In a two-year MBA program, the first year is dedicated towards building a student’s foundation in management subjects. by completing the core courses. In the second year of the program, student has the option to choose specialize in a particular subject. Depending on your area of interest and your aptitude in a particular field, you can choose to specialize in a particular area. Your decision to choose a particular specialization may also depend on the job profile you are looking at and the compensation package of that job.
List of MBA Specializations
Following is a list of the most popular MBA specializations.
- Human Resources
- Information Systems
- Operations Management
Each specialization is discussed in detail below:
The marketing department plays a crucial role in any organisation, as they are the team looking after selling a product or a service, bringing in new business to the company. With the increase in competition globally, the need for competitive positioning and marketing skills is high in demand.
Students that choose specialization in Marketing get an insight and study in great detail topics like market research and analysis,consumer behaviour, customer analysis, competitive analysis, business ethics, product management, brand management, advertising, digital marketing and e-commerce.
An MBA in Marketing will give you the right tools for a job across a wide variety of sectors such as FMCG (Fast moving consumer goods), media, marketing of various services ,IT sales, internet marketing etc.
An MBA specialisation in HR will allow teach you how to systematically acquire, manage and retain workforce within an organisation.The course will help students understand how to get the best out of the employees of a company. Area that are covered under a specialization in HR are, employee recruitment, employee assessment, managing exits from a company team motivation, (promotions/rewarding performance of employees), health and safety in the work place,.
The HR plays an instrumental role in managing smooth relations among employees and also between employees and the top management.Office social gatherings, site visits are some of the events that the HR has to manage to ensure that a good working environment continues to exist in an organization.
An MBA in Finance is currently the most popular choice amongst students since 22% career choices by students post an MBA is in Finance. One of the reasons for this is the high rewarding pay package in jobs in this field.
The specialisation helps you understand in detail financial theories and also practically learn how these theories can be applied to solve real business problems.
Post an MBA in Finance, some of the most popular choices for a career are investment banking,hedge funds or private equity management, portfolio management, asset management firms, credit risk management. It is important to remember that every company would be having their in-house department which would provide various job opportunities in finance, even if such companies are not private equity or investment banking companies.
With the increase in use of technology throughout the world there is a growing demand for professionals having expertize in both business know how as well and also technical expertise.
E-commerce companies are more in need of professssionals that can manage an E-commerce platform, and require professionals that understand the changes in competitive business environment and also know how the IT field works. Some areas that this specialisation covers are E-commerce business systems analysis, network security, data analytics, supply chain management.
Consulting has become another popular career choice mostly because of its high rewarding pay packages and the fact that the job entails a lot of travelling.
When an organization needs an outside opinion or when expertize is required for finding solutions to specific problems, consultants are hired by these organizations. The consultants then take charge of a project, whichmay be beyond the capacity of the internal staff of a company.
Strategy consulting,investments, IT/technology consulting,boutique consulting to the lesser known areas like HR operations consulting, public relations/media are some of the areas where are consultants are hired for their expertise.
Although there is great exposure and learning in this area of work since it involves working across a wide variety of sectors for different clients across different geographical locations, it is important to remember that consultancy entails late and sometimes odd working hours which can lead to problems in maintaining a work life balance.
This specialization involves developing the tools to be able to launch your own start-up and grow the business successfully. This requires not only understanding how to build a business with limited resources but also focuses on networking skills which is important for an entrepreneur.
The curriculum combines theory with real-world projects, so that you are able to apply the theories learnt to the real world.Thus after completing the course you would be in a position to and analytically assess the market and develop your own business. You would have also learnt from the success and failures of other entrepreneurs.
The knowledge of operations management will empower you to efficiently run and manage an organization in whatever field. After completing a specialization in this area, you will be able to analytically address challenges in managing the entire operations which include tasks like supply chain management, quality control, co-ordination between various teams including various decisions like outsourcing.
List of other MBA specialization based on Industry
The following is a representative list of specializations in an MBA based on the industry.
- Health / Pharmaceuticals / Biotech
Health / Pharmaceuticals / Biotech
For professionals who intend to pursue their careers in the pharmaceuticals, healthcare, diagnostics or the biotech industry. The course covers understanding specifically those areas and subjects which are crucial to the healthcare industry such as legal, and regulatory aspects of the pharmaceutical sector, market research and product management before launching new products in the market.
As the name suggests, this specialisation is for careers in management in the media / entertainment / sports industry.The course prepares you with knowledge of various key factors in the area of media management. Music, publishing, theatre, sports, radio are some of the topics studied in this specialization.
In this area of specialization, students learn the skills to successfully manage a non-profit organization. Some of the aspects that they delve into are, managing fundraising, fund allocation, marketing and leadership skills.
International business, strategy, supply chain management or construction management are some of the other specializations that a student can choose.
Before choosing an MBA specialization, it is important to take your time and choose a specialization that ideally you are interested in and also aligns with your career choice. Use your internship experience to guide you. Don’t choose just on the basis of the high rewarding package, since if you are not interested, you may not be able to sustain in that area for a long time and may end up having a breakdown later.