In simple words, management can be defined as the function of utilizing and managing all the available resources in the organization, such as human resources, material resources and financial resources so that the goals of the organization can be achieved. A degree in business administration and management will prepare you to perform this function of management in an appropriate manner. Here is a list of subjects that will be taught to you at a business school, followed by a list of management skills that you will acquire by the time you complete your degree.
MBA Subjects
General Management
Human Resources Management
Financial Management
Marketing
Business Strategy
Economics
Accounting
Business Ethics
Information Management and Technology
Business Laws
Company Structure and Organizational Management
Entrepreneurship
Logistics
Economic and Financial Affairs
E-Commerce & Technology
Management Skills
Planning
Organizing
Leadership
Decision Making
Communication (Spoken and Written)
Problem Solving
Staffing
Controlling
Customer Relationship Management Skills
Negotiation Skills
Team Building
Today, business administration and management education has evolved a lot, owing to changes that have taken place in the corporate world, due to globalization and technological advancements. There have been new subjects introduced such as e-commerce, international finance, information technology, etc. and the emphasis is shifting more on practical experience and learning by way of guest lectures by industry professionals, case studies, internships, presentations and group assignments. You may read more on benefits of an MBA degree.
Careers in Business Management and Administration
A person who has an MBA degree, years of experience in the corporate world and the desired management skills, has the potential to reach the highest position in an organization i.e. become a CEO. However, to reach such heights, he needs to have the experience of heading various departments and performing all management functions such as planning (setting individual, departmental, short-term and long term goals), organizing ( setting supervisory-subordinate structures, fixing responsibilities, communication flow structure, etc), hiring (interviewing applicants and selecting workforce), directing (motivating and leading people to achieve maximum employee output) and controlling (taking performance appraisals, attaching “rewards and punishments” to ensure results). You may further refer to executive jobs.
An MBA degree will open up a lot of job avenues for you in the corporate world. The salaries at the entry level are pretty competitive too. According to the Bureau of Labor Statistics, 2009, an entry level managerial position, after a management degree can fetch you anywhere between $31,500 to $ 110,000, with the finance specialization being the most well paying. A senior manager can expect anywhere between $62,000 to $1,000,000, depending upon the size of the company, his work profile as well as the location.