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Introduction
MBA, a master’s degree in business administration attracts students from a broad array of academic disciplines. Basically, MBA is coined and originated in the US to address the need for a scientific approach to business management in an industrialized setting.
As the name suggests, any MBA program aims to strengthen the core skills of an individual through guided-learning modules, case-studies, hands-on working experience, internships as well as placements.
Additionally, it provides scope for an individual to demonstrate his/her academic mastery in their chosen specialization. Accordingly, choosing an appropriate MBA specialization becomes more significant, making the task even tougher! The decision process involves numerous parameters.
Different Parameters in Choosing MBA Specialization
Why and how would one choose a specific course of study or specialization? The definite answer is the prospect of secured career and earning potential.
- Career goals, including global exposure play a key role in the decision making process.
- Going further, the decision to opt for a particular specialization would depend on the personality traits and specific interests of a person.
- Among other key parameters, graduation background or prior work experience and skill set have a great impact on the decision.
- The availability of the specialization, say for instance if the candidate should move to a different city or country to pursue the course and the associated costs have a great impact on the decision.
- The institute, which is offering the course and its ranking in top publications, alumni feedback, ROI are a few essential parameters.
- Also the purpose matters…. If an individual seeks to handle family business, then finance would be the right choice. Again, if one loves to travel, then marketing specialization would be ideal.
- B-school specialty also influences one’s choice of MBA specialization. For instance, MICA is famous for marketing, IIM-Calcutta is known for finance.
- One must also consider the scope of networking as strong networking helps in job search and career growth.
- Though one has to choose the specification in the first year, some schools provide the facility to opt for specialization in the second year. In such situations, the student can make the decision basing upon the subject introduction they have received in their first year.
- In some cases, students give in to peer pressure or family pressure in deciding on the specification, this is however, not advisable. Seeking an opinion is good, but a student should undertake a certain level of research and gain clarity as to what he/she expects from the MBA specialization.
MBA Specialization – Options
Prior to choosing an MBA specialization, one must get complete knowledge of all the available specialization options. The most common specializations include Finance, HR (Human Resources), Marketing, Operations and IT.
The sector also boasts of other latest options, such as International Business, Media, Hospitality, Healthcare, Logistics and Entrepreneurship to name a few. Let’s gain a basic insight into the most common MBA specialization options.
MBA Finance
Finance is the most popular MBA specialization. It ensures excellent career growth and fat paychecks. Finance is all about numbers, accounting standards, logical analysis, investment decisions, profitability, business acumen, corporate finance and strategies.
The course is well suited for individuals who are calculative, intelligent, good at math and find working around finances gratifying.
MBA HR
Any individual with an abundance of social skills, effective communication skills and listening skills would find MBA HR an ideal specialization option. Specifically, people who love resolving conflicts and who demonstrate extreme patience and perseverance would definitely make it big in this specialization.
In recent years HR emerged as one of the key functionalities in an organization. The specialization aims to provide insights into theories, practices, policies, training methods – all associated with human behavior in an organization.
MBA Marketing
Another popular specialization, MBA Marketing is best suited for extroverts or the ones who love traveling and meeting people from various backgrounds and regions.
Loads of optimism, outgoing personality, exceptional communication skills and compelling tactics to sell anything blended with a creative flair are the common characteristics of the people who choose marketing as their specialization.
A typical marketing curriculum comprises topics such as market research, analysis, product design, brand development, marketing strategies, pricing, advertising and customer relations.
MBA Operations
The specialization aims to provide a deeper understanding of topics such as supply chain logistics, sustainable use of resources,quality control, project management, global operations, planning and strategies associated with production.
Individuals seeking stable career options would find this specialization ideal. People with excellent coordination skills, negotiation skills, quick decision making and interpersonal skills would excel in this field.
The specialization is best suited for students who love to explore the working methods around manufacturing plants and warehouses. The specialization offers scope to explore potential areas of cost reduction and quality improvement.
MBA IT
Many regard MBA IT is for the ones from IT background. Well, that’s a myth. The specialization actually blends management tactics with IT.
Individuals with a knack in mathematics, statistical modeling, people skills and analytical ability would venture to capture the expansive career potential by pursuing MBA IT specialization.
The specialization blends organizational skills with technology to offer creative strategies that prepares students to manage teams across various geographic regions and stay updated with evolving trends in technology.
Conclusion
When choosing the MBA specialization, a student should have clarity as to the study and career path. In recent years, students started opting for dual standardization, which has its own pluses and minuses.
The B-Schools and MBA institutes have started offering major and minor combinations to support students opting for dual specialization. The education system offers considerable opportunities for students to explore and pursue. It’s the responsibility of the students to not to get carried away by the numerous options, but to correctly weigh their specific requirements and opt for the specialization, accordingly.
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