Profession is a paid occupation which requires prolonged and specialised training along with a formal education to which entry is limited and regulated by a representative body. The essentials of management as a profession are as follows:
(i) Specialised knowledge: Like management, a profession which also has systematised and a specialised body of knowledge through every professional makes attempts to seek specialised skills and expertise. To be a professional, a manager should have devotion and commitment for acquiring relevant practical expertise in the science of management.
(ii) Restricted entry: The entry to profession is restricted, a person should has a prescribed qualification for it. But there is no restriction on anyone being appointed as a manager in any business enterprise.
(iii) Code of conduct: Management as a profession is a code of conduct which involves setting rules outlining the responsibilities of, or proper practices for, an individual or a group of individuals. Management professionals are expected to abide by a code of conduct which includes specific restrictions and licenses for entry and practice.
(iv) Service motive: The basic motive of a profession is rendering dedicated and committed service. The basic purpose of management is to help the organisation achieve its stated goals by providing good quality products at reasonable prices. So, as of now, this feature of profession is not fully present in management.
(v) Representative association: Professions are regulated and standardised through an association that represents their actions and beliefs. For example, the Institute of Chartered Accountants of India (ICAI) was established under the Chartered Accountants Act, 1949 regulates the profession of Chartered Accountants in India. In the same way, various management associations are set up at national and international levels which have some membership rules and set of ethical codes, but legally it is not compulsory for managers to become a part of these organisations by registrations.