Master in Business Administrations, popularly known as MBA, is not just a course to achieve a rewarding degree. Rather, it has multifaceted advantages in your career trajectory as well. An MBA specialization from a top university elevates your career graph to the next higher level of a management hierarchy. However, choosing a specialization course out of the numerous choices available could be a difficult process. Besides, it is also vital to analyse this decision from the perspective of your career growth and professional development before finalizing on a specialization.
Through the course of this article, we’ll provide you a list of top 5 industry specific MBA specializations you can choose from.
Top 5 MBA Specializations
The business world is constantly changing domestically and internationally. Hence, being an aspiring entrepreneur, it is imperative that you know about every aspect of management. When choosing an MBA specialization, you need to consider several factors such as:
- Your long term career goal
- The faculty profile of the institute to which you wish to apply to
- Structure of the course
- Career scope of the specialization
- Infrastructure related to the specialization of your choice
Now, let’s take a look at the top 5 MBA specializations in India.
- Business Economics
An MBA specialization in Business economics is a two year long postgraduate course that follows a regular MBA curriculum with more focus on economics. The course helps you to learn more about economic principles and about business-related issues. It enables you to think out of the box regarding the problems, create sophisticated strategies to solve these issues and achieve success in challenging situations. If you enrol for this course, you will learn concepts such as economic forces that impact business, monetary and fiscal policies, employment and inflation, etc. You can pursue a career in business, government or any industry as economic analysts, business development associates etc., on completing this particular specialization of MBA degree
- Finance and Accounting
In the MBA in Finance and Accounting course, the focus is mainly on Financial Accounting, Managerial Accounting, Corporate Governance, Corporate Finance, Capital Markets (including equity, fixed-income securities and derivatives), and Financial institutions and services (including banking and insurance). The course guarantees an excellent future for the students graduating with this degree. After the course you will get job profiles like Chief Financial Officer (CFO), treasurer, controller, and purchasing manager etc., in a bank, accounting firm, government agency, investment firm, large corporation, or small business.
Healthcare MBA is mainly intended for students who want to advance their careers in the healthcare field such as: insurance and health, healthcare delivery, pharmaceuticals, medical devices, etc. MBA Healthcare Management is a two-year postgraduate course that teaches you about the healthcare systems, hospital networks, or other medical facilities. The course offers a variety of job opportunities in hospitals and other corporate firms that focus on healthcare. Besides, the demand for professionals in the healthcare field is increasing day-by-day, and hence, you will be having several job opportunities once you finish the course.
- Human Resource Management
Human resources are the backbone of any industrial organisation. MBA in Human Resource Management focuses on teaching how to manage the workforce of an organization. Every company, regardless of its size, must have an HR to manage and hire the best talent. The HR is also entrusted with – addressing employee grievances and helping to resolve the same, conducting job evaluations and job analysis, organizing training sessions, etc. A masters business degree in HR just helps you do that. It hones your skills in talent acquisition, legal requirements, benefits compensation, handling the interview process, hiring of new staff and recruitment activities, appraisals, intimating candidates about their job responsibilities, payroll management, the benefits, schedules, promotions, and professional development.
Marketing is an important activity for any flourishing business. It is the most challenging department of a company as it combines the customer requirements, brand promotion, research and much more. The bigger the challenge, the better the demand is. An MBA in Marketing course focuses on the 4P’s of the marketing strategy– Price, Promotion, Place, and Product. The course also trains you in understanding the behaviour of consumers, building relations with them, and the basics of digital marketing.
There isn’t an answer for the question which MBA specialisation is best in India, since the decision on which MBA specialization to pursue is strictly personal. However, if you are doubtful about the current industrial trends, you can refer to this article, get an overview of top MBA specializations and then make an informed decision.