Pursuing Master In Business Administrations- popularly known as MBA is just not a course to achieve a degree. It also helps you to elevate your career graph to the next level. An MBA program which is a two-year course aims to hone your skills in various subjects of management and become an expert at the same.
During the two years course; the first year you are given a brief introduction about the various management subjects. While in the second year of your MBA, you are given the option to choose a specialisation for your MBA degree. It is a difficult process for students to choose a specialization course out of the many available options to study. It is vital to base your selection from the perspective of your career growth and professional development before you proceed to make your final choice.
The business world-domestically or internationally is constantly changing, and being an entrepreneur it is imperative for one to be aware of all traits of management.
Listed below are the most modern business specializations :
Business Economics:
Business economics is a study of applied economics. It enables the students to think out of the box, create sophisticated strategies and achieve success in challenging situations. This specialisation focuses on economic variables, from employment or inflation to fiscal policy and mastering them. It helps you understand the relationship between economics and finance. There are a lot of useful information which you will study about like -economic forces that impact business, monetary and fiscal policies, employment and inflation etc. One can pursue careers in business, government or any industry on completing this particular specialization of MBA degree. Such individuals will take on roles at executive levels or positions as economic analysts, business development associates etc.
Finance and Accounting:
It deals with topics 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). F&A guarantees excellent career stability; it is ultra dynamic in nature as it offers a varied category of jobs and adequate job security to students graduating with this degree. The candidates in this segment of the firm will be involved in preparing reports which depict the financial operations like – Invoicing, Payroll and other transactions. They also have other added responsibilities such as – Auditing, monitoring the employees of the finance division, tracking the progress of the company and to recognize areas to improve the performance of the firm, be abreast with the current technology advancements and accounting softwares, conducting monthly/annual reviews to prepare finance reports, must be updated with the current market trends.The graduate student may work on job profiles like Chief Financial Officer (CFO), treasurer, controller, and purchasing manager, whether it’s in a bank, accounting firm, government agency, investment firm, large corporation, or small business.
Global Management:
Cultural or geographical boundaries can’t be factors which affect business. Hence global management caters to improve the opportunities available to trade globally. It fosters the entrepreneurial qualities to tackle multinational business and gives a unique identity.
Human Resource Management:
Human resource is the backbone of an industrial organisation, it can make an organisation or break it. It is the most significant and popular area of specialisation, it ensures an enduring relationship with employees. It hones the graduate student’s 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, professional development. The HR is also entrusted with – addressing employee grievances and helping to resolve the same, conducting job evaluations and job analysis, organizing training sessions. The jobs in this particular field are – Senior Human Resources Manager, HR Director, Employee Relations Manager, Compensation Manager.
Marketing:
Marketing is an important part of any flourishing business. It is the most challenging area of specialisation as it combines dealing with customers, brand promotion, research and much more. It sharpens your creative cult. You will be entrusted with the key responsibilities of analysing and understanding which products the consumers will want the most and what the current market trends are. Planning campaigns, forming budgets and handling the staff are some of the other responsibilities which the Marketing managers will have. Marketing managers will also be accountable for the execution of several marketing plans to help the organization grow. They should exhibit the skills to lead a versatile team and understand the different marketing approaches which are being employed by the competitors. The jobs in this field are – Market Research Analyst, Marketing Manager, Brand Manager, Product Manager etc.
Leadership Management:
Leadership quality is the need of the hour in any business. As the perspectives of business is to not only tackle crisis situations but to also tackle the situation by taking ownership. This area of specialisation helps to improve the leadership quality while facing challenges in working organisations. You will be taught to improve your interpersonal skills which are necessary to facilitate effective leadership and management. There is also a lot of emphasis on establishing values for a strong corporate culture, developing organizational goals and enhancing your critical thinking abilities. In some cases you will also be required to take part in a mentorship program before you graduate. The major subjects which you will learn in this specialization are – communication studies, sociology, psychology and other related fields. Certain universities also offer you the option to personalize your curriculum design post consulting with an advisor. The job titles you are likely to acquire are – Chief Executive Officer, General Manager, Executive Director and Vice president of Operations.
Agribusiness Management:
Agriculture has a new plateful of opportunities from a business point of view. The greater the business, the more administration it needs. From seed supply and agrichemicals to yield creation, sustenance dissemination, ranch apparatus, and notwithstanding showcasing and deals, there are numerous routes for individuals who have an MBA in this field to make their imprint in the agri-business administration. There are various concepts which you will learn related to the following topics – crop cultivation, food production and various other concepts in the field of agriculture. On completing this degree candidates can opt to gain employment in either private or government related industry. Alternatively you could also pursue your Phd or get into the field of teaching. Some of the top industries which hire the graduates in these fields are – Farming industry, Retail industry, Food production companies and Marketing industry. The position of the roles these candidates will hold are – Quality Controller, Agriculture Policy Analyst, Farm Appraiser, Operation Manager.
Public Administration:
According to BYJU’S mentors pursuing an MBA focusing in public administration is one of the most booming sectors in term of job opportunities. Public administration endeavours to decode how choices in government are made and also administering government activities to complete those choices. It is one of the most intellectual specialisation course and attracts those who perceive the society’s problems as business problems.
Supply Chain Management:
The industrial organisations face difficulties in maintaining a smooth relationship with suppliers. An MBA with a Supply Chain Management specialization offers study in operations, production and delivery methods, quantitative methods, logistics, strategic planning, and project management. It is fundamentally utilised to meet the demands of the customer through planning, control and implementation of the effective movement and storage of goods and services from source to destination.They will have to manage the entire product life cycle and take responsibility for the same till the time it is delivered. It includes how it was originally acquired, distributed and delivered. The supply chain management is critical for many firms to improve their profits. The typical roles which you will associate with this degree’s specialization are – Supply Chain Manager, Logistics Manager and Operations Manager.
Strategic Operations Management:
Strategic Operations Management is the connecting link between the missing loops which have occurred during the ‘process’ phase. For example from collecting raw materials into finished goods. An MBA graduate student learns about the strategic operations which include mass customization, lean production, agile manufacturing, customerÂ-centric provision and much more.
Choose your specialisation wisely and give an edge to your career. Good Luck!
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