Diploma in Business Management: Better than MBA?

The diploma courses in business management is a 1-year course that provides students with the skills needed to set up a solid base. The course is within the budget. It also prepares students to work in other countries and cultures.

A diploma in business is a 1-year course. It aims to provide learners with skills in the various activities of a business. It also helps in key management ideas. Students get to explore the different areas of business and management. They work with the basic skills to manage a firm. We will discuss other details below.

Diploma in Business Management Course Highlights

• Degree: Diploma course
• Full-Form: Diploma in Business Management Duration
• Duration: 1 year
• Age Minimum: 21 Years
• Eligibility: 45 to 55% in bachelor’s degree
• Admissions: Merit-based
• Average Fees: INR 30,000-INR 50,000

Skills Required for a Diploma in Business Management

Managerial skills refer to managers’ ability to keep high order in how their employees complete their daily tasks. As a result, managers will require skills to manage people and technology to carry out their duties. There are several skills given below.

Technical Skills

• To boost sales, design various products and services, and market them.
• Have knowledge and the ability to use multiple ways to attain their goals.
• Include a set order of steps or taking a specific physical action.

As a result, these skills may change your industry’s basic processes and rules. They need the best knowledge and are taught as part of a diploma in business management or at college.

Conceptual Skills

Conceptual skills display a manager’s knowledge or ability to think in more abstract terms. As we progress up the ladder, these skills will increase. Management relies on conceptual skills for decision-making and problem-solving.

Managers must be able to accomplish the following:

• Apply new concepts and ideas as they must look at the company’s actions from a business point with genuine belief.
• Visualise the entire firm and put new abstract concepts and ideas into action.
• See the big picture as it affects departments and individual employees.

Human or Interpersonal Managerial Skills

• A diploma in business management courses equips one with human skills.
• Human skills are working with others to achieve goals.
• Management is the process of getting things done with and through people. No manager can work effectively without the right human skills.
• These abilities allow managers to become leaders.
• They also motivate employees to achieve tremendous success.

Financial Intelligence

Financial intelligence is essential, regardless of what you do within a company. You will need to understand finances if you work in sales, human resources, management, or marketing. Having the proper process and tools in place enables the finance team to access the required information. A diploma in management drives financial intelligence in people.

• It is data analysis rather than simply data collection and reporting.
• Insight, not just reporting on business performance, creates and enables value.
• It is a culture of empowerment, initiative, and knowledge.
• The ability to evaluate, analyse, and interpret financial data and use it to inform business decisions is critical.
• It will help you stand out as a competitive candidate for various roles.

Diploma in Business Management Subjects and Syllabus

Semester I

• Foundation of Human Skills
• Introduction to Financial Accounts
• Business Law
• Business Statistics
• Business Communications

Semester II

• Principles of Management I
• Introduction to computers
• Business Environment
• Industrial Law
• Computer Applications in Business

Semester III

• Managerial Economics
• Business Mathematics
• Introduction to Cost Accounting
• Environmental Management
• Management Accounting

Semester IV

• Marketing Management
• Business Aspects of Banking and Insurance
• Production Management and Materials Management
• Strategic Management

Semester V

• Productivity and Quality Management
• Direct and indirect taxes
• Export-Import Procedures and Documentation
• Cooperatives and Rural Markets
• Research Methods in Business

Semester VI

• Public Relations Management
• Human Resource Management
• Service sector management
• Financial Management
• Elements of Logistics Management
• Business ethics and corporate social responsibility

Entrance Exams for a Diploma in Business Management in India

• CAT 2022: Nov 27, 2022
• NMAT 2022: Oct 10 to Dec 19, 2022
• XAT 2023: Jan 8, 2023
• IIFT 2023: Dec 18, 2022
• TISSNET 2023: Jan 21, 2023
• SNAP 2022: Dec10–18–23, 2022
• IBSAT 2022: Dec 24 & 25, 2022
• CMAT 2023: Feb 26, 2023

Top Colleges for a Diploma in Business Management

• Indian Institute of Management (IIM Ahmedabad): 1.57–28 L
• Faculty of Management Studies (FMS), Delhi University 1.02- 20.96 L
• NITIE Mumbai: National Institute of Industrial Engineering 6.63-14.63 L
• Amity University, Noida 2.4-20.89 L
• Amrut Mody School of Management, Ahmedabad 3.04-12.6L

Jobs after a Diploma in Business Management

Business Manager

Business managers manage a company’s operations. They also adhere to leadership principles while assisting employees in increasing productivity. In India, a business management degree can lead to various jobs, such as data analysts, forensic accountants, etc.

Business managers work in a fast-paced environment with an equipped office. They may be on the move and hence need to delegate tasks. They have to oversee the day-to-day activities of their team. Business managers may also be required to travel. They work longer than the average 40-hour work per week. They even work on weekends to meet deadlines.

Business managers are responsible for a company’s financial success. They must adapt to changing technologies, policies, and industry trends.

A business manager’s salary can range from 4.5 lakhs to 26.0 lakhs.

Supply Chain Manager

Business management diploma courses can help you become a supply chain manager. They are in charge of all logistics processes in a company’s manufacturing plant. For example, one of their duties is to ensure that there is always enough stock or production capacity to meet customer demand.

A supply chain manager:

• Wants to better the resources, movement, and humans
• Manages financial capital inside and outside the store
• Is tasked with developing supply and sharing plans
• Collects and analyses supply chains to assess the success of the organization’s supply chain processes.

The salary of a supply chain manager in India ranges from 3.0 lakhs to 28.0 lakhs.

Business Analysts

Business analysts are in charge of developing new models to support business decisions. They do so by linking closely with financial reporting to develop plans to improve imports. Business analysts can recommend changes within a firm by utilizing complex details. These people must be able to communicate changes clearly to clients and teams.

Their responsibilities include:

• Defining conditions, business analysis needs, and performing quality support.
• Defining the requirements for reporting
• Looking for ways to improve monitoring and detect problems
• Provide better value to customers

A business analyst’s annual salary ranges between 3.0 lakhs and 15.0 lakhs.

Office Managers

Office managers are critical to the smooth operation of any business, regardless of size. The responsibilities of an office manager include organizing meetings and events, keeping track of office expenses, and maintaining office policies and systems.

On the other hand, the primary role of an office manager is to be the central point of contact for everyone within an organization. They are supposed to have a broad overview of many different things. They must have an impeccable working knowledge of the business and its goals. It is expected of office managers that they pitch in wherever needed to ensure the company runs smoothly.

Office Manager salaries in India range from 1.7 lakhs to 11.0 lakhs.

Account Manager

The account manager is in charge of a company’s customer relationships. They are expected to develop long-term relationships with a specific group of customers. Also, they stick with customers for their relationship with the company. Their goal is to retain as many clients or accounts as possible.

Account managers may be assigned prospects, given accounts, or a combination. Roles such as project management, strategic planning, sales support, product design, service application, logistics, and marketing may be assigned.

The primary responsibilities of an accounts manager are as follows:

• Forecasting and tracking client account metrics
• Managing projects within client relationships
• Working to achieve client goals while meeting company objectives

The salary of an accounts manager in India ranges from 2.6 lakhs to 15.3 lakhs.

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