to gather more insights about their prospective students. With the Personal Interview the business schools measure the student’s fitment in the business school and determine if the student can proceed in the admission process. The interview is a terrific opportunity for the students to make a good impression and convince the B school of their ambition, determination, drive and confidence. There are many reasons for the business school to conduct an interview, such as:

  • A useful screening process to determine the strengths of the candidates
  • Gathering more information about the candidate
  • Take a decision on borderline cases
  • Set mutual expectations about the process forward

There are some specific steps that you can take to perform better in this crucial stage of the admission process. Read the below points to get a few ideas that can turn your interview into a success.

  • Do the research: Look out to gather more information about the business school selection criteria. This will come in handy since every business school has a different identity and selection process. You would like to know if there are any other rounds that are likely to be conducted at the B-school. For example, it is often a widespread practice for the business schools to club exercises such as group discussion to the personal interview process as a method of evaluation and elimination. Some other methods of evaluating a candidate may include simulations, role plays, case studies and extempore. These methods get the B school additional information about the candidates so that they can make their decision.
  • Prepare for the likely questions: The next thing to work upon in the interview preparation would be an extensive list of likely questions that are likely to spring out. Preparing for these questions help you gain the much-required confidence as well as give you clarity of thought during the interview. Frequent questions for the personal interview include:
    • Tell me/us something about yourself?
    • Why do you want to do an MBA?
    • What are you expecting to gain in your tenure at this business school?
    • What made you choose this business school instead of another one?
    • What makes you a suitable candidate to be accepted in this management education?
    • Tell me/us about your weaknesses/development areas?
  • Dress and act professionally: Do take care in dressing up in a suit or a formal shirt and a trouser. This helps you in nailing your first impression and helping you put your best foot forward. You would like to portray yourself as confident, smart and in-control. Do not forget to polish your shoes and wear a mild perfume. Apart from dressing right, it is also imperative that you act in a professional way. Do try to reach the venue well in advance with at least 30 minutes at hand to give yourself time to settle down before you go in. Do maintain good eye contact and smile appropriately throughout the interview since it is a clear sign of confidence.
  • Practice throughout: Once you have everything that you could think of written down on a piece of paper and the clothes ironed and ready, you need to bring yourself to be comfortable in your own skin. For this, the best technique is to practice and appear in mock interviews. The mock interviews can be conducted by your peers and family members but it does make a difference to have someone experienced interview you. This helps in getting the right kind of feedback which you can integrate to make your performance truly impressive. Go over the details mentioned in your CV minutely and try to anticipate the most relevant part that can give rise to challenges as well as winning points.

Keeping in mind these points, the students can prepare to get in the most prestigious and top business schools in India such as IIMs, XLRI, SPJIMR, IMT Ghaziabad, ICFAI Business School etc. Since this is something at which you only get one chance to succeed, prepare well and give it your best shot.

Redefine your Career through Management Education

Management education has become a highly desirable field in the modern times, not only for the students who are fresh out of colleges, but also for professionals who are aiming to add value to their careers. The charm of management education relies in the fact that the management education does not apply to only one type of career once they have completed the course. Also, a wide variety of fresher’s and seasoned professionals from diverse backgrounds are welcome to the management education where they are upskilled on a variety of areas to create a set of well-rounded transferable skills.

Although many of the students who join the full-time management education are fresher’s, many professionals also join these courses to redefine their management careers. There are many reasons because of which a tenured professional may be pulled to pursue an MBA, a PGDM, a PGPM or any other course. Some of these reasons are listed below:

  • Career stagnation with limited opportunity for growth: A lot of times, a professional realizes that he or she is being passed over for promotions and he is not considered to be able to handle a senior profile. This perception may be formed because the said professional does not possess the right qualification. This can cause a feeling of frustration and helplessness for the individual leading him or her to become dissatisfied from the current job and organization. This can easily be fixed by going for a management education course which can create movement in the career by broadening the person’s skillset and open new windows of opportunity. To make the most of it, the individual is advised to undergo a full-time, regular or executive management course of one or two years in a related or same field (such as Marketing, Operations, Human Resources Management etc.) Staying in the same or a related field helps the individual leverage the work experience accumulated before the management course.
  • Moving into a field with better prospects, and alignment with interests and strengths: One of the major benefits of management education is the heightened awareness that the management course creates within the students. The management education is very much intertwined with the business world and therefore it helps the students get a greater understanding of the business world and organizations. The students also build powerful networks which can help him or her maneuver their career to a direction that he or she wants. For this purpose, it is recommended that he or she goes through a full time MBA course from a leading business school of India or abroad. There are many competitive examinations that they can prepare for such as CAT, XAT, GMAT, NMAT by GMAC, SNAP, IBSAT etc.
  • Acquiring skills that are required for future leadership positions and assignments: It is not a secret that the business schools put a lot of emphasis on building the soft skills and leadership competencies in their students. This is especially true for the top B Schools in India such as IIMs, XLRI, S P Jain Institute, Symbiosis, IMT Ghaziabad, MDI Gurgaon, FMS Delhi and ICFAI Business School. These institutions have different focus areas and they approach the curriculum in a way that builds real life business skills. For example, the case based learning method used at the ICFAI Business School is very effective for the students to understand the pragmatic aspects of the real-life business situation. This is driven in the classroom through discussion and various facets of the case are exposed which puts the students in a decision-making situation, developing it in turn.
  • Adding credibility to the resume due to unsteady existing career: A lot of times an individual has the skills and the intellect for the job, but his or her prospects there are limited since he or she lacks credibility. This usually happens when the highest qualification degree or diploma that the individual has is either too broad or generic and does not relate to the job that this person is applying for. The recruiters shy away from giving a call to this individual because the resume looks too shaky or does not inspire confidence. A full-time management education course can be a great testament to the knowledge and skills of the individual and can help him or her differentiate themselves in a competitive marketplace. The recommendation and advice here is to stick to the renowned business schools and pursue a course from there since the brand association can benefit the individual gain the confidence through association with these schools. The students will also be able to demonstrate a commitment towards self-development and a zeal for learning.

With the above points it is evident that the management education has got tremendous value for the professionals who are currently dissatisfied with their career choices or simply wish to broaden their horizons. The last tip here is to ensure that they associate themselves with well-established business schools and do plenty of research to choose the right business school, reaping the maximum benefit of their education.