A BBA course may seem like a stepping stone to a successful management career. But the truth is a plain-vanilla management degree can only take you so far. Intense competition in every field has necessitated the need for specialisation. So, it is important that you start developing deep domain knowledge early on in your academic life.
Thankfully, colleges have realised this and are catching people young – at the undergraduate level, so that youngsters are industry-ready, employable, and productive when they start their careers. This has led to a restructuring of the BBA programme in the country with core subjects and special electives that are sector-based.
BBA in real estate
One such emerging field of specialisation is a BBA in real estate. A few years ago, young people who stepped into the real estate sector had to spend several years on the job and in the field to understand the nuances of the industry. There was no specialised academic training in real estate and people who made it big in the industry did so only through the professional knowledge gained on the job. But today, with the introduction of a course like BBA in real estate, you can be ready for a career in real estate from day zero, in fact.
BBA in real estate is a tailor-made programme designed in response to the needs and demands of the industry. It equips you with a comprehensive introduction to various components of the built environment, the general practices and functions in the real estate and infrastructure sector, and the market dynamics. It also provides a technical overview of concepts such as urban design and planning, sustainability, and the components of the built environment.
Along with general management and marketing principles, the programme also gives an all-round perspective of real estate development and corporate real estate management, project and facilities management, laws and regulations, land acquisition and permissions, property analysis and land evaluation, business statistics, economics of built environment, investment, accounting and finance.
The knowledge gained in the course can be put to use in various fields of the industry such as real estate development, valuations, investment, finance, project management and property management, research, and consulting.
Why specialize early?
A common concern among students deciding on a study program is the worry that specializing early on in their careers will close off other options. While this is rarely true (there is always a large amount of cross-functional mobility among workers), this is even less true for a specialized BBA—which provides all the knowledge of a general BBA but also adds on unique skills relevant to a particular industry. Thus, students still have all the options available to someone who has a general BBA. Students who choose to do a specialization, however, also have add-on skills that are in-demand and that will get them industry-ready and increase their employability.
The opportunity
The Indian real estate sector, which is one of the major contributors to the country’s economy, is estimated to touch $180 billion by 2020. With the easing up foreign direct investment norms, the push to the Smart City initiative and affordable housing, the boost to infrastructure projects, and the number of regulations being passed to make the sector more transparent and bring in better standards (such as the Real Estate Regulation Act), the real estate sector is poised for good growth in the coming years.
The sector is the second largest employment generator and is expected to add to the human resource pool considerably in the days to come. The growth opportunities in the real estate sector are not limited to the home turf. It is a global sector that boasts of immense opportunities wherever you are located. Moreover, the industry works on similar principals and fundamentals across the world. With infrastructure growing everywhere, the scope of this sector is only going to increase. In such a scenario, arming yourself with skills that speak a global language and knowledge that understands broader challenges is the right way to prepare yourself for this industry.
Need for professionally-qualified people
Modern day developers and builders are embracing transparency in operations and implementing global best practices at the organisational and project levels. They are in need of professionals who can combine domain knowledge with management skills, and can bring in international standards to their organizations, helping them compete at the global level.
If you are armed with a specialised BBA degree, you hold a definite edge in the job market. You are more likely to be picked up by potential recruiters vis-à-vis those with broad-based knowledge.
With superior knowledge and expertise come increased job opportunities and higher compensation. The knowledge and skills you gain in the BBA programme helps you start at a higher level, at better salaries, when you take up your first job. You have a clear head-start early on in the game, compared to those with a generic BBA, and you can move up the career ladder with relative pace and ease.
The career scope
Some of the management roles in the real estate sector are that of facilities managers, property and project managers, corporate real estate managers, and finance managers. From these managerial positions, you can gradually climb your way to the top and even become CEOs and CFOs or take up other leadership roles.
Real estate and construction companies also require sales and marketing professionals who can build the brand and sell projects. Those well-versed in land acquisition laws, real estate regulations and corporate ethics can look at a career in research and consulting firms to use their insights to draw up strategies and workable plans. Real estate valuation and due diligence is another area that requires trained professionals who can carry out land and property appraisal for lending and financial reporting.
Therefore, it is worthwhile and attractive to look at a specialised BBA in real estate if you aspire to build a career in this high-growth sector, across a gamut of roles and responsibilities.