Specializations in MBA: How to choose right one

MASTER IN BUSINESS ADMINISTRATION or MBA is a two-year postgraduate program, and is one of the most sought program in the world. The main purpose of MBA is to prepare students for managing the company in every possible way. In the first year, the main focus is to give a brief idea about the management, building a strong foundation of basic concepts and in the latter year they can choose to specialize in a particular area.  Here we will discuss about Specialization in MBA: How to choose right one.

There are various factors which influence the decision making of a student to specialize in the area of their interest depending upon on demand, salary packages, their interest area.

      List of MBA Specializations:

1.      MBA in Marketing
2.      MBA in Finance
3.      MBA in Operations 
4.      MBA in Human Resource Management(HRM)
5.      MBA in Technology Management
6.      MBA in International Business(IB) 
7.      MBA in Risk Management
8.      MBA in Rural Management 
9.      MBA in Event Management
10. MBA in Health Care Management

MBA in Marketing 

MBA in marketing is a very dynamic and competitive and most popular among management students. Marketing is a vast course therefore prepare students by giving them a detailed understanding of concepts, tools, and practices of modern business. It helps students understand consumer behavior, market behavior and other crucial things that surrounds the marketing of product/services. Students should take a look at the various job opportunities after doing an MBA in marketing below.

Skills Required:

1. Entrepreneurial skills
2. Interpersonal skills
3. Decision making skills
4. Communication skills
5. Strategic skills

Career opportunities:

1. Marketing manager
2. Brand manager
3. Asset manager
4. Sales manager
5. Product manager 
6. Digital marketing
7. Market research analyst
8. Chief marketing officer

Top colleges in India:

1. Indian Institute of Management, Ahemdabad
2. S.P. Jain Institute of Management
3. Indian Institute of management, Calcutta
4. Indian institute of Foreign Trade 

   2. MBA in finance

MBA in finance is a great option for students who have interest in the financial aspect of business i.e. financial accounting , cost accounting, financial market and the like. MBA in finance is the most opted specialization as growth opportunities in this field are immense. It is one of the most sough-after specializations in MBA.

Skills Required:

1. Strategic skills
2. Communication skills
3. Mathematics skills
4. Leadership skills
5. Supervisory skills

Career opportunities:

1. Corporate banking
2. Asset management 
3. Trading
4. Stock market
5. Corporate finance
6. Treasury
7. Credit Risk management

Top colleges in India:

1. S.P. Jain institute of management and research
2. Narsee Monjee Institute of Management Studies
3. Indian Institute of Management, Calcutta
4. FMS, Delhi

3. MBA in operations

MBA specialization in operations is a specialized field that would empower individual with expertise required to efficiently manage the entire system related to manufacturing, supply chain management, quality control and like that.

Skills Required:

1. Interpersonal skills
2. Communication skills
3. Leadership skills

Career opportunities:

1. Operation research

1. Project manager 
2. Supply chain manager
3. Logistics 
4. Material management
5. Plant manager

Top colleges in India:

1. Indian Institute of Management, Ahmedabad
2. Indian Institute of Management, Banglore
3. Indian Institute of Management, Calcutta

4.MBA in Human Resource Management(HRM)

MBA in HRM is best for those students who are good at dealing with people. Human resource management teaches students to deal with every aspect of human resources in the organization be it recruiting & staffing to performance update, employee policy, salary, increment, as well as staff amenities.

Skills Required for HRM MBA Specializations:

1. Communication skills
2. Negotiation skills
3. Leadership skills
4. Multitasking
5. Ability to change

Career opportunities:

1. Relationship Manager
2. Human Resource Manager
3. Recruiter
4. Training and Development Manager
5. Labour and Employee Manager
6. HR Assistant
7. Payroll Specialist

Top colleges in India:

1. XLRI - Xavier School of Management
2. Indian Institute of Management, Lucknow
3. Tata Institute of Social Sciences
4. Indian Institute of management, Ranchi
5. Management Development Institute, Gurgaon

 5. MBA in Technology Management

An MBA in Information Technology is a very exciting and most desirable course to pursue. IT is one of those degree which is always in demand. Students who pursue IT as their specialization are prepared for managerial profile with in depth knowledge of Computer Knowledge.

Skills Required:

1. Technical skills 
2. Research skills
3. Problem solving skills

Career opportunities:

1. Quality Analyst
2. Business Analyst
3. Application Developer
4. IT Specialist
5. Information System Manager 
6. Chief Technical Manager

Top colleges in India:

1. National Institute of Technology, Tiruchairappalli
2. National Institute of Technology, Warangal
3. National Institute of Technology, Mangalore

6. MBA in International Business

International Business is an emerging degree popular among the students who are interested in gaining global exposure and multinational companies. MBA in International Business course aims to provide in-debt knowledge of the organizational capabilities required for international operations.

Skills Required:

1. Problem solving skills
2. Strategic skills
3. Adaptability to change
4. Leadership Skills
5. Communication Skills

Career opportunities:

1. International Trade
2. International Marketing
3. Foreign Exchange Management
4. Financial Controller

Top colleges in India:

1. Indian Institute of Foreign Trade
2. Indian Institute of Management, Lucknow
3. Indian Institute of Management, Ahmedabad
4. Indian Institute of Management, Banglore
5. Indian Institute of Management, Calcutta

  7. MBA in risk management

Taking risk is an important part of growing a business therefore there is an emerging need for best risk managers hence MBA in risk management is a best for students to learn how to turn risks and threats into business opportunities.

Skills Required:

1. Risk Taker
2. Ability to change
3. Leadership Skills
4. Communication Skills

Career opportunities:

1. Risk Manager
2. Risk Surveyor
3. Risk and Governance manager
4. Exit Strategy Manager

Top colleges in India:

1. University of Petroleum and Energy Studies
2. ITM, Mumbai
3. Global Risk Management School, Gurgaon

    8. MBA in Rural Management

MBA in Rural Management is a unique degree offered to the students who understand the development in the rural areas and the efficient use of resources. More than 60% of the total population in India lives in rural areas, therefore careers in Rural management are very demanding and lucrative.

Skills Required:

1. Problem solving skills
2. Knowledge of local language
3. Sensitivity
4. Ability to handle masses
5. Innovative Approach

Career opportunities:

1. Sales Manager
2. Sales Officer
3. Rural Development Officer
4. NGO’s

Top colleges in India:

1. Institute of Rural Management(IRMA)
2. Xavier Institute of Social service , Ranchi
3. Indian Institute of Rural Management, Jaipur

9. MBA in Event Management

MBA in Event Management is a full time two year course. Event management is about using management skills to plan, develop, organize and market events. There is exception growth in event management and students desired to pursue this course.

Skills Required:

1. Interpersonal Skills
2. Creative Thinking
3. Communication Skills
4. Public Relations
5. Organizational Behavior

Career opportunities:

1. Event Planner  
2. Operations Manager
3. Brand Manager
4. Advertising
5. Marketing Manager
6. Public Relation Manager
7. Artist Manager

Top colleges in India:

1. National Institute of Event Management
2. Amity Institute of Event Management
3. National Academy of Event Management and Development

10. MBA in HealthCare Management

The Healthcare Industry industry has shown tremendous growth from few past years. MBA in Healthcare Management provides great career opportunities to the students in the pharmaceuticals sector, government agencies, insurance organizations, hospitals.

Skills Required:

1. Analytical Ability
2. Leadership
3. Quick Thinking
4. Public Relations
5. Adaptability

Career opportunities:

1. Healthcare Manager
2. Pharmaceutical Project Manager
3. Healthcare Finance Manager

Top colleges in India:

1. Symbiosis Institute of Health Science
2. Institute of Health Management
3. Manipal School of Management

Conclusion:

It is very important for students to identify their career goals and interests before opting for any specialization. We hope this article has helped you understand specializations in MBA: how to choose right one. Start preparing for a tremendous future. Good luck!