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In MBA, two things make difference at the end: first is the institution and second is the specialisation. These are the things which will stay with you throughout your life. Most of the students in first year are confused about choosing their specialisation. The types of jobs which you will be eligible for in the future, will be determined by your specialisation. Make yourself worthy candidate by choosing the right specialisation. Read this article to know, 'How to select your area of specialisation for MBA?'
There are a number of specialisations offered by different institutions but the most popular MBA specialisations are:
- Marketing
- Finance
- Human Resources
- Management Information Systems
- Operations Management
- International Business
Let us look at each one of them.
- MBA in Marketing The study of management process through which goods and services move from concept to the customer is called MBA in Marketing.
- Product: Identification, selection and development of product
- Price: Determine price
- Place: Selection of a distribution channel
- Promotion: Develop promotional strategies
- Sales Manager
- Sales Architect
- Business Analyst
- Retail Marketing Associate
- Social Media Manager
- E-mail Marketing Manager
- Social Advertising Executive
- Marketing Designer
- Marketing Analyst
- MBA in Finance Finance is the business discipline concerned with manageing money effeciently. It includes the assets and liabilities over time under conditions of uncertainities and risks. Finance can be divided into three categories: public finance, corporate finance and personal finance. Students who will opt for finance specialisation will get insight in the areas like budgeting, derivatives, tax planning, banking, corporate restructuring, investment analysis and portfolio management, financial markets and services. Finance management has been and will continue yto be a major requirement for businesses to managing their assets. There are various kind of jobs in finance like:
- Investment Banking
- Asset Management
- Hedge Funds or Private Equity
- Portfolio Management
- Credit Risk Management
- Derivatives
- MBA in Human Resources Human Resource (HR) discipline helps you understand how to acquire, manage and retain workforce within an organization in an organized manner. The specialisation provides you with the ability to manage cordial relationship between management and employees for the smooth functioning and the success of the organization. Students who will opt for HR specialisation will get insight in the areas like: recruitment, selection, training and development, designing jobs, assessments and motivation, health and safety, compensation. HR manager plays a crucial role in any company and job opportunities in this field are increasing globally. So, with this specialisation you can make your career successful. Some of the job titles in HR are:
- HR Generalist
- Staffing Manager
- Technical Recruiter
- Compensation Manager
- Employee Relations Manager
- Employment or Placement Manager
- HR Training and Development Manager
- Organizational development and change consultant
- MBA in Information (IT) Systems The objective of this specialisation is to provide an insight into basic features of Computer Systems and their Applications in Managerial Decision Making. The use of technology has extended to almost every sector which results in growing demand for professionals with a combination of business and advanced technical expertise. Students who will opt for Management Information Systems (MIS) will study papers like: data mining for business decisions, managing software projects, managing digital innovation and transformation, IT consulting, e-commerce and digital markets, strategic management of IT, managing digital platforms. MIS is the discipline that helps you organizes and analyzes data to answer questions and solve problems relevant to the mission of an organisation. Jobs for these professionals are growing faster due the ever growing demand for technology. Some of the job options in MIS are:
- Data Analyst
- Data Scientist
- Database Administrator
- Information Systems Manager
- IT Consultant
- IT Technical Support Officer
- Systems Analyst
- Information Security Manager
- Technical Support Specialist
- Application Analyst
- MBA in Operations Management Operations Management (OM) is a specialised field mainly concerned with inventory management, vendor management, purchase management and enterprise resource planning in production, manufacturing and services. OM facilitates the process of delivering value to the end customer by improving productivity, quality, cost, and turnaround time. Students who will opt for OM specialisation will study papers like: supply chain and logistics management, quality toolkit for managers, project management, pricing and revenue management, operations strategy, sales and operations planning, behavioral operations management, operations research applications, management of manufacturing systems, sourcing management, supply chain analytics. OM originated in the manufacturing industry and today, it is a valued specialization across all industries, including telecom, IT and e-commerce. Some of the jobs in OM are:
- Procurement Manager
- Plant/Facility Manager
- Logistics/Distribution Manager
- Warehouse Manager
- Supply Chain Manager
- Project Manager
- Sales Operation and Production Manager
- MBA in International Business International Business (IB) consists of trades of goods, services, technology, capital and knowledge at a global level. Master in International Business focuses on in-depth understanding of the organisational capabilities required for international operations. Students who will opt for IB specialization will study papers like: international marketing management, international trade laws, international labor organisation and international labor laws, export & import management, international finance and international HRM. In the world of globalization and liberalisation where opportunities are huge, every business wants to expand itself in the international market. Students with IB specialisation are key resource for such companies to plan and execute international operations of the business. Some of the jobs in IB are:
- Export Managers
- International Business Development Manager
- International Finance Manager
- International Business Consultant
- International Marketing ManagerBrand Manager
- Brand Manager
- International Logistics Manager
- Your Strengths: Each student has some strength. Identify your strengths and analyze the fields you are good at. Choose your specialisation based on your personality traits.
- Salary Packages: Get information about the salary packages of your MBA institution for every specialisation. But, do not let the salary be the only criteria. If salary packages are high for a particular specialisation but you are weak in that area, do not choose it as you will never enjoy your job.
- Number of Companies: Learn number of companies visiting your institution for placements in a particular specialisation. If the number of companies visiting for a particular specialisation are more, then the chances of getting jobs in that specialisation are also more.
- Subjects in specialisation: Before opting for any specialisation, deeply analyse the contents covered in each specialisation. This will help you in choosing the right specialisation and developing specific skills.
There are 4 P’s of marketing:
Marketing department of an organization is responsible for bringing in new businesses, increasing market share and to grow revenue of the company. Students who will opt for marketing specialisation will get insight in the areas like: market research, consumer behavior, sales management, brand management, social media marketing, retail management, digital marketing. An aspiring marketing professional needs to have a good interpersonal skills and analytical skills. There are various kind of jobs in marketing like:
How To Choose Your Specialisation In MBA
Focus on following your areas while using your MBA specialisation:
Choose specialisation you feel you are suitable for and holds your interest. While choosing your specialisation, focus on the following areas:Each specialisation has its own benefits. Choose specialisation based on your interests and skills and be assured of the fact that whatever specialisation you choose will require considerable hard work to excel and succeed in job and to become successful business leader.
Also read: How To Start Business After MBA In India?
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