A law or MBA degree helps professionals build expertise in either field, for example, marketing in management, or litigation in law. But in a rapidly globalising economy, a combination could take one's career much further. And, given the demand for a combination of law and MBA qualifications, it is reasonable to expect that it would pay better than just a law or management degree.
Meet Kaushik Rajan, corporate lawyer. But not for long. A year from now, the 27-year-old, who graduated from ILS Law College, Pune, will be a lawyer-MBA. To realise his dream of becoming an investment banker with a focus on mergers and acquisitions, he has enrolled in a one-year management course at the Indian School of Business, or ISB, Hyderabad. "I want to graduate from being a business facilitator to being a business decision-maker," he says.
"To do that, a management course was the logical step." The combination of law and management qualifications is full of potential, he says . According to Rajan, more and more law students will take management courses, especially at top schools such as ISB, not only because this will improve their professional prospects, but also because they will benefit from exposure to a diverse classroom experience.
"The legal function is now a strategic one," says Aditya Ghosh, President of the low-cost carrier IndiGo. "Today, those who run businesses need to have a deeper understanding of the regulatory environment, because many fields - telecom, insurance, and sunrise sectors such as aviation - are highly regulated," he says. He is a lawyer by training, but does not have a management degree. If there was a course in his time that offered both, he says, he would have taken it.
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