Many business schools today offer a management education experience like no other - right from the valuable business skillset, a well-earned degree, excellent career prospects and a flourishing professional network.
Despite all the offerings, today, too, there are some misconceptions about choosing management as a career path - making youngsters reluctant to apply for a program that has so much to contribute towards students’ corporate success.
We understand it's not always easy separating fact from fiction, so we've pulled out some of the most common business education myths to bust, once and for all :
1. Myth: A Business degree is too general
There is not much you can learn from a business degree unless you are majoring or obtaining specialisation in any of the subjects. Business studies is too general and is not worth your time.
With so many subcategories within the business industry, it is easy to see the field as this massive buffet where you get to taste everything without committing to anything, in your bachelor's degree. Since corporations have many interrelated business functions, therefore it is practical to expose students to several subjects before narrowing them down to an area of interest.
When going for a master's degree or a Post-Graduate Diploma (PGDM) program, business schools offer various specialisations as a part of the program. Whether it's Marketing, Economics, Finance, Business Analytics or International Management, these majors equip you with in-depth knowledge about a specialised field.
No degree can fully incorporate all the knowledge you may require in a particular field. A degree is simply a stepping stone, giving you a solid foundation during preparation for your career.
2. Myth: You must be very money-minded
Only people who want to get prosperous and rich, pursue business-related study. It is also perceived that if doing so, you must also possess the desire to own a business/ become an entrepreneur.
Taking up any business management course does not mean that you will be magically equipped with the skills and knowledge to be the next Ratan Tata or so. Neither does it imply that making money and being a business mogul is all your focus on.
The field of business covers a wide range of areas, as already stated above. For instance, the marketing field involves market research and brand promotion, specialisation in Human Resource Management includes the management of people and organisations. Business Analytics is also another field that has been in popular demand under the management umbrella.
None of these fields necessarily hold the magic pill for you to be an instant billionaire. The management professionals in their line, work with utmost passion and interest to achieve corporate success. – whether it is to revolutionise organisational change (HR), to experience the excitement of a newly launched product or service promotion (Marketing) or to help people invest in the stock market (Finance).
Bottom line: Business is not only for those who want to start their venture.
3. Myth: Business studies is one of the easiest courses
If you want to navigate through your degree without breaking a sweat, you should opt for a management course. It is so easy that you can probably graduate with a 1st class with almost no effort at all!
It may appear to be so until you get a real taste of how meticulous business school can be. Not only that, with constant changes in the business and management field, you will also be expected to be up to date with the current trends.
Imagine having to apply multiple theories and concepts learnt in real-life settings and working with a mixture of people who may or may not have the same views as you do.
It might not be as academically demanding as a Medicine degree. Still, if you are looking to get the most out of a business program, then you will find it as challenging and exciting as any other course.
4. Myth: Job opportunities are limited to ordinary cubicle jobs
There aren't many work opportunities for business students. You will mostly end up working in a dull, 9-5 office job.
Unlike Engineering, Medicine or Law, there is a no clear career path for Business degree holders, which makes the world their oyster.
Management professionals are considered to be one of the most versatile in the job market, as they can be employed in several fields and industries.
Business students can be found everywhere, working in major industries from the plantation, healthcare, oil & gas, logistics, media, e-commerce to education. You can choose amongst - fast-paced jobs ( startup), constantly-on-the-go jobs (sales & marketing), fun and creative jobs. ( media & entertainment)
The choices are bountiful because a management background presents you with the requisite knowledge and skills on how to innovate and adapt in the modern corporate environment.
5. Myth: Stiff competition in the job market
Most of the students out there are pursuing business management. It will be difficult for the job market to meet such a massive supply of graduates. You'll probably end up jobless.
Bureau of Labour Statistics states that the employment of management sector is expected to rise by 7 per cent from 2018 to 2028, resulting in about 706,900 new jobs.
This employment growth is to be driven by the formation of new industries and the development of existing ones, which would require more professionals to manage these operations.
The above statistics are enough to prove the growing importance and job opportunities in the business management field.
Now that we have debunked some of the most prevalent myths related to business education, you can think and take that leap of faith. Attempt to choose a course that you're both passionate and happy about because otherwise, nothing in your path will make any sense to you.
It would be best if you were studying to expand your knowledge horizons in a field you're interested in, and not what other people think about it. Because ultimately, what course you pick doesn't determine your success — it's you!