After completing the bachelor’s degree in business management, the students aspire to do an MBA in their preferred field or specialization. Many business schools and universities have full-time MBA programs which last for two years. In the first year of MBA degree, the students have to study all the essential subjects. In the second year, they can select the subject in which they want to do the specialisation. Many universities also offer one year MBA programs where the semesters are condensed to complete all the syllabus in that time only. There are some universities which offer the part-time MBA programs for the working students who can not attend the classes regularly. The classes of the part-time program are conducted on the weekends which becomes easy to the working people to give enough time to both of the things. Then their programs by some business schools for the students who want to do it from a distant place which is also called as distant or correspondence MBA programs.
MBA is the master’s degree for the management students, and there are so many options for the students to choose from. But there are few courses which are popular among the students more than others. Every specialisation has its advantages and challenges. Before taking the subject, the students should consider few important things such as what kind of job they want, what is their academic background, what is the main aim for taking that particular stream, what is the scope of that domain knowledge etc. This article will give you an insight into the most widely opted MBA specialisations across the globe. Being an MBA aspirant this information will help you to take an informed decision for your future by choosing the best subject for yourself
WHAT IS THE NEED FOR AN MBA SPECIALIZATION?
First of all, it has to be understood that what is the need to take a specialisation in MBA. Usually, there is no choice for the students but to choose a specialisation in the second year of the program. The universities have to keep the specialisations primarily in the business management degree because when the companies come for the campus recruitment, they shortlist the candidates with specific specialisations who can be fit in the job requirements of their firm. The market and industry demands are the main reason for having an expertise in the particular field. By studying the in-depth concepts of a single subject gives knowledge to the students and they can pave the way for a brighter future for themselves.
But choosing the most suitable specialisation is not an easy task. There goes a lot of thinking and decision making before taking a particular subject of the MBA to study in the second year. The students should give maximum emphasis to their career goals and there personal inclination towards a specific area of discipline. The specialisation is a major deciding factor to provide a direction for the career, and therefore this should be very sought after a decision taken after weighing all the alternatives.
Here is the list of most popular MBA specialisations which are also in demand in the corporate world:
MBA IN MARKETING
The MBA in marketing is a dynamic course which opens many opportunities to the students. Various concepts under the marketing revolve around the promotions of the product in a way that the consumers notice them and buy them. This discipline gives the students expertise in understanding the concepts such as the current and future trends of markets, consumer behaviour, market research, marketing research, advertising, promoting the products and services, pricing, and finally selling them to the customers. The marketing students learn to identify the customers’ needs, and according to them, they create strategies by using the insights from the marketing mix concepts. There are many skills which are essential to have to become a successful marketing professional and generate revenue for the organisation such as effective communication skills, understanding of the products of the company, and skills to mobilise the resources.
MBA IN FINANCE
MBA in finance is also one of the most popular disciplines. Different subjects which are studies under this are budgeting, asset management, corporate fiancé, corporate banking, equity management, costing, credit and risk management, portfolio management, international finance and capital management and many more. A finance manager has to manage the flow of the money and has to use it most profitably. Almost all the companies have a finance department where they need highly specialized finance professionals. Therefore, this always remains in demand. Moreover, there are few industries where they need finance graduates for the normal process as well such as the banking sector. And other finance-related sectors like insurance, financial consulting, the stock exchange, and the mutual funds.
MBA IN HUMAN RESOURCE MANAGEMENT
Human resource management is one of the essential functions of almost all the organisations, and it requires highly analytical, and people-oriented human resource professionals who can manage the employees efficiently. There are many subfunctions under HRM such as recruitment and selection, induction and orientation, training and development, employee retention, employee engagement, grievance management, compensation and payroll management, performance management system, appraisals etc.
MBA IN INTERNATIONAL BUSINESS
In this era of globalisation, it is highly essential for the firms to develop an international strategy to keep up with the changes happening in the global markets. A student of international business will gain the insight into the capabilities and requirements of an organisation to carry out the international operations. Here the students learn the essential functions of management with a global perspective such as the marketing in international business or financial management in the global scenario. The specific focus of the students taking this specialisation is to get a job in the multinational company. The primary purpose of the IB management is to impart an in-depth knowledge about various functions such as Import and export management, international finance, international marketing, global logistics, and foreign exchange management, international trade and customs management etc.
MBA IN OPERATIONS MANAGEMENT
The operations management is the field of study where the students learn how to manage the process flow for the maximum productivity and efficiency. This subject focuses on the functions of process management, products development, and the relation between different departments. The quality control process also comes from the operations management. The primary responsibility of an operations manager is to create the maximum output by using the limited resources.
MBA IN INFORMATION TECHNOLOGY
Information technology is the backbone of the business these days and that too all over the world. The information flow decides the success of the operations of any business, and therefore every company needs the specialists who can manage its information technological aspects. The course of MBA in IT is designed in such a way that it gives an in-depth understanding of different functions such as planning, designing, implementing numerous IT technologies. The IT manager should know the subjects lie system analysis and design, management of information systems, database management, IT infrastructure, computer security, legal and ethical business practices etc.
MBA IN SUPPLY CHAIN MANAGEMENT
The students who want to specialise in supply chain management will have to learn the various concepts of how a successful supply chain works and what are its pre-requisites. The subjects under this specialisation include warehousing, transportation, inventory management, logistics, different supply chain models, supply chain strategy, logistics strategy, and international logistics etc.
MBA IN HEALTHCARE MANAGEMENT
Healthcare is a prominent industry, and it also requires professionals who can manage the processes effectively. The students having an academic background in medicines or another healthcare sector such as nursing etc. can opt this as a specialisation in the MBA. The students after completing their MBA in healthcare can join corporations such as medical tourism companies, diagnostic laboratory chains, market research organisations, wellness centres, healthcare chains, hospitals, health insurance etc.