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Capability v/s Attributes

Today I was talking to one of my classmates after aeons. Sagar was my classmate from engineering, both of us got selected as Software developers in IRIS. From then onwards, our career paths took different turns. I went on to do a PGDM from IIM-I, he went on to pick up technical expertise as an Application Developer in Oracle. Over the years, he worked on transaction life-cycle management, real time data, ETL and more importantly in the financial domain.

7 years after graduation, Sagar wants to go into Product Management field. He has the capabilities at one level, he knows the financial domain, he knows how to handle releases, he can plan a roadmap. Now although he knows he can function as a Product Manager, most of the companies insist upon a BE + MBA combination before the interview stage itself.

Why is the industry oriented around attributes instead of capabilities?

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