Top 10 MBA specializations: Which Specializations to choose?
This article will give you information regarding the top 10 most popular MBA specializations so that you can make a well informed decision. Even though all the specializations of MBA are equally interesting, challenging and advantageous, make sure the specialization you choose is in accordance with your nature, area of interest and capabilities.Once a student decides to do an MBA degree, the biggest challenge that continually taunts the student is to decide between the numerous specializations that are offered today. Each and every specialization that is offered has its own set of perks and advantages. No specialization is better than the other and every specialization is unique in itself
There are over 30 MBA streams being offered by management institutes in India. Among those, Finance, Marketing, International Management, Operations Management are counted amongst the top 10 MBA specializations that new-age students opt for.
With changing time, the preference of MBA aspirants is also changing. They are moving towards newer MBA specializations that are more compatible with the emerging business market, like Business Analytics, Digital Marketing, Global MBA, etc. MBA degree in unconventional areas such as Health Care Management, Communications Management, Innovation, Hospitality and Tourism, are also be rewarding.
However, most students still prefer to opt for conventional specializations such as Marketing, Finance, Human Resources, IT, Operations, and Entrepreneurship because they are considered safe in terms of job opportunities.
One must understand that the popularity index of MBA branches vary from time to time. Knowing the full range of MBA specializations helps to make the right choices to shape your career.
The most important factor which must influence your decision of choosing from the available MBA courses list is your interest. By Graduation, every individual knows his/her area of interest and flair for it. So, when you choose your MBA specialization take these two into consideration. Besides, interest and flair, you must take into consideration the following before choosing an MBA specialization:
- Scope of the specialization
- What are your previous work experience & education
- Know your strengths and interests
- ROI of the specialization (salary figures)
- Your long term career goal
- Faculty of the institute for you the specialization of your choice
- Pedagogy of the specialization of your choice
- Internship opportunities and placements
MBA in Marketing
MBA in Information Technology
MBA in Finance
MBA in Rural Management
MBA in H R
MBA in Entrepreneurship
MBA in International Business
MBA in Logistics and Supply Chain
MBA in Operations Management
MBA in Corporate Social Responsibility
Every company needs finance to survive in the long run. Efficient management of funds and its mobilization in the right direction is extremely crucial for the long term success and growth of the business. Hence, every company needs a good financial manager who has mastery over financial management. It is because of this that the MBA-Finance specialization is the most popular and the most sought after specialization especially in India.
Hence, if you are a logical thinker and if you have a good command over numbers, then this specialization is the most suited for you. All the IIM’s, SPJIMR, NMIMS and Symbiosis Institute of Business Managements are the top business schools you must aim for if you wish to become a successful finance manager. MBA in Finance deals with various aspects of financial management such as costing, management accounting, budgeting, trend projection, capital management etc. In short, the MBA Finance program will enable you to efficiently manage funds of the firm you will be working in. It will give you the required intelligence to mobilize funds towards the most suitable direction. Even in times of recession, there will be continuous demand for financial managers
The human resources of a firm (i.e.) the employees are responsible for materialising the goals of the firm. Presence of good employees will skyrocket the success of a company. However, in every firm, a person is needed who can supervise, motivate and manage the employees efficiently. That person is a human resource manager. Hence, MBA in Human Resource Management (HRM) will give you the necessary skills to manage the employees of a firm. Hence after MBA finance, MBA HRM is the next most sought after MBA specialization.
Since in India there is an extreme abundance of human resources, human resource managers are in high demand in Indian companies. Hence, doing this MBA specialization will have a major positive impact on your career. This specialization will train you to select and handle the employees of a company and it will give you the required intelligence to select and employ the most efficient employee for a particular job. Hence, if you have good communication skills and if you have the ability to aptly read and judge people, then this course is for you. IIM Ahmedabad and XLRI Jamshedpur is the top rated B-schools that offer this specialization.
Marketing is that activity which directs the flow of goods and services from the supplier/service provider to the ultimate consumer. Marketing makes a company’s activities known to the general public. Hence, for any company in the world to survive and grow on a long term basis, it needs an efficient group of marketing managers. So considering all this, it is pretty evident that the demand for a marketing manager is paramount. Obviously, one can expect a very rewarding and an exciting career after being chosen as a marketing manager. If you want to become a marketing manager, then MBA-Marketing Management is the course for you. If you have good communication skills and good resource mobilization skills, then you can reach heights after doing this course. For pursuing MBA in Marketing Management, Indian School of Business, IIT Bombay, IIM Ahmedabad and Faculty of Management Studies (FMS) of University of Delhi are the top B-Schools you need to aim for.
The IT industry is growing at a rapid rate all over the world. Computers have become an all pervasive necessity in households and firms. In firms mostly all business processes are conducted by computers. So there is a huge demand for Information System Managers (ISM)/IT managers all over the world. IIM Ahmedabad, IIM Bangalore, IIM Calcutta, Indian Business School Hyderabad and Loyola Institute for Business Administration (LIBA) Chennai are the top institutes offering this course. You must hence tap this opportunity and strive to become an IT manager. To become an IT manager, you must opt for MBA- ISM specialization. If you are a logical thinker and are passionate about computers, then this course is for you. This course will give you the skills required for designing, implementing, using and administering IT solutions in a company.
Operations management means management of production activities of a firm. An operations manager is expected to maintain smoothness in the production process, maintain harmony among various departments of the firm, to use the raw material efficiently and to efficiently manage the inventories. Hence, an operations manager is an essential asset to any production house.
XLRI Jamshedpur, IIT Delhi, IIM Bangalore, IIM Calcutta and Symbiosis Institute of Operations Management are the best B-Schools offering this course. To become an operations manager, you must opt for MBA-Operations Management. Upon completion, you a lot of opportunities can be tapped, thus making a huge positive shift in your career.
Today, every business is going to expand itself in International market. It is the age of competition and everyone is trying to adopt the money-making technique. To recognize yourself in International market is one of the factors that show you are in a race.Many industries and organization are hiring the Graduates of “International Business” to represent their company and business with sound and practical knowledge.
MBA in International Business is a programme which equips the students with the sufficient knowledge and training for the all needed basic knowledge of International Business.
MBA in International Business program was first started as a Master in International Business in America in 1946. In India it was started as the Indian Institute of Foreign Trade (IIFT) was established in 1963 by government of India. In the current scenario most of the B schools of the country are offering this course as International Business is the most demanding sector in any country economic growth.
International Business is one such career progarmme which offers ample scope for career in international & transnational corporations.
With the huge growth of international business, the demand for individuals increased with an understanding of global markets & in-depth knowledge.
A student having the degree in international business can be a part of private and government sectors. This specialization provides the great opportunity to work in a global market and across the world.
The MBA in IB person can join the international market department of the companies, international placement offices, import and export departments of companies, global shipping companies, global tourism sector, international consultancy firms and international logistics & courier companies.
There are lots of job opportunities not in India but also in abroad. You can also work in Financial institutions, Banking sector, Securities firms, Hospitality & Travel and tourism industry.
The popularity of rural management as a specialization with an MBA degree has gained momentum over the last few years. With the changing socio-economic scenario and government policies on rural development, it has been seen that an increasing number of students are opting to work in this field. According to a study by a well-known consulting firm, India's rural economy accounts for almost 50% of its GDP. The idea is to harness resources in the rural areas not only with the purpose of rural welfare and upliftment, but income generation as well.
As the name suggests, rural management involves the application of management principles to the rural sector. This entails planning, organizing and controlling cooperatives and related organizations in the field of agriculture. An MBA in rural management prepares students to take on challenging responsibilities in rural and developmental organizations. They are encouraged to visit rural areas, interact and stay with villagers as a part of their fieldwork, while an organizational internship gives them a hands-on experience of working in a rural setup.
After completing an MBA in rural management, students may be placed with appropriate government-owned or sponsored rural development projects, voluntary groups, funding agencies, national or international NGOs.
They may also get an opportunity to work in the banks focusing on rural development such as NABARD or Grameen Bank, or in the field of Agribusiness, Insurance and Micro-finance.
Several agri-based cooperatives employ Rural Managers, and students can also take up research and advisory positions in public and private organizations or start NGOs of their own.
Institute of rural managementAnand ,Xaviour institute of management Bhubneshwar, Kalinga school of rural management Bhubhneshwar are top rated B-schools that offer this specialization.
“Entrepreneurship” as the name suggests is the quality of being an entrepreneur. In this light you must have heard about the top notch corporate honchos such as DhirubhaiAmbani, AzimPremji, Narayana Murthy, Sunil Mittal, Lakshmi Mittal, Shiv Nadar and many more. MBA in Entrepreneurship would offer you a chance to become one of these corporate pioneers. You must remember that sky is the limit if you possess the spirit of becoming an entrepreneur. All you need is a unique and innovative business idea(s) to make a breakthrough in the market which is cluttered with competition all around.
MBA in Entrepreneurship programs are offered by many top MBA colleges to give boost to entrepreneurship ventures and to expand and modernize the family business to make it a successful and growth oriented business. ‘Make in India’; ‘Start-Up India’ could be a great success, if more and more graduates after completing their MBA in Entrepreneurship resorted to Entrepreneurship projects instead of running after meagre placement packages.
MBA in Entrepreneurship are offered by many colleges. Some of the top MBA colleges offering this course in India are IIM Bangalore, S P Jain, Nirma University, NMIMS Mumbai, EDII among others.
MBA in Entrepreneurship would shape factors such as innovative ideas, identifying market opportunity, understanding your strengths and weaknesses and the risk taking behaviour more professionally in an aspiring entrepreneur. The specialization would not only make the path a cakewalk but would also help you have a bird eye view of the life of billionaire and par excellence entrepreneurs. If you are still not sure about the bright career prospects which this specialization can offer you then do take a glance at the statistics given below and shun all the apprehensions lingering in your mind.
MBA in logistics and supply chain management is a management course for students who interested in administrating the movement of logistics across various channels. It focuses on managing the entire process of developing a link between manufacturing unit and the consumers. A course in supply chain management and logistics is helpful in providing the learners an in-depth knowledge about the logistics and the supply chain functions.
Logistics and Supply Chain Management is perhaps one of the most dynamic industries today. The industry enjoys a huge global outreach and its traces can be seen at every step of the product’s lifecycle; from product manufacturing till product delivery. It plays a prominentA program in supply chain management attracts even those who are already working professionals. This demand has been arising from those aspirants who are willing to pursue their masters to gain an edge in their professional qualifications. It is because there is a lot of potential in supply chain management course and it reaps multiple advantages for working professionals. The program provides the learner an opportunity to gain an understanding of the importance of the supply chains and it would help the candidates to acquire knowledge of both international and national markets. Thus, through this course an individual can expect to venture into the world with an additional understanding of the facts. This understanding would aid them analyse things with a wider perspective. Another positive factor that MBA in supply chain management offers is the fact that there is something new emerging in it, almost every day. Thus, it provides a good opportunity for the aspirants to learn and explore. It is a fact that you would not feel dull and monotonous if you decide to pursue MBA in Logistics and supply chain management.
MBA in Logistics and Supply Chain Management postgraduates are hired in capacities such as Logistics, Manager & Director, Teacher & Professor, Sale-purchase Assistant Manager, Material Manager, Hotel, and Catering Manager, Head of Supply, Assistant Manager, and Logistic Trainee, etc.
MBA in CSR provides the opportunity for you to develop your career by combining social issues with business perspectives. Better groomed in a way where you would be able to co-relate and differentiate between a typical welfare project and people benefit through corporate participation by CSR. Sustainability Reporting is already fallen under CSR. This will equip you with the knowledge and skills to tackle business and society for the benefit of the people.
Make sure you do that specialization you are best interested in. All the best!!!
Management Education in recent years has moved beyond basic streams in line with Industry and macroeconomic requirements. Management aspirants are also venturing opportunities with organisations that are focussed on contributing towards Socio-Economic & Environmental Development.Corporate social responsibility (CSR), one of the most enthralling specializations.MBA in Corporate Social Responsibility is an in-demand programme teaching a business approach that contributes towards sustainable development by delivering economic, sustainability and environmental benefits for all stakeholders. CSR is a concept with many definitions and practices. The students looking to specialize in this course would undergo learning of conventional General Management subjects in addition with emphasis on concepts of Responsible business practices, sustainability, Environment, Ethics, Social Inclusions, Governance, Social Entrepreneurship, Creating shared value, inclusive growth and similar areas.
CSR is an emerging industry that provides a vibrant stage and corporate culture for interactions among organizations and their stakeholders. It develops scenario for effective management and growth of social values along with of cutting-edge development at global level. Affecting nearly 13000 companies in India, CSR has enticed full-fledged operations through an excessive demand for young candidates.