For management students, a summer internship is a fantastic learning opportunity. It gives you the chance to put what you’ve learned into practice, test your theories, and hone your professional and interpersonal abilities in a practical situation. You’ll be able to stand out from other applicants using this. A terrific professional and social experience can be had through an internship. There is no other method to learn how to effectively lead others and collaborate with a team. A summer internship is crucial for an MBA for this fundamental reason. A summer internship program is a perfect opportunity to explore career options and grow personally while immersing yourself in new experiences and exploring new places with friends.
The importance of Summer Internship Programs is listed below:
Networking: Internships are a great way to network with people in your industry. If you’re living and working with people in your field, you’re bound to make lasting connections that can help you in the future. That connection could be your next job or even a lifelong friend! Whether you’re working directly with an executive in your industry or with someone who works for them, you’ll have an insider view of the industry that no one else will have. This insider view can give you an edge when it comes time to apply for jobs because you have connections that others don’t have. Even if you don’t meet the CEO, you’ll still be working with people in your industry who can help you get jobs in the future and make lasting connections.
Builds your resume: A summer internship can be a great way to build your resume. Depending on the company or industry you choose to intern with, you may be able to add that experience to your resume and get hired by your mentor company after graduation. Depending on the internship, you may be able to add it to your resume as paid or unpaid experience. It’s helpful to find an internship that is related to your field of study so that you can use your experience to help in landing a job after your higher studies. Remember to keep track of all the skills you develop throughout your internship. It doesn’t matter whether your internship is paid or unpaid, this phase in a management student’s career is considered the learning phase, during which he/she can apply the theoretical concepts in real life scenarios.
Better job prospects: If you’re pursuing a summer internship program that is related to your major, you may be able to use your internship to help you find a job after your higher studies. For example, if you’re pursuing a degree in journalism, you could intern at a newspaper or magazine. If you’re pursuing an internship in the field you plan to go into, it can be much easier to find a job after your higher studies. Employers are often inclined to hire people who have worked in their industry because they can bring their knowledge from the internship into the company.
Discover your likes and dislikes: A great thing about internships is that it can help you discover what you like and don’t like about a certain career field. For example, if you intern with a magazine and realize that you don’t enjoy writing for magazines as much as you thought you did, you can explore other career paths. If you don’t enjoy what you’re doing, there’s no point in pursuing a career in that field. It’s a good idea to pursue a summer internship program in a field that you’re interested in so that you can discover whether or not it’s right for you.
An opportunity to work with smart and talented people: You may find working at a company where employees are eager to arrive every day invigorating and enjoyable if you are able to thrive off of ambient energy. You’ll likely have a more enjoyable experience and be more likely to seek out a similar workplace culture in the future if you seek out an internship at a firm where people are enthusiastic about what they do.
Access to mentors: While choosing a profession, it’s critical to have mentors who can guide you through the professional environment. Seek out workplaces that offer an infrastructure for interns to meet senior executives. Not only will this increase your exposure inside the firm, but you will also learn from people who have been working in the business or industry with expert-level knowledge.
Validating theoretical knowledge: By putting what you’ve learned to the test, you can confirm your interest in the sector you’ve chosen. Consider whether you could see yourself doing this for the long term and seize the chance to investigate various career options within your field of expertise. The chance to experience a potential professional path without having to commit to it long-term is provided by internships. Use this opportunity to better grasp what you enjoy doing.
A kick start to earning: Money shouldn’t be the sole consideration while selecting an internship, but it should be kept in mind, especially if you depend on it for support during the academic year or the summer.
ICFAI Business School is one of the fastest growing B-Schools in the country and offers an elaborative 14-week Summer Internship Program that assists the students in developing skills that the recruiters look for in a candidate. Furthermore, a 14-week long period also makes a student habitual of the industry dynamics.
Gaining experience in the workforce before entering the corporate world after graduation is crucial, but you also want to be sure that the internship you select will be advantageous to you in multiple ways. You’ll locate the ideal internship by using these suggestions.
Have you wondered how the world would have been if we didn’t accept the changes and didn’t have to change ourselves with the latest skills?
As an entrepreneur, a new change has emerged, i.e., creating your start-up where you can operate the business in the market according to your terms and conditions. Where you didn’t need someone, who would be overseeing you, or you worked under someone whose synergy didn’t match with your options.
First of all, what is Entrepreneurship?
Entrepreneurship is starting and running a business, typically involving risk-taking and innovation. It consists in identifying a market opportunity, developing a product or service to meet that need, and building a team to bring the idea to fruition. Successful entrepreneurship requires combining skills, creativity, problem-solving, financial management, and salesmanship. Many entrepreneurs desire to be their boss, create something new and innovative, and positively impact the world.
There are four types of entrepreneurships generally in the market:
Social Entrepreneurship: This type of entrepreneurship involves using business strategies to solve social and environmental issues. Examples range from education start-ups to microfinance institutions.
Small Business Entrepreneurship: This type of entrepreneurship involves a single individual who owns and operates the business. Examples can be as diverse as your local electrician or the store next door.
Large Business Entrepreneurship: These are the entrepreneurial behemoths that have developed into full-blown companies that operate on a large scale. Think Amazon and Google.
Scalable Start-up Entrepreneurship: These are the start-ups in tech hotspots around the globe; they start small and quickly seek to scale up their operations with rapid innovation and global funding. Examples are the social networking sites that started small and rapidly grew.
You nowadays must hear the buzz about entrepreneurship, that many young entrepreneurs are starting their businesses, so why is there a buzz about entrepreneurs?
There has been a buzz about entrepreneurship in recent years because people are seen this as an opportunity to take control of their careers and create new paths for themselves. Starting a business allows individuals to be their boss, set their schedule, and pursue their passions. In addition, entrepreneurship can be an attractive option for those who want to positively impact the world by creating innovative products or services that solve problems or meet unmet needs.
There has also been a trend towards valuing the qualities that entrepreneurs possess, such as innovation, risk-taking, and adaptability, which can be helpful in any career. Finally, the rise of technology has made it easier for people to start and run a business, contributing to the buzz around entrepreneurship.
One question that may arise here is the importance of entrepreneurship and why one should think about becoming an entrepreneur and start its journey when there is a lot of uncertainty.
Entrepreneurship is essential to any economy because it can drive innovation, create jobs, and stimulate economic growth. Entrepreneurs are individuals who take risks to start and run their businesses, and they play a crucial role in the development and success of a community or region.
Here are some specific reasons why entrepreneurship is essential:
Innovation: Entrepreneurs are often at the forefront of new ideas and innovations, which can lead to developing new products and services that can improve people’s lives and solve problems.
Job creation: small businesses, which are often started and run by entrepreneurs, are a significant source of employment in many countries. By starting and running a business, entrepreneurs create jobs for themselves and others, which can help reduce unemployment and stimulate economic growth.
Economic growth: Entrepreneurs contribute to economic growth by starting and growing their businesses, leading to increased production and consumption and tax revenue for governments.
Overall, entrepreneurship is vital in driving innovation, creating jobs, and promoting economic growth, which is why it is a crucial aspect of any economy.
Contribution of Startups to the Indian Economy
Domestic startups closed investment deals close to $12 billion in Q1 2022, and India zoomed ahead to become the world’s third-largest startup ecosystem. Startups are flourishing, and the pace from prototype to market has accelerated impressively. Another barometer of the spectacular success of the startup sector in India is that it currently had over 100 new unicorns (A unicorn company refers to a startup or a private company with a valuation exceeding $ 1 billion) in 2022. One unicorn has been added every five days within the first two months of 2022.
Fintech, EdTech, HealthTech, cleantech, B2B SaaS, e-commerce, MediaTech, Agritech, FoodTech, artificial intelligence, nanotechnology, SpaceTech, web3 technologies, and more influence business and lives in a big way. And there can be no disputing the impact of startups on the Indian economy. It is a clutch of startups that would fuel India’s forward march to becoming the third-largest economy in the world.
The startups have scaled up quickly, impacting more jobs across all work levels. Indian SaaS (software as a company) companies are expected to make half a million new jobs by 2030, the travel and hospitality industry 52.3 million jobs by 2028, and the FoodTech industry 9 million jobs by 2024.
Some famous startups in India are Flipkart, Unacademy, Byju, Oyo, Ola, Zomato, Mamaearth, Boat, Lenskart, Cars24, Sugar, Emcure, BhartPe, etc. Apart from these famous startups, some have become a unicorn: Flipkart, BhartPe, Dream11, PhonePe, CoinDcx, Nykaa, etc., mainly these startups are in each sector where they are catering to consumer needs.
The startups significantly contribute to management school by providing students with real-world experience and practical knowledge. Through internships, case studies, and guest lectures, startups can help students apply the theories and concepts learned in the classroom to actual business situations.
Additionally, startups can provide valuable networking opportunities for students, as they often have strong connections with industry leaders and other entrepreneurs. This can help students make connections and gain valuable insights into the business.
Startups can also contribute to developing new curricula and programs within management schools. By providing input on the skills and knowledge that are most relevant and valuable in today’s business environment, startups can help ensure that students are learning the most current and relevant information.
Overall, startups can play a crucial role in helping management schools prepare students for success in the business world.
How is ICFAI Business School contributing towards catering to the needs of the new India as a startup hub?
The Innovation & Entrepreneurship Council (IIEC) at the IFHE is a research and training center that promotes innovation and entrepreneurship. The curriculum offered by the IIEC covers various aspects of innovation and entrepreneurship, including product development, business model design, market validation, funding strategies, and legal and regulatory issues.
The courses offered by the IIEC are designed to provide students with a comprehensive understanding of the innovation and entrepreneurship process and to equip them with the necessary skills and knowledge to bring their ideas to life.
The curriculum comprises multiple weeks of assignments that must be completed to complete the milestone and can go to the following milestones:
Problem Identification and Opportunity Discovery
Customers and Market
Create a Compelling Preposition
Build your MVP
Go to Market Strategy
Managing Growth and Targeting Scale
Milestone 4- Pitch Desk Presentation
Above is the program’s curriculum, and each student has to undergo these stages in chronological order to reach the final milestone.
The IIEC also provides students opportunities to work on real-world projects and interact with successful entrepreneurs and innovation experts. Through its collaboration with industry, government, and academic partners, the IIEC provides students with access to a wide range of resources, networks, and experiences that can help them build successful careers as innovators and entrepreneurs.
In addition to its academic programs, the IIEC hosts several events and activities that promote entrepreneurship and innovation, including
Through these activities, the IIEC fosters a culture of innovation and entrepreneurship and supports the development of the next generation of entrepreneurs and innovators.
The two programs that IIEC runs are namely:
1. IIEC- ANVIKSHANA (Pre-Incubation)
Jointly conducted by IIEC and Wadhwani Foundation and is powered by the highly acclaimed NEN-Ignite program curriculum.
It runs for 14 weeks.
Online Classes on weekends.
2. IIEC- UDVIKAASA is the same as Anvikshana, but the only change here is for anyone with a good idea, a proof of concept, and a product with a pilot customer base.
(The Wadhwani Foundation is a non-profit organization founded by Romesh Wadhwani in 2000. The foundation’s mission is to accelerate economic development in emerging economies by fostering entrepreneurship and innovation; it achieves its mission through various programs and initiatives, including incubators and accelerators for startups, training programs for entrepreneurs, and policy advocacy. The Wadhwani Foundation is headquartered in Silicon Valley and has offices in several countries worldwide.)
The fees for the 14-week IGNITE program is Rs. 1000 for student innovators and INR 2500 for non-student innovators. This fee includes access to the material, a one-to-one mentoring session with the program manager, live online workshops, and mentoring sessions with industry leaders.
The IBS Gurgaon emphasizes entrepreneurship, and with the focus on young budding entrepreneurs, there is a cell also where young entrepreneurs learn new insights about the entrepreneur world.
Every year, the Entrepreneurship Development Cell (EDC) of IBS Gurgaon organizes the ‘Campus Entrepreneur’ event where students become entrepreneurs and do the planning, organizing, directing for their ideas, and selling of their products to the audience. Through this event, participants generate a gist of entrepreneurship and what it is all about by tapping into entrepreneurs’ shoes and managing their ideas.
Entrepreneurship has seen a significant rise in India in recent years. This trend is driven by various factors, including the growth of the Indian economy, the increasing availability of funding and support for startups, and the government’s efforts to promote entrepreneurship and innovation.
Several key trends are driving the entrepreneurship wave in India. These include:
Digitalization: The growth of the internet and the increasing use of digital technologies in India have created new opportunities for entrepreneurs to start and grow their businesses.
Government support: The Indian government has implemented several initiatives to promote entrepreneurship, such as Startups India and the Atal Innovation Mission, which provide funding and support to startups.
Increasing funding: The availability of funding for startups has also increased in recent years, with the emergence of angel investors, venture capital firms, and other sources of capital.
Talent pool: India has a large and talented pool of young professionals who are increasingly looking to start their businesses.
Overall, the entrepreneurship wave in India is driven by a combination of economic, technological, and policy factors. As the ecosystem for entrepreneurship continues to mature, we will likely see even more startups and small businesses emerge in the country.
An ICFAI Business School, Mumbai of the 2002 batch, Chandan Goswami is the Chief Strategy and Business Officer of PRESPL, a bio-energy leader which has equity investors such as Shell, Mitsui, SBI Neev and responsibility on its board. He has also co-founded CBEII, a leading bio-energy industry body apart from being on the board of a NBFC and other group companies. He has been a career finance professional after his PGDBA in Finance from the 2002 batch and has worked in Corporate and Investment Banking of several banks including BNP Paribas, Societe Generale, HDFC Bank, etc. managing complex transactions including acquisition finance, asset finance, etc.
over 15 years. He later transitioned into corporate finance with the Shapoorji Pallonji group where he headed Treasury and corporate finance for Sterling and Wilson group of companies also during the IPO of Sterling & Wilson Solar. He has tried his stint with entrepreneurship as well before joining the core team of PRESPL which has grown exponentially in this sunrise sector. At PRESPL, Chandan leads business development and also the strategy function which involves leading the company’s foray into newer applications of biomass-bioenergy but also bringing process efficiency in its current operations. His background of finance also makes him involved in taking care of the finance function of the company including equity and debt rounds thereby having a role to play in the overall management of the company and delivering value to its shareholders.
Alumni are the best brand ambassadors for any educational institution. One of the measures of the success of an educational institution is the success of its alumni and IBS has one of the largest and strongest alumni networks. So, here is the success story of one of those Alumni. Ms. Priyanka Sarkar Deb is a highly knowledgeable, hands-on, and very hardworking person. She Knows her way around the challenges. She is an expert in handling people matters in strategic situations as well as in core HR subjects. As an HR generalist, she has managed varied employee groups for a span of 2000 employees across locations within India associated with the field of Information, Communication and Technology – the new ICT industry, BPO, and Financial industry.
Ms. Priyanka has done her PGPM from ICFAI Business School in 2003-2005, She is currently working in Ericsson and leading transformation projects for a 7000+ digital services unit that spans across India, China, and European countries. The role she performs demands a unique mix of covering the dual dimensions of Operations as well as People transformation. The operations area includes a focus on areas of operational hygiene, cost leadership, and workforce management edging it further with digitalization and automation.
In addition to her professional responsibilities, she is mentoring 3 professionals from the industry and is an active social contributor with a registered NGO. She has also worked with IBM, and Indiabulls and has ventured into many dimensions of HR, operations, strategy development, and transformation.
With this great saying, students always try to look up to their professors and seniors- their second guide after books.
Our seniors and professors with their ample wisdom, try to implement the seeds of knowledge into the students to help them grow into fruit-laden trees.
After the completion of the initial step of domain selection -the next most crucial step is the upgradation required by oneself for a particular domain. Students pursuing a PGPM program are always advised to opt for various certification courses for their chosen domain.
At IBS, through mentoring and buddy sessions organized by the Alumni Relation Cell, seniors guide students about the important certifications for any specific domain based on the current scenario and are required for their Summer Internship Program as well.
Why certifications are important?
Let’s understand this with a story….
Aakash is a Business Analyst student pursuing MBA from ICFAI Business School,. He always believed in upscaling himself with all the knowledge regarding the latest technology invented in the present scenario. Being flexible in accepting innovations, he never felt the importance of any certification courses required to upgrade his skills.
One day, he met one of his friends who enrolled himself in one of the certification courses provided by the college itself. It was a 16 hours short course. Aakash asked his friend about the learnings he got from a 16-hour course and was enlightened with the fact that flexibility to innovations is appreciable but learning through these courses not only builds confidence but also helps in imparting ample knowledge regarding a particular subject.
After learning the importance of certifications, during his Summer Internship Program, he realized that personal upgradation is important along with professional upgradation. He learned certifications not only teach you but also cope oneself with the external knowledge required to excel.
After a proper analysis of what type of certifications is the best suited for him, he opted for the IT & SYSTEM certifications provided by the institute.
IT & SYSTEMS
– Data Visualization with Tableau specialization ( an online course of 1 month, available on coursera.org)
– SQL for Data Analysis: Beginners MySQL Business Intelligence ( an online course of 4 hours 31 minutes, available on Udemy)
– Microsoft Power BI- The Complete Masterclass [2021 Edition] ( an online self-paced course, available on Udemy)
– Data Analysis and Reporting in SAS Visual Analytics ( an online course of 1 month, available on coursera.org)
– Python for Everybody specialization ( an online course of 1 month, available on coursera.org)
Further, let’s discuss, the importance of certifications during placements.
Different companies with different roles visit campus with varied requirements. During the placement process, these certifications play a vital role in providing information regarding any particular course. Opting for a correct certification is an important decision of that invests of your precious time.
At IBS, students during their SIPs are guided about the various certification courses which are different for every domain. It might be the same for the core and major chosen courses but might differ for the minor chosen courses.
Aakash had 4 friends, to whom he recommended various certification courses based on their field of interest and list of various certification courses provided at IBS Gurgaon are:
Isha, a friend of Aakash wants to pursue her career in the human resource field and so opted for the HUMAN RESOURCE Certification Course provided by the college, which included:
-Certified HR Staffing Manager ( an online course of 13 hours, available on Vskills.)
– SAP Success Factors: Introduction to Mastery ( an online course of 37 minutes, available on Udemy)
– SAP HR for Beginners ( an online course of 1 hour, available on Udemy.)
Akshat, another friend of Aakash was good in analytics and with analytics gaining higher importance in the current scenario, opted for ANALYTICS Certification Course provided by the college, which included:
– Introduction to Data Analytics for Managers ( an online course of 6 weeks, available on edX)
– Introduction to Data Science specialization ( an online course of 3 months, available on IBM)
– Marketing Analytics and Retail Business Management ( an online course of 11 hours, available on Udemy)
– Statistics for Data Science and Business Analysis ( an online course of 5 hours, available on Udemy)
– R Programming A-Z: R For Data Science With Real Exercises ( an online course of 10.5 hours, available on Udemy)
Isha was always inclined towards the operations work conducted in the organizations and so opted for the OPERATIONS Certification Course provided by the college, which included:
– Certified Six Sigma Green Belt ( an online course of 6+ hours, available on Udemy)
– Supply Chain Analytics ( an online + offline course of 8 weeks, available on NPTEL+IIT Roorkee)
– Quality 4.0 (Industry 4.0) ( an online course of 16 hours, led by the instructor of KPMG)
These courses help in providing practical experience and exposure, making it easier for students to grab the exponential knowledge from these certifications.
Learnings from certifications are enumerated as follows:
Helps to learn new methodologies.
Enhances the right skill set and helps in meeting the skill gap.
Helps in understanding the uniqueness of the usage of technology.
Helps in the analysis of data.
Helps in developing problem-solving skills with correct decision-making power.
Certifications enhance the potential of a management student and helps to make an impactful CV.
Alums are the founding pillars that form the backbone of any institute. They depict a picture of the past and light the way for the present and future batches.
Alumni networks are established in schools and colleges, which remain connected to their alma mater via periodic (usually yearly) meetings to stay in touch with their school, and college batch-mates.
Every educational institution has an alum network that helps young budding managers through their experiences. Alums can build business connections, organize reunions, and serve as shining examples of the success of their institution’s hard work being done to transform into the individuals, they are today.
With over 62,000+ alumni working globally in the corporate world, who hold C-Suite, VPs, and Senior Management positions in various MNCs, Blue Chip companies, and start-ups, we can see a clear picture of how the alums of IBS are pivotal to the success of the college. Alumni are playing a vital role for the last several years; we have seen how the alum network of college is extending to the corporate, where students are getting the support of their alum in their respective companies. To narrow down the gap and challenges that current students face, the Alumni Relations Cell, on a routine basis, organize a ‘Mentoring Series’ where alums come and share their experiences of their respective journey from Campus to Corporate. Through this series, students grasp many experiences and learnings that are vital for them while joining the corporate field. The mentoring series also enhances students’ personalities in various aspects like confidence, communication, networking, etc.
The IBS alum network is vital both in quantity and quality as continuously different sectors of alum visit the campus in mentoring series. Students get an opportunity to gain insights into several sectors. The storytelling by alums enable the students to envision the accurate picture of the corporate that helps them with their placements.
The alums are assisting them effectively and efficiently in the workplace. And the presence of alums in the same department enriches the newly joined employee’s confidence in the workplace. The alums of the IBS are working at the top position and doing great with the company norms. And by extending lucrative job opportunities for future budding managers and spreading the alum network across various departments, they are opening the door for the students for their corporate journey.
The Alumni Relation Cell of IBS Gurgaon hosted its yearly alumni meet, ”IMPRINTS 2022,” where they celebrated the alumni and cherished their success. Alumni got the opportunity to meet their old friends and faculty members, and made the alums’ meet worth remembering. The gala also witnessed the felicitation of alums who have exceptionally excelled in their fields, making the day more memorable for the alums.
The alum set a standard for future batches as they are the ones who had raised the college aura in the respective company. According to their work performance, the company chooses to hire students from the same college. They are already working with the college’s alums, and if the feedback is up to mark, it will directly reflect during the placement season.
Furthermore let me share the advice by alums to future budding managers.
One alum told me that PGPM is already preparing us for the corporate journey. Working under deadlines, multitasking most of the time, working under pressure, etc., are some activities, you will witness during your corporate journey. It will aid you as you are always on your toes during your PGPM journey. He gave his success mantras: always be ready for new experiences, especially, be open-minded and listen, and make connections with people; build the network as these can be your best investment for the future.
Another alum emphasized that you should stay focused towards your goals and avoid distractions as it can be easy to get side-tracked, but successful people are able to stay focused on what matters most and avoid distractions that could derail their progress. and by having a positive attitude, you can go a long way and can successfully complete your goals by working for the same.
One of the college alums highlighted the importance of believing in yourself and in your abilities as according to her by having a sense of confidence that you can do it, can bring fruitful results for you in terms of your goals.
The success of its graduates measures an institution’s power and quality of education. By investing in the Alumni network, you invest in the institution’s development, increase your fundraising capability, develop your brand, influence in the sector, and attractiveness to the best students.
Summer Internship Program (SIP) is a vital part of the curriculum of ICFAI Business School. It allows the students to understand and assimilate the nuances of the corporate world and up-skill themselves for better placements by working in a multidisciplinary environment and real-world situations. It also helps the students hone their soft skills like time management, corporate etiquette, networking, and presentation skills.
As far as the faculty members are concerned, this is an attractive opportunity to enhance their industry connections. In addition, through guiding students, faculty members also get updated on upcoming business issues.
The SIP generation is a faculty-led process supported by the corporate relations team. This initiative at IBS helps get more structured projects and higher academic rigor, thus enhancing the quality of internships. For the support of this process, a student body named – Internship Cell has been created at IBS Gurgaon since 2015-2016.
The faculty guide is the primary guiding resource for the student during the summer internship. He/She can have a group of students allocated to him/her based on the area of expertise of the faculty and the requirements of the SIP projects.
Faculty guides communicate with the students from time to time and help them with their guidance on the formulation of objectives, framework, and details of the Summer Internship report. This is done in close coordination with the industry mentors.The faculty guides also evaluate the students in consultation with the company guide/mentors. The faculty guides also visit the SIP Company of every student twice during the period of internship.
The evaluation of the Project Proposal, Interim Evaluation and Project Specific Evaluation will be done by the Faculty Guide in due consultation with Company Guide. On completion of evaluation for each stage, the Faculty Guides are required to submit the marks to the Academic Coordinator of SIP Campus.
There should be an effort to engage SIP company guides and recruiters in various activities so that their connection can be strengthened with the campus. The initiatives that IBS takes are SIP Guides / Recruiters meets that help IBS in networking with industry professionals. In addition, SIP Guides as invited as resource persons in mock interviews, guest lectures, seminars, case writing etc.
At IBS Gurgaon students have been doing internships in all major sectors of the industry – BFSI, FMCG, Education, Consulting etc. are some of the prominent one out of these. IBS strives to make its SIP program more meaningful in time to come.
“What is important is to spread confusion, not eliminate it.” -Salvador Dali.
Confusion when best-evaluated results in better decision-making process.
We probably don’t need to tell everyone this, but a lot of prospective students don’t know what they are going to majorly opt for in college, while others pick a major but do so half-heartedly and later change their minds.
MBA is open to all and welcomes every student from all backgrounds. It is not only limited to commerce background.
Many students successfully pursue two careers at once. It depends on how much control they have and what is their main focus. If not, people still can follow their dreams after graduation if the field chosen does not depend on another degree. Choosing an appropriate field after graduation is always considered an important and difficult decision in a student’s life. For instance, students do pursue an MBA after doing B.TECH. or any other course. There’s no shortcut to it if they want to pursue a degree in MBA to be a future manager. Whereas if photography is your area of interest, you can successfully continue developing your skills while doing a job.
Students are always advised to get into a field that adds to their interest while also being somehow related to the degree they’ve already completed. For instance, many English Literature graduates easily move to marketing, advertising, or public relations without much difficulty. An engineer can move to industrial design as a change to a creative career. So a close evaluation is required about the new area you’re going to select.
It requires a lot of courage, enthusiasm, and dedication to get into a new different field and make a career in it.
After choosing the field, the last and the main task comes into the picture of choosing the right area of specialization for themselves. Choosing the right domain is a very crucial stage on which students’ whole career depends.
As we know, Master’s in Business Administration provides a student a choice between various domains like Finance, Marketing, Human Resource, Business Analytics, Operations, and many more.
After getting into an MBA college, students get an opportunity to choose their interest of domain for themselves because where there is an interest of work, there comes the utmost dedication and motivation to achieve our goals. A Master’s degree is considered to be the most diverse field consisting of diversified fields.
This helps the interested students to identify the best available option for them, to learn more about the majors offered and stick to them for great and better results.
As a student, I made multiple decisions and choices to direct myself toward my goals. The decisions made during student life are very crucial. A decision can lead you towards the goal or away from it. I took multiple decisions which proved to be either effective or less effective. Generally, everyone puts an effort to make the right decision. The concept of decision or choice-making is logical, and various scholars define it in multiple ways.
“Whether you think you can or you think you can’t, you’re right.” Henry Ford
“I don’t believe in taking right decisions. I take decision and then make them right”
Ratan Naval Tata
I was a student of a humanity background. And I had a dream to join the Corporate World. I was wondering about the ways to join it. Then I came to know about the Master of Business Administration. Initially, I thought that only the students of science background or commerce background apply to it. But after going through the eligibility criteria, I was ensured that humanity background students can also apply. Now the next thing was to get admission to the best Business school. Eventually, I had information about Common Admission Test and other tests taken by the Business Schools individually.
I had applied for the Common Admission Test-2021 and for other admission tests conducted by various Business Schools. One of them was ICFAI Business School Aptitude Test-2021 commonly known as IBSAT. ICFAI Business School Aptitude test offered me admission to one of its nine campuses across India on the basis of merit.
After the entrance exam, my result was declared, and I qualified for admission to three Business Schools. But I have to choose one of these schools. So, I was looking forward to meet the students of these B-schools and their alumni. I asked them about faculties, environment, and general or special facilities, placements scenario. And most of them helped me a lot in making a choice based on their reviews and recommendations.
After a brief discussion about all these three Business Schools, I was sure to join ICFAI Business School. It is not the end of choices and decisions. I had to fill in the campus preferences among their nine campuses. I choose Gurgaon as my first preference, Jaipur, Mumbai, Bangalore, Dehradun, and so on. Fortunately, the administration allotted me the Gurgaon campus on a merit base.
Now it is time to assess my decision of deciding this campus of ICFAI Business School. In the first few weeks, I was confident that this is the best Business School which I was waiting for. I admire the culture of this campus and the facilities I get, such as campus size with a large playground, Wi-Fi coverage, digital access to the library, smart classes, mentoring sessions, modernized computer lab, etc.
These are the essential facilities for me including their learning environment having curricular and extracurricular activities. It offers multiple cells of different domains, and I may choose any one of the cells best to enhance my personality, communication skills and knowledge through participation in various events.
Now, I can say that I got more than what I was expecting from a Business School. Moreover, the Personality development program, English language proficiency workshop, one-on-one mentoring sessions, guest lectures, mock interviews for placements, and special classes for relevant software or tools are a cherry on the top.
I also get to know that ICFAI Business School also provides a 14-week summer internship program, at least one certification course related to domain, formal visits to multiple organizations, and many more. The overall working structure of ICFAI Business School is student-oriented in reality. It diligently focuses upon the needs and requirements of the corporate world regularly and delivers the same by preparing every student in multiple aspects.
Therefore, I can say that I got more than my expectations, and my choice has proven to be the right choice. I believe this B-school will help me to get a placement in a well-deserved organization and make my dream come true.
“Most of the world will make decisions by either guessing or using their gut. They will either be lucky or wrong.” – Suhail Doshi, Chief Executive Officer, Mixpanel
“Data is raw information provided by or to a user. Analysis of that data and making conclusions out of it is simply termed as Analytics”.
Data Analytics is the process of pulling out raw data or information, cleaning it, transforming it, and finally putting in front, the meaning out of it. Data is indeed everywhere, anywhere you look will consist of a particular data and those who know how to handle it are in a very powerful position. Top CEOs and Entrepreneurs from around the world have emerged as successful because they have mastered the art of handling data and using them for raising wealth.
Technological development has seen a boom and is keeping up today by developing new software, hardware, and applications to make meaningful insights and provide better solutions to consumers. After COVID in 2020, the rise of technology was seen around the world and especially in India.
With the rise of start-ups in India after the lockdown, a trend of the rise of data analysts too has been observed. With time to time and innovation, Data Analytics has developed into a wide aspect of all branches and sectors in the development industry.
So why Data Analytics is important? The answer can be given in a very easy way. Data Analysis helps in reducing extra efficiency required in a business and boosts its productivity and growth. It has shaped every sector and industry be its IT companies, school, colleges, telecom, airlines, medical, or any other. Different companies have also created business models that focus on cost reduction and also doing good business along with storing large data sets. Nowadays, in the services sector, there is a tremendous increase in data analytics jobs all over as new facilities or start-ups are coming up together.
In Education sector also, students are being taught the course of Data Analytics and its importance. Especially in management colleges, the students are being trained in analytical tools like Excel, Power BI, Tableau, Quicksight, and Alteryx, and software like R and Python.
Management colleges like ICFAI Business School or IBS have been successful in making students learn about data analytics from the very first year in their Master in Business Administration (MBA) or Post Graduate Program in Management (PGPM). In the 1st year, students are taught the subject of Business Analytics, and later on, in the 2nd year, IBS offers Analytics as a minor subject along with major subjects like Finance, Marketing, and Human Resources (HR).
Now let us understand, how data is collected and processed. There are a few steps before raw data is converted to meaningful information.
Data Requirement: Why is this data important? Is there any usefulness after the data is transformed? We need to answer these questions first before collecting any form of data.
Data Collection: After knowing why data is required, it’s time to collect the data from sources. Sources can include case studies, interviews, surveys, questionnaires, direct observation, and focus groups. We have to make sure to organize the collected data for analysis.
Data Cleaning: Not all types of data we collect will be useful, so we need to clean them first. In this process, we need to remove any sort of white spaces, duplicate records, and basic errors like unorganized dates, columns, or headers. Data cleaning is mandatory before sending the information to the next level for analysis.
Data Visualization: Data visualization is a new way of saying, “graphically show your information in a way that even a layman can read and understand it.” We need to put the analyzed report using charts, pivot tables, bullet points, or a host of other methods.
Visualization helps us derive valuable insights by helping and comparing datasets along with observing relationships.
Data Analysis: Here we are required to analyze the data loaded after it is been cleaned and then load it using the Data analysis tools including Excel, Python, R, Looker, Rapid Miner, Metabase, Redash, Microsoft Power BI, Tableau, Alteryx, and many more.
Data Interpretation: Now that we have our results, we need to interpret them and come up with the best courses of action, based on our findings.
Coming to the next part is what are the type of data analysis that is generally involved in a dataset. There are four major types of data analysis methods:
Descriptive Analysis: Whether the data type or dataset is describing something. An example can be, are sales good or bad for this month as compared to the previous month? Are there any sales metrics that have gone up?
Diagnostic Analysis: Diagnostic analysis focuses on the data which tells why an event occurred and it requires a huge number of diverse datasets. An example can be, why there is so much increase in population.
Predictive Analysis: Predictive analysis forecasts future events or what is going to happen in the future. For example, forecasting a product’s sales.
Prescriptive Analysis: It suggests more of a course of action that will occur. An example can be an investment in stocks.
After discussing the types of data analysis involved, let us look at the types of Data Analytics Tools involved in processing data.
In earlier times, a dataset was processed majorly in the form of spreadsheets in Microsoft Excel. But now due to rapid increase in technology and innovation, there has been the rise of new data analytics tools in the market. Some notable mentions can be of Python which helps in transforming raw datasets and programs into feasible data. R is used for statistical analysis and graph modeling. Data can be visualized using tools like Power BI and Tableau where reports are generated and results are distributed on dashboards. SAS is an analytical platform tool used for data mining, whereas Apache Spark is used for processing large datasets. Now, there are many more tools and technologies available in the market which furthermore enhances the skills of an individual. Hence, in a nutshell, we can conclude the fact that data analytics is the new generation future of data gathering. Data Analytics is ready to change the future and the outlook that people used to have in organizations or either as an individual also. It is responsible to shape the generation of data to come.