How Interdisciplinary Education Hones Requisite Skills For Entrepreneurs

In their study ‘A Multidisciplinary Approach to Creating the Entrepreneurial Mindset Amongst Graduates’, Angela Hamouda and Colman Ledwith strongly recommend this modern “reform” in education. The Dundalk Institute of Technology scholars assert that while entrepreneurs recognise opportunities, skills from interdisciplinary learning allow them to conceive, design and build ideas. Both types of skills complement each other.

It is now well established that entrepreneurship is the backbone of growing economies. It’s particularly true of India, which is seen as a land of opportunities all over the world. For our economy to flourish, we need more entrepreneurs, who give rise to successful and sustainable businesses. But for that to happen, future entrepreneurs will need to call upon skills that they can gain only through interdisciplinary education.

What do experts say?

A European Commission report read, “Traditional educational methods do not correlate well with the development of entrepreneurial traits and attributes and that interdisciplinary collaboration is an essential element of building enterprising abilities.” That belief has been supported and propagated not only by leading academic and researchers all over the world but industry practitioners and entrepreneurs too.

According to noted historian and academic Dr Patrick French, students with interdisciplinary education including Liberal Arts are more adept to problem-solving. Other experts assert that it promotes lateral and innovative ways of thinking, which are crucial for professionals and entrepreneurs of tomorrow. There are examples galore of Tech companies hiring professionals with some Liberal Arts backgrounds. Others have followed suit.

Building vital skills for entrepreneurs

In an interdisciplinary setup, students are exposed to varied perspectives and schools of thought. That enables them to approach a business issue from different angles as they look for solutions. It thus organically enhances their problem-solving skills, which is a vital ability for future entrepreneurs. It’s also important to realise that entrepreneurs are captains of their ships and have to take decisions, where they benefit immensely through this approach.

One of the most underrated entrepreneurial skills is creativity. While being a visionary and the appetite for risks are skills that are often touted, you can’t lose sight of creative skills, which will come into play a lot more in the fast-evolving and versatile world of entrepreneurship. But arguably the most important lesson of the interdisciplinary approach comes through the understanding of and interacting with minds from diverse backgrounds.

Entrepreneurs at the helm of matters might not necessarily have to lead teams directly, but they realize the benefits of getting the best from their personnel for business. The interdisciplinary approach encourages students to transcend boundaries of discipline and engage with peers from different backgrounds. That along with the other crucial skills can make for successful entrepreneurs of tomorrow.

If you’ve been dreaming of auditioning your next big business idea on Shark tank since the age of 10 or can’t wait to dive into the world of management and entrepreneurship, a Bachelors in Business Administration (BBA) is the right course for you. Launched less than 30 years ago in India, a BBA was one of the first professional Bachelor’s degrees on the block, excepting the fields of engineering and medicine. Since then, the course has only grown in popularity, allowing you a chance to get a good job right after college. Before we explore what kind of jobs are available after a BBA, it is helpful to know what you’ll be studying in a well-designed BBA course.

What is a BBA?

Typically, a three-year long course, a BBA includes core modules in business studies, economics, marketing, and computer science. Since it a professional course, the BBA emphasises project work & practical, hands-on training in management, leadership skills, teamwork, and communication abilities. This is carried out through case studies, visits to work sites, and internships. The end goal of a BBA is to leave you career-ready for management, in case you don’t want immediately to pursue higher studies. Another question you may have is how to get a job after your BBA. Most good institutes offer campus placements, primarily if you have scored well in your course, so doing well in academics always helps. Even if your institute doesn’t offer placements, many Indian and multinational companies (MNCs) hold recruitment drives for entry-level managers, analysts, and researchers.

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WHAT ARE MY CAREER OPTIONS AFTER A BACHELORS IN COMMERCE (B. COM)?

Bachelors in commerce is a greatly sought out-degree, particularly for those who want to pursue a career in the corporate sector. However, many people think the only way you can get there is with an MBA following your bachelor’s degree. Right? Well, no. We’re happy to tell you that you can pursue courses other than an MBA after your B. Com and even join the workforce immediately. Plus, you have many choices as well to study and work outside the corporate world. After a B. Com from a good college, such as Sri Ram College of Commerce, Delhi; Fergusson College, Pune; or SRM University in Amravati, Andhra Pradesh, you can pursue careers in government, public sector banks, education, law, research, communication and more. Here’s a comprehensive list of career options, including diploma courses after B. Com and job-oriented courses after B. Com:

What are my options for further study?

Professional courses after B. Com

MBA

An MBA from a premier institute is an evergreen option to build your career. You will be required to take the CAT for the IIMs and other entrance exams for institutes like XLRI, Jamshedpur and Indian School of Business, Hyderabad. In an MBA, you can specialize in options such as finance, marketing, human resources, foreign trade, and more. Choose a specialization allied with your strengths to get the most out of your MBA degree.

Where: The IIMs; XLRI; ISB; FMS, University of Delhi; Symbiosis, Pune

Which jobs: Depending on your specialization, you can work as a manager in various departments of Indian and multinational companies. Statistics show companies like American Express bank, tech giants like Google and Intel technologies, and consulting firms like KPMG and Deloitte are some of the top hirers of fresh MBAs. Indian businesses like Aditya Birla Group, Airtel, Reliance Industries also hire fresh MBAs on campus and outside. 

Monthly salary: Graduates from tier-1 colleges like IIM Ahmedabad and ISB can expect a monthly average salary of Rs 1,25,000. 

Accountancy and finance certification courses

Love crunching numbers? You can opt for exams like Chartered Accountancy (CA), conducted by the Institute of Chartered Accountants; Company Secretary (CS) conducted by the Institute of Company Secretaries of India, and Chartered Financial Analyst (CFA) program offered globally by the US-based CFA Institute. The International Certified Public Accountant (CPA) and Certified Management Accountant (CMA) are two other lucrative certifications you can consider. Although qualifying all stages of these prestigious courses, especially the CA and CS exams, is challenging, their rewards are well worth the hard work. Another advantage is, you can start many of these certification courses as additional courses with your B. Com since their entrance requirement is that you have passed your Class XII exam. 

Which jobs: After qualifying the CA and CS exams, you have to apprentice with chartered accountancy or company secretary firm for a few years. Post this, you can work as a CA or CS, respectively, or a risk manager, corporate accountant, investment manager, and more for any Indian or multinational firm. CFA and CMA also require training. The advantage with a CPA certification from the USA is that it can be completed within 12 months.  

Monthly salary: According to a survey conducted by The Hindu, starting monthly salaries for CAs range from Rs 65,000 to Rs 2,00,000. For those working as a CS with a firm, monthly salaries start from Rs 28,000-40,000, but there’s a steep upwards curve with experience. After the CPA course, or CFA OR CMA, you can work as a corporate accountant, risk manager, or in other roles in corporate banking, finance, and management with an MNC. Here, your monthly salaries are between Rs 30,000 to Rs 2,00,000. 

Law

After your 3-year B. Com degree, you can appear for the Common Law Aptitude Test (CLAT) which enables you to get into a Bachelors of Law (LLB) program. If you specialise in a company, corporate, patent, or intellectual property law, you can join the legal department of any Indian or multinational corporation as an attorney or legal advisor.

Where: National Law School of India University (NLSIU), Bangalore; Symbiosis Law School, Indian Law College (ILS), Pune; MSU, Baroda

Which jobs: You can work as a legal associate, corporate counsel, or attorney with various businesses. Although the job titles differ, the profile is essentially similar: you will be working in the corporate law department of companies, like Amazon India, Tata Consultancy Services, and Proctor and Gamble.

Monthly salary: From Rs 60,000 upwards

Postgraduate courses and diplomas in journalism

Do you feel you have an opinion to share on start-ups, the state of the economy, and multi-million-dollar acquisitions? A master or postgraduate diploma in business journalism after your B. Com prepares you for a career in print, TV, or digital media!

Where: Asian College of Journalism, Chennai; Indian Institute of Mass Communications (IIMC), Delhi

Which jobs: You can work as a business reporter, writer, or editor with a consulting firm, newspaper, news agency, TV channel, or website, depending on your preference and specialization. Popular employers in India are the Mint, TV18, Gartner, and The Economic Times

Monthly salary: Reputable print and digital media outlets pay a starting salary ranging from Rs 25,000 to Rs 40,000. For TV channels, the salary can go up to Rs 60,000.

Academic courses after B. Com

Masters and PhD courses in commerce, marketing, and finance

Not everyone dreams of joining the corporate world. Some are enthused about the fields of research and education. If that’s your bent of mind, you can always opt for advanced study courses like M. Com and then PhD in India, or an MS/ PhD program in commerce, marketing, or business economics overseas. Programs in the US may require you to qualify the GRE and TOEFL exams and may be fully funded, so keep a lookout for scholarships. After your M. Com or MS, you can apply to teach at a school or a college. You’ll need to qualify the Bachelors of Education (B.Ed) or National Eligibility Test (NET), for school and college teaching, respectively.

Where: For M. Com – Sri Ram College of Commerce, University of Delhi; Stella Maris College, Chennai; St Joseph’s College of Commerce, Bangalore. For PhD in commerce: SRM University, Amravati, Andhra Pradesh

Which jobs: Assistant or associate faculty at a college, a teacher in a school, market research analyst or manager with a firm

Monthly salary: For government and accredited colleges, monthly salaries start from Rs 35,000, while for schools the range begins from Rs 28,000. For private-sector jobs, expect a salary upwards of Rs 25,000, depending on your role and the hiring company’s profile. 

Can I get a job right after my B. Com?

Although adding advanced courses to your belt after a B. Com makes you eligible for more, better-paying jobs, there are also plenty of job options for you right after your graduation. Let’s take a quick look: 

Govt, Defence, and Public Sector Banking Jobs

Government jobs after a B. Com are a great option. After your B. Com, you can take the Indian Administrative Exams (IAS) and the Provincial Civil Services Exam (PCS) to join the central government. Most such competitive exams require only a Bachelor’s degree, so they are always a good option. You can also take the Central Defence Services (CDS) or NDA exams to join the armed forces, and bank exams to join public sector banks, such as Bank of Baroda and Punjab National Bank. 

Monthly salary range: Upwards of Rs 50,000 for IAS, PCS, and defence services; upwards of Rs 38,000 for probationary officers (PO) in banks.

Private sector jobs

Work in Audit and Accounting

You can work as an accountant or auditor for large Indian firms and MNCs like Reliance Industries, Wipro, Tata, and more. You’ll be working in a team in a large department that handles the closing of books, finalization of accounts, tax audits, cost audits, and more. 

Monthly salary: For a fresh B. Com graduate, a reputable firm can pay a monthly salary of Rs 25,000 to Rs 40,000. 

Work as a financial analyst

Since you will be familiar with finance and accounting systems, you can find work as a financial analyst with MNCs, consulting firms, or Knowledge Process Outsourcing (KPO) firms, such as KPMG and Genpact. 

Monthly salary: Rs 25,000 and above

Salary

Work as a finance manager with financing firms

Private financing companies such as Bajaj Finance and Veritas are often on the lookout for finance officers who can sell, disburse, and manage their loan products, as well as customer portfolios. Your familiarity with finance and economics will come in handy here. 

Monthly salary: Rs 20.000 and above

Work as an analyst with private and investment banks

You’ll be happy to know that banks like Indian banks like HDFC and ICICI, as well as global investment banks like JP Morgan often hire fresh commerce graduates to work as accountants, banking analysts, and customer service officers. To make yourself eligible for these prestigious hires, opt for a B. Com from a prestigious university, and try maintaining high grades.

Monthly salary: Rs 20,000 and above

With so many options available, you’ll be hard-pressed for choices after your B. Com. If you’re still confused about what to do, decide based on your strengths and interests rather than current trends. After all, finding a career you love is the best lifetime investment you can make!

Learning business management is a complicated enough exercise with experts divided on whether management is science or art, or both. In the current era, the complications are compounded by the pace of change. Theories and frameworks are getting outdated rapidly, and textbooks can be obsolete by the time they reach the student’s desk from the printer. In this scenario, how does a student ensure that the business studies course is keeping him or her future-ready? The answer is not easy given the situation, but there are 5 universal aspects that few would dispute.

1. Practical experience

Many business studies courses are geared towards freshers with limited to no work experience. If the class itself offers no avenues for practical experience, then the student graduates with a skill handicap. Look for courses that provide hands-on business experience during studies. This can be in the form of industrial projects from real companies, internships, assistance on faculty research projects for companies, or even simple opportunities for interaction with the real business world. Being in actual situations, facing real problems of real people shapes your world view and the sooner you can gain this experience the better. For this, look for institutions that have tie-ups for such opportunities with their recruiters and other corporates.

2. Soft skills

Multiple surveys of companies show that one of the most significant handicaps campuses hire suffer from is poorly developed soft skills. This includes presentation skills, workplace etiquette, grooming, and general communication. All of these are essential requirements for workplace success and for moving into leadership roles. Some institutes have begun to focus on soft skills and developing the behavioural aspects of students. Conducting exercises and workshops on etiquette, grooming, communication, art, and team exercises are some of the means. Innovatively, some of this is being achieved through training in theatre or focus on the liberal arts.

3. People matter

In a networked and ever-changing business world, no one can function in a silo. Effective teamwork is essential in an era where multiple perspectives are needed to solve complex problems. And this means people need to be effective at working together. Empathy, accommodation, appreciating diversity, understanding and working with differences, and sensitivity are the critical skills that need to be developed for success and these are timeless. Institutes that build in teamwork and people dependencies into course work will help groom managers who can work effectively and efficiently with any group of co-workers. This is why many courses involve a large volume of team assignments, presentations, and projects.

4. Global perspective

Globalisation is a reality that no business, big or small, can ignore and this will only compound in the future as trade and people mobility go up in future. Even an entry-level business manager needs to be mindful, aware and prepared to work in a complex and interlinked world. How do you achieve this when many entry-level managers have not even stepped out of their city of birth? Developing the ability to work with different nationalities, being comfortable in foreign environments, and being able to blend into the unfamiliar is going to be must-have skills for the future and preparation needs to begin early. Courses that offer foreign language courses, cross-cultural collaboration opportunities, international exchange programs, diverse pool of international students, and opportunities to learn from visiting foreign faculty are one way to prepare for this business reality.

5. An entrepreneurial approach

Some theoretical concepts are timeless, while others whither away. However, new approaches to solving old problems and developing abilities to deal with new issues are always evolving. After all, many of the challenges and opportunities are seen today did not exist even 5 years ago. How would a graduate from then cope today and how will he/she deal tomorrow? The dynamism needed to face unique situations and problems come from developing an entrepreneurial mindset in students from an early stage. This mindset can be developed through a pedagogy that focuses on doing, experimenting, failing, learning, unlearning, and taking responsibility for one’s efforts. Courses that spoon-feed will soon disappear into the sands of time, as will the students who learned with such approaches.

Bear in mind that there is no course which will teach you all the skills you will need in the future. A course can provide you with timeless skills, some of which are listed above, and it can provide you with a mindset of flexibility, entrepreneurship, ownership, responsibility, and risk-taking. If you have these, then your skillset is indeed timeless.

At SRM University, AP the curriculum structure and pedagogy is designed to incorporate all of the above aspects. In addition to this, regular feedback from industry and recruiters is obtained to keep education relevant. Moreover, campus life, extracurricular activities, and the work involved in running the students clubs and societies provide students with exposure in all of these must-haves.

Learning business management is a complicated enough exercise with experts divided on whether management is science or art, or both. In the current era, the complications are compounded by the pace of change. Theories and frameworks are getting outdated rapidly and textbooks can be obsolete by the time they reach the student’s desk from the printer. In this scenario, how does a student ensure that the business studies course is keeping him or her future ready? The answer is not easy given the situation, but there are 5 universal aspects that few would dispute.

1. Practical experience

Many business studies courses are geared towards freshers with limited to no work experience. If the course itself offers no avenues for practical experience then the student graduates with a skill handicap. Look for courses that offer hands-on business experience during studies. This can be in the form of industrial projects from real companies, internships, assistance on faculty research projects for companies, or even simple opportunities for interaction with the real business world. Being in actual situations, facing real problems of real people shapes your world view and the sooner you can gain this experience the better. For this, look for institutions that have tie-ups for such opportunities with their recruiters and other corporates.

2. Soft skills

Many business studies courses are geared towards freshers with limited to no work experience. If the course itself offers no avenues for practical experience then the student graduates with a skill handicap. Look for courses that offer hands-on business experience during studies. This can be in the form of industrial projects from real companies, internships, assistance on faculty research projects for companies, or even simple opportunities for interaction with the real business world. Being in actual situations, facing real problems of real people shapes your world view and the sooner you can gain this experience the better. For this, look for institutions that have tie-ups for such opportunities with their recruiters and other corporates.

3. People matter

In a networked and ever-changing business world, no one can function in a silo. Effective team work is essential in an era where multiple perspectives are needed to solve complex problems. And this means people need to be effective at working together. Empathy, accommodation, appreciating diversity, understanding and working with differences, and sensitivity are the key skills that need to be developed for success and these are timeless skills. Institutes that build in team work and people dependencies into course work will help groom managers who can work effectively and efficiently with any group of co-workers. This is why many courses involve a large volume of team assignments, presentations, and projects.

4. Global perspective

Globalisation is a reality that no business, big or small, can ignore and this will only compound in the future as trade and people mobility go up in future. Even an entry level business manager needs to be cognisant, aware, and prepared to work in a complex and interlinked world. How do you achieve this when many entry level managers have not even stepped out of their city of birth? Developing the ability to work with different nationalities, being comfortable in foreign environments, and being able to blend into the unfamiliar are going to be must have skills for the future and preparation needs to begin early. Courses that offer foreign language courses, cross-cultural collaboration opportunities, international exchange programs, diverse pool of international students, and opportunities to learn from foreign visiting faculty are one way to prepare for this business reality.

5. An entrepreneurial approach

Some theoretical concepts are timeless while other whither away. However new approaches to solving old problems and developing abilities to deal with new problems are always evolving. After all, many of the challenges and opportunities seen today did not exist even 5 years ago. How would a graduate from then cope today and how will he/she cope tomorrow? The dynamism needed to face unique situations and problems comes from developing an entrepreneurial mindset in students from an early stage. This mindset can be developed through a pedagogy that focuses on doing, experimenting, failing, learning, unlearning, and taking responsibility for one’s efforts. Courses that spoon feed will soon disappear into the sands of time, as will the students who learned with such approaches.

Bear in mind that there is no course which will teach you all the skills you will need in the future. A course can provide you with timeless skills, some of which are listed above, and it can provide you with a mindset of flexibility, entrepreneurship, ownership, responsibility, and risk taking. If you have these then your skill set is indeed timeless.

Picking the right B School to pursue your management aspirations can be a daunting decision at the best of times. It has assumed greater significance in the unprecedented times that have followed the Covid-19 pandemic. Its shadow loomed over most industry sectors and led to many professionals taking stock of their career prospects. They have joined ranks with freshers in large numbers as management aspirants keen on shaping their futures in the new world.

In the past, post the global economic recession over a decade ago there was a surge in the numbers of B School students. History repeated itself last year as the Graduate Management Admission Council (GMAC) survey revealed. Aspirants all over the world are trying to gain new skills, upskill, get industry exposure, stay abreast with the latest in management, and propel their careers in the right direction.

Experts assert that in times like these, you simply cannot settle for another run of the mill MBA programme. It’s crucial to identify B Schools that are keeping up with the f times and are ready for the new normal, which is also the future.

• If there was one aspect that managed to “tech” us through the perils of the past year; it was technology. Top B Schools have embraced it with gusto and are giving their students a competitive advantage. Zoom platforms, webinars along with a focus on new technologies like Blockchain, AI and Machine Learning are the way ahead.
• However, just having online learning platforms isn’t enough. B Schools need to leverage them to spark discussions and debates that students will benefit from. As an aspirant you need to focus on whether the B School has managed to transfer its pedagogies like case studies, role-play sessions etc. to online platforms.
• While there have been roadblocks, the new world is also filled with exciting opportunities. The online nature of learning has encouraged B Schools to create a wider scope of experiences for students. That’s where international relationships of B Schools come into play allowing you to learn from renowned global names.
• B Schools that realize the importance of personalized learning experiences will be able to shape future leaders, who understand their strengths to the T. As a student you should have access to customized learning experiences not only in the classroom but also through peer groups and projects that bring out the best in you.
• Online or blended learning is here to stay in some form or another, but that doesn’t mean your overall campus experience has to be compromised. As you step into the new normal choose B Schools that facilitate equal and exciting opportunities for extracurricular activities on both, online and offline platforms.

The new normal might be unchartered territory in many ways but by no means it’s an uncertain, unsteady ground. By staying flexible and adaptable to the changes you can explore its true potential with help from B Schools that are leading the way.