Master of Business Administration is a masters degree in management. You can pursue this degree only after you have gained a bachelors degree from a recognized university. An MBA opens up doors for you to get into the management aspect of an industry. Therefore, many students pursue this degree as there is a dearth of good managers in most industries. An MBA degree also ensures a good salary and growth opportunities. However, before you decide on your future, get to know about the potential of an MBA, specializations, fees, earning potential, growth opportunities and other viable options. And then make an informed decision on what degree to get to pursue for a successful career.
Specializations are to be chosen for your final year in the MBA course. Your specialization determines what field and the industry you are going to make a career in. Therefore, choose a field that you like.
Here are the different types of specializations for MBA courses.
The subject of finance is about the management, investment, and accounting of money. In this specialization, you will learn about various aspects of finance in an organization and other related professions.
Marketing is about the promotion, advertising, and sales of products and services of a company. MBAs in marketing are responsible for planning, strategizing, and executing marketing campaigns, resulting in increased sales and brand value.
HR is all about searching, hiring, and managing talent for your organization. HR managers also have to devise company policies to ensure the smooth running of the organization.
Business analytics requires research and analysis with the use of data and technology. This is a highly specialized course that is attracting the attention of many students, especially tech-savvy students.
The biggest organisations in the world run smoothly only because of operations management. However, this specialization is not just about daily functioning, but also has deep involvement in business strategies and planning.
The importance of the supply chain cannot be stressed enough for a manufacturing company. This specialization teaches you to plan, manage, and execute everything related to the supply chain.
IT has been the biggest growth engine of the country, and to sustain it, IT managers are required. Specialization in IT teaches you how to manage, run, and grow an IT company.
If you are sure of starting your own company, or already have a plan in mind, entrepreneurship is the subject to study. You will be fully prepared to successfully start and grow your company.
Delve deep into finance, economics, investments, taxation, and accounting. With a specialization in banking, you will learn about being a banker, economist, investor, consultant and more.
If there is an industry that needs good managers its agribusiness. This is one of the fastest-growing industries in India. This specialization is all about managing the agribusiness, which is quite from other businesses
There is a criterion you have to match or clear if you want to take admission for an MBA course. Each reputable B-school has a fixed criterion, which ensures they get the best candidates. Therefore, ensure you qualify as getting admission into the best B-schools is tough.
MBA courses are two years long, and most have the same structure. The two years are divided into 4 semesters, with two semesters dedicated to each year. The last year is when students choose their specializations. Nowadays, many B-schools also offer dual specializations, so students can choose two.
A study of the top B-schools shows that their fees for the complete MBA course range from 10 lakhs to 20 lakhs. So, we can assume the average fees of 15 lakhs. The next ranked B-schools have a fee range of 16.5 lakhs to 11 lakhs. And there are also B-schools that have a fee price of 5 lakhs and 3 lakhs.
Many different factors affect the price of the course. Some B-schools offer internships in foreign locations, studying abroad opportunities, and student exchange programs. Fees structures also change if no hostel expenses are involved. Some B-schools also provide new laptops for each student, while others also provide on-campus amenities. Therefore, there are many factorsthat decide the final fee amount.
MBA is arguably the most popular master’s degree course in recent times. Students have realised the importance of this degree, and the earning potential it brings along with it. Most recognized MBA courses get full quickly, and millions of students sit for national-level MBA exams. Even good, part-time and distance learning MBA courses get full admission. MBA graduates are some of the highest salary earners in the country. Therefore, the scope for MBA in Indian is only going to get better.
An MBA degree opens doors to many careers, most of them managerial in nature. Your career depends on the specialization you choose. Some may require you to work in the field, while others may require working in an office. There are technical profiles as well. Though in a few fields, you may have to start from a junior position, the salaries are high, and the growth is exponential. MBA graduates can also get into consulting where they offer their services in exchange for a fee. The career opportunities are just endless.
If you are still in two minds about an MBA, here are a few benefits that will help you decide whether an MBA degree is the right move for you. These benefits are what make an MBA better than most postgraduate degree courses.
These are just a few benefits of an MBA, to know more, you can further read, 15 Reasons to Consider an MBA Degree.
Those who are serious about a long and successful career should choose an MBA. An MBA not only provides you knowledge, but also with skills that no other degree course will teach. Getting an MBA degree could be your best career move.
To know more about an MBA, and how it will craft your future, get in touch with our counsellors who will expertly guide you on such matters and more.