After you decide to pursue MBA, the next important important decision is to choose between the numerous specializations that are offered by management institutes. Every specialization has its own advantages. No specialization is better than the any other and every specialization is unique in itself.
Even though all the specializations of MBA are equally interesting, challenging and advantageous, make sure the specialization you choose is in accordance with your nature, area of interest and capabilities.
1. MBA in Finance
Every company requires finance to survive in the long run. Efficient management of funds and its mobilization in the right direction is extremely crucial for long term success and growth of the business. The finance specialization is the most popular and the most sought after specialization especially in India.
Financial managers deal with various aspects of financial management such as costing, management accounting, budgeting, trend projection, capital management, financial markets, and so on. The MBA Finance program enables you to efficiently manage funds of the firm you will be working in. It gives you the required intelligence to mobilize funds towards the most suitable direction. Even during recession, there is continuous demand for financial managers.
If you are a logical thinker and have a good command over numbers, then this specialization is the most suited for you. All the IIM’s, SPJIMR, NMIMS and Symbiosis Institute of Business Managements are the top business schools for finance.
2. MBA in Human Resource Management (HRM)
The human resources (employees) of any firm are responsible for materializing the goals of the firm. Good employees will make better decisions leading to the success of a company. However, in every firm, HR department is required for supervision, motivation and management of the employees efficiently. MBA in Human Resource Management (HRM) gives you the necessary skills to manage the employees of a firm. After MBA-Finance, MBA-HRM is the next most sought after MBA specialization.
If you are a good communicator and have the ability to deal with people, then this specialization is for you. IIM Ahmedabad and XLRI Jamshedpur are the top rated B-schools for HRM.
3. MBA in Marketing Management
Marketing is the sales and promotion of company’s products and services. For long-term growth and survival of any company, it needs an efficient marketing managers.
If you are a good communicator and have skills in influencing and resource mobilization, then this specialization is for you. Indian School of Business, IIT Bombay, IIM Ahmedabad and Faculty of Management Studies (FMS), Delhi are the top B-schools for marketing.
4. MBA in Information Systems Management
The IT industry is growing at a rapid rate all over the world. Almost, all business processes are conducted by computers. There is a huge demand for Information System Managers (ISM) or IT managers. MBA-IT gives you the skills required for designing, implementing, using and administering IT solutions in a company.
If you are a logical thinker and passionate about computers, then this specialization is for you. IIM Ahmedabad, IIM Bangalore, IIM Calcutta, Indian Business School Hyderabad and Loyola Institute for Business Administration (LIBA) Chennai are the top institutes for information systems management.
5. MBA in Operations Management
Operations management means management of production activities of a firm. Operations manager maintains efficiency in the production process and coordinates among various departments of the firm. The work includes management of raw material and inventories.
XLRI Jamshedpur, IIT Delhi, IIM Bangalore, IIM Calcutta and Symbiosis Institute of Operations Management are the best B-Schools for operations management.