Students, after completing their management studies are in a fix regarding the best path for them.Here, we look at some of the fields they may venture into.
Consultants are paid to share their expertise and knowledge to help businesses attain goals and solve problems.Companies often hire consultants to supplement the staff and save the cost of hiring a full-time employee.As a person new to the organization, experts view the situation from a fresh perspective.Consultants can act as the catalysts for change.Specialists require vast knowledge and expertise in a particular field.Consulting is a broad area, and from businesses to personal services, practically every field needs consultants.
Fixing or improving a particular component of a client’s business is the broadest duty of a consultant.Consultants may be asked to teach employees a new skill.They are also requested to provide advice, make recommendations, and excel at problem-solving.
Consultants are often used at the start of a business or to re-energise a failing business.Consultants are also brought in for termination of employees or entire businesses.
As a market analyst, your job is to study information to help your employer or client make informed decisions about their market. This could range from what markets to launch a product in, to the price you might charge for something.
The information you analyze could be presented as numbers or words. For the former, you need to be highly numerical and able to make sense of large sets of numbers. Statistical skills are useful – maths and analytics qualifications are also key. To analyze text, it’s about digesting large quantities of information to understand what’s relevant and what’s not.
For both, you will present your opinion, based on the analysis, in written reports and presentations. Attention to detail and the ability to interpret and communicate information effectively is essential for this aspect of the role.
As you progress through your career, you are likely to specialize by sector. You will see experts on the news and in specialist publications commenting on trends and behaviors on almost any topic.In such a company, your day will involve dealing with client queries, pulling together results from analysis and preparing reports.
Financial analysts guide businesses and individuals making investment decisions.They assess the performance of stocks, bonds, and other types of investments.Financial analysts evaluate investment opportunities. They work in banks, pension funds, mutual funds, securities firms, insurance companies, and other businesses. Financial analysts are also called securities analysts and investment analysts.
Financial analysts can be divided into two categories: buy-side analysts and sell-side analysts.
- Buy-side analysts develop investment strategies for companies that have a lot of money to invest. These companies, called institutional investors, include mutual funds, hedge funds, insurance companies, independent money managers, and nonprofit organizations with large endowments, such as some universities.
- Sell-side analysts advise financial services sales agents who sell stocks, bonds, and other investments.
Some analysts work for the business media or other research houses, which are independent of the buy and sell side.
Financial analysts generally focus on trends affecting a particular industry, geographical region, or type of product. For example, an analyst may concentrate on a subject area such as the energy sector, a world region such as Eastern Europe, or the foreign exchange market. They must understand how new regulations, policies, and political and economic trends may affect investments.
Investing is becoming more global, and some financial analysts specialize in a particular country or region. Companies want those financial analysts to understand the language, culture, business environment, and political conditions in the country or region that they cover.Portfolio Managers, Fund Managers, Rating analysts, Risk analysts are examples of types of financial analysts.
The supply chain manager coordinates the logistics of all aspects of the supply chain which consists of five parts: 1) the plan or strategy, 2) the source (of raw materials or services), 3) manufacturing (focused on productivity and efficiency), 4) delivery and logistics, and 5) the return system (for defective or unwanted products). The supply chain manager tries to minimize shortages and keep costs down. The job is not only about logistics and purchasing inventory. According to salary.com, supply chain managers, “make recommendations to improve productivity, quality, and efficiency of operations.” Improvements in productivity and effectiveness go straight to the bottom line of a company and have a real and lasting impact. Good supply chain management keeps companies out of the headlines and away from costly recalls and lawsuits.
Supply chain managers work in a variety of industries including manufacturing, aerospace, defense, and energy. They work for both large and small companies. A classic example of a supply chain manager’s function might be finding the best price and quality for components in a consumer product like an iPhone. A supply chain manager can also oversee operations such as by managing processes for shipping and warehousing. Because corporate headquarters, raw material sources, manufacturing, transportation, and consumers can all be in different countries or even continents, supply chain management often requires extensive travel and on-call hours to work among different time zones.
Strategic management is the management of an organization’s resources to achieve its goals and objectives. Strategic management involves setting goals, analyzing the competitive environment, analyzing the internal organization, evaluating strategies and ensuring that management rolls out the policies across the organization. At its heart, strategic management involves identifying how the team stacks up compared to its competitors and recognizing opportunities and threats facing a team, whether they come from within the organization or from competitors.
For example, a for-profit technical college wishes to increase enrollment of new students and graduation of enrolled students over the next three years. The purpose is to make the college known as the best buy for a student’s money among five for-profit technical colleges in the region, with a goal of increasing revenue. In this case, a strategic management means ensuring that the school has funds to create high-tech classrooms and hire the most qualified instructors. The college also invests in marketing and recruitment and implements student retention strategies. The university’s leadership assesses whether its goals have been achieved on a periodic basis.
Information technology managers are mainly responsible for planning, coordinating and directing activities that have to do with the computer and information systems of a company. From the hardware to software to the network of an organization, IT managers are in charge of their installation and maintenance.
A critical job of system administrators is ensuring the security of the company’s electronic data. Thus, they see to it that the network’s data security systems are up to date and everyone in the company follows the correct safety procedures when logging in to their respective accounts within the firm. They also keep themselves updated on the new technology so that the firm’s network is equipped with the best and the latest security systems. They are charged with putting up and maintaining passwords, lockout programs, and other security precautions.
IT managers have the crucial task of directing the work of software developers, computer systems analysts, information security analysts and other IT professionals. Like the conductor of an orchestra, they see to it that all the work regarding the firm’s information technology and computer systems are in harmony with each other.
7.Human Resources Management
Human resources (HR) is the company department charged with finding, screening, recruiting and training job applicants, as well as administering employee benefit programs. As businesses reorganize to gain a competitive edge, human resources play a fundamental role in helping companies deal with a fast-changing environment and the greater demand for quality employees.
A human resources department is an essential, if not critical, component of any business regardless of the organization’s size. It is primarily focused on maximizing employee productivity and protecting the company from any issues that may arise from the workforce. HR responsibilities include compensation and benefits, recruitment, firing and keeping up to date with any laws that may affect the company and its employees.
As the title implies, the individual in the GM role is a generalist, familiar with all areas of the business and able to coordinate processes and operations across the organization. A general manager must speak the languages of finance and accounting, operations, sales, marketing, human resources and research and development (engineering).
In larger organizations, individuals viewed as having global management potential often work in a series of assignments, rotating through the various functions and gradually growing their experience and responsibilities over many years. General Managers typically have deep industry expertise, and if they do not come from within the larger organization, it is likely they have a long history working for one or more competitors within the same industry.