Specializations in MBA

Clearing the CAT Exam is only the first stage of the hurdle. Choosing the right course is the final hurdle. In a two-year MBA program, the first year is the student getting familiarized to various management functions in a holistic manner and getting used to the stressful routine that a managerial career awaits them. The second year is about choosing the best specialization that is offered by all MBA institution. The top five specializations that all MBA institutes offer is Marketing, Finance, Human Resource, Information Technology and Operations Management.

Which MBA Specialization to Choose?

Your skills, career goals, and personality determine the MBA specialization you will take. You are comfortable in number crunching and tallying that balance sheet; then finance is the one for you. You are innovative, creative and influencing people is a cake walk for you, then marketing it is. Likewise, there are certain factors to consider before deciding which specialization is the best for you.

Every year lakhs of students and professionals apply to MBA colleges across the country. At some point, each one of them goes through the turmoil of choosing the best MBA specialization for future.  However, only a few of the applicants make the right choice and emerge as winners. According to the digital data, there are as many as 81 specializations that are currently available. Therefore, there is a fair chance that there is a specialty out there which caters to your individual leads.

Singling out a specialization can be a taxing process. Hence, it is essential for an applicant to consider their career goals, passion, and professional development before making a choice.

To make an informed decision on which MBA course is the best for you, here the top 5 MBA specializations are enlisted with the various career paths you can pursue along with the approximate salary you could expect post completion of your degree.

  • Finance

Finance in MBA will give a student’s excellent exposure to various financial aspects of business, be it financial accounting, cost accounting, equity modeling, statistics, financial markets and the like. The career opportunities finance can provide are: Financial analyst, process associate,  investment banker, Private or public sector Banker are some of the options to start your career with after an MBA.

MBA in finance is by far the most opted specialization all over the world. It is one of the traditional fields which students pursue. Subjects like Costing, Budgeting, International Finance, Capital Management, etc. are part of the curriculum, and it has a vast scope. The opportunities are more diverse and more challenging in comparison to the other specializations.

Career options
  • Cash Managers
  • Risk and Insurance Managers, Management Consultants
  • Investment Bankers and even Chief Financial Officers (CFO) who oversee all financial and accounting operations of a  company.
Best Institutes
  • IIM-C
  • FMS
  • IFIM
Expected Salary Up to $30,000
  • Marketing

The very dynamic and competitive specialization, marketing, is a very popular choice among management students. The personality traits you need to comply with to take this specialization up is communication skills, an enthusiastic zeal to make it to the top level positions in the field of marketing and sales. Fast moving consumer goods, Media and Research, Sales, Advertising, Non-Durables are some of the industries you can start your career with after MBA.

Even though MBA in marketing helps you gain more critical knowledge and activities of business, in financial services sector too, the success of products like loans, insurance, and credit cards depends on the ability to influence the customers. 
Market Research Analyst,  Sales Manager, Area Manager, Regional Manager, are some of the titles to start with after an MBA.

MBA in marketing prepares students by giving them a detailed understanding of the concepts, tools, and practices associated with modern marketing. This specialization focuses on brand consultancy, international marketing, advertising, strategic marketing and consumer relations and sales

Career options
  • Brand Manager
  • Project Manager
  • Sales Manager
  • Marketing Manager
  • Market Research Analyst
  • Chief Marketing Officer (CMO)
Best Institutes
  • S.P. Jain Institute of Management
  • Faculties of Management Studies
  • Indian Institute of Foreign Trade
  • Jamnalal Bajaj Institute of Management
Expected Salary Up to $35,000
  • Operations

MBA in Operations will make you adapt to deal with Production Management or Shop Floor Management. You learn how to come up with maintenance process flows, do ancillary management, develop vendor and interdepartmental relationships to ensure smooth and efficient business operations.
An eye for details, zero-error efficiency levels, technical knowledge of the process you are handling, general idea about manufacturing, process, and sales help you reach the top level.
An MBA in operations opens up your career for supply chain management, quality control, logistics, inventory control and the like. |It is noteworthy that some companies prefer the candidates from a technical background with operations specialization during the campus placements.

MBA in Operations teaches students about how products, services, and supply chains are designed and managed. It also emphasizes on proposing and maintaining process flows, developing vendor and inter-departmental relationships, doing ancillary management, etc. to ensure smooth and efficient business operations. It is an ideal course for applicants from engineering backgrounds.

Career Options
  • Operations Manager
  • Plant Manager
  • Consultants
  • Chief Operating Officer (COO)
Best Institutes
  • IIM-A
  • IIM-B
  • IIM-C
  • S.P. Jain Institute of Management
Expected Salary Up to $30,000
  • Human Resources(HR) 

HR Is ranked as the trickiest job in the corporate world because it deals with people in the business. From recruitment and selection of resources to deciding the best compensation, Performance Analysis, the HR has to handle everything related to the employee. All the sectors require an HR.
Excellent communication,  charismatic personality and dependable and responsible will launch the best career in HR.
You need to be able to relate the Human behavior and theories in books to real life. You have to be a people’s people for that. Usually, HRs are going to be the first point of contact between the employer and the employee, and hence efficient Human Resource Development plays a major role in keeping business operations smooth. XLRI Pune, IIM Lucknow, TISS and MDI Gurgaon are the best institutes ranked as the best management colleges for HR specialization in India. An MBA HR, from the best B-School with expert faculties, allows you to find good global career option in the marketplace.

An MBA Institute will only give a basic idea of various domains of business, but in the end, it depends on your choice of specialization that would help you deepen your knowledge for that specialization. To know about which specialization is going to suit you the best. 
MBA in Human Resource teaches students the kind of skills managers need to bring in and retain a competent and healthy workforce, from initial recruitment to the effective training and development of employees. It is one of the trickiest job roles to be exercised.

Career Options
  • Recruitment and Selection managers
  • Compensation and Benefits Managers
  • Health and Safety managers
  • Labor and Employee managers
  • Relations Managers
  • Training Managers
Best Institutes
  • XLRI Pune
  • IIM-L
  • TISS
  • MDI Gurgaon.
Expected Salary Up to $45,000

 

  • International Business(IB)

MBA in International Business is for students who wish to gain global exposure and target multinational companies. The course covers a variety of issues affecting global business such as globalization and cross-cultural differences, the process of doing business in emerging markets, managing a multinational enterprise and the role of multinational organizations in social and environmental issues.

Career Options
  • International marketing director
  • Financial controller
  • Multinational Manager
  • Business development director
  • International Trade
  • Customs Manager
  • International foreign policy advisor
Best Institutes
  • IIFT
  • IIM-A
  • Indian School of Business
Expected Salary Up to $50,000

  • Information Technology (IT)

Students who have Information Technology or software engineer graduate can go for IT or MIS as their specialization in MBA. The career choices they can go for is a technical consultant, technical systems manager, system analyst and the like.
Indian IT professionals are the people who are respected worldwide and with an MBA in IT makes you irresistible for any MNC. Today, management graduates with technical skills gain tremendous respect among their peers.

The student can also go for Business Analyst position, pre-sales or Business development manager, Sales or ERP Consultant, Project Manager, Functional, and process associated.

Ultimately what you invest in depends on what factors are most important to you. If you are looking at top B-schools in India for your MBA and are thinking of taking up CAT 2017, stay tuned with Byju’s. With numerous video lessons and preparation tips, learning can now be effective and easy.