Why is finance and operations an ideal MBA or PGDM course combination
MBA and PGDM are well-known Master’s level business-oriented programs that are opted for by more than 4 lakh students, as per a recent report by Fortune India.
Both programs are highly respected in the job market. However, both degrees are not the same. An MBA is a degree programme and a PGDM is a diploma course. They not only provide opportunities for students but also create a scope for growth and advancement in a variety of managerial positions. These demanding courses offer graduates the abilities needed to flourish in a variety of fields, which helps them advance on a career path even in today’s rising unemployment rate.
Anil Somani, the Chairman of FOSTIIMA Business School in Delhi, offers valuable insights into this endeavour by expressing the following “Building a career in management opens up a world of endless career opportunities for a student. With a variety of specialisations, one can choose from domains including marketing, human resources, finance, information technology, and many others. This can help students develop versatile skills that will be applicable across all sectors. Management isn’t just about climbing the corporate ladder, but it’s also about driving meaningful changes through data-driven strategies. Management provides opportunities for personal and professional development by managing resources, streamlining processes, and developing creative campaigns. The combination of an ideal specialisation improves job stability, promotes growth, and gives you a competitive advantage in today’s constantly evolving job market by smoothly managing both finance and operations. According to Adecco India’s data, the Indian employment market is anticipated to continue its positive growth ladder in 2024 with estimates predicting continuous growth in hiring and salary increments.”
UNDERSTANDING FINANCE AND OPERATIONS
Finance encompasses the management of money and investments. It includes a variety of operations such as banking, investing, lending, borrowing, budgeting, saving, and anticipating future financial results. Some of the primary jobs of a finance expert include analysing data, assessing risks, and making strategic decisions to maximise financial returns while minimising losses for individuals, businesses, and governments. Recent reports suggest that the finance sector in India is experiencing significant growth, expanding at a consistent rate of 8.5 percent per year.
Where Operations management, on the other hand, focusses on the design, execution, and optimisation of processes to deliver goods and services efficiently. It encompasses supply chain management, logistics, process optimisation, and efficient resource allocation. People working in the operations sectors strive to enhance productivity, streamline workflows, and improve quality while minimising costs and lead times.
CAREER OPPORTUNITIES IN FINANCE
Accounting: Accounting professionals manage financial records, prepare financial statements, and ensure compliance with regulatory standards. Roles include accountant, auditor, and financial controller
Investment Strategies: Professionals in this field develop investment strategies to maximise returns while managing risk. Career options include investment analyst, portfolio manager, and financial advisor
Risk Management: Risk managers identify and mitigate financial risks faced by organisations, such as market risk, credit risk, and operational risk. Roles include risk analyst, risk manager, and chief risk officer
International Financial Analyst: International finance specialists manage financial transactions and investments across borders, considering factors like exchange rates and geopolitical risks. Career paths include international finance manager, global treasury analyst, and foreign exchange trader.
CAREER OPPORTUNITIES IN OPERATIONS
Supply Chain: Managing the flow of goods, services, and information from suppliers to customers, optimising supply chain performance, and maintaining relationships with suppliers and distributors
Logistics Coordinator: Coordinating the movement of materials, products, and information within the supply chain, ensuring timely delivery and efficient distribution
Operations Analyst: Analysing operational data, identifying opportunities for improvement, and implementing strategies to enhance efficiency and reduce costs
Production Manager: Managing manufacturing processes, scheduling production activities, and ensuring the smooth operation of production facilities to meet customer demand and quality standards
Quality Assurance Manager: Creating and implementing quality control procedures, monitoring product quality, and assuring adherence to quality standards and regulations.
According to research, MBA graduates have an employability rate of 54 percent, the highest amongst other professional courses. Currently, finance and operations specialists are in great demand across all sectors, which makes it an excellent career path.
People who have an interest in and knowledge of these fields can pursue a variety of professional paths, including financial analysts, operations managers, supply chain consultants, and investment bankers. Additionally, the combination of these talents often leads to competitive salaries and advancement opportunities within organisations.
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