An MBA degree is one of the most coveted degrees. It is perceived as one that can open the doors to a plethora of sectors. A survey conducted by a global non-profit educational organisation of leading graduate business schools indicates that more than 80 per cent of companies worldwide plan to hire MBA graduates this year. Further, compared to other industry sectors, a greater percentage of finance and accounting and consulting firms plan to hire international candidates. This can be attributed to the specialised nature of the skills required to work in these industries.
We bring to you a list of seven industries that are a goldmine for MBA graduates; along with a low-down on the specific skills demanded by each sector:
Consulting
More than 80 per cent consulting companies plan to hire MBA graduates in 2015.
Communication skills : While this is the most basic skill required by any MBA graduate, it is particularly essential in the consulting sector. Being articulate and being able to communicate clearly with clients is indispensable to understand client demands and deliver accordingly.
Analytical skills : Consultants must be able to understand problems and come up with appropriate solutions. This requires analytical skills and logical thinking.
Commercial awareness : This could possibly be one of the most important skills MBA grads must develop if they wish to make a career in the consulting industry. They must understand the market a company operates in and be aware of competition and current affairs, and know how it impacts the business environment.
Banking and Financial Services Industry (BFSI)
Close to 85 per cent companies will hire MBA grads in the BFSI sector this year.
A strong grasp of mathematics: This skill is vital for accurate and extensive mathematical and accounting evaluation. MBA grads who wish to pursue a career in this industry must possess strong skills to analyse and organise data.
Analytical thinking: Strong analytical skills are necessary to spot trends and assess the pros and cons of a particular course of action.
Ability to grasp new concepts quickly: You need to be a quick learner if you want to make it big in this industry. Be it assimilating new information or data, meeting a new client, or managing a project, those who opt for a career in finance and accounting must ensure they understand new concepts quickly and stay abreast of latest industry trends.
Manufacturing
Almost 82 per cent manufacturing companies are likely to hire MBA graduates in 2015.
Interpersonal skills : Strong interpersonal skills are critical in this industry to resolve conflicts and communicate effectively both internally (employees and managers) and externally (clients and suppliers).
Innovative thinking: The manufacturing industry demands innovative thinking as a means to embrace change. MBA grads in this sector must be capable of ‘out-of-the-box’ thinking and problem solving, and should be capable of introducing better ways to do things.
Leadership skills: This skill is crucial to gain the trust and confidence of colleagues and associates as a leader; identify goals; and set targets for the self and the team.
Information Technology
Around 95 per cent global technology companies will place their bets on MBA grads this year.
Ability to strategise : MBA grads who wish to have a fulfilling career in this industry must be well-versed with strategising and planning.
This would include studying market trends and competitors and devising appropriate strategies to suit business needs.
Digital skills: Apart from the myriad of skills MBA grads are expected to possess, this skill is fundamental for those making a move in this sector. Having sound technological and digital knowledge is an absolute necessity.
Global mindset : MBA grads in this sector must possess a global mindset. This not only refers to having the necessary technical skills, but also skills that are required for operating effectively in an international environment.
Healthcare and Pharmaceuticals
About 75 per cent healthcare companies will be hiring MBA graduates in 2015.
People skills : This skill is of utmost importance in the healthcare industry. Healthcare professionals must be able to communicate effectively as it involves talking to suppliers and dealing with patients in case of hospital management.
Entrepreneurial skills: Having an entrepreneurial mindset will help in effectively analysing a situation. It will further help professionals ask the right kinds of questions and accustom them to uncertainty.
Analytical and decision-making skills: A large part of the job of an MBA graduate in this sector will revolve around analysing consumer behaviour and making well-informed decisions, such as better ways to manage healthcare costs, ideas that promote healthier behaviour, and more.
Energy and Utilities
Nearly 97 per cent companies are estimated to hire MBA graduates in the energy and utilities sector in 2015.
Networking skills : The energy and utilities industry is thriving and it is essential that B-school grads possess strong networking skills. You need to learn more about the industry and aim to make key contacts that can help further your career in this sector.
Deep understanding of industry: MBA grads must be able to distinguish between the variances and not just focus on macro-level industry challenges, but also evaluate their understanding of the nuances of the business. It is critical to develop competency in these areas.
Decision-making skills: The industry is full of competition and MBA grads must keep track of trends and industry news to be able to make the right decision.
Consumer and Industrial Products and Services
Approximately 86 per cent products and services companies plan to hire MBA grads in 2015.
Marketing skills : B-school grads in this industry must possess the ‘gift of the gab’. Being able to sell the company’s products and services and the ability to market the company’s offerings is one of the greatest skills required in this sector.
Ability to adapt to change : The products and services industry requires professionals to be able to quickly adapt to change. It also demands the ability to think on one’s feet.
Innovative thinking: New products, deals, and opportunities continually emerge in this industry and career aspirants must polish their innovative thinking skills to deliver results quickly.
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