MBA Specializations and Types of MBA are two different things that often confuse students. Here are some points highlighting the difference.
Specialisations in MBA:
The 1st MBA programme in the world was offered way back in 1908 at the Harvard University and since then the course has evolved a lot according to the needs of various businesses. Now you have numerous streams of the basic programme. We will discuss some of the most common and popular MBA specialisations which can be pursued from top MBA colleges:
- MBA in Finance: An MBA specialising in financial management will focus on management accounting and control, the Indian capital and money market, banking, privatisation and international finance. The course will emphasise on various aspects of financial theories, identification of best managerial practices in the area and global practices of applications. An MBA in finance is among the most popular specialisations as growth prospects in this field are immense. You can look out for exciting careers in banks, financial consultancies and financial institutions. One can get involved in consumer and investment banking, institutional finance, merchant banking, corporate finance and international finance.
- MBA in HR: Human resource management, as the name suggests would teach you all about recruiting, training, team building, performance updates, employee policy, salary, benefits and increments, employee health and safety as well as staff amenities. If you’ve got good people skills and can handle tough situations well, you can go a long way in this field.
- MBA in IT: In this technologically advanced world, no business can run without a solid IT support. The bigger a business, the more extensive is its IT support. And that is why we have this specialisation in MBA - Masters of Business Administration (MBA) in Information Technology (IT). An MBA in Information Technology Management is designed to educate and develop managers who can effectively manage the planning, design, selection, implementation, use, and administration of emerging and converging information and communications technologies.
- MBA in Logistics & Operations: Companies now need a new kind of Supply Chain/Logistics/Operations manager and this need has led to the creation of an MBA in Supply Chain Management or Logistics & Operations. Operations Management is the function of managing the operating core of an organisation: the activities associated with creation, production, distribution and delivery of the organisation's goods and services.
- MBA in Sales & Marketing: Even though marketing and sales differ greatly, they have the same goal. Both handle very similar concepts and work together for sales to be successful. An MBA in marketing will help you enhance your skills & knowledge in the field of marketing, advertising, public relations etc.
- MBA in Retail: The retail sector in India is all set for extraordinary growth and is estimated to be worth $637 billion by the year 2015. An MBA specialisation in this industry is not only a wise choice but one that will reap dividends for you! A people-oriented industry, retailing came to India in the mid-80s. A retail professional is primarily involved in selling products and services to consumers.
Types of MBA:
The type of MBA programme differs according to the number of years taken to complete it & the mode by which it is taught. MBA programmes can be of different types:
- Two-year (Full-time) MBA: Most of the programmes offered in India fall under this category. The IIMs and other autonomous business schools offer a post-graduate diploma in management (PGDM) or Post Graduate Programme in Management (PGPM) which in India are equivalent to an MBA degree. Government accreditation bodies such as AICTE state that autonomous business schools can offer only PGDM or PGPM, whereas an MBA can be awarded only by a university, in the two-year full-time program. The syllabi of the PGDM/PGPM and MBA degrees are more or less the same, although the MBA degree is examination oriented and focuses on theoretical aspects of management whereas the PGDM/PGPM is industry-oriented, make use of the case-study method of instruction, and mainly concentrates on building your soft skills.
- Accelerated MBA: It is a condensed variation of the full-time MBA and hence involves intense and tightly packed classes.Part-time MBA: This is the best option for working professionals. Classes are held only on weekends or on weekdays after working hours. So part-time MBA programs usually last 3 years or more.
- Executive MBA (EMBA): As the name suggests, this programme is specially designed for executives and managers with a higher number of years of work experience.
- Distance Learning MBA: These programs can be offered in a number of ways: correspondence courses by postal mail or email, non-interactive broadcast video, pre-recorded video, live teleconference or videoconference, offline or online computer courses. Universities like IGNOU, Annamalai, Symbiosis etc. are well-known for their distance learning programmes.
- Dual MBA: Programmes where an MBA degree is combined with others like MS or MA etc. This is economically viable for students and helps their tailor their study programmes according to their needs.
- Online MBA: With the advent and penetration of 3G, broadband, cost effective tablets and smartphones, students from even smaller cities can go online and access lectures of world-class faculty and industry experts. The main features of online MBA programmes nowadays include:
- Fully online course with no classes to attend (only virtual classroom sessions)
- Anytime – anywhere learning
- Access through PC, tablet, smartphone
- Pre-recorded and/or live lectures by renowned faculty/ management gurus/ corporate honchos
- Exhaustive offline & online study material
- Relevant & up-to-date industry specific curriculum
- 24x7 student support
- Online assignments and exams
Thus we have 6-7 or even more MBA specialisations & at least 5 types of MBA programmes. Hope you know the difference now!