Specialization in MBA: MBA is a two-year master’s degree program in business administration that aims to develop the student’s management skills required for the efficient running of a business. This course informs the students about the different factors that affect the operations of the business and also trains them to make proper objective plans keeping in mind every aspect of the business to ensure the smooth running of the business. The MBA degree gives the aspirants a competitive edge in the job market. Companies nowadays are seeking to hire more MBA graduates as employees.
The first year of MBA mainly focuses on the primary subjects of management in order to strengthen the student’s knowledge in core management areas. In the first year, the students learn the basics about every department and area of the business. In the second year of the MBA, the students have to decide a subject or area on which they want to do their specializations. The students, before choosing any specialization, should first evaluate their skills and find out which subject or area they are good at. There is a wide range of specializations to choose from as per the student’s skills.
Get to Know More about other types of Course Details Streamwise, and Categorywise.
With the operations of the business upgrading every year, business schools are adding more specializations into their MBA courses so that students with appropriate skills and abilities will be prepared for any challenge that will arise during the business operations.
Let’s discuss some of the specializations in MBA:
Finance specialization in MBA is one of the most popular specializations because a student with finance specialization has a high scope to immensely grow in his career. The course develops the financial management skills of the students. Students with this specialization are hired in the financial department of companies and are responsible for managing and controlling the financial resources of the companies.
Students need to have a set of skills to prosper in the finance sector. Some of these skills are supervisory skills, mathematical skills, accounting skills, and leadership skills. The job opportunities in the finance sector are in a lump sum so a student after completion of the course can be hired as an asset manager, financial advisor, financial analyst, risk manager, etc. All of these jobs compensate well. The average salary a student gets after completing his master’s in finance is around Rs 7 Lakhs.
MBA in Human Resource Management aims to develop the student’s skills in handling and controlling the human aspect of a company. Managing human resources is one of the most robust things management has to do because human behavior is unpredictable. Students with Human Resource Management specialization are trained and equipped with all the knowledge required to manage the human resource in order to achieve the objectives of the business smoothly. The areas in which students get trained are recruiting, team building, compensation policy, performance evaluation, and safety policy of the employees.
In order to pursue a career in the human resource field, a student needs to have specific skills such as communication skills, motivating skills, strategic skills, and leadership skills. Companies hire these students as recruiters, HR Assistant, payroll specialists, human resource managers, labor relations managers, employee relation managers, etc. The average salary for HR students ranges around Rs 5 Lakhs for freshers, an experienced HR job seeker is paid more than this.
Marketing specialization is very popular among the students because job availability in the marketing sector is very high as compared to the other sectors. This course develops the analyzing and research skills of the students. A student who is hired in the marketing department of a company is responsible for analyzing the market to gain knowledge about the consumer behavior and their preferences so that he/she can guide the products department to develop the products as per consumer preference. The students in this course are also trained to increase consumer demand in the market in different possible ways.
The skills required for a marketing student are interpersonal skills, analyzing skills, communication skills, entrepreneurial skills, and strategic skills. Companies hire marketing students in different job profiles such as market research manager, marketing manager, product manager, media planning manager, digital marketing manager, brand manager, etc. The average salary in the marketing sector is Rs 5 Lakhs, but students can earn up to Rs 20 Lakhs with proper experience in this field.
MBA in Information Technology aims to educate the students regarding all the skills and abilities required to manage the information technology department of a company. The importance of an IT department in the company has increased in recent years due to the emergence of advanced technologies. A student who is employed in an IT department is responsible for the selection and implementation of advanced information and communication technologies. Before selecting some new tech, the IT employees should make a proper plan regarding the usage in order to avoid any difficulties in the future.
Students who want to pursue their career in the IT sector are required to have certain skills such as problem-solving skills, analytical skills, strategic skills, and flexibility. Companies hire IT, students, in various job profiles such as project manager, information system manager, business development manager and strategic planning manager. The average salary an IT employee gets is around Rs 5 Lakhs for freshers, and this compensation amount increases with experience.
MBA in logistic management is also known as MBA in operations or supply chain management. This course is for those candidates who are interested in the distribution and storage fields. Students pursuing this course develop their skills in managing the goods of a company during the process of transportation and storage. An operation student handles the process of transportation of goods from the manufacturing place to the selling place. An operation student is also responsible for the safety of the goods while they are stored in warehouses.
The candidate should be responsible, honest, and calm while dealing with the logistic responsibilities of a company. Companies hire logistic students in different positions in their logistic department. Some of these positions are warehouse manager, supply chain analyst, supply chain coordinator, expeditor, production planner, sales order planner, etc. The average salary for jobs in the logistics sector is Rs 6 Lakhs.
Recently, the Government is making new policies and upgrading the old ones to increase rural development; therefore, more students are now interested in working in the rural sector. Students opting for MBA in rural management have seen immense growth in recent years. Rural management students have skills to help agriculture-related organizations and cooperatives in planning different goals for the company. These students are good communicators who help them to interact with the villagers properly without facing any trouble.
The students must have the skills to work with people having diverse interests, and they should have proper knowledge about the local language of the place they are working. The students should also have the ability to handle crowds calmly. Rural management students are hired in different Government-owned or sponsored rural development projects or different NGOs. There is a lot of fieldwork in this rural sector. The average salary a student can get after this course is Rs 3 Lakhs.
The Healthcare sector has seen immense growth in recent years due to which MBA in healthcare management has gained popularity among the masses. Students with an interest in the pharmaceutical sector can pursue their careers with this course. This course helps the students to improve his/her skills in managing and handling different unpredicted situations. Students who are hired after the completion of this course are required to solve every managerial problem that arises in the healthcare organization with their expertise.
As with every specialization, in order to pursue a career in the pharmaceutical sector students are required to have some skills such as ethical judgment, adaptability, quick thinking, and leadership skills. Healthcare organizations hire these students in different job profiles such as healthcare manager, hospital administrator, pharmaceutical project manager, healthcare finance manager, etc. The average salary for a student with a healthcare management degree is around Rs 6 Lakhs for newly hired employees.
A student cannot be an expert in all the sectors of management, so it is essential for all the students pursuing their career in MBA to choose a specialization according to their skills and abilities so that they can see immense growth in their career with the passage of time. Nowadays, universities are also providing MBA courses with dual specializations, here the students can excel their skills in two sectors.
With the introduction of new ways of doing business and up-gradation of businesses all over the world, colleges are adding new specialization into their MBA programs so that a candidate will have a wide range of choices and can choose a specialization that suits his/her skills. There are more than 30 specializations in MBA all over the world.
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