This is the continuing article in the MBA series. This time we will share basic ideas about the various types/specialisations MBA has and what you can expect from it. MBA has seen major changes happen in its lifetime.
It was earlier done by senior executives who wanted to shift from the technical side to the business operations or management side. Nowadays, students are doing the course right after graduation and joining organisations as Trainees.
There is a wide variety of MBA specialisations that one can opt for. Ranging from traditional marketing and finance to new ones like BFSI, Information Technology and others. Each specialisation has its pros and cons, and one needs to select the one that suits their future plans regarding their career.
This article will help you in choosing the specialisation that is best suited to you.
Starting with the older ones, we will move on to the ones that are more of a niche, and then we will also cover the new ones that are slowly becoming popular amongst MBA students.
MBA specialisation in Marketing
This is one of the oldest and most sought-after MBA degrees. Subjects like Marketing Management and Brand Management will teach you the various strategies and techniques used by brands and companies to create an impact in the minds of consumers. The career opportunities are vast, as, in every industry, you need people to drive sales and create brand value. Brand managers and executives are the profiles one should aim to get, as this will create a foundation on which you can later become the marketing director/head of the company.
MBA specialisation in Human Resources
This degree provides you with the knowledge to handle the most important resource for any organisation, which is human resources.
The course will help you in gaining knowledge about how hiring, managing, controlling, and various other aspects related to an organisation work. You can start your career as an Assitant Manager in HR and grow to levels like Director of HR of an organisation.
MBA specialisation in Finance
This is another core specialisation of the course. In this specialisation, the students learn about the business's financial aspect and the company's numbers. Various subjects like Financial Management, Cost Accounting and others will teach you the different economic parameters of the business and how to keep the business healthy.
Once you graduate with this specialisation, you can join a company as a Financial Analyst, or if you are in a very good college, you can end up in companies like Goldman, Barclays etc., as an investment banker and some other high profile job.
MBA specialisation in International Business
At present, few colleges offer this specialisation. A big name providing this specialisation is IIFT, Delhi and Kolkata campuses. You will learn about how marketing happens in International business and how the supply chain works globally. You will learn about various terminologies like incoterms related to shipping and international laws. All of this is very necessary for international trade.
MBA specialisation in Operations
Another specialisation that has a lot of growth possibilities for the students. You will learn how businesses handle their operations with the help of the Just in time method or the very famous Six Sigma concept.
We are witnessing a technological change in the operations of businesses, and AI, Big data and Analytics are powering it. With this specialisation, a student proficient in these skills will move up the corporate ladder quickly.
MBA specialisation in Retail
MBA in Retail is a niche segment. This specialisation will teach you about the ins and outs of the retail industry. You will learn about the various techniques used by retailers to create demand and increase sales.
You will also learn about the various parameters like Revenue per square foot. In the beginning, you might be placed in the retail stores of the companies as a store manager, and later on, after a year or two, you might be inducted into the company's operations.
MBA Specialisation in Healthcare
This is another niche sort of MBA. In this course, you will learn about the management of hospitals and how they are run. After completing the course, you can join the management side of the big hospital chains. You will be responsible for the operations, finances, and driving growth. But since it is a niche type, you may find it hard to switch industries from healthcare.
MBA specialisation in Entrepreneurship
This is a relatively new type and one that is slowly gaining some popularity. In this one, you learn about entrepreneurship and how businesses are started from scratch. The students who pick this course are generally from business families and are in the course to learn and use the learnings to further expand their business or help their family enter new business ventures.
MBA specialisation in Agriculture/Agri-Business
MBA in this specialisation will teach about how the rural/agricultural industry works and what different organisations are involved in it, whether Govt or Private.
In this specialization, the course mainly revolves around the business aspect of agriculture which involves food production, processing plants and the general trade of the produce, also how the different stakeholders are involved from the initial stage of crop production to the final stage of processing and then to the markets for trade or final consumption.
MBA specialisation in Insurance
An MBA in Insurance management teaches you about the various aspects of the insurance industry and how it works. You will also learn about the science of insurance, i.e. actuarial. You will be eligible to become a part of the insurance companies that deal with life insurance, general insurance, vehicle insurance and others. You can join the workforce as a Financial manager, Internal Auditor and Actuarial.
MBA specialisation in Banking and Financial Services
This is another very prevalent option among MBA students nowadays. The banking industry is witnessing a boom, and many jobs will come from this sector.
The COVID pandemic has added to the speed of the transition that this industry was going through. Subjects like Financial Management, Financial markets, Corporate Finance, and Risk Management will teach you the ins and outs of the banking industry.
MBA specialisation in Information Technology:
This specialisation teaches you about the technology part of management. You will learn how software and tech are used to make businesses more efficient and better. SAP, SQL, Data Warehousing, Database Management Systems, Cloud computing and other subjects necessary for a student to become a better manager with the right IT skills.
You can join as a Business Analyst, Data Analyst and work around the raw data the company has to solve the issues.
These were some of the primary specialisations that one can opt from. Some of them are conventional, while others are not so conventional. You need to make the right decision, as MBA is a very serious financial investment. Getting in touch with seniors or friends who have already done these courses is advisable to understand what you are getting into. This will help you plan better and, eventually, have a better ROI (Return on investment).
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