Masters of Business Administration is one of the most sought after postgraduate degrees. Many students, wanting to get a headstart in their career, choose to study an MBA after graduation. MBA is a degree for where students learn about the different aspects of management. The degree takes up to 2 years to complete. In the first year, a strong base is established for students to build upon. You get to first learn the most important fundamentals regarding management. The second-year is when you have to choose a specialization MBA subject.This is the main subject in which you will be making your career, so consider this carefully and choose something you are passionate about.
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The following are the best MBA specializations for future taught in most B-schools. You have to choose between them. This is an important choice that will influence your whole career. Therefore, choose a subject which truly interests you, because in your final year, you will be delving deep into the specialization.
Finance is the subject concerned with managing money. This subject can be divided into three categories – personal finance, public finance, corporate finance. Under this specialization in MBA, you will come across subjects like taxation, budgeting, corporate restructuring, derivatives, portfolio management, investment analysis, financial services, and financial markets. This is an important specialization, as finance is an important part of any business.
This is one of the most popular specialization subjects in MBA. Marketing is a strong part of companies with products or services to sell. Marketing deals with the development, pricing, distributing, and advertising of the product or service. Marketing students have to deal with subjects like consumer behavior, market research, digital marketing, social media marketing, brand development, sales management, and retail management. There are many careers one can opt for this specialization.
This specialization deals with the management of the employees in an organization. The HR department is like a bridge between the management and employees, and they have to ensure that the work goes on smoothly. HR keeps all the employees motivated and happy, so they continue to keep doing a great job. Therefore, they play a big role in the success of a company. In this field, you will learn recruitment, training & development, compensation, assessments & motivation, and health & safety. HR is a growing field with many career opportunities.
This subject can be termed as the use of technology to better management systems. This subject balances management with technology, and students who opt for this field should also have a knack for technology. With growing technology, its applications are ever-evolving. Therefore with the use of the large amounts of data, we can use systems for better management in every field. In this subject of MBA, you deal with topics like IT strategy, data mining, digital innovation and transformation, IT consulting, managing software projects, e-commerce & digital markets,
This subject in MBA deals with business but on an international level. Students have to deal with organizational capabilities with operating on an international level. Globalization is a reality and international business is going to be an extremely important subject. Students in this subject deal with international trade laws, international marketing management, international HRM, international labor laws, international labor organization, export & import management, and international finance.
Entrepreneurship has seen a fast rise in the past couple of decades. Developing technology has facilitated innovations and developments of services platforms. This has also given a sharp rise to entrepreneurs with new ideas, and will make those ideas into companies. In this MBA specialization subject, entrepreneurs learn business concepts and strategies that will help the form businesses with limited resources.
The specialization is related to manufacturing. Students will be taught about supply chain management, and how to make improvements in the overall process to benefit the company and the end customer. In the specialization, you will learn about purchase management, inventory management, supply chain &logistics management, vendor management, project management, operations strategy, pricing and revenue management, sales & operations planning.
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Choosing a specialization can be hard as this is a subject through which you are going to make a lifelong career. However, there are factors to consider that will help you how to choose MBA specialization.
Here are top 10 factors you should consider while choosing MBA specialization:
Know and define what goals you have in mind after you have completed your MBA. This knowledge will help you choose the right specialization for you. If you dream to start your own company, you can specialize in entrepreneurship, or if you expand an already existing business, you can choose to do international business. Goals will make the choice clearer.
Look closely at the career options you have after you have done your specializations and attained your degree. If any of the professions attracts or excites you, it will become much easier to choose your specialization.
The biggest motivating factor for any professional is the earning potential. You have to look at the potential figures you can earn, along with professional benefits. This will paint a clearer picture.
Read up on expert opinion. Many industry experts write online for news websites, international media, expert forums, etc. Through their opinion and advice, you can get guidance on different specializations.
Check with your college’s alumni while making a specialization choice. They are in the best position to give you an honest opinion on the reality of their profession and the opportunities available.
Enquire and check the best specialization in MBA your college is known for. You can choose this specialization to ensure you get a great education and career.
The faculty that is going to be teaching is also a factor to be considered. You can enquire with the current students regarding the faculty. Get their feedback and opinion on the faculty teaching different specializations.
Take a close look at the curriculum of the specializations. Many B-schools follow the curriculum of an affiliated university or have their curriculums. Therefore, you have to judge the quality of specialization based on the curriculum.
Check the length of the MBA specialization program. It is usually the same for all specializations. The full course is two years, and the specialization is taught in the final year.
This is probably the biggest factor to consider. After all, you are the one who is going to study and put in the hard work. Therefore, choose what your heart and mind desires, only then will you be able to do well.
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One of the best ways to know which subject is best for MBA, assess which one is the best for the future. There are many factors to consider, and the careers to pursue with the specialization is one of the main ones. Heres what the future looks likefor specializations.
This is an industry that is always going to be present. Finance is an integral part of all businesses and will continue to get its due importance well into the future. Personal finance is another upcoming field that has a strong future.
Marketing has a lot of scope for the future. This is the department that drives sales, so will continue to be an important part of any companys strategy.
Human resources are all about manpower management. As long as companies employ human beings, HR will be in demand. Labour laws also getting strict all over the world, meaning there will be a bigger requirement for HR experts.
Technology is pushing the creation of new management systems. This is the future where everything will be managed by technology and programs, reducing human errors. Therefore, this industry can be termed as the industry of the future.
Once businesses start doing well nationally, the next step is to go global. This is where MBAs in international business have true value. Globalization will ensure there will always be demand for professionals in this field.
Any manufacturing company cannot function without operations management. Therefore, as long as manufacturing or products exist, the need for professionals in operations will only increase.
Closely consider what are the subjects in MBA and choose the right specialization. You have already made the right choice by choosing to do an MBA, now, solidify your career with the perfect specialization. You can get in touch with our counselors who will expertly solve all your queries and guide you in the right direction. Get in touch today!