Recently, the Final Placement Report of IIM Calcutta recorded a remarkable hundred per cent placement rate. This had an active participation from one hundred and ninety reputable companies together which extended 573 offers to the 465 students. These students got offers from some of the top investment banking & private equity firms that include Citi Bank, HSBC, Deutsche Bank, Goldman Sachs, Morgan Stanley and others.
The average & median salary rendered to the students were Rs. 35.07 lakh & Rs. 33.67 lakh, respectively. While the highest domestic CTC reached Rs 1.15 Crore, the highest international CTC was Rs. 94.82 Lakh.
“As per a recent report, India's Logistics and supply chain costs currently amount to a staggering 400 USD, up to 14% of the GDP, compared to the global average of 8%, raising a competitiveness gap of approximately USD 180 Billion,” says B.P. Nassar, Managing Director, Frontline Academy of Logistics.
“Further, the challenges experienced by the sector during the pandemic has highlighted the urgent need for building a stronger and more relevant infrastructure that can not only withstand the unexpected disruptions of this scale but is also agile enough to adapt and bounce back to efficiency almost immediately in the face of future conflicts,” he adds.
MBA in Logistics and Supply Chain Management - one of the growing education programs that can be pursued by students who are interested in becoming leaders as well as managers for any organization’s supply chain and logistics department. A specialization in this particular stream confers numerous benefits as this particular field of study is one of the fastest growing industries in business today and hence it will be easier for students who graduate with an MBA in SCM to find a good job. Today, in this article let us look at why an MBA in Supply Chain Management is worth it.
One of the fastest-growing & the prominent segments of businesses
Since supply chain management and global logistics influence every organization or entity it is one of the fastest-growing & the most prominent segments of businesses that is also witnessing huge levels of innovation in process and technology every year. Logistics is a highly important success factor for any small or large-scale – product-based business as these companies continue to rely more on supply chains with a global footprint.
Owing to globalization and the boom in e-commerce businesses, there is an increase in the need for supply chain and owing to this there is an increase in the need for supply chain talent. Furthermore, several supply chain executives are important members of senior management as well as the boardroom teams owing to the value of this discipline to the bottom line.
Since the recent global disruptions in supply chains in an increasingly globalized world have showcased clearly, the job of supply chain managers has become more vital & complex.
Easy to find mid/senior management roles in logistics
In order to sustain and enhance their competitive advantage, businesses today have started to rely highly on & work with downstream as well as upstream channel partners in the value chain. This offers products & services that satisfy the preferences & requirements of clients. Hence, whether you dream of becoming an entrepreneur or you work in any organization, you should get to know about how a supply chain functions. An MBA in SCM program is for entrepreneurs as well as professionals who are looking forward to mid/senior management roles in logistics, shipping, e-commerce, warehousing, manufacturing, aviation, and other related sectors both within our country & globally as well.
Some of the top colleges offering an MBA in Supply Chain Management include Indiana University of Pennsylvania, IIM-Udaipur and Amity University which offers an MBA in Logistics & Supply Chain Management. The University of Melbourne, Australia offers a Master of Supply Chain Management course which can be completed in 18 months (full-time) or in 3 years (part-time).
Although companies such as Amazon, SafeExpress or FedEx account for a large percentage of the SCM industry, today any company that aims to streamline its processes as well as increase efficiency wants supply chain professionals in its teams.
The Logistics industry is predicted to reach USD 350 billion by 2025, according to the Indian Logistics Outlook 2020. Firstly, the supply chain management industry is in high demand and one of the reasons for this is the boom of the global economy. As it continues to boom the need for effective supply chain management also increases. Furthermore, professionals with an MBA in SCM hold the required knowledge as well as skills for identifying & implementing solutions which can lead to saving companies millions of rupees.
Secondly, an MBA in SCM renders a strong foundation in business and this broad-based education facilitates graduates in obtaining a comprehensive understanding of business operations, which is valuable for candidates looking to advance their careers in this industry.
Bharathidasan University has introduced MBA programmes on logistics and supply chain management; and International Business. Vice Chancellor M. Selvam told the Hindu that, “There had been good demand for professionals in logistics and supply chain management due to rapid growth in industries and commerce.”
“In addition to Indian countries, a number of multinational companies have forayed into various fields. The MBA in logistics and supply chain management would provide professionals to the needy companies,” he added.
Provides a wide range of career opportunities
Thirdly, an MBA in SCM provides a wide range of career opportunities. While graduates can work in numerous roles in several industries such as logistics, procurement, production planning and inventory management, they can also work in other sectors such as retail, pharma, manufacturing, oil & gas, & healthcare sectors. A Supply Chain Management degree will help candidates obtain several job positions working as a Project Manager, Demand Planner and Procurement Analyst, Transportation Director, Material Manager, and Industry Analyst.
Higher Earnings
Lastly, the most noteworthy aspect is an MBA in SCM can lead to higher earnings. The average salary for an MBA in SCM is around INR 10-12 LPA as per a study conducted by PayScale and this is significantly higher when compared to the median salary for all MBA graduates, which is around INR 8-9 LPA.
