#DILO (A day in the life of) a master’s student – Beatrice

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Through the #DILO series of blog posts we have been bringing you insights into the life of our master’s students, sharing their thoughts and opinions, ups and downs, and key learning points during their online studies. The whole idea behind this series is to make you aware of realities of online studies, and help you in decision making.  

This week we take a look at a day in the life of our MBA student Beatrice. Beatrice is an electronics engineer with over 19 years of experience working in IT. She is currently studying for the MBA in Management Consulting, offered through our exclusive partnership with York St John University, UK, and working for an American company as an IT Project Manager. Along with handling a full-time job and a master’s programme, Beatrice manages a busy household with a husband and two daughters. Here is an insight and some words of wisdom that Beatrice had to share from her own experience. 

With the MBA Management Consulting you gain an understanding of consulting techniques and develop a range of transferrable skills

An Introduction 

Which Uni are you studying with? 

York St John University (UK) 

Which programme did you choose and why? 

I chose the MBA in Management Consulting programme. It allows me to improve my knowledge and complete my profile as Project Manager. 

The Study Plan 

How did you plan to study each module, and what was the reality? How many hours did/do you have to put in each day/or in a week? 

Prepare a study plan and pick a time of the day that works best for you

I planned the modules to avoid overlaps and could make it as planned. It is important to allow at least four to five hours a day, 4 days a week. This can be increased to 5 hours a day when approaching assignment deadline. 

What part of the day did/do you find most suitable to study? (e.g. early mornings, lunch break, evenings, weekends?) 

Allow yourself enough time for each
assignment

What worked best for me were early in the morning and late in the evening, when there is no distraction (work, children, etc.) 

How much time did you devote for each assignment? 

Generally, 4 to 5 days. Sometimes more, depending on the topic. 

Travelling and Communication 

How did travelling impact your ability to study? 

When travelling, other activities make it more difficult to find the required hours to study 

How were you able to interact with peers and/or professors given the time differences? 

We used e-apps that allowed delayed interactions (email, campus portal, WhatsApp). 

A typical day as a master’s student 

What does a typical day as an Online Masters’ student look like for you? 

1. Spend 2 hours early in the morning, reading and watching class videos  

2. Spend 1 hour at lunch time to review and make some researches  

3. Spend 1 to 2 hours at late evening to write or complete researches 

‘Research’ is an important aspect of Master’s studies. Learn to research effectively.

Any advice? 

It is important to have:  

1. The support of your entourage  

2. A schedule that includes your studies, work and personal activities, even leisure. Follow it as much as possible  

3. A contingency plan 

Well indeed, incredibly helpful advice from Beatrice. A contingency plan not only saves you from an unpredictable situation but also helps you follow your study plan with confidence. To get you through the master’s studies we have a great faculty who are subject-matter experts, guide and encourage the students to achieve their potential.  

If you have been dreaming of joining a master’s programme or have had this personal goal to gain a higher education, now is the time! Take the valuable advice from our current students, gain from their experience, add your own unique study strategies, and make your own success stories! I would love to feature you one day on our college blog. 

Chat LIVE on WhatsApp with one of our Education Advisors for more information on all the programmes we offer, application process, and for information on discounts we might be offering at this time. 

When the world came to a halt and so did Tourism

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My bucket list was full for 2020. I was looking forward to travelling for business and leisure. I did none of that so far, and I believe I will not be able to before 2021 either.

According to the United Nations World Tourism Organization (UNWTO), tourism is the world’s 5th fastest growing industry, with one billion international travellers, $1.53 trillion in global revenues, and 5% growth globally per year. Much of that growth is coming from the emerging middle classes in Brazil, Russia, India, China, and Mexico. 

Travel and tourism are among the world’s largest industries with a total contribution to the global economy of approximately 9.25 trillion USD in 2019.  

Year Direct contribution Total contribution 
2006 1,629.02 5,160.35 
2007 1,809.37 5,765.03 
2008 1,928.47 6,259.57 
2009 1,794.88 5,803.03 
2010 1,911.51 6,108.56 
2011 2,157.06 6,925.29 
2012 2,207.37 7,094.29 
2013 2,304.81 7,432.19 
2014 2,388.31 7,674.79 
2015 2,320.93 7,444.04 
2016 2,381.1 7,650.17 
2017 2,567.88 8,240.74 
2018 2,750.65 8,810.96 
The direct and total contribution of travel and tourism to GDP from 2006 to 2019 (in billion U.S. dollars)

The Current Tourism Situation

Until the end of 2019, the tourism industry’s growth continued to outpace global economic growth, bearing witness to its huge potential to deliver development opportunities across the world. This comes with its sustainability challenges though.  

But everything changed with the unprecedented disruption caused by COVID-19. With restrictions on travel in most, if not all, global destinations, tourism remains one of the worst affected of all sectors.  

Fig 1

In the first quarter of 2020, US$ 195 billion were lost in export revenues from international tourism with 180 million fewer international tourist arrivals (Fig 1). Potentially, there will be US$910 billion to US$ 1.2 trillion overall loss in export revenues from tourism. The industry is destined to lose 100 to 120 million direct tourism jobs globally (Fig 2). 

Fig 2

Tourism was at its peak owing to social media exposure, viral videos of exotic locations, Instagram travel posts by influencers and bloggers writing about their own travelling experiences to a new country. People have begun to cherish the interconnectedness and knowledge they gained as a global traveller. As a result, travelling is one hobby or interest that many have developed.

Post COVID-19 pandemic, tourism will continue to be among the worst-hit sectors. As I wrote this, many are still fearful, flights are still grounded and companies are being bailed out or facing bankruptcy, borders have been closed, few are travelling – there looms uncertainty on the future of tourism. With social distancing laws in effect in every country, the spread of COVID-19 has dramatically derailed businesses, communities, and livelihoods across the globe.  

HOW WILL TRAVEL LOOK LIKE?  – THE NEW NORMAL 

Travel and tourism has come to a complete standstill. Hundreds and thousands of people were left stranded in foreign countries, across borders, on cruise ships as countries closed borders for non-essential travel. Only a few rescue flights are operating to repatriate people to their home countries. The global lockdown disrupted leisure, business, and student travel. 

Governments have been trying to bring the revival process in phases. In Phase 1, only essential services like groceries, medical care, food take outs were open. Phase 2 brought more relaxation with opening of other non-essential services like barbers, spas, dentists etc. Phase 3 allowed opening of retail stores, malls, dining-in at restaurants, opening the national parks and allowing gatherings among close social circles. International travel still remains largely closed across the continents. The travel and tourism experts believe it will take greater effort to build that confidence back with the travellers before they venture out.  

So given these conditions, when things start to normalize and people eventually begin to hit the road, how will travel look like? 

REVIVING TOURISM  

The crisis has forced the industry to re-think tourism for the future. Because the way we travel will never be the same again.  

Small progressive steps need to be taken to bring the industry back on its feet. As the crisis evolves, world governments and industry participants, big or small, work to identify key priorities to facilitate a short term, medium, and long-term revival plan. These include the following considerations: 

1.     Lifting travel restrictions: International travel does not seem to be plausible at the time. Closed borders for non-essential travel, countries deemed unsafe for travelling, quarantine requirements imposed by several governments will act as the international travel deterrent in the foreseeable future. Slowly the governments have uplifted restrictions for domestic travel. Local travel will provide a chance for driving recovery and support tourism business.  

2.     Rethink Tourism: As it is rightly said, ‘Necessity is the mother of invention’. Hotels, restaurants, tourist destinations will have to rebuild and revamp their strategy and think innovatively to attract visitors and tourists.  

3.     Restore traveller confidence: People will tend to alter their mode of transport, drive rather than do air-travel; choose alternate accommodation like sanitized rental homes rather than hotels. Committing to the health and safety of customers, businesses will need to build travellers’ confidence.  

Beyond immediate measures to support the tourism sector, countries are also shifting to develop recovery measures. 

MAKE HAY WHEN THE SUN SHINES 

The measures we put in place today will shape the tourism of tomorrow.While it may seem to be the worst industry to build a career in right now, Tourism has always survived not one, but many economic crises.

As things improve slowly, the industry once again will witness millions of travellers flocking from one country to another, resulting in an increased demand for tourism professionals. We need visionaries and people with a passion to take tourism to a new level – you can be one of them through our 100% online MBA in Tourism. 

Digital Marketing – The future of marketing? 6 reasons why you should consider this as a career option!

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Marketing, like everything else in the world is constantly changing and evolving overtime.

From cave painting to word of mouth. From messages on scrolls to pictograms. From picture advertisements in magazines and newspapers to video ads in between your favourite TV programmes. 

And the evolution continues!

I mean, how many of us subscribe to a physical newspaper anymore? Netflix, Amazon Prime Video, and Disney+, just to name a few, have pretty much killed broadcast television and cable tv.  

We live in the world of binge watching, instant news (and in some cases fake news), and WhatsApp forwards! If you blink, you will be left behind!  

So, how are we to effectively market our products  and services, or  advertise to the masses in this fast paced, limited-attention times?

Digital Marketing is the answer, and  here are six reasons why I think you should choose a career in Digital Marketing!

  1. High demand
    While there are similarities between Digital Marketing and traditional marketing, the difference between them is substantial and cannot be overlooked. To do the job right, a specialist is required, and most companies accept this to be true. Digital Marketing is still a relatively new industry/vertical, and the number of specialists available is still very limited. It follows that a qualified and competent Digital Marketing professional  is highly sought after.
  2. Richness of choice within Digital Marketing
    Most people these days have limited choice in the career path they wish to take. When a company recruits for a job vacancy, for most roles, they will have an abundance of applicants, however, Digital Marketing being a new field, the opportunities available will be among the best in the market. Also, there will be a lot of opportunities within the various verticals of Digital Marketing. Here’s a few of them: 
    • Web properties –  websites, blogs 
    • SEO – Search Engine Optimization 
    • Paid marketing (PPC marketing) – Google search ads, Display ads, Affiliate marketing, social media paid ads 
    • Social media (Instagram, YouTube, Facebook channels, etc.)
    • Email marketing 
    • Mobile marketing 
  3. Show me the money
    It all comes down to the salaries and pay packages, and that’s the bottom line! People venturing into Digital Marketing will be the ground breakers, the trailblazers, the pioneers of the industry, and will have the potential to earn huge. For example, just before the lockdown started, a quick search for Digital Marketing job opportunities in the United States, listed jobs for freshers starting from USD 55’000. I think that is a pretty good place to start your career from. 
  4. Minimum entry requirements
    Digital Marketing is still a very new field, and people working in the field have very little experience in it and are still learning how to effectively develop and execute a digital marketing strategy. As everyone in digital marketing is still relatively new and mostly learning by experience, the entry requirements are comparatively lower than most other job profiles. So, now is the time to get into Digital Marketing and build a career. 
  5. Diversity in the workplace
    When the word “diversity” is used, most people think ethnic diversity. And that is true here as well, but it is also means so much more in Digital Marketing. In the morning, you could be working with extroverts who may be creators, creating ad campaigns and YouTube videos, who push their creative ideas across. And in the afternoon, you could be working with introverts who may be from Data Analytics or SEO or Website Development. This is just an example. The point is, working in Digital Marketing, there is a place for every kind of personality and the opportunity to work with every kind of personality!
  6. Creativity
    If you are passionate about the work you do (no matter how boring it may sound to someone else) then the potential for creativity exists. But the thing about Digital Marketing is, no other field of work encourages creativity and “out of the box thinking” quite as much as Digital Marketing does.

Now these are just some of the more obvious reasons to take up a career in Digital Marketing, and I am sure there are a number of other very obvious and/or more important reasons to make Digital Marketing your career. Perhaps you are building upon your previous Marketing career? Let us know in the comments below if you are already “in” and have some insights to share, I am sure it will help people make an informed decision. 

If you are ready for a career in Digital Marketing, then start with our 100% Online MBA programme in Digital Marketing or our 100% Online MSc programme in Digital Business.

You can also chat LIVE on WhatsApp with one of our Education Advisers for more information on the programmes offered, application process, and for more information on any discounts we might be running in this rather strange period of our lives.

Breakthrough Technologies through the eyes of Bill Gates

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“Information technology and business are becoming inextricably interwoven. I don’t think anybody can talk meaningfully about one without the talking about the other.”  Bill Gates
 

 

We are changing the world with technology, with software being the big change agent. And the man who has been instrumental (the change agent himself) in bringing this technological change is Bill Gates. Bill Gates needs no introduction. I believe his name is synonymous with the innovation and change in the world of technology as the world sees it today. Bill Gates, one of the richest entrepreneurs, innovators, one of the most influential persons in the world and an immense philanthropist, revolutionized the technology industry when he co-founded Microsoft in 1975. And the rest is history. 

Gates say the advance of technology is based on making it fit in so that you don’t really even notice it, so it’s part of everyday life. I am not going to lay out the advantages or importance of IT in business or as Bill Gates mentions, in our everyday lives. This is more about what is going on in the world of Information Technology and how new breakthrough technologies continue to disrupt the world.  

MIT Technology Review has been presenting ten breakthrough technologies every year. And in this list’s history of 18 years, the 2019 edition was curated by none other than Bill Gates. There could not be a better person than Gates, sharing with the world which new technologies he believes are poised to deeply impact our lives.  

MIT’s 2019 breakthrough technologies fall into 3 categories – climate change mitigation, healthcare and AI. These are some challenges and opportunities for our future society and communities. Based on Bill Gates’ beliefs, these chosen technologies indicate a trend of transition in technologies – from those that mostly made life longer to those that mostly make it better. 

Here goes the list: 

  1. Robot revolution—robot hands that can learn to manipulate unfamiliar objects on their own  
  1. New-wave nuclear power—Development of both new fission and fusion reactor designs making them safer and cheaper  
  1. Customizable cancer vaccines— Companies like BioNTech and a treatment that uses the body’s own immune system to target only tumoral cells  
  1. Predicting premature babies—a simple blood test that can predict chances of preterm birth, potentially saving many children’s lives  
  1. Probe-a-pill—a swallowable device that takes image the gut and even performs biopsies.
  1. Plant based burgers—The aim is to drastically cut emissions from the food industry by inventing both plant-based and lab-grown meat alternatives.  
  1. Separating and ‘Repurposing’ Carbon dioxide—Companies like Climeworks based in Zurich, are looking for economical techniques for absorbing CO2 from the air and locking it away. Companies aim to produce methane from carbon emissions and also sell carbon dioxide to the soft-drink industry 
  1. An ECG-enabled smartwatch— Electrocardiogram – popularly known as ECG – will be available as wearable technology. The wearable will be able to detect atrial fibrillation and continuously monitor people’s heart and health conditions, giving early warnings of problems. 
  1. Self-contained toilets—The low-income countries cannot afford the luxury of a sewer system. Gates says, “A self-contained toilet takes the human waste, liquid and solid, and in most cases does some type of separation. The solids you can essentially burn. The liquids you can filter” 
  1. All- capable AI assistants—Expect better conversations with AI Assistants that are capable of much more than just conversations like taking meeting notes and shopping online.  

Bill Gates is not just a believer but an avid investor in the development of these innovative technologies that are bound to change the world. As he says,

“How you gather, manage, and use information will determine whether you win or lose.” 

I for one believe the world is witnessing how IT has transformed businesses and is an integral part of its success. RKC providing online programmes understand the importance of tech and thus offers Online Masters that provide you with the necessary knowledge and skill to excel in the field of IT. Chat with our advisors on WhatsApp to know more about our 100% online master’s degree programmes. Because in the words of Bill Gates,

“Vision without execution is daydreaming”. 

5 reasons why a career in Healthcare is not as bad as it seems today

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I promise this is not another COVID-19 update, myths and truths or uncovering the facts where and how this deadly disease started, blog. There is more than enough information out there – and I’m talking about reliable sources only – enough to overwhelm most of us. 

These are challenging times for us as individuals and for society at large – humanity some might say. The global pandemic has changed the way nations operate and has impacted the global economy. The greatest and gravest impact of the pandemic, however, is on the healthcare systems around the world. With about 3.8million COVID-19 cases in 210 countries and territories (as of May 9th, 2020), the healthcare systems worldwide are immensely stressed. (https://covid19.who.int)

Healthcare systems are hit hard both directly and indirectly (too many patients at the same time, too many doctors becoming patients, lacking resources, inability to attend to other conditions, etc.) 

The World Health Organisation said so much: 

Countries will need to make difficult decisions to balance the demands of responding directly to COVID-19, while simultaneously engaging in strategic planning and coordinated action to maintain essential health service delivery, mitigating the risk of system collapse

WHO, March 2020

So, if this is not an update, nor a myth-busting blog, what is it? 

I would like to focus on the positives of this situation from an educational point of view, thinking especially of those who envisaged a career in the healthcare sector, people who are looking to switch careers, or someone already in the healthcare sector looking to verticalize their career path. Now is the time to “quarantine” and study!  

Choosing a career for yourself might be one of the biggest decisions you take in your life. Some of us are fortunate to follow our passions and interests and make a successful career out of it. Sometimes after pursuing a career for a whole number of years, we realise that it is not something we want to do for the rest of our lives. We’ve got to rationalize our interest and weigh the pros and cons a career offers. If you have been thinking what’s in it for you, here is what a career in the healthcare industry has to offer: 

Humanitarian side

While every profession tends to serve society in some way (well at least that is what I like to believe), in my opinion, healthcare is the noblest. The potential of changing and saving lives puts you on a higher pedestal as a professional compared to any other. If you have an innate desire of helping others and uplifting humankind, healthcare is the right place for you.

Tremendous Growth Opportunities

Surveys and labor statistics reveal that healthcare is one of the fastest growing industries with an estimated addition of 1.9 million new jobs. According to the U.S. Bureau of Labor Statistics, employment in healthcare occupations was projected to grow 14 percent from 2018 to 2028, much faster than the average for all occupations. 

Healthcare occupations are projected to add more jobs than any of the other occupational groups. This projected growth is mainly due to an aging population, leading to greater demand for healthcare services.

U.S. Bureau of Labor Statistics

Challenging situations like the ongoing pandemic of COVID-19 have created a need for strong healthcare leadership. The present outbreak is far from over, and the healthcare sector is operating at maximum capacity. There is an urgent need to adequately plan and utilise limited resources. At the same time, it has become all the more imperative for the healthcare systems worldwide to be prepared for any future events, as the COVID-19 pandemic is definitely not the last one.  

The sector offers a number of growth opportunities that are wide ranging, beyond the conventional patient care field of being a practitioner, nurse or therapist. There are opportune avenues for both horizontal and vertical growth in the sector. As the healthcare paradigm continues to evolve, there is a greater demand for innovation in healthcare technology, guided by the vision and sharp business acumen of a strong healthcare professional. 

Dynamic

Most days, a healthcare professional will bring new challenges and should bring with them joys and job satisfaction. Demand is changing and so are the roles in this industry which adds to its dynamicity.

 Flexibility

Healthcare offers flexibility in three ways. First the flexibility on choice of profession. You have a plethora of options to choose from: patient care services, government relations, human resources, planning and development to name just a few healthcare management positions you can get yourself into. 

Then you can choose the environment you want to work in. The healthcare management professionals are not limited to jobs in just hospitals. There are great career opportunities in consulting, state and federal agencies, insurance, laboratories and universities.

Thirdly, this industry is not bound by borders. The experience in the field is highly regarded across nations making you a valuable asset wherever you go (with few exceptions where licensing might be necessary).

Competitive Salary

Last but definitely not least, healthcare sector jobs are well paid and rewarding in the monetary sense as well. On an average, the median salaries of healthcare professionals are higher than the annual wages of all other occupations. (https://www.bls.gov/ooh/healthcare/home.htm)

A master’s degree could provide you ‘the edge’ to make a move into or to grow within the healthcare industry. The enhanced knowledge and multifaceted skillsets will allow you to make progress by leaps and bounds in the field.  

Because let’s be honest – who hasn’t had a bad “boss”? Highly competent people with tremendous skills in their profession, parachuted in leadership positions without preparation. That “joy and job satisfaction” we were mentioning earlier are highly impacted by leaders who are not fully prepared to lead other people too. 

Our online master’s degree programmes will help you understand international perspectives and also how to analyze the constraints and trade-offs in developing and implementing national health strategies, health care financing, economic evaluation, the role of effective change management and technological development. 

Chat LIVE on WhatsApp with one of our Education Advisors for more information on the healthcare management programmes offered and the application process. Remember to ask about our “quarantine” discounts and check your eligibility. 

On behalf of the entire RKC team, a special thanks to all healthcare professionals across the world for working tirelessly to keep our communities safe. Our gratitude to all of you responsible citizens for staying home and helping stop the spread. #thankyouheathcareworkers

Artificial Intelligence (AI) — The future of Business. Here are 6 reasons why!

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Technology has always been the change catalyst for how we do business and with the rapid changes in communication technology, these changes are now taking place in real-time.

Technology enabling us to work virtually. Photo credit: unsplash.com/Uriel Soberanes

One of the key reasons for the long-term success of big multinational organisations is their ability to obtain business intelligence (BI) from their customers. Most organisations still collect feedback from their customers after a sale or service provided using a standard feedback form that asks typical questions. The information obtained through this method provides valuable information about the customers and their experience, but still the information is very limited, slow to get and process, and depends a lot on the customers’ willingness to give feedback. 

Organisations that invest in artificial intelligence (Al) and machine learning (ML) derive a lot of other benefits that can impact and provide business intelligence to multiple departments within the organisation. Furthermore, with the advancement in cloud storage and computing, data and business intelligence can be derived almost in real time. 

The following are some of the benefits of AI and ML especially in the era of cloud computing: 

  1. Enhanced Customer Experience: Real time intelligence on consumer buying behaviour provides companies with data on a number of key parameters from the spending capabilities of their customers, products that are trending, products that are reaching the end of their lifecycle, seasonal information, etc. Analysis of these data can provide the organisation with insights on the best ways to reach its customers through marketing activities, product pricing, product placement, etc. 
  2. Operational Automation: Operations are the backbone of an organisation. Without goods and services being produced or delivered, there is no purpose to the existence of an organisation. This is traditionally where the majority of the workforce is centred around, where the most wastage of resources takes place and is also the highest budgeted department of the organisation. Through the incorporation of AI and ML, the entire department can be streamlined to operate with best efficiency and in a cost and human resource effective manner.  
  3. Data Mining: Most organisations produce a mountain load of data every single day and it is not possible to manually go through all the data and extract some kind of BI from it. AI and ML will be able to quickly surface important and relevant patterns and insights during the processing of big data.  
  4. Supply Chain Management (SCM) Automation: Like operation automation, the BI derived through AI and ML can help streamline and increase the efficiency of the entire supply chain management process. It will also help in the automation of the entire SCM process. 
  5. Recruitment: Most big organisations receive thousands of job applications every month for a handful of job opportunities, making it almost impossible to go through all the applications to find the right person for the job. AI and ML can help (and indeed do already) in analysing the job requirements and the applicants’ data to find the right person for the job. 
  6. Trend Analysis: This key BI is applicable across all the departments of the organisation and is available through the analysis of all the data each department generates. By effectively predicting the trend, it will increase the efficiency and reduce the operational cost for an organisation as a whole, and at the same time increase its sales and overall profit. 

The above are just some of the more obvious benefits of an AI and ML system. Every day, new BI programmes are being developed. These programmes best utilise the AI and ML systems’ data to provide organisations with unique and valuable data to base future business decisions on.  

If you are looking to formalise your AI and ML knowledge, or looking for a jumpstart into a career in Artificial Intelligence, Robert Kennedy College offers a 100% Online MBA Artificial Intelligence through an exclusive partnership with the University of Cumbria, UK. Click here to apply for the programme. 

You can also chat LIVE on WhatsApp with one of our Education Advisors for more information on the programmes offered, application process, and for more information on any discounts we might be running in this rather strange period of our lives.

Financial Management: Boring to Death or Deadly if Misunderstood?

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Finance: each one of us deals with finance in some way or the other on a daily basis, whether we are a professional accountant, a number-crunching wizard, an artist, a medical practitioner, a lawyer, an entrepreneur or a home-maker. There is no escape from finance even if you do find it difficult to comprehend the financial concepts or resent dealing with numbers (that goes for myself, huh numbers!).  Being pervasive might make it one of two things (or maybe both): boring to death, or critically important. 

At Robert Kennedy College (RKC), we know a master’s degree in management is a prime management qualification for managers. Our Online Master’s degrees give you a great overview of the business world and enhance your knowledge and skills further. And since Financial Management is an integral part of any business, we offer it as a core or as an elective module depending on which degree you choose to pursue.  

Now, before I share with you an insider’s view of the online module let’s get started with the basics – learning what financial management is and why it is important in business.

What “Finance” really is – academically speaking 

Khan and Jain (as cited in Classification of Finance by Paramasivan and Subramanian, 2009) define Finance as the art and science of managing money. Any kind of business entity, big or small, depends on finance to meet its requirements in the economic world and so if you accept that money is the lifeblood of the organization, then finance is its heart.

Types of Finance 

As described above, Finance is one of the most important functions of a business. It plays a paramount role in the smooth functioning of the business activities.

Finance can be classified into mainly two categories:  

Figure 1. Classification of Finance by Paramasivan and Subramanian (2009). Paramasivan, C., and Subramanian, T. (2009). Financial management (New Delhi: New Age International (P) Ltd., Publishers). 

Private Finance includes the Individual, Partnership, and Business or Corporate Finance, while Public Finance, on the other hand, covers Central, State and Semi-Government Financial matters. (Source: Financial Management by Paramasivan and Subramanian (2009)).   

Financial Management 

According to Joseph and Massie (as cited in Classification of Finance by Paramasivan and Subramanian, 2009): Financial Management “is the operational activity of a business that is responsible for obtaining and effectively utilizing the funds necessary for efficient operations.” The job of a finance manager includes procurement and efficient utilization of funds. Financial management has two main objectives: wealth maximization and profit maximization.  

So ultimately, why IS Financial Management important? 

It is imperative for any business to maintain adequate amounts of funds for its smooth operations. Financial Management thus plays an important role in the following: 

  1. Financial Planning:  Financial Management begins with the determination of the financial requirements of the business. 
  2. Acquisition of the funds: A financial manager employs the most effective means of acquiring adequate funds at minimum cost.  
  3. Utilization of funds: It is not just acquisition, financial management also involves the efficient and effective use of the sourced funds to improve the operational efficiency of the business. 
  4. Profitability: Employing financial management tools like accounting, budgetary control, ratio analysis and cost volume profit analysis, businesses look to improve their profitability. 
  5. Enhance the value of the firm: As stated earlier, one of the objectives of financial management is wealth maximization and improving returns for investors.  

 
What would you learn from the Financial Management module in the Online MBA? 

Business is about profit, and there can be sustainability only with proper knowledge of effective financial management. Oxford and Harvard Business School graduate Professor David Duffill will expand and reinforce your knowledge of financial accounting, management accounts, budgeting and financing. This module aims to provide an introduction to financial accountancy and managerial economics. The module will engage you in reflective and discursive argument on the materiality of different social, environmental and ethical issues, introducing you to accounting and principles of finance and letting you use your new knowledge in practical ways by using case studies. 

What our own students say about the module?

There is nothing better than to hear from the horse’s mouth (past and current students) though, so here’s what they have to say about the Financial Management module. Each cohort is surveyed at the end of the module.

For most students, the module was “an amazing learning experience”. The course developed their skills, enabling them to quickly adapt and find a new direction. The learning also allowed them to better understand changes in the economy, and identify new business opportunities.  

It “strengthened my business and financial skills”. Students benefit from a clear understanding of the foundations of finance as well as the various financial instruments used for valuations like futures and options and also from an understanding of financial statements to make an investment decision. Videos from Professor David Duffill and illustrated instructions on exercises or examples are seen as very helpful by an overwhelming majority. 

It is not all roses though. There is also agreement on the fact that assessments are very challenging (just like real business challenges are very … well … difficult!), yet they are also a very enjoyable experience allowing students to use different financial techniques to improve a business (for those who get it right anyway!).  

I hope you enjoyed reading about business finance management today. Stay tuned for next week’s blog that takes financial management to a more personal level – managing your personal (or family) budget! Watch this space! 

6 Reasons to Do a Master’s Degree Programme

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I am going to tell you a story about a friend of mine and yes, I know “a friend” sounds made up, but this friend is real and what happened to him could happen to anyone of us in the corporate world.  

To make matters simple, let’s call this friend of mine Jojo (yes, this time a made-up name). A while back Jojo found himself out of a job due to no fault of his. The reasons given: downsizing, centralising, the usual corporate jibber jabber, and this from a company in which he had spent the last two years of his life setting up and developing an entire function for the organisation. 

He was reporting directly to the Managing Director and Country-Head, a position he achieved by hard work and determination and with professional experience going back two decades – working for some of the biggest multi-national companies in the world. He was not worried: with his experience, getting a job would be EASY. 

Safely crossing the gap from one job to the next is not always straightforward…

But as the days turned into weeks and then into months and he was still unable to find a job, the gloom around him was palpable.  

Jojo’s story 

Jojo started his career immediately after graduating with a bachelor’s degree from a top local university and as his career progressed at a faster-than-average pace, he never found the need and time to go back to school and enhance his academic profile too.  

Over time as life evolved, so grew his professional and personal commitments, demanding a greater share of his time and effort. He concluded that putting in time, effort and money into his education did not merit the return on investment.  

Fast forward to Jojo’s job search – he found that the lack of a master’s degree was having a profound impact on his ability to get hired. 

To be clear, I am not saying that you need a master’s degree to succeed in life. In fact, most people don’t have a master’s degree and are very successful in their profession. What I am saying is that a master’s degree can have a positive impact in your professional career (because, learning is good :D).

Added benefit of a Master’s – graduation is fun! Notice how these RKC graduates from 2018 have big smiles on their faces, despite the freezing cold of November in York.

Here are 6 reasons you should consider doing a master’s degree. 

  1. It shows you are hard working and committed: A Master’s degree implies that you have taken the extra step of getting a higher qualification, gaining extra skills and specialisations. Having worked on projects and submitted assignments and dissertations in a timely manner, it shows you to be more disciplined, structured and task oriented. 
  2. It levels the playing field: In today’s competitive job market, most of the candidates applying for any above entry level position will already have at least one master’s degree, if not more specialised qualifications and just a bachelor’s degree or lower educational qualification would just not cut it. Depending on the nature of the job and the position you are aspiring to, a master’s degree might be the minimum requirement to even apply. 
  3. It can help with switching careers: There may come a time in your career when you pull your hair and cry out – “I CAN’T TAKE THIS ANYMORE!”. I understand, I have been there a couple of times. For whatever reason, if you feel it is time for a change in career to a field that requires specific knowledge that you do not have or to a career in a regulated industry that requires you to have certain education qualifications, a master’s degree might give you a leg up in your new career. 
  4. It can help you standout: Unfortunately, this is the world that we live in. There may be several of your co-workers eyeing the same promotion that you have been after. Whether it is a management position or that specialised role within your company, a master’s degree could make the difference in your getting that position. In some cases, a company might also be willing to sponsor the master’s degree if they feel you are a potential leader and it could be mutually beneficial, so it is always worth asking the question to either your manager or the HR department.  
  5. It may help with relocation: We are no longer limited by geography. A master’s degree might help you in getting a work visa to a particular country; after all, you might be required to show why you are more deserving of a particular job than a citizen of the country and a master’s degree might go some ways in your company hiring you over a local.  
  6. It can fill the gap: Going back to the example of my friend, the longer you go without employment the harder it will get to explain the gap in your resume and to get employed. Doing a master’s degree is a good way to fill this gap, improve your knowledge, gain new skills and to generally show you are not one to wait around for things to happen.  

There’s more?

I am sure that there are many other reasons why people choose to do a master’s degree with benefits we wouldn’t have even thought off. If you have experienced or can think of any, let us know in the comments below! 

Finally, getting back to Jojo. It took him a while, but he is finally back to work. It is not what he wanted to do, and he had to take a hefty pay cut, but he is working again. He has still not joined a master’s programme (despite my constant reminders) but he is on the lookout for one that meets his requirements. Let’s hope he doesn’t leave it for too late.  Can it really ever be too late?

Explore the number of specialised master’s degree programmes offered by Robert Kennedy College through exclusive partnerships with top British universities. Or, if you have already made up your mind, click here to apply.

Robert Kennedy College and York St John graduates being silly with their hats in the Quad before graduation.

Are you willing to take the ‘Risk’?

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Every business faces risk. These risks present potential threat to the success of the business. Risk is defined as a probability or threat of damage, injury, liability, loss, or any other negative occurrence that is caused by external or internal vulnerabilities, and that may be avoided through preemptive action. 

What I found interesting, is the next part of the definition of Risk here: Risk is not an uncertainty (where neither the probability nor the mode of occurrence is known), a peril (cause of loss), or a hazard (something that makes the occurrence of a peril more likely or more severe).

So Risk is not an uncertainty and it can be avoided with preemptive action. This is where Risk Management in business comes into play!

What is Risk Management?
risk man·age·ment
noun
(in business) the forecasting and evaluation of financial risks together with the identification of procedures to avoid or minimize their impact.

 

Risk management is a proactive process for resolving problems before they occur. It focuses on identifying what could go wrong, evaluating which risks should be dealt with and implementing strategies to deal with those risks. Businesses that have identified the risks will be better prepared and have a more cost-effective way of dealing with them. Risk management is the practice of using processes, methods and tools for managing these risks.

 

A risk management process is pretty simple and involves following steps:

  • Identification of the risks (there are several kinds of risks: strategic, compliance, financial and operational) surrounding the business  activities
  • assessing the likelihood of an event occurring
  • planning the framework to respond to these events
  • implementation of the plan of action as necessary
  • monitoring the effectiveness of your risk management approaches and controls

 

There is another interesting aspect of Risk Management : Apart from assessing the effect of the negative; It’s also about managing the positive outcome of risk: opportunity. More and more businesses are now focusing on harnessing the ‘opportunity’ for their strategic success.

Our Online MBA Risk Management caters to the demand of specialised risk managers in the global business arena. It explores the range of concepts and functions of risk management and associated practices within the business sector. Download the catalogue to learn more about the programme and the enrolment process

 

Future of Healthcare professionals

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HEALTHCARE INDUSTRY – STA·TUS QUO

Demand for healthcare services has unobtrusively risen over a period of time now and this growth will continue into the future. The demand for services translates into ever-increasing demand for healthcare workers – including nurses, physicians, allied health professionals, technologists and coders, leaders, and support personnel. Like any other industry, it’s an upward trend in the long term, for the healthcare sector employment. However, the healthcare industry does not seem to be prepared enough to cater to this increasing workforce demand. Increasing demand has been accompanied by a growing number of unfilled jobs, a serious challenge that can be perceived in the federal labor data and on the digital job boards of hospitals and health systems, where hundreds and even thousands of open jobs are posted. Both growth trends and growth challenges will continue into 2018 and beyond.

WHERE IS THE FUTURE?

The amount of money that is projected to be spent on healthcare in the future, is cogent indicator of rising demand for healthcare services and healthcare workers. More than doubling from 2010 to 2025, when it reaches beyond $55 trillion, expenditures include payments for all healthcare costs, including pharmaceuticals, equipment and technology. However, labor constitutes the single greatest cost for most healthcare organisations.

This growing trend, has translated into a flurry of jobs openings in the healthcare sector. Even in 2017, despite the continued debate over the future of healthcare policy, the healthcare industry has added an average of 24,000 jobs each month. That’s vigorous growth in any industry. Employment growth is expected to continue for the foreseeable future. While healthcare job growth will ebb and flow in the future, the trajectory of growth has been consistently upward.

HOW CAN YOU FIT IN THE DEMAND SUPPLY GAP?

While job openings have ascended steadily over the years, the job hires remained relatively static. Traditionally openings have outpaced job hires in healthcare and the gap between openings and hires has been widening rapidly since 2014. This swelling gap – which represents a cumulative number of unfilled jobs – shows the challenges that healthcare providers face in finding enough practitioners and support personnel to fill today’s job openings. Other data reveals that the problem of high demand for healthcare workers, and low supply of those workers, may continue well into the future. The statistics on the projected future job openings  provides the healthcare providers the crucial insight on the demand for healthcare services and healthcare professionals. These are the jobs that healthcare providers will need to fill in the future.

At Robert Kennedy College, we offer Online MBA International Healthcare Management Programme, in exclusive partnership with University of Cumbria, UK. Recognise the workforce shortage in the healthcare sector and be there where there are abundant jobs. The MBA IHM could prove be the key to your success and better future. Click here to receive the course catalogue and get a chance for free trial offers.

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