The essentials of a profession are:

1. Specialized Knowledge – A profession must have a systematic body of knowledge that can be used for development of professionals. Every professional must make deliberate efforts to acquire expertise in the principles and techniques. Similarly a manager must have devotion and involvement to acquire expertise in the science of management.

2. Formal Education & Training – There are no. of institutes and universities to impart education & training for a profession. No one can practice a profession without going through a prescribed course. Many institutes of management have been set up for imparting education and training. For example, a CA cannot audit the A/C’s unless he has acquired a degree or diploma for the same but no minimum qualifications and a course of study has been prescribed for managers by law. For example, MBA may be preferred but not necessary.

3. Social Obligations – Profession is a source of livelihood but professionals are primarily motivated by the desire to serve the society. Their actions are influenced by social norms and values. Similarly a manager is responsible not only to its owners but also to the society and therefore he is expected to provide quality goods at reasonable prices to the society.

4. Code of Conduct – Members of a profession have to abide by a code of conduct which contains certain rules and regulations, norms of honesty, integrity and special ethics. A code of conduct is enforced by a representative association to ensure self discipline among its members. Any member violating the code of conduct can be punished and his membership can be withdrawn. The AIMA has prescribed a code of conduct for managers but it has no right to take legal action against any manager who violates it.

5. Representative Association – For the regulation of profession, existance of a representative body is a must. For example, an institute of Charted Accountants of India establishes and administers standards of competence for the auditors but the AIMA however does not have any statuary powers to regulate the activities of managers.

It isn’t reasonable to require licensure of everyone with management responsibility. However, if all we’re talking about are senior-level managers/executives, then I’m more likely to get on board. First, it would be a step of good faith for a stock-buying public that has grown tired of overpaid executives who are unfamiliar with the word "ethics." Second, licensure at the executive level would give young managers, who aspire to such work, a more clearly defined path to the corner office. Working on a weighty license, over a lengthy period of time will show commitment to the profession and a genuine interest in managerial matters. Seems like elements of the licensure might be integrated with MBA programs as well, but I’d want to see an emphasis on continuing education.