MBA (Master of Business Administration) is a postgraduate course that can be pursued by any graduate student. It has a duration of two years. In the MBA program, the first year is common for all the students and specialization is to be chosen in the second year.
The initial phase of the program is dedicated towards the completion of core courses and the courses are designed in a way to build a strong foundation of the basic concepts across the various management subjects.
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There are various branches and areas of specialization for the MBA aspirants to choose from.
There are numerous factors that influence the decision regarding the area to choose to specialize in. Depending upon the priority, one must choose a field as per their interest area, the market demand (job availability, preferred job profiles, and the compensation package.
A list of most popular specializations available as an option to be chosen is as follows:
- Human resources
- Information systems
- International business
- Hospitality management
- Operations management
- Event management
Let’s have a look at each of the above specializations:
MBA in Marketing
The marketing department in an organization plays an important role as they are responsible for bringing in new businesses, growing the revenue, increasing market share and contributing to the company’s growth and profitability.
Having excellent communication skills and interpersonal skills works as a positive factor for success in this field.
The students here get insights into various key areas essential for every organization or corporation including market research and analysis, competitive analysis, consumer behavior, customer analysis, business ethics, product management, brand management, advertising, digital marketing, and e-commerce.
If you have interest in market research or advertising or sales or if you are interested to work in IT sales, media or marketing of various services then an MBA in Marketing will give you chance to explore jobs in these sectors.
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MBA in Finance
Finance is the backbone of any business and MBA Finance is the oldest form of MBA specialization. It prepares the students in various subjects like costing, budgeting, international finance and capital management. MBA in finance accounts for around 22% of the post-MBA career choice.
Some of the finance-related jobs offer irresistible pay packets that may be responsible for the high influx in MBA finance. Students who specialize in finance will find opportunities in more or less in any industry.
MBA in Human resources
Aspirants who have good communication skills, a charismatic personality & are dependable and confident are best suited for this specialization.
This specialization provides you with the ability to manage employees and execute work aspects like recruitment, selection, training, and development, designing jobs, assessments of employees etc.
A human resource manager is required by all the sectors.
This course prepares one to work as head of the HR department, advertising, for recruiting, hiring, training, evaluating and firing employees. It also includes diversity, mergers &acquisitions, labor markets and emerging economies.
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MBA in Information systems
There’s a growing demand for professionals with a combination of business and advanced technical expertise due to extended use of technology in almost every sector and industry.
It helps in gaining the technical knowledge of emerging technologies in the IT field and makes one aware of certain areas which include systems analysis, network security, data analytics, supply chain management, e-business etc.
It helps to efficiently manage e-commerce so that one has a thorough understanding of the changes in the competitive business environment.
MBA in International Business
The International Business focuses on the understanding of the behavior and planning of international operations.
Students are taught about the procedure and documentation involved in export and import, methods of approaching customers in foreign countries, currency conversation & fluctuation, raising capital from the international market and distribution market.
Students also have the option to travel to foreign locations where, under the guidance of National University professors, they attend lectures, visit universities, factories, and cultural sites and thus achieve full immersion in a foreign environment such as China, Mexico, etc.
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MBA in Hospitality Management
The hospitality industry is categorized as a service-oriented industry. Moreover, the Indian Hospitality industry is one of the fastest growing industries contributing significantly to the country’s gross domestic product (GDP), and foreign exchange earnings (FEE).
Hospitality management offers career opportunities in many fields ranging from being an entrepreneur and starting your own company or consultancy to work on managerial posts, as the chef or in housekeeping.
MBA in Operations Management
This specialization empowers the students with the expertise required to efficiently manage the entire system that is related to manufacturing or services.
Operations management involves activities like creation, production, distribution, and delivery of the organization’s goods and services.
It requires one to have an eye for minute details and zero error efficiency. It offers career opportunities in the fields of material and supply chain management, quality control, logistics, inventory control and production planning and improvement and also includes some aspects of Software Project Management.
MBA in Event Management
Event Management is all about using management skills to plan, develop, organize and market events. In this course, students are trained to plan and organize different events.
Some basic skills are also imparted during the course such as finance and accounting skills, communication skills, human resource management, event marketing, public relations, technical aspects of the event, branding aspects etc.
Students have the options to start up their own company/venture or join an Event Management firm.
Qualified event management professionals are in demand these days and are recruited by event management companies big and small as Assistant Manager, Manager, Safety Manager, Hospitality Executive, Travel Manager, PR Executive, Marketing Manager, Staff Manager etc.
MBA in consulting
Consulting is one of the most varied career paths an MBA can pursue and it perhaps a dream destination for some. The high profile jobs in this field offering fantastic salaries with perks and the opportunity to travel places, helping companies in your area of expertise, is primarily responsible for the allure surrounding this profession.
It prepares the graduates for a number of different roles in the field of consulting, such as operations consulting, sales consulting, marketing consulting, real estate consulting, technology consulting, HR consulting and more.
MBA in strategy will give the applicants who have not yet quite decided on their future role, more options and opportunities than other MBA specializations.
However one needs to examine the working hours as some of these areas may cause an imbalance in the work-life balance equation.
MBA in Entrepreneurship
This course helps to develop soft skills on an MBA and also include networking, team working, leadership skills; creativity and flexibility in decision making and all these qualities will help one to stand in good stead for launching a startup.
The students get an overview of how all aspects of a business work and to understand the strategy, finance, marketing, analytics and much more.
The curriculum of the course combines theory with real-world projects so that the students are aware of the possible roadblocks and know ways to successfully handle different situations and take the right decisions.
The students would be able to use their creativity and analytically assess the market scenario to create a business plan and interact with successful entrepreneurs and learn from their successes and failures.
Besides the above-given specializations there many other options for the course which students can choose. You should choose a subject that interests you and in which you are capable to excel.
While choosing the course, money also counts but not in the long term as you cannot work in a field that does not interest in the long run.
So chose the specialization course very carefully based on your personality and passion. Some of the key deciding factors can be number crunching, traveling, introvert/ extrovert, family obligations and gender and career growth.
Also getting enrolled in a good and right college for the course you want to pursue is very important. Usually, the first year is generally where you read all four major specializations and then you make a decision in the second year.
Choosing the best college should be a priority as getting into a great college teamed with an enigmatic personality, good communication skills and an enduring zeal to learn will take to great heights.
We hope this helps and you make an informed and well-thought career decision.
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