Have you decided to go back to school for business, but are confused about which MBA Specialization you must choose? If someone decides to return back to school, there could be many reasons to do that, maybe they want to get a higher degree for better job prospects, or they might have a need to study business studies so that they could be better at their own startup. Whatever your reason might be, you will want to choose a program that best fits the career goals you have. This article will guide through all the “Ws” of choosing the right MBA programme for you.
A classic two year General MBA Programme is not the only option for you. There are several specializations that you can try. Plenty of MBA schools of your different MBA programs based on the level of your experience, requirement, distance, and the amount of time that you can devote to the program.
What is the difference between a general MBA and a specialized MBA programme?
- Specialized MBA programmes provide the students in-depth education in one field of business like you can choose Finance, Accounting, or entrepreneurship and you will be taught about that specific programme. On the other hand, a general MBA Program offers the students a broad base knowledge about all specialties and help them develop a skill that can be applied to many practices.
- If you already have a plan in your mind about the work profile that you are going to enter or are already into, then specialized MBA is for you. And with a general MBA program, you can apply for any industry.
- Specialized programmes are generally for one year, and you can opt for flexible timing if you are working. But, general MBA programmes are full time and are for a 2-year duration.
Which Field Is Best In MBA
As discussed above, the MBA specialized is based on your requirements and experience. You can also choose a type of MBA programme based on the time that you can devote to the school. Here are the types of MBA programmes that are available ~
1. Full-time MBA – The candidates who have two to seven years of work experience, who want to opt for an MBA program to get a better job opportunity, can opt for a Full-time MBA. This requires the students to quit their jobs and focus completely on the B-school. Full-time MBA is typically a two-year programme.
2. Part-time MBA – This is intended for the students who don’t want to leave their jobs or cannot afford to do that. Many schools even provide night classes or weekend classes, and even Distance MBA depending on their schedules.
3. Executive MBA – An MBA programme which is specifically for those candidates who have substantial leadership experience. Students who opt for Executive MBA must have at least seven to ten years of experience at work. If you opt for an Executive MBA, you can also take EMBAs, which are also part-time and have a variety of scheduling options.
4. Online MBA – The online MBA is an alternative for students who need more flexibility in their study time. These programmes typically take three to four years to complete, as they are part-time. You can complete them in a shorter amount of time.
Whichever you choose, you must be careful about your work and study pattern. You do not want to mix these two, and you don’t want to lag behind in either.
Psychometric Test For Choosing MBA Specialization
You must have heard about aptitude tests for various courses, MBA too, has some desired scoring criteria that every student must follow. In India, admission is generally based on the GMAT score. There is Psychometric testing that is used by employers in order to filter through the prospective job seekers. These tests are designed to assess the abilities and intelligence levels of candidates. The psychometric tests have a limited amount of time to complete and this time pressure is the major element to check the ability of the candidates.
Preparing for a psychometric test – The easiest and most effective way to prepare for any psychometric test if to practice with mock tests. If you believe that you are good for the job, then you need to be well prepared for a psychometric test, or aptitude test, it is very important to crack.
MBA Specializations In Demand In India
With the increase in competition, the students have started taking steps ahead and started opting for various MBA programmes. There are many MBA Specializations In Demand in India, which are listed below –
1. MBA in Finance studies
The most popular specialization in India teaches you about various subjects like costing, budgets, International Finance, Capital Management, etc. It enables the students to become an expert in Financial Management related areas. You can work in the financial department of any organization if you have such expertise. But to opt this course, you must already have a graduation degree in the same specialization.
2. MBA in Marketing
It is one of the most popular streams which candidates opt for their career. Marketing area is very vast and thus offers a very dynamic and competitive career to its aspirants. Students learn about various aspects of marketing which include, but does not limit to, consumer behavior, market behavior, advertising, and other crucial skills. What do you need most to take admission in this specialization? Excellent communication skill, resource mobilization skills, and of course the graduate degree in any specialization.
3. MBA in HRM
HR, as they call the Human Resource Management personnel, have functions including workforce diversity management, mergers and acquisitions, managing demand and supply of labor markets in emerging economies, and more. If you have excellent communication skills and are reliable and confident, then MBA in HR might be a good option for you. For those who are interested in the management of employees and in helping them to grow in the organization, this specialization is best for them.
4. MBA in International Business
MBA in International Business course aims to provide an in-depth understanding of the organizational capabilities required for international deals. You can consider this degree if you have interest in working with multinational corporations.
5. MBA in Operational Management
OM managers deal with production management or Shop Floor Management related function. You learn to maintain various inter-departmental relationships. It gives the candidates an in-depth knowledge of product development and design, and process optimization.
6. MBA in IT (Information Technology)
It is designed to educate managers who can manage the planning, design, and administration part of the business team. You learn to solve business problems related to the implementation of hardware and solutions. Graduates in any stream can pursue MBA in IT, but it will be more valuable if you are from IT background.
7. MBA in Supply Chain Management
It is a unique and exciting opportunity in the field of business studies. You learn about various methods of inventory management, warehousing, and transportation of various materials required by the client or a company.
8. MBA in Rural Management
If you want to focus on marketing with a focus of Rural business, and want to experience an immense growth the rural markets and organizations are gaining, then this specialization for you.
9. MBA in Agri-business Management
An MBA aspirant learns to manage the companies which work with the agricultural products of consumers. The students learn to manage, market, and understand the finance functions with an emphasis on specialized requirements of the agribusiness sector.
10. MBA in Health Care Management
An MBA in healthcare covers core business skills related to the healthcare industry. The specialization will provide you with in-depth knowledge about the specific issues of the hospitals and its administration. To become an integral part of the hospital operations, you can pursue an MBA in healthcare management.
Best MBA Specializations List
There are many other specializations that are available for candidates who want to pursue their dream job. You can look at the lit to select the Best MBA Specialization For Future and if you want you can pursue the course in any MBA institution in India, or Abroad.
1) Innovation Management / Entrepreneurship
2) Agri-Business Management
3) Supply Chain Management/Operations
4) Energy and Clean Tech
5) Environmental Management
6) Media Management
7) Healthcare Management
8) Cybersecurity/Information Security
9) Information Technology
10) Strategic Human Resources
11) Executive MBA
12) Executive MBA in Asset and Wealth Management
13) Strategic Operations Management
14) Homeland Security
15) Social Entrepreneurship / Non Profit
16) International Business
17) Management Consulting
21) Business Management
So, what were your thoughts on the list we provided? Were you able to get an idea about the various MBA specialization provided? If you were, please do tell us which one suited you the most.