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Links:
 Product and Brand Managers
MBA Careers in Investment Management
MBAs in Media & Entertainment
The-I-Banking Deal Team
Life as a Venture Capitalist
MBAs in the Fashion Industry
MBAs in the Federal Government
Real Estate MBAs
The Energy Industry
Management Consultant MBAs
Figuring Out What You Want To Do
Can you neglect the career checklist?
Follow Your Passion – Identify Your Ideal Career
More and more technology professionals are headed back to school to obtain their MBAs in order to enhance their careers by better understanding business. Now that you have decided the MBA is for you, it’s time to decide what the best MBA programs are that suit your aspirations and situation. To help you with your research, here is a checklist of the factors that you need to consider:
Product and Brand Managers
A degree in MBA is a pre-requisite for a Brand Manager whose job is to coordinate and oversee a variety of divisions of a corporation to ensure the efficient and timely flow of a product to market. The responsibilities may be international or focusing on product and market development on the domestic front. It is a preferred field in marketing having a stable and balanced lifestyle more than other industries as investment banking, venture capital media and consulting. Work picks up during the planning season (of three months durations) when developing marketing plans for the coming year. Work load is also at its peak while preparing for the budget and the annual plan. The marketing companies also require you to work overseas for a few years. There are super opportunities for women, too, with a lot of flexible hours.
MBA Careers in Investment Management
Being a low-risk, high reward industry, investment managers are paid a percentage sum of the amount involved with the client, be it a loss or gain for the client. They earn very handsome salaries and also have Associate Portfolio Managers who act as apprentices on the largest and most complicated portfolios. Besides, there are Investment Research Associates who are responsible for generating recommendation to Portfolio Managers on companies.
One of the great advantages about Investment or Asset management is that you move up the ladder if you make money. The other positions in a investment management, beside portfolio management are Senior Research Analyst, Investment research associate and Investment research. The industry places a high premium on age and experience and thus breaking into investment management can be problematic for newly minted MBAs.
MBAs in Media & Entertainment
The Media Industry may seem anti corporate, it offers a host of jobs to people with little or no experience in the industry but who are passionate and have the skills to allow the artsy fartsy types to make more money for top companies like Sony, AOL Time Warner etc. This industry continues to flourish and grow in the domestic front as well as abroad even during times of economic depression. The qualities required in an individual to get through are aptitude, confidence, innovation and a driven attitude. The atmosphere is collegial and friendly. The ever changing technology attracts the young lot who can adapt quickly and can pursue new opportunities fast. It may not be as well paid as the investment Banking or consulting companies but they are not working insanely. But as you move up the ladder, the obligatory socializing can exhaust you. An MBA continues to be an essential for people who want to step into the world of creativity and wish to know the creative product and how to make money through basic strategic planning. Those with an interest or background in integrated marketing are now more than ever required in the industry.
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The-I-Banking Deal Team.
Undergraduates pass out and join as Analyst in Investment Banking (corporate agencies). The team varies from an analyst to managing director with roles assigned to each. An analysis’s life is tough and a major percentage leaves after two years. The job involves financial modeling and many end up doing menial tasks. The first year analyst is in New York can expect more work and less pay. Associates are MBAs who join Investment Banking. Through they are no better than Analysts as far as work and pay scales are concerned, they quickly learn the tricks of the trade, and hand over menial modeling work to analysts with negligible experience (landing straight from top business schools).They start from the beginning, but soon pick up the complicated work, client contact and bigger bonuses. After four or five years as Associates, the real banking begins for those in corporate finance. They rise up to the position of Vice President. The responsibility level increases though they can now assign responsibilities to the Analysts and Associates. The VP’s are basically responsible for managing the financial modeling/pitch book production process. With responsibility comes in more traveling, social dos to complete and inaugurate deals and conferences. Directors and Managing Directors (MD’s) are the major players in corporate finance. They can work at their own convenience and their major responsibility is to cultivate business with various companies to generate business for the firm.
Life as a Venture Capitalist
Interested in a venture capital career? Venture capital investments generally are high risk investments but offer the potential for above average returns. A Venture Capitalist (VC) is a person who makes such investments. A highly competitive field and highly rewarding as well as challenging, it requires a background in finance and economics. Most people in the industry report working 80-100 hours a week, except Sales and Trading professionals who average about 55-hours a week. Your co-workers become your family, with many investment bankers saying they spend nights in the office. This lifestyle may sound tough to some, but to those who thrive on commitment, competition, risk and rewards, this industry is just right for them. A typical day of a venture capitalist entails contacting entrepreneurs’, analysts, VCs, reading the Wall Street Journal to look for marketplace situation, attending meetings, conferences with entrepreneurs, looking for options with other companies and making umpteen calls to CEOs. The market situations have to be continually reviewed to find out if there are competitors who are better than the company you are engaged in.
MBAs in the Fashion Industry
Experience counts more than education in the Fashion Industry. A hands-on experience in sales, consulting or merchandising is essential before joining the industry. There are very few companies (large ones) like live Strauss, Nike, Cartier and Eddie Bauer which hire MBA’s for creative positions. The jobs required here are in finance and supply chain issues. The companies generally look for experience prior to business school, especially in consulting or industry.
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MBAs in the Federal Government
The Government has now started welcoming MBAs into its fold with more MBAs getting into the set-up, though bureaucracy is still the rule of the game as expected. The opportunities should first be examined and researched through other MBAs working in the Federal Government. With the growing awareness of the importance of an MBA in various fields, more MBAs would have opted for the industry but for the half- baked recruiting policies and the pay scales which happen to fall in a much lower range than the private sectors. The possibility is that the federal government will in near future, realize the benefits of an MBA with more than just government experience.
Real Estate MBAs
Real Estate is a complex industry encompassing all that is to do with property, buying, selling, leasing, financing and the like. An MBA needs to have specific qualifies like people’s skill and entrepreneurship to pursue jobs in the Corporate finance, Investment finance or property. They are difficult to get and are meant for real go getters. Passion and enthusiasm for the industry and a background in market spectrum is a pre requisite to even ace through the interview. Once there, there will be new challenges carrying your way each day as new laws on taxes, zoning regulations, highway routes etc. Career paths, hours and job structure differ from company to company and largely depend on the field. The real estate industry is responsible for over 5 million jobs in the US.
The Energy Industry
There is a strong prevalence for hiring technical people in the Energy industry and there is a stress on appointing people with a sound academic background, more so during the times of economic depression. The sector compulsorily looks for technical undergraduate degrees or pre-MBA work in energy or another technical field. If otherwise, then you need to convince the interviewers that you are passionate about the Energy Industry. You can then establish your credibility with an experience of a couple of years. If you demonstrate your ability to learn about an industry quickly, many of the service jobs in energy sector as well as energy consulting, banking, and investing may be yours. Not traditionally a glamorous industry, they are also not too keen on the brand names of schools you have studied in. Also, your connection to the geographic region in which the company is located plays a major role in the Company wishing to take you on. It is advisable to set foot in the energy industry immediately after your undergraduate degree to get a hold on the industry requirements. What they expect is stability and not a frequent switching of jobs.
Management Consultant MBAs
A highly demanding, yet rewarding job, you will be expected to make available original and realistic solutions to meet the business needs. You are expected to be an analytical person with strong interpersonal skills and this makes you instantly marketable. In this industry, your thirst for problem solving and ability to remain focused in a deadline-driven, detail-oriented environment should already be one of your trademarks because there will be intense crunch times during the life span of your projects that will entail you to give your best to exceed your client’s expectations. The market is prone to constant changes, and they require individuals with multi-ethnic skills as well as the proven ability to learn in a deadline-driven environment. You will be a know-all and will specialize in all possible areas as media and entertainment, technology, or change management. Complex research on various technologies and processes to create practical yet innovative solutions for your clients and convincing them to act on your solutions will be a part of your job. You will be traveling frequently (it may be 75% of your time away from home) with also mundane socializing. However, you will be rewarded for your time, with handsome starting salaries, straight out of a business school. Consulting industry is one of the largest employers of MBAs.
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Career Planning – II
Figuring Out What You Want To Do
Most students in high School are not sure what they want to do for a living. The first step is to discover your interests and capabilities and then match them to careers. Make a career direction and do not be like a rudderless ship. Chalk out and unleash clearly your potentials and skills. You may have a flair for maths, or you may, in all probability, be a good speaker enthralling your audience by your verbal skills. Having a firm career direction will help you be on track during tough times. The primary criterion is that you should be able to enjoy whatever you aim to do. If you work at something you like, you will be good at it. Aim high and if you decide that it is too tough, it is easier to lower your aspirations. It is impossible to move up from a lower rung in a career.
Once your interests are chalked out, research the various options and learn more about them through meeting up people with like-minded interests and then progressing towards them.
Can you neglect the career checklist?
There are innumerable hurdles on the path of advancement in your career and a great deal of planning is required right from categorizing your dream job to writing and sending your resume to checking out the best options available in your concerned field. What you need to do is to keep a few points in mind to streamline your progress and to reorganize your priorities. Build up and deepen your skills and knowledge in your field of interest by thorough networking and reading material on it. Keep a well drafted and professional resume and effective cover letters ready to be sent to your prospective employers whenever the occasion arises. Try and understand the industry, its prospects and economic policies through researching. Visit the career discussion board to get the answers you want. Learn the tricks of the trade by doing your homework right, and the chances are that you would breeze through.
Follow Your Passion – Identify Your Ideal Career
You must examine your interests and research occupations most suited to you. You will be surprised to know the possibilities available to match your interests and aptitude. By testing and making a career assessment first and then exploring jobs you’ll save countless hours and will be focused in your efforts. After you’ve completed your investigation you’ll be prepared to make informed decisions about your education and which jobs you’ll apply for when you’re ready. If you choose a career that doesn’t suit your personality you become confused, unhappy and burned out. No one wants a job they dislike. So instead of selecting a career based on what you think you should do, we want to help you find a career that fits your personality.
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