MBA Entrance | CAT | 20th September 2022
What is MBA and what are the specializations?
Master in Business Administration (MBA) is an all-rage and sought-after post-graduate program in India as well as across the globe. An MBA or Postgraduate Diploma in Management (PGDM) is by and large a two-year course separated into four or six semesters which opens abundant work opportunities in the corporate world.
The key functions of an organization revolve around creating value in terms of the product or services for its customers through processes like Marketing, Human Resources Management, Supply Chain Management, Finance Management, Logistics Management, etc. and a Master's in Business Administration helps the student learn all the processes involved and master one of them which becomes their specialization.
There are types of MBA courses that fulfill the specific needs of various industries. In this article, I will lay out for you how you should choose your Specialisations and what is unique about that specific variety of the MBA program.
Popular MBA Specialisations
How to Decide MBA Specialisation?
Students often get baffled by options and the choice they have to make for their specialization. Here are a few factors you should consider while finalizing your MBA specialization -
Scope: One must consider the scope of the specialization they are considering. The wider scope will enable better options after completion of the MBA.
Returns: One must also think about returns of the investment i.e. Placements and Salaries.
Faculty and the Institute: Students should always opt for Institutes that are renowned for the MBA Specialisation they provide. Furthermore, A highly skilled faculty must be counted on as a better preference.
Aim and Interests: Your objective and curiosity are the cornerstones to deciding the specialization. If you are zealous about your goal, it can do wonders in your career.
Let's dive in a little deeper into a few top MBA specializations and what they have to offer.
MBA In Finance
MBA Specialisation in Finance is a favored specialization selected by the students to excel and groom their management skills in the fields of Financial Management, Corporate Finance Planning, Acquisitions & Mergers, Accounting, and Banking among others.
Students can pursue MBA in Finance after completing their graduation in Commerce, Science, or Humanities. After completion of their MBA program in Finance, students can establish their careers in areas such as Asset Management, Corporate Finance, Corporate Banking, Credit Risk Management, Hedge Fund Management, Stock Markets, Trading, etc.
The skills required by students to pursue MBA in finance are Strategic Thinking, Logical Reasoning, Mathematical Ability, Communicative Abilities, Supervisory Skills, etc.
MBA in Marketing Management
MBA in Marketing Management is conventionally preferred and is considered the preeminent MBA specialization as the MBAs with specialization in Sales & Marketing are never out of demand.
Students who desire to get expertise in the areas of Consumer Behaviour, Sales Management, Branding, Product Development, Market Research, Advertising & Communication, Services Marketing, Rural Marketing, and Digital Marketing among other options should go for specialization in Marketing Management.
Skills required by candidates to go ahead with MBA in Sales & Marketing are Quantitative Aptitude, fine Communication Skills, Analytical and Leadership Skills, Reasoning Skills, and Problem-Solving Skills.
MBA in Human Resource Management
MBA in Human Resource Management equips you to deal with personnel and personnel-related areas of an organization. And at present, MBA with HRM specialization is being increasingly demanded in the industry. This specialization equips you with all these key skills, concepts, and knowledge to manage human resources in a way that advances the growth of the company.
Skills like good communication, adaptability to change, personnel management, and development are a must for a student to pursue MBA in HRM.
MBA in Information Technology
With the advancement in the services sector, management of all information technology resources becomes requisite. MBA in Information Technology is premeditated to tutor and build up MBA graduates who can efficiently manage the planning, designing, execution, utilization, and administration of up-and-coming information and communications technologies. IT Management course teaches IT strategic Planning, Technology Entrepreneurship, E-Business, IT outsourcing strategy, IT operations management, etc.
So, if you are a person who knows Information Technology and has skills like adaptability, Analytical skills, and strategic thinking, this specialization is for you.
MBA in International Business
International Business is the backbone of an economy. Thus, making an MBA specialization in International Business an evergreen option. This specialization provides a key understanding of the abilities needed for international operations. It imparts skills in international marketing, finance, and various international conduct codes.
Collaborative skills, Adaptive Thinking, Networking abilities, Communication skills, and resilience are the skills that are looked for in MBA in International Business aspirants.
MBA in Banking & Financial Services
MBA with specialization in Banking & Financial services is one of the popular MBA specializations as it looks after the ever-rising requirements of management professionals in Banking and Financial Services. The program aims to bring in quality management professionals prepared with technical and managerial proficiency with a global mindset. It also facilitates the provision of managerial training at a progressive level covering the most latest advancements in bank admin and financial industries.
Common job roles offered to management graduates in this specialization are – Investment Bankers, Loan officers, Chief Financial Officers, Financial Consultants, etc. And the skills required for the same are Analytical skills, Mathematical abilities, Adaptive abilities, Strategic thinking, etc.
If you pursue General MBA in IIMs or other top Business schools, you get to choose your specialization by the end of the first year however if you are going ahead in the specialized MBA program, you choose your specialization on the first day of the first year because you cannot change your specialized MBA program. So, give a thought to the idea of whether you wish to choose your specialization after a whole year of study or want to go ahead with an MBA in the pre-decided specialized area without any scope for change.
MBA in Business Analytics
With an MBA in Business Analytics, you can set a disciplined use of technology in solving business problems by the extensive use of data analysis, statistical methodology, and other quantitative methods to drive businesses to make firm decisions by the upper management. Companies have started to analyze data and convert it into information that can be used as an asset and can also be converted into information that can be gained for competitive advantage.
MBA in Tourism & Hospitality Management
The tourism and hospitality industry has seen a major impact on businesses due to the pandemic but now since we’re in the post-pandemic period, people are now planning out vacations and tours that are showing a positive proportion in the rising demand for tourism and hospitality management skillset.
So now that you know what options and specializations you can choose, make sure to be very careful as it's going to affect your career in the future! Make sure to introspect your personality, and the skills that you have and can also acquire in the particular industry, and take a firm decision ahead.