An MBA degree helps set the career of a student in the field of business and management. Obtaining an MBA degree in your desired field of specialization will give you a good and competitive edge in the corporate world. This high paying career choice has become an entry-level qualification for bigger posts in top MNCs and other organizations.
Although the various MBA courses provides jobs in corporate organizations, there are several fields or specializations one has to choose which makes aspirants confused and baffled.
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Currently, there are over 30 MBA specializations you can choose from. With time, new MBA specializations are added keeping the future in mind.
Candidates should choose a specialization in which they are good at. In that way, they can easily have a successful career. There are other factors which come into play while choosing a specialization in MBA such as:
1. Job prospects
2. The difficulty level of the course
3. Scope in future
4. Safe career choice
5. The goal of your life
6. Opportunity in different types of organizations, etc.
Choosing a specialization is a tough choice and full of anxiety. So to ease your mind and give you a brief perspective, here are 10 most popular specializations in MBA you can choose from:
1. MBA in Finance
It is one of the old and most popular specializations of MBA. It mainly focuses on accounting management, the money market, investment banking, and international finance. Important subjects include capital management, costing, budgeting, investment management, etc. this is one of the highest paying jobs that have an average salary of 15 – 20 lakh rupees per annum.
2. MBA in Marketing
A marketing career offers an interesting and competitive career for a candidate. Basic skills taught in marketing management are consumer behavior, market behavior, aspects of advertising and other marketing skills. One must need to have excellent communication skills and resource utilization skills to excel in this department. The average salary lies between 8 – 10 lakh rupees per annum.
3. MBA in Human Resources (HR)
The functions of Human Resource or HR include workforce diversity management, mergers, and acquisitions, managing demand, and supply of labor markets in emerging economies and international leadership. To pursue MBA in HR management you need to have good communication skills, charming personality, understanding the pshycology of employees, friendly nature, and growth of the present organization. HR management offers job roles such as recruitment, talent management, retention management, reward management, etc. The average salary starts at 5 – 8 lakh rupees per annum.
4. MBA in Information Technology (IT)
In the past decade, the IT sector has boomed up and it keeps on booming. As technology is always changing, a career in the IT sector also changes in an effective manner. MBA in IT create managers who can manage the planning, design, selection, implementation, usage & administration of IT technologies. The average salary for this course is 10 – 15 lakh rupees per annum.
5. MBA in International Business
This course provides the organizational capability for international operations. This specialization offers skills like finance, international marketing, etc. and places in multinational corporations. This course gives you the scope to travel around the world and handle operations for your organization globally. You need to have good management skills and the ability to work in different cultures to thrive. The average salary ranges from 10 - 14 lakh rupees per annum.
6. MBA in Strategy
Strategic Management includes various processes like planning, monitoring, analyzing and assessment of all the necessary things required for the growth and achievement of an organization. Basically it offers insight into how successful business decisions are made. In the past few years, Strategic management has provided a good career for MBA aspirants with an average salary of 10 - 12 lakh rupees per annum.
7. MBA in Operations Management
Operation management deals with product manufacturing and management. Basic skills taught in this course include planning, organizing, controlling, and supervising the processes related to the product of the organization. Mostly candidates from engineering background opt for this specialization. The average salary ranges from 7 - 8 lakh rupees per annum.
8. MBA in Food and Agri-Business
Agriculture is the backbone of India. This course basically deals with the business aspects of agriculture production and its international trade such as the business of crop cultivation, food production and the various related business concepts in agriculture. This specialization provides scope to manage companies that process, market, and merchandise food and agricultural products. It is an ever-growing sector whose average salary ranger from 4 - 6 lakh rupees per annum.
9. MBA in Rural Management
Rural management focuses on planning, organizing, and maintaining the economy of rural areas as well as agri-business. The quantity of candidates pursuing Rural management as a specialization has been significantly increased due to its immense growth potential in both government and n0n-government organizations. The average salary after completion of this course lies within 4 - 6 lakh rupees per annum.
10. MBA in Healthcare Management
The workplace for this course lies in hospitals and their administrations. The Healthcare industry is an evergreen industry where you would see very little inflation. In this course, the aspirants are taught the business skills and issues related to the Healthcare industry. Candidates interested in the Healthcare sector should have an interest in interacting with medical representatives, hospital administrators, insurance executives are some of the job roles that should definitely opt for this course. The average salary is 4 - 7 lakh rupees per annum.
Pursuing an MBA is a difficult task. Choosing a specialization is even harder as it will shape your career and life. One must choose a specialization he/she is comfortable in, skilled for its core subjects, and desired goals after its completion.
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