Which Specialization Is The Best In MBA?-Student Team 2020

·       Schools ranking

·       Personal Interests

·       Program Length

·       Personal Strengths

·       Career goal

After considering the above factors, start researching MBA programs and specializations. While new fields are arising, most schools have several standard specializations. Look at notable programs with lists of specialties that interest you. Most universities will include a list of their MBA specializations, or concentrations, on their websites. Ask for information from schools that interest you.

In some cases, you may ask to meet with the professors who teach the specialization that interests you, which may help you in your decision to choose a specific field or university. Schedule an appointment with your university department or program advisor if you are currently enrolled. Your advisor may be able to offer some insight into your options based on your strengths and weaknesses.

Marketing

The increasing competition has necessitated the need for competitive positioning and excellent marketing skills, including the ability to differentiate your product and create a niche for your company to sustain long-term profitability for your products or services. The marketing department plays a crucial role in any organisation as they are responsible for bringing in new businesses, growing the revenue, increasing market share, and contributing to the company’s growth and profitability.

Students opting for this specialisation would be able to get insights into various key areas required for every organisation or corporation, some of which include market research and analysis, competitive analysis, consumer behaviour, customer analysis, business ethics, product management, brand management, advertising, digital marketing and e-commerce.

Human Resources

A specialisation in HR helps you understand how to acquire, manage, and retain workforce within an organisation in a systematic and organised manner.

This area aims to provide you with the knowledge and ability to manage employees and execute the related work processes within a company covering various aspects including recruitment, selection, training and development, designing jobs, assessments and motivation (promotions/rewarding performance of employees), health and safety, compensation and managing exits from a company.

It also involves managing relationships or any issues arising between the management and the employees. They must ensure that a cordial relationship exists between them for the smooth functioning and the success of the organisation. They may also be required to take charge of various activities like get-togethers or off-site visits which may be an integral part of the office culture.

Finance

This area seems to be a popular choice and as per Top MBA, it accounts for around 22% of the post-MBA career choice. The irresistible pay packets offered in some of the finance-related jobs may be responsible for the high influx of MBA grads into the finance stream.

The specialisation helps you get thorough insights into how the financial world functions, the various financial theories and how these can be applied to solve the various business problems.

Your career choice could be in any of these areas: investment banking, asset management firms, hedge funds or private equity, portfolio management, credit risk management, hedge fund management or derivatives. Even the non-financial firms or companies would have their in-house finance department which would provide various job opportunities in finance.

Information Systems

The use of technology has extended to almost every sector and industry which is why there is a growing demand for professionals with a combination of business and advanced technical expertise.

The specialisation would help you to efficiently manage e-commerce so that you have a thorough understanding of the changes in the competitive business environment; you’d have gained the technical knowledge of emerging technologies in the IT field.

The various areas that may be covered in this specialisation include systems analysis, network security, data analytics, supply chain management, e-business along with managerial decision-making as well as project management.

Consulting

Consulting is another favourite choice, perhaps a dream destination for some. The high-profile jobs offering fantastic salaries with perks and the opportunity to travel places is primarily responsible for the allure surrounding this profession.

Consultants are hired when an outsiders’ opinion and expertise is needed to provide solutions to specific problems or challenges faced by the organisation or take charge of projects that may be beyond the capacity of the internal staff.

Entrepreneurship

This concentration involves developing the knowledge and strategic skills and business concepts for launching your own start-up and networking with others with an entrepreneurial vision. Entrepreneurs face the challenging task of building a business model with the available limited resources.

The curriculum combines theory with real-world projects so that you are aware of the possible roadblocks and know ways to successfully handle different situations and take the right decisions.

You would be able to use your creativity and analytically assess the market scenario to create a business plan. You would be able to interact with successful entrepreneurs and learn from their successes and failures.

- ramkumar.r20@iimranchi.ac.in