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MBA in Event Management: Prospects & Career Options

May 30, 2016 18:09 IST
    MBA in Event Management: Prospects & Career Options
    MBA in Event Management: Prospects & Career Options

    Life is a wondrous chaos, where children are non-stop quivering for their birthday-parties, couples are crazy for the Valentine’s Day, elders are incredibly fascinated with the notion of marriages, and we youngsters are forever ‘in’ for our late night parties. But what if these events form into a cluster of lackluster and utter boredom?

    Don’t you think life is too SHORT to miss on lively parties?

    Events are the lifeblood of both the commercial and non-commercial realms. Even the politicians will agree that the true essence of an event is in its management as it takes absolute planning to arrange this kind of chaos. Event management is giving a shape to an idea by launching an event through extensive research about the brand, target audience, theme, logistics and technical instruments. Whether it’s:

    1. Entertainment shows
    2. Sweet 16 parties
    3. Corporate conferences
    4. Art galleries
    5. Debutante balls or
    6. Big fat Indian weddings etc.

    All are striving for professionals who can handle and manage their big scale events.          

    As quoted by Samuel Adams

    If you think you have the capability of accelerating the business by improving the events, then hop on this MBA ride to shape your skills. The purpose of this comprehensive article is to clear all your doubts pertaining to MBA in Event Management. Following are the topics that will be covered here:

    1. An introduction to Event Management
    2. Eligibility criteria for pursuing MBA in Event Management
    3. Rationale for choosing a career in Event Management
    4. Syllabus taught in Event Management
    5. Career options/opportunities in Event Management
    6. Pay packages offered to Event Management
    7. List of Top/Best colleges for Event Management
    8. List of Top recruiters that hire Event Management

    What is MBA in Event Management?

    Recognized by societies and firms of all sizes, Event Management is the fanciest setting of strategic marketing and networking. Events extend from leisure activities to promotional activities instigated by organizations to outspread their clientele. And these increasing extravaganza events have given rise to this educational course of MBA in Event Management.

    MBA in Event Management imparts a concoction of theoretical knowledge and practical endeavors among the students through workshops, industrial trips, internships and industry expert lectures. The individuals participating in this course are presented to a broad spectrum of industry-specific subjects granting them minute knowledge about the functioning and practices of event management. It looks after:

    Why MBA in Event Management?

    As if the growing number of events and functions are not visible, let’s learn some statistics about event industry. As noted from the records of event companies in India, in 2011-12, the organized events had the worth of INR 2,800 crore. It has now accelerated at a rate of 15% annually and reached to INR 4,258 in 2014-15 and is projected to touch INR 5,779 by 2016-17.  And what about the unorganized events industry distributed across the big country? Well, there’s no ‘statistics’ about it. The following figure depicts the same, where the events industry shows higher growth as compared to out of home (OOH) segments and radio.

    Source: EY analysis

    Figure: Organized Events Industry

    After an investigation with nearly 35 event management companies in India, it was revealed that most of them (73%) organize events in both, with and outside the national borders. This portrays the immense opportunities of planning and organizing events in the global market. Companies have been expanding their reach in non-metro Indian markets as the demand for ‘big shows’ and ‘image’ increases.

    Source: EY survey

    Figure: Organization of events by the Indian event management companies (geographic presence)

    The events industry provides gamut of services within a bracket of managed events, intellectual property (IP), digital events and activation. Managed events are those which are completely handled by an event management team appointed by a third party. Intellectual property is an event which is to some extent owned by an event management company. Digital events comprises of a digital environment where all the audience may not be physically present. And at last, activation, a small scale event similar to a managed event. Out of these, the demand for managed event is the highest with a percentage of 94%. Also, the highest growth is promised by the digital events, which have increased from 5% to 35% over the course of 3 years.

    Source: EY survey

    Figure: Services offered

    It is projected that the overall events industry will grow by 20% till 2016, where digital events will grow by 78%, IP by 33% and managed events and activation by 18%. This projection indicates the upsurge in employment. As of now, the staff strength of event management companies has increased from an average of 55 employees in 2011-12 to 84 employees in 2014-15. This rate is only promised to increase.

    Source: EY survey

    Figure: Growth rate of events industry

    Even after this growth, the industry faces certain challenges that have a malefic effect on its performance. The top most challenge is “a lack of trained staff”. We may have the greatest stage and entertainment shows but unfortunately, there aren’t enough talented and educated workforces. The dearth of quality educational programs with pacing events industry, the door of opportunities has invited all, young graduates, experienced event planners and individuals in search of job switch.

    Source: EY survey

    Figure: Key challenges

    Eligibility Criteria for MBA in Event Management

    Individuals and corporate organizations have acknowledged the dire need for hiring educated and skilled professionals for handling events. This is why MBA in event management has become a necessity qualification that is searched by top brands of event management firms. For contributing in this field by taking admission in this reputed program, you need to tick these off from the eligibility list:

    • Minimum 50% of marks in 10th and 12th
    • A graduation degree in the relevant field from a recognized university with no back-logs
    • Clearance of entrance examinations such as CAT/MAT/XAT etc.

    Skills Required to Pursue MBA in Event Management

    Before commencing on this academic journey, ask yourself:

    Can you move your brain-wheels in a dynamic atmosphere?

    Do you have a charming personality?

    Are you an inventor?

    Can you adapt to different places?

    Is your concentration power high?

    Are your communication skills proficient?

    Do you have the competency of handling a team?

    Are you a strategic planner?

    If the answers are no, then work on acquiring the above skills to accelerate your personal development that will be helpful for an events career.

    MBA in Event Management Syllabus

    As MBA is the world’s most leading educational qualification, this course will not only provide you with basic management skills but also subject-specific essentials with sharp vision. You will be taught the following subjects:

    Subjects for MBA in Event Management

    Introduction to event management and public relations

    Event management planning

    Event management process

    Corporate communication

    Marketing management

    Event team and crew management

    Event resource management

    Event marketing and sponsorship

    Event cost accounting and finance management

    Media management

    Event hospitality, laws and permissions

    Advance aspects of event management

    Event risk management

    Special events

    Advertising and sales promotion

     Event production process

    MBA in Event Management: Career Options

    This eccentric and dynamic course opens an array of opportunities for young MBA graduates in the industries of advertising & media, hospitality, travel & tourism, news media, public relations firms, event management companies and consultancies, NGOs and marketing communications campaigns. You can work in the domains of:

    • Organizing corporate seminars
    • Marketing product launching
    • Coordinating fashion shows
    • Executing wedding celebrations
    • Budgeting musical concerts
    • Visualizing theme parties
    • Planning exhibitions and more…..

    The different career settings of an individual with a degree of MBA in event management are:

    Pay Packages for MBA in Event Management

    The exciting road of event management has allured youngsters from all over the country, who have been striving to explore this path of diverse nature. The pay packages of professionals in event management depend on their experience, talent and job profile. The freshers are usually appointed at Rs. 10,000 to 30,000 and increases with experience.

    Job Profiles

    Average Salary (Tentative)

    Event coordinator

    Rs. 224,344

    Event manager

    Rs. 358,370

    Event planner

    Rs. 364,018

    Marketing manager

    Rs. 660,067

    Senior event manager

    Rs. 738,907

    Senior administrative assistant

    Rs. 889,717

    Source: Payscale.com

    Top Colleges for MBA in Event Management

    Following is the list of top notch colleges that offer specialization in MBA in event management:

    1. National Institute Of Event Management, Mumbai
    2. Apeejay Institute Of Mass Communication, Delhi
    3. International Institute Of Event Management, Maharashtra
    4. Amity Institute Of Event Management, Delhi
    5. College Of Events And Media, Pune
    6. Jharkhand Rai University, Ranchi
    7. Event Management Development Institute, Mumbai
    8. Indian Institute Of Management, Delhi
    9. International Center For Event Management, Delhi
    10. National Institute Of Fashion And Events Jabalpur, Madhya Pardesh

    Top Recruiters for MBA in Risk Management

    The top brands that are in constant lookout for educated and talented individuals in events industry are:

    1. Reliance Entertainment
    2. Cox and Kings
    3. WOW Events Pvt. Ltd.
    4. Wizcraft
    5. Cineyug Entertainment
    6. 360 Degree
    7. TCI Consultancy Services and ‘e’ Events
    8. Vibes Entertainmnet
    9. Spark Event Management Pvt. Limited
    10. Seventy Event Media Group

    Share this article with those who are considering the idea to pursue MBA in a niche specialization. Also, share with us your valuable comments about the prospects of pursuing MBA in Event Management.

    For more MBA Career related updates, keep visiting jagranjosh.com

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