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Getting an MBA degree is nothing short of a great accomplishment, and for MBA-aspirants, theres nothing more exciting than getting into a b-school of their choice. After all, graduating with an MBA degree comes with a great promise of making it big in the corporate world.
However, just qualifying for a renowned b-school isnt enough to build a great career. You need to be passionate about the specialization youre applying to, in addition to there being a high demand for that niche. Hence, a pertinent question that every MBA-aspirant needs to answer before applying to an institution is; which specialization to choose?
Related Blog: How To Choose MBA Specialization?
Since there is a magnitude of specializations that MBA courses offer, making this choice can be overwhelming. Right from Operations Management or Human Resource Management, to Entrepreneurship or International Business, you could specialize in almost every sector of your liking.
However, out of the many specializations that MBA courses offer, the most popular and promising areas are Finance and Marketing.
In this post, we will go over a detailed comparison and provide all the details you should know about an MBA in Finance and an MBA in Marketing, to help you determine which is the best one for you.
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Specially designed to help students gain in-depth knowledge about marketing, an MBA in Marketing helps you make wise marketing decisions related to fields like advertising, public relations, and others. Moreover, the course also helps you develop expert marketing campaigns that can boost the ROI for a company and gain new customers.
During this course, you will also learn about how to capture new marketing with the latest techniques and advanced technology. Due to globalization, the course also shows you how to market a company in the international market and create a global presence.
The subjects that you will gain exposure to during this course are related to the various tenets of marketing, which include but arent limited to:
With expertise in Marketing, an MBA graduate will be able to maximize the revenue of a company through innovative and creative promotional and marketing strategies and campaigns.
To know more about the eligibility, fees, scope of the course, career opportunities and benefits, you can read our extensive guide to MBA in Marketing.
Focusing primarily on the financial aspects of business and management, an MBA course in Finance aims to provide students with knowledge about how to make sound financial decisions for companies and organizations.
During this course, you will be taught extensive subjects that educate you on the various ways of effectively acquiring, managing, and distributing funds in a corporate setting. Additionally, you have the opportunity to develop and harness skills in data analysis and financial accounting while pursuing an MBA degree with a specialization in Finance. These skills will not only help you handle the financial prospects of business but will also guide you on how to allocate the financial resources effectively.
While there are multiple areas that are covered during the first year of this course, you can choose to either learn of the specialities together or focus on one and gain extensive knowledge in that particular niche. Some of the most common specialities taught during this course include, but are not limited to:
To know more about the eligibility, fees, scope of the course, career opportunities and benefits, you can read our extensive guide to MBA in Finance.
While both of the courses have their own specialities, pros, and cons, we have analyzed some of the most vital factors to provide a detailed comparison that can help you determine which is the better option for you.
Due to the vast difference in the scope of work, needless to say, the subjects covered in the courses for each specialization differs greatly.
a) MBA in Finance: Curriculum
The curriculum solely focuses on subjects that provide knowledge to students about various techniques and methods to tackle financial challenges and how to manage the funds of an organization effectively. Some of the subjects covered in the curriculum are:
b) MBA in Marketing: Curriculum
The curriculum of an MBA degree in Marketing is as extensive as the industry, with multiple subjects being covered. The sole focus of these courses is to enable students to effectively market a company to build a successful brand presence and gain new customers and leads. Some of the topics covered in the course are:
Regardless of which specialization you choose, the salary will depend on how many years of experience you bring to the table. Hence, we have divided the salary bracket for each specialization into three phases as given below.
a) MBA in Finance: Salary
b) MBA in Marketing: Salary
NOTE: The salary amounts provided above have been sourced from PayScale and the numbers can vary depending on multiple factors, including the college youve completed the course from.
When choosing a specialization, you must consider what youre good at and where your interests lie. Only then will you be able to not only excel in the MBA course but will also be able to build a thriving and successful career. Mentioned below is a list of technical skill sets you should have to opt for a particular MBA specialization.
a) MBA in Finance: Technical Skills
b) MBA in Marketing: Technical Skills
In addition to your technical knowledge, you should be motivated about the subject youre studying as well. After all, this is an area that you will be working in for years to come, and you need to be motivated to give your best. Mentioned below is a list of personal skill sets that you should possess to apply for a particular MBA specialization.
a) MBA in Finance: Personal Skills
b) MBA in Marketing: Personal Skills
The main objective for most individuals is being able to secure a job that not only motivates them, but also has a lot of scope for growth. Mentioned below are the various job roles and opportunities you can get after completing an MBA course in a particular specialization.
a) MBA in Finance: Jobs
b) MBA in Marketing: Jobs
Through the above factors, we drew a comparison between two of the most popular MBA specializations, i.e. Marketing and Finance, which should help you determine the best path for you to build a successful career.
In conclusion, the course you should choose depends on your personality and interests. For example, if youre an introvert, critical thinker and are passionate about statistics and numbers, then surely the opting for the Finance specialization is the best option for you.
On the other hand, if youre an extrovert, love communicating and building a brand, and are skilled at persuading people, then you should opt for a Marketing specialization.
Regardless of the specialization you opt for, we at ASMs IBMR provide extensive MBA courses in various specializations with a unique blend of industry exposure and cutting-edge curriculum. To build a successful managerial career in a niche of your choice, contact us today!