While there are multiple management specialisations available for aspirants today, making the right choice is what matters the most.
To earn an MBA degree is certainly an effective way to broaden knowledge, chisel skills and boost career prospects in the field of management. Knowing the key factors of business management makes aspirants valuable assets to the leadership team of any organisation and helps them climb up the corporate ladder faster than possible otherwise. An MBA is not just a degree; there is much more to it. It gives a knowledge base and makes students familiar with the tenets of management, thus paving the way for a new level of success. However, the success in business management also depends on the interests and MBA specialisation candidates opt for. Here, choosing an MBA specialisation to suit the interests is a key. In such a situation, having a list of hotly pursued and highly sought after MBA specialisations handy will help aspirants choose the right one and get an edge over their fierce competitors fighting for the top management positions.
MBA in Finance
The evergreen field of finance is a dynamic aspect of business management. Subject areas like Accounting, Investment, Financial Theory, Mathematics and Economics require highly trained and intelligent professionals to lead a company to success. Those who’re passionate about numbers should consider pursuing MBA in Finance. Since banks and other sectors like mutual funds, stock exchange, insurance companies etc. frequently require skilled professional for various profiles, job prospects in this field are high and expected to remain so in the future too.
MBA in Marketing
For every thriving business today, marketing – online and offline – is a key component. Hence, the high demand for professionals with MBA degree in marketing. It provides aspirants with deep business insights, marketing skills and understanding of consumer behaviour, product management, promotion management and ability to devise selling strategies. Besides these, branding strategies and market research also remain the core areas of MBA in Marketing. With a strong knowledge of these domains and a creative bent of mind to devise branding and promotional strategies, a marketing professional becomes the indispensable asset to the marketing team of an organisation/ brand.
MBA in HR Management
MBA in Human Resource Management, as the name indicates, is all about managing the human resources of an organisation efficiently and effectively. For the success of private and public enterprises, managing human resource adroitly is crucial, thus requires qualified HR professionals. The role of an HR professional consists of hiring a skilled workforce, arranging development and training sessions, motivating and maintaining workforce regulations. In addition to this, assessing employee performance, providing compensation, looking after their health, welfare and safety assessment is also the responsibility of HR professionals.
MBA in Supply Chain Management
In the past few years, the demand for professionals with MBA degree in Supply Chain Management has increased dramatically. The rise of online shopping, ease of access for consumers, business strategies focussing on the global procurement of products and services besides continuous demand for Fast Moving Consumer Goods (FMCG) like soft drinks, processed foods, medicines, toiletries etc. contributed to the tremendous demands for professionals with MBA degree in this specialisation. An MBA degree in Supply Chain Management can give students a strong foundation of business with pivotal skills that play an important role while handling integrated supply chains. Aspirants learn fundamental topics related to logistics, operations, strategic planning, production, delivery of goods and project management during the course. Also, candidates hone their skills in materials management, logistics management, measurement and evaluation, and inventory systems.
MBA in Information Technology
Technology has brought in immense evolution in the field of business over the years as far as cutting the cost, beating the competition and offering more value to the customers is concerned. Information Technology has become an essential part of any growing business today. As a result, it requires special expertise to keep the productivity of a company high. Studying MBA in Information Technology opens a plethora of opportunities in the information technology domain of various organisations across industries and booming technology firms in particular. Since the IT sector in India has registered over 20 percent growth in the last decade, generated job opportunities for over 20 million directly and much more indirectly, MBA IT promises lucrative career opportunities and tremendous career growth.
MBA in International Business
With the world economy gradually opening up and the emergence of globalisation, MBA in International Business is a course in demand now. Typically covering HR, marketing and finance at international level, the course prepares students for different roles in general business, management and trade at the world level. Other than providing an in-depth knowledge of organisational traits required for international operations, an MBA degree in International Business also prepares individuals for multinational corporations.
MBA in International Business also increases chances of candidates to travel across the world and know about the different cultures. For those who wish to be a globetrotter with a knack for business, an MBA in International Business is the right path.
MBA in Operation Management
MBA in Operation Management aims to help aspirants understand the operation and production processes of different organisations. The study during this specialisation generally focuses on two core areas of an organisation: manufacturing/production operations and service operations. The course equips students with deep understating of how to maintain the process flows and develop client-vendor relationships besides learning how to ensure an efficient, free and smooth flow of operations. Requiring an eye for minutest detail, excellent communication skills, zero-error efficiency, ability to steer the company out of the difficult market conditions and technical knowhow; an MBA degree in operations lets candidates understand and master all these areas.
MBA in Entrepreneurship is comparatively a new field but in high demand currently. Start-ups and small scale business industries have become the trend today and this is changing the face of business management considerably fast. Students who wish to pursue an MBA degree in Entrepreneurship can gain analytical and dynamic skills needed to develop an effective business strategy. Adding to this, they gain a panoramic view of the global business with the knowledge of business ethics and corporate social responsibility. Those who wish to start own business, join family businesses or have backgrounds in entrepreneurial ventures should consider MBA in Entrepreneurship next.
MBA in Healthcare Management
It’s no more a secret that healthcare industry has witnessed the exponential growth in the recent past. The demand for skilled professionals in this field is no more limited to doctors, nurses and medical aids only. To run a healthcare centre efficiently and continue serving people better, the demand for business leadership has also been felt over the years. An MBA degree in the field of Healthcare Management covers key skills and concepts in health policy, risk management, strategic planning, accounting, law, organisational management and statistical analysis. After completing MBA in health Care Management, aspirants can pursue careers as healthcare executives in consulting firms, hospitals, insurance companies, government agencies, biotech, nursing homes etc.
While these are just some of the popular MBA specialisations, candidates must do some research of their own and pick options that fit their career goals.