The Masters of Business Administration (MBA) is generally a two-year program which aims at preparing the students for challenges in the business world. Students are equipped with the necessary know-how on how to become better business administrators and add value to the organisation and the society in general.
But the whole course structure of most of the common MBA courses is not uniform in approach. The first year is focused on building up general concepts and getting a holistic overview of all the areas of management. It is aimed at building up a firm foundation and prepare the students for the more specialized studies which would come next year. In the second year, the students have to choose to specialize in a particular area like Marketing, Finance, Human Resources etc.
The specialization you choose stays with you for the rest of your life and is the deciding factor behind the job roles that you will be eligible for in the times to come. While choosing a specialization, the best way to go about it is to analyse the various opportunities and challenges associated with each of the specializations and then decide which one suits you best according to your strengths and weaknesses.
Students who wish to pursue a specialisation in marketing will need to analyse and handle consumer and market behaviors properly. The work will mostly involve things like product placement, branding and advertisement according to the analysed behaviour of consumers.
You will be responsible for increasing the revenue of the company by attracting new investments and expanding the market share.
A course in finance teaches you efficient money management. This specialisation helps students gain useful insights into the operation of financial markets. Banks and other financial institutions regularly require candidates with a specialisation in finance to manage their assets and offer huge pay packages in return, which makes this field a highly lucrative option.
If budgeting, tax planning, portfolio management excite you, this would be the perfect specialisation for you. After completion of the course, graduates are hired for various positions like Investment Banker and Credit Risk Manager.
An HR specialisation teaches students about efficiently hiring, managing and retaining the workforce in an organisation. An able HR manager is expected to maintain a healthy and systematic relationship between the employees and the management of the organisation so that it functions in an organised and seamless manner.
The role requires you to manage all the aspects of the employees of the organisation like recruitment, training, assessment as well as taking care of their health, safety and compensation. This results in overall employee satisfaction who work at their best to ensure that the company functions in its full potential.
Technology is nowadays being used in almost all areas of a business, and this calls for people who have gained expertise in both business management as well as it’s technical aspects.
The presence of IT and technology in almost all facets of modern day businesses has led to a massive increase in the demand for this kind of professionals. So if you are interested in, or have a firm background in areas like Data Management and IT consulting, this would be a very healthy choice to boom your career growth to new levels.
While choosing a specialization, you might want to do some additional research on it to assess some other features of the specialization. You can find out the demand for the specialization in the market and the growth trends associated with it. Apart from that, it would be a good idea to carefully examine the course curriculum to know the papers and the subjects that you would have to face. This would tell you whether you would be interested in the course or not and whether the career opportunities the role has to offer is aligned with your expectations.