The popularity and the prominence of a Master’s in Business Administration or an MBA degree is well known in India as well across the globe. This prestigious and rigorous degree prepares students for their corporate careers (business and management) and provide an acceleration to their careers. Selecting a specialization can be a hard task, as it may require deep research and high self-awareness on the part of the student. Numerous factors should come into play when you are deciding on which field to specialize in. Here are a few factors to keep in mind when selecting the specialization in the second year of you MBA program.
How to Choose Management Concentrations
Market demand – How has the trend been in the past five years related to the jobs you are focusing on? How will the market fair in the next five years to come? And what are the best companies in the market that hire for the specialization you want to study?
Personal development – Look out for the specialization which offers the best option for not only professional development but also adds on to you on a personal level.
Career goals and professional development – What is the best field for you? And which sector do you see yourself growing the most? The specialization that you pick out should be the answer to two of these questions. The specialization should help you achieve them in the long run.
Pay packages – It you already have a dream pay package to have, then focus on finding a field which will help you achieve it. Reach out to people who are already working in the field and try to understand the compensation packages being received in the market for the job role you want. Some research will go a long way in helping you select the right specialization.
Now that we know how to select the right specialization, we need to know what are the best specialization option are out there. Here is a list of 10 popular specializations in Master’s in Business Administration:
List of Top 10 Management Specializations in India
In the recent years, Finance has become the most sought-after specializations in MBA that focuses mainly on subjects like banking, budgeting, International finance, Capital Management etc. After studying Finance specialization in MBA, one can look for various options in financial consultancies and institutions, banks, etc. Finance Managers can become Accounting Managers who are dedicated to preparing finance reports for the organizations, or Financial Analysts who focus on developing financial strategies for the organizations.
Students searching for a deeper understanding of domestic and international financial management, banking, and privatization can seek MBA admissions in Finance.
Human Resource (HR)
MBA in Human Resource is all about recruiting, team building, training, performance updates, employee policy, employee benefits, employee salary & increments and employee health & Safety. The good thing about doing MBA in HR is that the demand for HR managers is always high as each and every organization require HR managers, no matter how big or small the company is.
MBA in Marketing
MBA in Marketing helps students to understand consumer behavior, advertising, marketing and many other important fields. There are many top MBA colleges in India offering this specialization in MBA. MBA in Marketing can lead you to fat packages as Project Manager, Brand Manager, Sales Manager, Market Research Analyst, Marketing Manager, and even to the position of CMO (Chief Marketing Officer).
Information Technology (IT)
MBA in Information Technology (IT) has become very popular and is considered as one of the top 10 MBA specializations in India. MBA in Information Technology imparts knowledge and skills to future IT managers. This specialization helps students understand the planning, designing, selection, execution, usage and management of technologies. IT Managers play an important role in designing and implementing hardware or software solutions to business problems.
MBA in International Business
In this 21st century, most organizations run their operations globally for which they need proficient and highly educated manpower to handle things well. MBA in International Business, one of the top 10 specializations in India, offers an understanding of global business operations for students.
MBA in Operations Management
MBA in Operations Management helps students to learn how to maintain process flows, develop inter-departmental and vendor relationships. With Operations Management as MBA specialization, one can start off his/her career as Product Manager or Technical Supervisor and reach the position of General Manager or Chief Technology Officer of an organization.
MBA in Retail Management teaches areas like logistics, administration, marketing and finance involved in selling products and services to consumers. Pursuing MBA in Retail Management will surely reap dividends for you
Health care management
This specialization is healthcare specific and equips one with the skills and knowledge to excel in the industry. With its focus on hospital and its administration, it brightens your prospects of becoming a hospital administrator or a medical practice managers or insurance-company executives, which is excluding a wide variety of other roles the industry has to offer. Some industries which provide a perfect market for MBA graduate in the field of health care management are: Health care insurance organizations, Medical tourism companies, Diagnostic Lab chains, Healthcare IT sector, NGO’s working in healthcare, Wellness centers and Healthcare market research organizations.
This is another interesting option for specialization available for MBA aspirants now-a-days. This specialization focuses on marketing however streamlined for rural businesses. The demand for such managers is huge in the market, as rural businesses are booming. Anyone who keeps a tab on progress in the business opportunities in the rural sector knows that the potential is immense. Even market giants are coming to realize its potential for growth and development in the country.
With the trend of Entrepreneurship and startup catching up in India and abroad. This field of specialization is also gaining momentum with the students who wish to pursue their careers through starting their own ventures and businesses. Learning the business concepts, strategic skills and knowledge of the domain you want to work in, is what the Management focuses on delivering to you. Basically providing you with a base to start your own venture in the future. From building networking skill to developing an entrepreneurial vision, this course will assist you in all of the steps.