Master’s in Business Administration is a course with a syllabus which covers a vast number of subjects. This course helps one become a more rounded professional, but many opt for courses which have a more focused syllabus on one aspect of business management i.e. specializing in one particular domain. Following are some of the well-known specializations provided with MBA:
1. MBA in Human Resource
MBA in HR will equip you with all these key skills, concepts and the knowledge to manage human resources in a way which leads to the success of a company. The courses teach you all about recruiting, training, team building, performance updates, employee policy, salary, benefits and increments, employee health and safety as well as staff amenities. If you’ve got good communication skills and can handle tough situations well, you can go a long way in this field.
2. MBA in Finance
An MBA in finance is among the most popular specializations as growth prospects in this field are immense. Financial management is focused on planning and controlling the financial resources of any industry. An MBA specializing in financial management will focus on management accounting and control, the Indian capital and money market, banking, privatization and international finance.
3. MBA in Marketing Management
Marketing management in India revolves around matching the needs of consumers to the marketing resources of a company. The course is about transforming consumer demands into services or products, which the company can profitably offer, deliver and promote in the marketplace.
The skills required for this MBA specialization is:
– Interpersonal skills
– Strategic skills
– Communication skills
– Entrepreneurial skills.
4. MBA in Operations Management
Operations Management (OM) is a specialized field that facilitates the process of delivering value to the end customer by improving productivity, quality, cost, and turnaround time. An MBA in Operations Management teaches students to effectively manage the processes behind the successful production and distribution of a product in an organization.
5. MBA in Information Technology (IT)
IT Management is the management of all information technology resources of a company. These resources can comprise of computer hardware, software, networks, data and data centre facilities and also the staff involved. An MBA in Information Technology Management is designed to educate and develop managers who can effectively manage the planning, design, selection, implementation, use, and administration of emerging and converging information and communications technologies.
6. MBA in Logistics Management
Logistics Management is a part of supply chain management that deals with the planning, implementing, controlling of flow and storage of goods and services, between the point of origin and point of consumption. Companies now need a new kind of supply chain/logistics/operations manager and this need has led to the creation of an MBA in Supply Chain Management or Logistics & Operations
7. MBA in Business Management
In the current scenario of globalisation, there is a need of experts in the field of business management due to the upcoming of various MNC’s and business groups to give competition to the Indian market competition. The course essentially teaches you detailed aspects of finance, sales, marketing, human resources, personnel management, operations, international business, retail management and more.
8. MBA in Healthcare Management
With the concept of healthcare going beyond hospitals, the healthcare industry in India has witnessed remarkable growth in the past few years. An MBA in Healthcare and Hospital Management may appeal to those interested in the pharmaceuticals sector, government agencies, insurance organizations, hospitals and consulting firms in the health sector. As a specialist in health care management, you may be required to respond to various critical management problems faced by hospitals and other agencies under the health sector.
9. MBA in Rural Management
With the changing socio-economic scenario and government policies on rural development, it has been seen that an increasing number of students are opting to work in this field. Rural management involves the application of management principles to the rural sector. This entails planning, organizing and controlling cooperatives and related organizations in the field of agriculture. The aspirants of this field are encouraged to visit rural areas, interact and stay with villagers as a part of their fieldwork, while an organizational internship gives them a hands-on experience of working in a rural setup.
10. MBA in Event Management
Event Management is basically gaining a set of skills to be used to set up events such as seminars, symposiums, conferences, fairs, exhibitions, festivals, functions and so on. It might interest you to know that major events like IPL, literature festivals, Olympics or Common Wealth Games completely rely on event management companies. Event management involves identifying and understanding the target audience, developing the theme of the event, communicating and promoting the concept, coordinating technical parameters, projecting the cost, successfully conducting the event and more.
The direction that you gained in your graduation degree would be instrumental in letting you decide the specialization and industry of your choice.
With these many options on your plate, the decision to choose a specialization might become easy when you match your preference and career goals with the course contents.
Author: Vibhanshu Thakur
Also Read: Types of MBA