Aspiring to pursue management program but muddled up as what specialization to opt for? Well, choosing an MBA specialization is quite cumbersome and one must be extremely careful while deciding upon the same. It is an enormous career decision and a lot of factors should be considered before deciding on a field to major in. Most importantly, your decision should lie on your interests and expertise.
However, with the plethora of new avenues in the market, specific courses such as MBA in Communications, Hospitality and Tourism, Financial Management and Sports Management have also mushroomed up. Yet, there are a few particular specialties that students favour over the new specializations because of the lucrative future prospects and handsome salary packages. Hence, the top 5 specializations have been mentioned below for your reference. Have a look.
An MBA in finance can lead an aspiring student on the career path of an investment banker or help him foray into the stock market. Finance graduates can become business analysts, auditors, financial managers as well. Further, a finance graduate can study CA, CPA and CFA to grow further in his career. Finance is the most touted specialization in the world. With a finance degree, one can also venture into banks, insurance, credit rating, risk and insurance managers and become CFOs of large MNCs. An MBA in finance from a decent B-school will guarantee a high paying pay check as well. The earning potential is limitless as finance will always be around. It is like the rock star of the specializations in MBA. Finance is for people who are in love with numbers and balance sheet, have high-end analytical skills and are more comfortable working at the back-end of the company.
Another favoured specialty, marketing is a major where the student requires more creative finesse and a knack to be convincing to excel. People who are usually extroverts prefer this specialty. Other than the basics, it is the strategizing, planning and having that X-factor in one’s product is what is taught to the students. This specialty is again very limitless. As long as there are new products and companies, marketing professionals will always be demand. Usually, marketers are the face of the company. Their pay is huge but the commission is also a way to earn. MBA in Marketing equips you better for a very critical activity of any business. If you have an outgoing and spontaneous personality, it can influence people with your words and actions, and live in the moment, marketing is your field. It offers a student a fast-paced career which is full of responsibilities, challenges, and growth opportunities.
Since the world has gone digital, communication management has become the hot favourite to pick as a major. With the world running on the internet, there is a need for people to communicate simply and bridge the gap. Hence communication management is a curriculum designed to equip students on how to manage digital portfolios, run campaigns, strategize digitally and plan based on the new digital world. The best and even possibly worst thing about digital is that it lasts for a while. Also, communication management is helpful for students looking to foray into the world of writing, CSR, media management as well as community building. A large chunk of CEO positions in top multinational companies is dominated by people from the Marketing background. An MBA in Communication management can lead you to fat pay packages as Brand Manager, Project Manager, Sales Manager, Marketing Manager, Market Research Analyst, Area/Regional Manager and even to the position of Chief Marketing Officer (CMO).
Logistics and Operations management is now an upcoming genre of major. It is for students who are super organized and manage the administration very well. This degree will equip to become production manager, supply/chain manager, logistics head at e-commerce companies and huge MNCs as well. It requires an eye for minute details, high-efficiency levels, negotiation skills and an ability to deal with situations which are extreme, technical know-how of all the processes you are handling, and general ideal about manufacturing, sales, and distribution channels of the company you work in. Seamless coordination and technical know-how is a must. Only a person who enjoys being persistent can do well in this degree and field of career.
We all understand how IT works. India is the largest producer of IT graduates, the world runs on technology. What better to major in if not IT? This major can be limiting as only an engineer can major in this specialty. This degree can open up positions such as System Analyst, Technical Systems Manager, Technical Consultant, and Business Development Manager – all the way up to the position of the Chief Information Officer (CIO) or Chief Technology Officer (CTO). This degree has a ton of requirement in the e-commerce and major IT companies. Companies such as Infosys, TCS and Wipro hire them.
So, if you are confident that MBA is the way to go. Then choose these specialties and gear for a fruitful career.