A diploma in business management is considered to be a versatile qualification that can lead you on to work in a variety of industries. Many higher education institutions around the world offer diplomas in business, yet an increasing number of students are opting to study in Canada. In fact, as of 2017, an estimated 494,000 international students studied in Canada, which is an increase of 119% since 2010. This may be thanks to the high-quality education which the country offers, as well as its tolerant culture.
Here is some important information you should bear in mind while deciding to pursue a diploma in business management.
What is business management?
Business management is necessary for running any organization. It is involved with marketing, sales and finance departments, and includes activities such as business planning and strategizing. In order for students to fully grasp the concept of business management, there is a learning framework in place to help them understand the skills and the level of knowledge required.
Earning a diploma in business management can open the door to a variety of highly in-demand careers. This is because business management skills and knowledge are transferable and can therefore be applied to multiple industries. This usually means you can begin your career in one industry and then switch to another industry within couple of years.
Business administration and business management are not the same thing. A business management course provides students with a broad overview of critical activities that are required for running an organization. On the other hand, a business administration degree is specialized and what you study depends upon your chosen core subjects.
Business management course structure
Depending on the university, a diploma in business management usually lasts for one or two years in Canada. Students gain a lot from these programmes, including:
- Understanding key processes within an organization, such as using marketing to ensure maximum customer impact or how to handle critical financial issues;
- Improving requisite skills and obtain knowledge that will help you in becoming an effective employee;
- Using problem-solving skills to resolve any issues that may crop up in your organization, whether individually or part of a team;
- Understanding how to design successful communication strategies.
The modules in a diploma in business management usually consist of:
- Fundamentals of Business Communication: This module teaches students to hone their verbal, interpersonal and written communication skills to help them succeed in many professional environments.
- Accounting Techniques: In this module, students are taught how to assess and record business transactions through the accounting method of double-entry bookkeeping. The fundamentals of financial and computerized accounting are also covered.
- Business Environment: This module teaches students about organization structure and the relationship that exists between an organization, its stakeholders and the customers.
- Managing and Supervising Financial Resources: With the help of this module, students can learn the various sources of obtaining finance and how to analyze financial information while making decisions.
- Marketing Principles: After completing this module, students will understand the fundamentals of marketing principles and the skills that are required to implement them.
- Business Decision-Making: In this module, students will learn how to gather and analyze data in order to make key organizational They will also learn how to use the tools that are used to gather and analyze the data.
- Financial Accounting and Reporting: Students can practice preparing and interpreting financial statements for organizations while following the relevant regulatory and legal provisions in this module.
- Managing Business Activities to Achieve Desired Results: Having completed this module, students will have a solid understanding of the relationship domestic markets and international markets. From this knowledge, they will also be able to prepare pricing for different markets and take decisions regarding the production for each market.
- Managing Communications: This module teaches students how to improve information and knowledge sharing and communications within an organization while employing IT systems.
- Operations Management: Students are taught about organization’s operations management and the role it plays in the efficient production of goods and services in this module.
- Business Work Experience: Students can develop their skills and professional knowledge of the practices in an industry through conducting research with an organization regarding an issue it faced. When the research is complete, students are expected to prepare a report that analyses the issue and provides solutions for it.
- Business Ethics: This module teaches students about business ethics and its importance while forming business objectives or taking business decisions.
In order to earn a diploma in business management, students must successfully complete all modules.
What are the Admission Requirements for Taking a Diploma in Business Management in Canada?
The admission requirements for a diploma in business management in Canada may vary based on the institution and program. Here are some general requirements that you may need to fulfil to be eligible for a diploma in business management in Canada:
- High school diploma or equivalent: For the majority of programs, candidates must possess a high school diploma or a high school equivalent, such as a General Education Development (GED) certificate.
- English language proficiency exams: Many programs in Canada require students/applicants to be able to speak and write in English. This is typically done by taking an exam like TOEFL or IELTS.
- Minimum GPA: Some programs may require a minimum GPA for admission.
- Work experience: Some programs may prefer or require applicants to have some work experience, especially for more advanced programs.
- Required documents: You must prepare for some necessary documents such as letters of recommendation (LOR), an up-to-date resume, and your statement of purpose (SOP).
It’s important to check the eligibility requirements for the program and school you’re interested in applying to in addition to these general requirements. You may also need to send transcripts, recommendation letters, and other application documents.
At TSoM, some of the requirements include:
- An Ontario Secondary School Diploma (OSSD) or equivalent or be at least 18 years of age and pass the Wonderlic test.
- For non-native English speakers, you must have:
- Successful completion of TSoM EAP Level 4 or
- Achieve an IELTS score of 5.5 or equivalent or
- Pass the TSoM English Assessment (Written onsite or online with exam proctor)
What are the Benefits of Completing a Diploma In Business Management?
- Internships and co-op opportunities are frequently offered in business management programs in Canada, giving students access to practical business training.
- Enrolling in a business management program in Canada can give students access to a network of industry professionals, which can be beneficial for their career progression.
- Students may gain knowledge of Canadian business practices, which is useful for individuals who plan to operate in the Canadian market.
- Many diploma programs in business management in Canada are intended to be a steppingstone or a pathway to degree programs, which can offer greater career advancement opportunities.
- Business management diploma programs can give students specialized information and skills in fields like marketing, finance, and operations management.
What Career Options are Available After Completing a Diploma in Business Management?
Check out some business management jobs after completing a diploma in business management along with their entry-level salary range:
- Business Development Executive: In this job role, you would be responsible for overall business growth, developing relationships with customers and other stakeholders, improving profitability through strategic planning and enhancing the reputation of the organisation as a whole. The average salary earned in this job role is $60,500 CAD.
- Management Consultant: Management Consultants in an organisation are in charge of improving business value, creating growth and solve any issues that may arise. They are also responsible for overseeing the structure, operations and strategy in an organisations. Management Consultants can earn $77,800 CAD on an average, annually.
- Sales Associate: Sales Associates are responsible for selling an organisation’s services and products to customers, governmental agencies and other businesses. Apart from approaching prospective customers, Sales Associates also attempt to maintain positive relations with existing customers for more business. The average annual salary for Sales Associates is $40,400 CAD.
- What is a diploma in business management?
A diploma in business management is a post-secondary education program that provides students the knowledge and skills necessary to manage and lead organizations in the business sector.
- How long does it take to complete a diploma in business management program in Canada?
In Canada, programs leading to a diploma in business management normally last between one and two years.
- What kind of job opportunities are available for graduates of a diploma in business management program in Canada?
Students who earn a diploma in business management in Canada can work in a variety of fields, including finance, marketing, human resources, and operations management. They may take on positions like business analyst, marketing coordinator, human resources manager, and operations manager.
- Are there co-op or internship opportunities in a diploma in business management program?
A large number of educational institutions in Canada include co-op or internship options in their diploma in business management programs. These opportunities provide students with hands-on experience in a real-world business setting and enable them to put the knowledge and abilities they acquired in the classroom into practice.
- Is it possible to transfer credits from a diploma in business management program in Canada to a university program?
Many Canadian institutions and universities have transfer agreements in place that permit students to transfer credits from a diploma in business management program to a university program which can save them time and money.
If you are interested in pursuing a diploma in business management in Canada, then look no further than Toronto School of Management (TSoM). The Diploma in Business Management at TSoM will help students to establish themselves in the varied fields of management, HR, finance and marketing.