Indian MBA students prefer better Job Profile over hefty Pay Packages: ASSOCHAM
The education system is evolving at a breakneck speed with changes in the shape and contours of the economy and real-world business practices. Under such circumstances, it becomes all the more imperative for an aspiring B-school candidate to evaluate the value and application of the course relative to the current and near-future market.
Moreover, even reports suggest that prominent management degrees, like MBA, are gradually losing its sheen in the past few years, with the interplay of various macro environmental factors, and the growing need to restructure business education to be more practical in its approach.
During such competitive times, B-school graduates need to increasingly focus on the job profile and growth plans to move up the value chain in the organizational structure, rather than stressing on the hefty pay packets ands short-sighted career visibility.
On similar lines, an ASSOCHAM survey rightly indicated that over 83% of MBAs from top B-schools prefer job profile and long term career planning over initial tempting salary offers. The report further quips that these future industry managers prefer the work profile combined with the growth opportunities, resisting hefty pay packages tagged with saturated job profile.
B-school graduates need to evaluate the organization in terms of employee satisfaction, salary and job content and productivity before enrolling into it. For example, a highly skilled job provides for the individual to use complex abilities, whereas a routine job provides less growth prospects.
Further, the report points out that leisurely high standard of living and short sighted goals such as family expectations and responsibilities have taken a back seat in the contemporary era, with the preference for future growth opportunities and rewards back in the reckoning.
It is also said that the long-term rapport between the organization and an employee is likely to stay firm, where pay packets ceases to be the sole objective of the workers. Those who are well satisfied with their pay and job status are less likely to leave the company.
The survey finding provides that 60% of the respondents opted to work for companies in the growth phase over an established organization in relatively saturated phase; whereas 75% of the Indian MBA students wish to work abroad in economies such as the US, UK and Australia that provide better working conditions and promising growth potential.
While Banking has emerged as the most sought after industry for more than half (51%) of MBA students surveyed; Consultancy (44%), Marketing (40%) , IT (38%), Finance analyst (35%) and Mutual funds (27%) account for more than quarter of the respondent preferences.