BMS course details for aspiring management students
BMS course details for aspiring management students
Planning about further studies and want to know your options? Read on to find out more about the BMS course details that will help you make an informed decision about your career in management.
After you graduate out of school, you have a world of opportunities that open up in terms of further studies. Sky’s the limit! All you need to do is choose a broad field of interest- Science, Commerce or Arts.
Once this crucial choice is made based on your interest and aptitude, again you are faced with the same question. What next? Well, while there are plenty of options out there to choose from, such as B.Com, B.A., BSc. et cetera, we will be discussing BMS course details in this article, which will open up amazing career avenues for the students.
What is BMS?
BMS stands for Bachelor of Management Studies. The duration of the course is three years and in this program, students can learn advanced studies in the field of management, which prove essential in managing and running a business efficiently. In addition to learning about business management, the course also offers extensive knowledge in the subjects of Human Resource Management, Business Studies, and Economics.
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From the said course, what students can expect to learn are some of the following things:
- New business techniques
- In-depth knowledge about the changing world of management
- Trading, finance, stock, and risk analysis
- Critical analysis of a given business scenario
- To solve the complexities of management of an organization
Along with the various theoretical training sessions, the course also includes practical training activities that are required for the overall development of the students. This also enables them to get a glimpse of the real-world challenges that they are about to face in the near future.
The BMS course also involves honing the budding entrepreneurial skills in students by teaching them how to expand their businesses with minimum risk and optimal use of resources available at the company’s disposal through various technical methods.
Below are some of the prerequisites for the students planning to undertake the BMS course:
- Team-building qualities
- Effective communication skills
- Knowledge about the current affairs
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BMS Course Eligibility Criteria:
- Minimum Qualification Required: 10+2
- Minimum Marks Required: 50%- 60%, which may vary depending upon the college
- Mandate English subject in school
- Age Limit: 22 years for general category and 24 years for reserved category
Admission Process for BMS course:
In order to get admission to the BMS program, students will have to appear for entrance exams conducted by certain universities and colleges based on the course criteria. However, few colleges also give direct admissions on the basis of merit lists as their eligibility criteria. Here’s some information about Xavier’s BMS Entrance Test 2021.
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Syllabus for Bachelor of Management Studies Course:
The curriculum is spread over a span of three years and entails subjects mentioned below. Let’s take a brief look at the different subjects in each year to help you get a glimpse of what you can expect in the BMS course details:
First Year BMS course details:
- Foundation of Human Skills– The subject is about understanding the concept of human behavior and factors affecting human behavior. What makes this subject important is the fact that human beings are social animals and interaction on a day-to-day basis with people forms the basis of our survival. This would help students to get a glimpse into the human psyche and become more adaptive and tolerant when dealing with people in a work environment.
- Business Communication– This subject is about the process of internal communication with employees and external communication with the customers of the organization. This is an important subject that encompasses various topics that could be critical to a company’s success. It covers the various types of business communication such as top-down, bottom-up, and horizontal through different methods like web-based, video conferencing, telephonic meetings, suggestion box et cetera.
- Introduction to Computers– This would cover some theory of the basics about computers which can later be applied while studying the application of computers to business organizations. It lays the groundwork for a more detailed study and the practical use of computers.
- Business Law– This would help students understand corporate governance, various laws governing the functions of the organization- domestically as well as internationally. There are various Acts covered in the syllabus such as the Contract Act, Negotiable Instruments Act, Sale of Goods Act, Consumer Protection Act, and Intellectual Property Rights.
- Introduction to Financial Accounts– Understanding the financials of a company, analyzing numbers, and accounting for the various types of transactions entered into by the company are very critical to a business. This is where the subject becomes important to understand the basics of financial accounting, the Indian Accounting Standards (IndAS), depreciation accounting, and final accounts.
- Business Environment– This would cover the various aspects of business, its meaning, nature, and scope, types of business organizations, and SWOT analysis. Students would also learn the political and legal environment, economic environment as well as an international environment which have an impact on the functioning of the businesses.
- Business Statistics– Business statistics can be applied to find the correlation between the various factors that would affect the business and using various statistical tools, graphs, and tables.
- Principles of Management 1– Management is a critical topic covered in the BMS course. This is only the first part and the second part would be covered in the second year syllabus. This subject teaches students to use some of the concepts of management and managerial skills in the strategic and tactical decision-making of the organization.
- Industrial Law– This subject helps students understand the theory of laws related to industrial disputes, Compensation Management, Social Legislations et cetera. This includes the Industrial Disputes Act, The Factories Act, Employees State Insurance Act, The Payment of Wages Act, and the Bonus Act. This is especially beneficial and needs to be focused on more if the student aspires to be a part of a company’s human resources department.
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Second Year BMS course details:
- Computer Applications in Business– This will give the students an understanding of the more advanced computer applications used in the business environment such as web designing using HTML, developments in MIS and E-commerce, and introduction to DBMS using MS-Access.
- Principles of Management 2– In this subject, students will learn some more details about the concepts of management in addition to the first-year syllabus.
- Environmental Management– Businesses should run in conjunction with the environment rather than destructing our natural surroundings. That is why this subject is important as it introduces various concepts of environmental degradation, sustainability and the role of business in sustainable growth, and innovative ways to manage and run businesses for a greener future.
- Business Mathematics– Mathematics plays an important part in any business as it helps in the calculation of simple and compound interest, depreciation of assets, permutations and combinations, and the future value of funds. All these have a huge impact on the profitability of a company and one needs to have this knowledge in ogre to manage the business.
- Introduction to Cost Accounting– A company is considered to be performing well if it has a good profitability ratio. And in simple terms, profit is calculated by reducing the expenses from the revenue earned. So, cost accounting gives a glimpse into the various concepts of costing, calculation, and accounting of costs incurred by the company which helps in controlling the same and increasing profits.
- Management Accounting– This is the subject that teaches the students about managerial accounting and the process of sharing financial information with the managers to enable them in the decision-making process. It involves the sharing of financial information with the management team of the company.
- Marketing Management– This involves the planning and execution of the entire product cycle- right from its conception, pricing, promotion, and distribution of goods or services. Marketing forms a critical part of an organizational function as it involves reaching the products to the target customers by using various marketing tools, techniques, and mechanisms.
- Direct & Indirect Taxes– Taxes form an important part of Government revenue and hence tax compliance by big corporations is closely monitored. As managers of the company, one is expected to have an understanding of the different kinds of taxes applicable and their calculations and compliances. A non-compliance could have many negative implications on the company.
- Export-Import Procedures– Students will learn the various procedures involved in exporting goods or services outside the country as well as the import of goods and services. This includes obtaining the Import Export Code (IEC), ensuring legal compliances under different trade laws, filing bills of entry, and so on.
Third Year BMS course details:
- Export-Import Documentation– This subject would cover the various compliant documentation involved in the process of export-import such as shipping documents, insurance, commercial invoices, packing lists, declarations, bank guarantees, certifications, bill of lading et cetera to get through the customs clearance.
- Financial Management– As the name suggests, financial management is the management of financial assets that are generally about managing the short-term working capital requirements, current assets, and current liabilities to meet the day-to-day fund requirement of the organization.
- Operational Research– This is the study of various techniques and models for optimization of business operations such as linear programming, transportation and assignment models, network analysis, decision theory, and decision tree.
- Public Relations Management– Public relations managers have the responsibility of creating and maintaining a favorable public image for the organization or the clients through various modes of communications, and the use of social media. This subject sheds light on some of these concepts which can be used by students.
- Service Sector Management– Like in the FMCG sector machines are the biggest assets which are used for, in the service sector human resource is the biggest asset. And it is important for students to get the knowledge and managerial skills to work in the service sector for managing the human element involved.
- E-Commerce– The term ‘e-commerce’ has become a day-to-day phenomenon these days. Right from groceries to clothes, books, and other necessities- everything can be ordered online from these big e-commerce companies. But what exactly is e-commerce, how does it work, what are the factors involved in managing and running an e-commerce business will be covered in this subject.
- Research Methods in Business– This subject covers topics such as advanced techniques in report writing, stages in the research process, data collection and processing, and data analysis and interpretation.
- Project Work– This will give the students practical exposure to working on the field and preparing a detailed project report on their assigned topic. The project work is then evaluated and marks are assigned, which carries weightage in the students’ final results.
- Special Studies in Finance– This covers some of the more advanced topics in finance such as project appraisal, capital markets, issue of shares, underwriting, public issue, and current developments in corporate finance.
- Management of SME– SME refers to Small and Medium Enterprises and this subject covers topics about the fundamentals of SME management.
- International Finance– A multinational corporation with a global presence would require someone with the knowledge of accounting standards applicable to international regions. This subject will enlighten students with knowledge about the GAAP and IFRS so that they can be proficient in the accounting of international transactions as well which has increased over the ages owing to globalization.
- International Marketing– A detailed study about applying marketing strategies to reach out to a wider customer base internationally. Marketing has a lot to do with understanding consumer psychology and the strategies to target the consumers across various geographies may differ.
Career Options and Job Prospects for Bachelor of Management Studies degree after graduation:
Pursuing a degree in Bachelor of Management Studies opens up a doorway to new and interesting jobs and students can explore a variety of career opportunities. The degree along with some hands-on job experience will provide your career the elevation it needs to get ahead in your professional journey.
Students who are interested in pursuing higher education can opt for getting an MBA degree and upscale their skills which will be like a cherry on the cake. This course lays the right foundation that will further advance you to get an MBA degree. Want to know more about pursuing an MBA after BMS? Click here.
On completion of the course, students will have gained an adequate understanding of management which will make them all-rounders and render them to be fit for their first jobs in various areas such as Sales and Marketing, Finance and Accounting, Retail, Consultancies, Academic Institutions. The average annual salary of a fresher BMS graduate is somewhere between Rs. 3-4 lakh per annum.
Let’s take a look at some of the job roles for students with a degree in Bachelor of Management Studies:
- Business Development Executive– As a business development executive, one is required to contribute to the development and growth of the business of their organization. This is a crucial sales role that involves selling new products and services to existing customers as well as acquiring new customers to contribute to the expansion of the business. Since every company aims at growing their clientele and their business, an efficient business development executive is always in demand which makes it a sought-after job role in any kind of organization- whether business-to-business, business-to-customer or even a non-profit organization.
- Human Resources and Recruitment Executive– For any organization, employees are one of its most important resources, which is managed by the Human Resource (HR) department. As a BMS graduate, you can become a part of the HR department and be responsible for the effective implementation of policies and processes for optimal employee engagement and performance. This is a crucial role that requires the candidate to have good people management skills and a high level of Emotional Quotient (EQ). This role would also include recruitment, which requires good communication skills and an understanding of the requirements for both the organization as well as the employees.
- Quality Manager– A quality manager is responsible for examining products to determine their quality, along with monitoring and evaluating internal processes of production. They also need to engage with customers to get their feedback and report it for improvements and implementation. As a graduate, students will have appropriate knowledge so as to take on these responsibilities.
- Operations Management– An operations manager looks over the operations of an organization and ensures that everything is running smoothly without any hassles and all processes are well in place. As an operations manager, one is required to have an eye for detail, multi-tasking ability, and also good management skills to look after the overall functions.
- Customer Relationship Executive– Customers are extremely important stakeholders for any organization. And it is of utmost importance to maintain a good, productive relationship with the customers. This is why, companies are constantly on the lookout for professionals who can handle customer grievances with finesse, ensure their recommendations are communicated effectively to the team to meet their expectations, and also maintain a synergic relation with the customer base constantly to drive in business. This requires good interpersonal and communication skills.
- Project Level Management– As the name suggests, this job would require you to manage certain projects assigned to you. Every company will have certain ongoing projects, say for example- coming up with a plan to increase customer engagement, launching of a new product or an application et cetera. So companies are looking for professional individuals with good leadership skills to manage and lead the team in these projects while ensuring proper planning, analysis, execution, and implementation.
- Finance Executives or Analysts– Every company, big or small, has a finance department to handle the finances and financial matters. This means that there is always a need for bright minds to be a part of the finance team. As a Finance Executive, you will be required to draw and analyze financial data and also come up with cost-effective plans and processes to make the functioning of the company more efficient and provide positive results to the organization’s stakeholders.
- Data Scientist– As opposed to the common misconception that one has to be a computer engineer to become a data scientist, you can choose this profession if you have some knowledge of basic programming languages. It would be an entry-level job initially and you can move up the ladder with more experience over time. This job is in demand and you can choose to work with some of the biggest brands and companies in the world.
Is BMS the right choice for you?
Choosing a career is like investing in the stock market. Mind you, “investing” not “trading”. Our decisions shouldn’t be based on jobs that are trending or in demand. What may be the right choice for others, may not necessarily be the right fit for you.
Remember, listen to all the advice you get and learn from them, but make your own choice, a choice that interests you. It is important to take your time with this decision, assess your interests and gauge your aptitude.
Here are a few pointers you can make a note of before opting for this or any other course:
- A psychometric test will help you identify your interests, strengths, and capabilities
- Consult with a counselor to discuss your options
- Research is extremely important every step of the way. Rash decisions may seem viable in the short term, but in the long run, well-researched informed decisions will take you ahead. So make sure to get a good amount of research done about the course, the colleges/institutes, future prospects, and the faculty.
If management is what you are interested in and your ultimate goal is to end up as someone who is part of the top management of an organization and is also responsible for making impactful company decisions, then choosing BMS will put you on the right path. Hope this article on BMS course details helps you make an informed decision about your career choice. All the best!