Master of Business Administration (MBA) is one of the most sought after postgraduate program among graduates. It is a two-year program, where you can learn all about business and management and also specialize in a particular field as per your interest.
One has to sit for various management entrance exams in order to bag a seat in one of the top MBA colleges of the country. Exams such as CAT MAT, XAT, SNAP and CMAT can help you enter some of the most top notch colleges to pursue your management education.
There can be various reasons for you to opt for MBA. One can launch a progressive career or, enhance personal growth or become an entrepreneur. Whatever the reason may be, to pursue MBA, you should have a clear mind as to why you want to pursue MBA and be willing to give your 100% to it.
First thing that you need to become a successful MBA graduate is to be sure about “Which MBA specialization to apply for?” There are various specializations in which you pursue your MBA and it can be difficult to select one. Candidates are usually confused about the scope, job opportunities and salary associated to each MBA specialization. Well you can select a field as per your priority, according to market demand (job opportunity), preferred job profiles, your interest and the compensation packages. Here, we have done a little research for you, so that you can easily decide your career path.
List of MBA Specializations
Listed below are the popular MBA specializations in no particular order.
- Human Resources
- Information Systems
- Operations Management
Now let’s have a look at each one of them in detail.
With the increasing competition in all sectors around the world, it has drawn the need for competitive strategy and excellent marketing skills in order to sustain long-term profitability. Companies need candidates with the ability to differentiate their product and create a unique selling-point for their company.
The major roles of marketing department include bringing in new businesses, increasing market share, growing the revenue and contributing to the company’s growth and profitability, and hence, it plays a crucial role in every organization.
If you opt for this specialization, you will be given insights into various key areas required for every organization or corporation, some of which include competitive analysis, market research and analysis, consumer behavior, business ethics, product management, customer analysis, brand management, advertising, e-commerce and digital marketing.
A MBA degree in marketing will give you the chance to explore jobs in various sectors, from market research or sales or advertising, distribution of Fast moving consumer goods (FMCG) to IT sales, marketing of various services, media and internet marketing. So if you are interested in any of these areas and want great job opportunities across almost every organization then, this is the stream for you.
Finance is a very popular choice among graduates and also accounts for around 22% of the post-MBA career choice. One of the major reason for the high influx of MBA candidates into this stream is the irresistible salary packages offered in some of the finance-related jobs. Finance companies offers great pay packages to MBA graduates in Finance as it is a much needed and responsible profile.
Through this specialization, you will get detailed insight into the functioning of the financial world and the application of various financial theories to solve the various business problems in Finance sector companies.
MBA in Finance will be beneficial for you if you are interested in any of these areas- investment banking, hedge funds or private equity, asset management firms, credit risk management, portfolio management or derivatives. Also, there are various non-financial companies having their in-house finance department which recruit MBA graduates in Finance.
Human Resources is a well-known specialization and one encounters them in all companies. A specialization in HR will enable you to manage and retain workforce within an organization in an organized and systematic manner.
This specialization will provide you with an in-depth knowledge, ability and various strategies to manage employees, recruit candidates and execute work related processes within an organization. It covers various aspects including selection, designing jobs, assessments, training and development, motivation, compensation, health and safety and managing exits from a company.
As an HR graduate, your responsibilities will also involve managing relationships or any issues between the employees and the management to ensure smooth functioning and success of the organization. Hence, communication and an effective personality is a must for the job.
Information System is a field that encompasses both organizational and technical aspect. Due to the increasing use of technology in almost every sector and industry, there is a growing need for expertise with a combination advanced technical knowledge and business.
This specialization would give you a thorough understanding of the changes and challenges in a competitive business organization and will enable you to efficiently manage e-commerce. Through Information System you would gain an in-depth knowledge of emerging technologies in the IT field.
With MBA in Information Systems you would be able to apply for jobs in various areas including systems analysis, data analytics, network security, e-business, supply chain management along with project management as well as managerial decision-making.
Entrepreneurship is another specialization which is opted by many graduates. If you are interested in launching your own business start-up, then this specialization will help you in developing the knowledge and strategic skills and business concepts required in networking with an entrepreneurial vision. Basically, Entrepreneurship is a challenging task of transforming the available limited resources into a successful business model.
The study of this specialization combines real-world projects and theory together, so that in your journey ahead as an entrepreneur, you will be aware of the possible roadblocks and also know ways to successfully handle them and make the correct decisions.
As an entrepreneur, you will be using your creativity and analyzing the market scenario so as to create a business plan. Interacting with successful entrepreneurs and learning from their failures and successes will be a part of your job.
Operational Management is basically concerned with planning and controlling the process of production. This specialization will provide you with the knowledge of operations management and the strategies required to efficiently manage the entire manufacturing system in such a manner that the organization can be at the top.
As a MBA in Operational Management you will be able to address various issues including product design, supply chain management, manufacture, quality control, co-ordination between teams including taking decisions like outsourcing.
Consulting is another favorite specialization in MBA and is also a dream job for a number of candidates. One of the reason behind the allurement is because of the high profile jobs offering fantastic salaries and the opportunity to travel various places that comes along with this profession.
A Consultant is hired by an organization when they are facing some challenges and specific problems and need an outsider to provide expert solutions or take command of projects that the internal staff is unable to handle. As interesting as this sounds, it is not that easy to do, one need to focus and really work hard to solve such issues and problems within an organization.
A number of sectors including the popular ones like strategy consulting, operations consulting, IT/technology consulting & boutique consulting and the lesser known areas like investments, HR, public relations/media, advertising or education are related to the consulting profession.
Opting for this profession will give you the benefit of boasting about the wide variety of projects you handle in a variety of industries or locations. However the working hours are sometimes not the good and may dis-balance your work-life equation.
Other MBA Specializations based on Industry Requirements
Listed below are the industry focused specializations:
Let us look at the overview of these specializations.
This industry is for those candidates who aspire to build their careers in healthcare, pharmaceuticals, biotech or the diagnostics industry. This specialization deals with legal, regulatory and ethical aspects of the health sector and also covers marketing research and product management for introducing new products in the market.
This specialization is for those students who are interested in pursuing a management career in media or other creative streams. The curriculum will educate you about various key factors included in the area of media management. Some of the topics taught as a part of the curriculum are music, theatre, publishing, radio, sports among others.
This specialization focuses on training students for the social sector. During the curriculum, you will learn about all the essential skills that are required for the success of your non-profit organization including marketing, managing fundraising, community change solutions and fund allocation and other leadership skills.
Some other specializations in MBA includes strategy, supply chain management, international business and construction management.
Choosing your MBA specialization area will work in your favor if your choice aligns with your interest. If you choose a field only because of the salary or glamour associated with it, it is possible that after a few years of work, you will lose interest and experience burnout. So, make sure that you are very careful while choosing your MBA specialization.