A Master of Philosophy in Management Studies (M.Phil) is a one-year post-graduate program in management. The M.Phil in Management Studies program prepares students to manage these important industries.
Management education prepares students to adapt to business needs and to combine their ideas and instincts with their business skills and knowledge. A Management degree provides insight into various aspects of the profession and establishes credibility in the eyes of investors and employers.
Graduates with an M.Phil in Management Studies will have a variety of job opportunities, including manager, economist, consultant, human resource management, finance analyst, and other positions. With an average salary of INR 5 to 7 LPA, graduates can pursue higher education or participate in campus recruitment processes in the management field.
M.Phil in Management Studies: An Overview
Level of Course
Post Graduate and Pre doctorate or Diploma
Also referred as
Master of Philosophy in Management
Duration of Course
1 year
Type of Examination
Semester
Eligibility Criteria
Second class in Master’s degree in respective subjects and at least 55% score in post-graduation
Process of Admission
Aptitude based entrance exam followed by Viva voice and personal interview.
Fee for theCourse
Varies from INR 20,000 to INR 2,00,000
Average Annual Salary
INR 5,00,000 to INR 6,00,000
Top Hiring Firms
Private firms, Public sectors, corporate enterprises and academic corporations
Positions of Job
Economist, consultant in management, financial analyst, human resource management, professors or researchers
M.Phil in Management Studies Eligibility.
Aspirants must have completed a Master’s degree in a related field with a second-class grade.
Students must receive at least a 55 percent in a related subject from a well-known college or university.
Students who have passed exams such as CA, ICWA, or ACS are also eligible.
M.Phil in Management Studies Curriculum and Syllabus
Students must apply to a number of universities that offer the M.Phil in Management Studies program.
Exams and selection processes are conducted differently at each college.
All entrance exams are based on general aptitude and subjective questions, and students who score below the cutoff must attend an interview.
The registration and scheduling of entrance exams is determined by the state government or university that administers the exam. As a result, students should go to the entrance exam’s official website.
A final merit list of qualified students will be compiled based on the results of the entrance exam.
M.Phil in Management Studies: Preparation Plan
M.Phil in Management Studies is a postgraduate course that requires students to conduct research on their chosen topics. Jawaharlal Nehru University, Jamia Millia Islamia, Tata Institute of Social Sciences, Pondicherry University, and other good colleges offer the course.
All of the colleges listed above hold their own entrance exams. As a result, students must double-check exam dates and patterns.
Students who want to enroll in a good M.Phil program should be passionate about their subjects and have a solid understanding of them.
They should also have a few basic skills, such as reasoning, analytical ability, good observation, research knowledge, organisational skills, motivation, dedication, and aptitude.
M.Phil in Management Studies: Distance Programs
Research for an M.Phil in Management Studies entails extensive training in order to be knowledgeable enough to conduct research on specific topics. As a result, it’s not always a good idea to enroll in a distance learning or part-time Master of Philosophy program.
If you need to take a Master of Philosophy in Management Studies as a distance learning course due to unforeseen circumstances, here is a list of colleges that offer M.Phil distance learning courses.
Institute Name
Place
Location
Acharya Nagarjuna University
Andhra Pradesh
Guntur
Convergence
Haryana
Gurgaon
Dr. B R Ambedkar Open University
Andhra Pradesh
Hyderabad
E F L University
Andhra Pradesh
Hyderabad
Himachal Pradesh University
Himachal Pradesh
Shimla
Karnataka State Open University
Karnataka
Mysore
Mother Teresa Women’s University
Tamil Nadu
Dindigul
Netaji Subhas Open University
West Bengal
Kolkata
University of Madras
Tamil Nadu
Chennai
M.Phil in Management Studies: Important Skills Required
As competitive as the business world is, anyone entering the field with aspirations to rise to the top must possess the necessary knowledge and skills. Without a doubt, excellent communication and leadership skills are at the top of the list. The following are some of the other crucial abilities:
Ability to work under pressure: a crucial skill for surviving in a high-pressure job. A career in management can entail a hectic lifestyle with multiple deadlines to meet at once, but if you have a knack for working under pressure, you’ll be able to complete all of your tasks with ease.
Research-oriented: Managing or leading a company necessitates constant attention to detail. This entails staying informed about recent developments in the business world, technology world, economics field, and a variety of other fields. As a result, a good management professional must be research-oriented.
An eye for detail: The smaller details matter a lot in the grand scheme of things. A good management leader is meticulous in their attention to detail, ensuring that everything is in place to move operations forward.
Problem-solving skills: Managers are frequently in charge of a group of employees, and it is their responsibility to lead this group and oversee the operations that are carried out. It is expected that if problems arise, the manager will be able to determine the best course of action.
M.Phil in Management Studies: Important Book Recommendations
Book Name
Author’s Name
Macro Economics, Theory and Application
G.S. Gupta
Managerial Economics
Attmanand
Managerial Economics, Theory and Application
Mithani D M
Managerial Economics, an Integrative Approach
Mark Hischey
Introduction to Organisational Behaviour
Moorhead and Griffin
Organizational Behaviour
Meenakshi and Arun Kumar
Essentials of Human Resource Management
P S Rao
Human Resource Management
D K Tripathi
Financial Institutions
Edminster R D
Financial Institutions and Markets
Meir Khan
Fundamentals of Marketing
William J Stanton
Marketing Management
Arun Kumar and Meenakshi
Operation Research- Theory and Applications
J K Sharma
Operation Research
Anand Sharma
Future Trends in Management
Regardless of how many books, manuals, or websites you consult, there is no perfect way to be a good manager. One of the most important factors in learning how to effectively carry out managerial responsibilities is experience and guile. Another important factor is the ability to recognize trends in the industry and in general business. The following are some of the emerging trends that new managers should be aware of:
Remote Workers: More than anything else, the pandemic that brought the entire world to a halt taught us how beneficial remote working can be to a company. Positive outcomes have been observed not only in productivity and employee stress levels, but also in company carbon footprints, as the number of employees working remotely from home has increased exponentially. With the introduction of remote working, the environmental impact and cost of commuting have almost been eliminated, and both businesses and families are pleased with the results.
Video Marketing: Technology is the way of the future. Almost every company today has an online presence, some even on multiple platforms, because this strategy has proven to be extremely effective in terms of marketing and brand awareness. Videos have exploded in popularity in this area, with statistics revealing that more than 55 percent of people watch at least one marketing video per day, making it the most profitable marketing strategy. Companies have used live videos on their social media profiles, promotional videos on their websites, and a variety of other video marketing techniques to increase engagement and drive traffic to their websites.
Training Millennials: As of 2020, the oldest “millennials” are 35 years old, and the number of millennials in management positions has increased. As more millennials ascend to positions of managerial responsibility, a trend has emerged in terms of training strategies that can best prepare these individuals for the role. Millennials will need to know how to manage the next generation, known as Gen Z, as they enter the workforce.
Continuing Education: Several new management trends emerge every now and then, highlighting the importance of self-education. In an ever-changing world, today’s solutions may not be the best choice for tomorrow. Employees must be able to adapt to constant changes as technologies such as artificial intelligence become more integrated into the frameworks of more and more businesses.
M.Phil and other Higher Education Programs: A Comparison
MPhil
PhD
A master’s degree in philosophy (M.Phil) is a prerequisite for pursuing a research program.
PhD (Doctor of Philosophy) is the ultimate example of academic achievement for anyone interested in pursuing a career in research.
Duration of MPhi course is 1 – 2 years.
Duration of PhD course ranges from 3 – 5 years.
Studied after post graduation and before doctorate courses.
Studied after post graduation courses.
MPhil
MSc
MPhil (Master of Philosophy) is mainly a research-oriented course.
MSc (Master of Science) is more of a theory-oriented program.
Duration of MPhi course is 1 – 2 years.
Duration of MSc course is 2 years.
Students have to focus on mastering one particular subject.
Students have to study diverse topics related to the subject.
Post graduation course and studied after the completion of graduation.
Post graduation course and studied after the completion of graduation.
M.Phil
MBA
M.Phil (Masters of Philosophy) is a research-oriented preliminary course.
MBA (Masters of Business Administration) programs are only available after graduation or as a post-graduate program.
Students need to perform rigorous research work on the respective subject.
Students have to focus only on the course work.
Duration of MPhi course is 1 – 2 years.
Duration of the MBA course is 2 years.
Students gain a deep understanding of their subjects and are even able to teach others.
Students gain sufficient knowledge to manage corporate resources.
M.Phil in Management Studies: Top Job Profiles
The Master of Philosophy program teaches students how to conduct research, develop critical thinking, problem-solving, and positive aptitude abilities, and how to work as individual advisors and contribute to the development of any industry. A career in management is in high demand, which makes it extremely competitive. Many skills must be continuously inculcated throughout one’s career, and professionals must always strive for an advantage or an edge that will keep them in respectable positions in business.
However, for those who enjoy competition, a management career can be extremely rewarding. It’s a fast-paced industry that requires you to stay informed, focused, and alert all of the time. Management is a career field with a lot of room for advancement. It’s not uncommon for professionals to start at the bottom of the ladder and work their way to the top in a short period of time, because advancement is based more on ability than on qualifications.
Students who earn a Master of Philosophy in management can pursue further studies, such as a PhD in philosophy. They can sit for national-level exams to work as assistant professors in universities and colleges after successfully completing the research.
Freshmen can work in areas such as the social and health sector, the public sector, social personal or community service, administration, research centers, academic sectors, and so on.
After graduation, graduates can work as an ethics advisor, social worker, teacher or professor, administrator, interviewer, or in a variety of other jobs.
Students who are interested in learning more about business and how to grow a business should enroll in Operations Management. You must meet all of the requirements listed in the job criteria after being hired for a job position. Some of the job profiles are listed below:
Profileof Job
Descriptionof Job
Operations Manager
The Operations Manager’s primary responsibility is to plan the sales promotion and carry it out as planned. They must devise strategies and improve their performance.
Supply Chain Manager
Supply Chain Managers are in charge of keeping track of logistics and keeping it up to date. They are responsible for collaborating with vendors and overseeing operations.
Logistics Manager
Logistic managers are responsible for a wide range of tasks, including managing warehouse inventory and maintaining records. They are expected to be extremely alert while at work.
Executive
Executives are in charge of implementing the department’s goals, policies, and procedures. They also ensure that the organisation runs smoothly.
Profiles of Job
Average Salary Per Annum
Economist
INR 7 to 15 LPA
Management Consultant
INR 8 to 15 LPA
Human Resource Manager
INR 4 to 7 LPA
Finance Analyst
INR 3 to 6 LPA
Academic Processor
INR 3 to 6 LPA
Researcher
INR 5 to 8 LPA
Some other important areas of employment are
Aditya Birla Group
Nestle
IBM Corp
Google
Goldman Sachs
Reliance
HCL Technologies
Infosys
TCS
Philips
ICICI Bank
Cognizant Technology Solutions
Flipkart
Accenture
Mahindra & Mahindra
Citibank
Deloitte
M.Phil in Management Studies: Benefits and Scope
Instead of pursuing a PhD, many students prefer to pursue a Master’s in Philosophy. Some universities offer a one-year M.Phil program.
Many countries’ M.Phil programs include rigorous research and a rigorous curriculum in the fields of study. This is a requirement for a PhD program. An M.Phil is the highest level of a Master’s degree in some subjects (humanities, for example).
If a student does not have the financial means to pursue a PhD but still wants to do research, the M.Phil in Management Studies is the best option.
Some students have a personal interest in research, and by pursuing a Master’s in Philosophy, they can receive professional research training.
Some universities encourage students to pursue a master’s degree in philosophy before pursuing a PhD. Those students will be promoted to pursue a doctorate based on their performance.
It is the best option for students who are having difficulties with their research, such as research not going well or requiring more resources. This is because it teaches students how to improve their soft skills, such as problem-solving, verbal and written communication, presentation skills, and analytical and critical thinking abilities.
Students will be hired by top companies to work in positions such as researchers, professors, managers, analysts, and many other honorable titles after successfully completing the course.
Their ability to analyse symmetrically in order to find an efficient solution to a problem in the respective sector will be enhanced.
By the end of the course, students will be able to tackle any problem by identifying the source of the issue and speculating on a solution.
That is why almost every type of business wants them to work for them.
Aside from the standard M.Phil subjects, this learning program places a strong emphasis on computer, communication, and pedagogical skills.
These activities prepare students to act independently, guiding them toward becoming independent researchers and economists.
Management is, without a doubt, one of the most popular courses of study among Indian students, and for good reason. Large, diverse, and rapidly expanding businesses in various economic sectors necessitate highly motivated, innovative, and talented professionals, preferably with a management degree.
At many different hierarchical levels, these professionals play critical roles in firms and individual companies.
Furthermore, the ever-increasing, intense competition in the business world increases the demand for innovative management executives and professionals in a variety of economic sectors, not only in India but in any country around the world.
The M.Phil in Management is a master’s program that provides a thorough grounding in management to new and recent graduates of any subject other than business and management. Graduates of the M.Phil in Management are typically expected to pursue a career in management. As a result, the program is designed as a graduate conversion course that will prepare students for such a career*. It is based on the most recent academic research in the field and sets high academic and intellectual standards.
The program is structured to assist participants in making the transition from students to professional managers by providing them with the fundamental knowledge required for a management career as well as unique opportunities to hone their collaborative leadership skills and business creativity. While effective management requires experience, the program’s philosophy is that a solid foundation in academic knowledge is an essential prerequisite for a managerial career. The M.Phil in Management requires excellence across a wide range of applied disciplines because management requires such a wide range of skills, from the mathematical to the interpersonal.
While research and access to the graduate job market are outside the scope of the program, the University of Cambridge provides a free, centralized Careers Service that can provide some guidance and support.
Mohit Dhulia
