Master of Business administration (MBA) is a very sought-after degree for people aspiring for higher education. MBA is a postgraduate degree that focuses on management roles. Every year students in numbers greater than lakhs register for MBA admission.
Unlike the engineering stream, the time period for an MBA course in India is 2-months. There are multiple fields/domains in MBA, and in this blog, the major focus will be on the “list of MBA specializations.”
Apart from the specific two-year management program, there are also other options such as Part-Time MBA, Online MBA, and Executive MBA.
All the above three are convenient for those who cannot afford the high college fees or have other commitments due to which a normal way of education is not possible for them.
The programs are catered to needs such as flexible timings, low fees, and providing valuable training in the field of management. With the Covid pandemic situation, all types of MBA have switched to the online format of working.
For most people who do not go for PhD programs, this form of degree is their last attempt for higher education and improving their own career. Here are some “Intriguing Interview Questions For MBA Aspirants With Answers.” I hope these will be helpful in some way.
One crucial piece of advice from me is that making the most out of this opportunity by engaging a lot in discussions, being shy or introverted will just lead you on the path to failure.
- Almost on average, students in lakhs register for this course; hence there is tough competition.
- Some of the major fields are Operations, Finance, Human Resources, and Marketing.
- MBA helps in boosting management skills and upskilling oneself to work better in an organization.
MBA Entrance Exams
There are a number of exams that can be given to get admission into an MBA degree-providing institute. Some of the best MBA Exams that you must attempt are CAT, CMAT, CET, XAT, SNAP, NMAT, GMAT, and GRE. All these are MBA entrance exams that will help you land the best MBA specializations.
Among the above, Common Admission Test (CAT) is specifically given to enter into the Indian Institute of Management colleges (IIM). There are only 20 IIMs in India at present. The score of the CAT exam can be used for registering for other B-schools also. MBA specializations in IIM are done from the second year and common things are taught in the first year.
GMAT and GRE are some specific exams used for MBA admission for abroad colleges. Learning abroad from reputed colleges is a dream of many, and to achieve that, choosing the best books for GRE aspirants is important. Apart from this, here are some “Top Foreign Colleges accepting GMAT Scores.”
SNAP is given for admission in Symbiosis colleges, XAT for Xavier college, and similarly, all other exams are used for one or the other B-school.
So, a question arises now, which is the easiest MBA entrance exam. Well, based on some MBA aspirants’ feedback, CMAT is considered easy compared to other exams.
Now, let us look at some of the specializations given in this degree.
List of MBA Specializations
There are multiple MBA specialization courses. To list a few of them: Marketing, Operations, HR, Finance, Consulting, and Entrepreneurship. Each of these domains has various subjects under them taught in colleges.
Let’s have a look at the best MBA specializations:
General Management is arguably one of the most popular choices for an MBA student. One has many paths open for future careers with knowledge gained in each field.
This course doesn’t offer any specialization in any particular domain but rather provides adequate knowledge from each domain. This course helps the student in learning the functioning of an organization.
Further, in colleges, frameworks, strategies, and a new way of looking at things will be taught. So, basically, this course will help the student become industry-ready and work as a manager. You will be supervising a particular field.
By far, there is no company that can totally work without a manager. Having said that, the career prospects are really good. Some of the positions are Manager, Chief Executive officer, Chief Financial officer, etc. You can find these roles in the Retail sector, Manufacturing sector, and Educational sector.
Some of the best MBA colleges providing specialization in General Management are IIM Ahmedabad, IIMC, NMIMS, SIBM, etc.
Sales and Marketing
Sales and marketing are arguably present in every business. It is obvious for the sales department to be there, but for startups marketing on a big scale can be an issue in the initial days. Though, with digital marketing, this issue has somewhat been reduced.
It is quite hard to separate these two fields. In companies, an employee will have some role to play in both sales and marketing. With the integration of the latest technology in businesses, many paths open to promote a product. For such operations, there is high demand for this specialization.
Digital Marketing is one specific field that’s seen as a tremendous requirement in this era. For companies, rivalry/competition keeps on increasing. And as such, there will always be demand for students with specialization in Sales and Marketing with whose help companies positioning in the market can be improved.
Having a unique idea for a product is good and all, but it’s important to learn how to promote and position it in the market to earn profits. Since sales and promotion involve interaction with people, good communication skills, creative thinking, and problem-solving characteristics are some basic requirements for this field.
Product management, Market research, Promotion of products, Expanding company, etc., will be taught in this domain.
Some of the MBA colleges providing specialization in Sales and Marketing are IIM Lucknow, Xavier’s, and MDI Gurgaon.
Human Resources Management
Looking after the management and operation of machines is fine, but what’s even more important is to manage the labour force. And that’s exactly what this specific role is for.
In the HR course, you will be learning concepts such as organizational behaviour, managing people, how to solve issues arising between employees, etc. HR helps in managing, organizing, and recruiting new people.
For proper working of a company, there needs to be a proper channel connecting all the different job roles in the organization, and HRs do that. Searching for the right talent and converting them into permanent employees is a huge challenge.
Apart from this, your role will also include keeping track of each employee’s growth and rewarding them accordingly to get the best out of them. The attrition rate for any company is a huge issue, and the ones who can solve this are HRs.
Their job will require them to make sure that not only the company but also the workers are satisfied working in the company and therefore look for a permanent job.
Some of the MBA colleges providing specialization in HR are XLRI, TISS, and NMIMS.
Operation management involves working in the field. Procurement & Production of products, Inventory management, selling to customers and supply & logistic services all come under this domain.
The role of a manager in this will involve planning and supervising the whole process from getting the raw materials, production, and finally delivering it to customers.
The concepts taught in this field are Supply chain management, Operation management and strategy, Production planning and control, Logistic & supply chain management, and many more subjects.
Some of the job prospects in this field are Operation Manager, Plant Manager, Supply Chain Manager, and Inventory Control Manager.
Some of the MBA colleges providing specialization in Operations are Xavier, IIM Bangalore, and IIM Calcutta.
For students with interest in the financial field, a major in finance will boost their career exponentially. Every company has a financial advisor who plans out the fund requirements of projects in the company.
In this, subjects related to accounting, analytics, and everything related to in and out of money will be taught.
So, basically, the control of an organization’s financial operation will come under your job role in this domain.
Corporate mergers and acquisitions of companies, financial planning for the future, bank statements and accounting all will be taught under this specialization.
Students aim for positions like Chief financial officer, banking jobs, finance manager, roles in corporate finance, sales, stock market, and many similar fields. Goldman Sachs, Morgan Stanley, and KPMG are some of the top recruiters in finance.
Some of the best MBA colleges providing specialization in Finance are SP Jain, KJ Somaiya, and Xavier institute.
Some more specialization that various colleges provide is in Health, Information technology, International Business, Consulting, Entrepreneurship and many more.
Doing an MBA will open a lot of new paths for future career prospects. If you do an MBA degree from any of the IIM colleges or b-schools, then you will have the choice of selecting a major in the second year.
But if you are bent on opting for or want to do only specialization in a course, then you can choose any B-school that will provide it from the first day of admission.
So, this is a nice point to make a wise decision of whether to do a specialization from the first day itself or learn a bit of every domain for the first year and then make a decision based on your experience.
Don’t run behind some specialization because of high-money job prospects. You may burn out due to work pressure in uninterested fields. Instead, pick one that interests you, in the long term, you will be more satisfied this way.
Good luck with your future ventures.
Frequently Asked Questions (FAQs)
Why do you want to study MBA?
An MBA program opens up a whole new world in terms of job prospects. Also, it is seen that getting to a managerial position is easier as compared to the alternative of working for many years.
What is the best specialization in MBA?
General Management can be considered the most popular as in it basic knowledge from each field is taught.
Which type of MBA is in demand?
No one field can be picked over the other, but with the Covid scenario, work from home is becoming quite normal, and reaching out to people with new ways of marketing is essential nowadays as such Marketing specialization is quite in demand.
Who can study MBA?
Colleges providing MBAs normally have the eligibility criteria such as: Passing any of the required MBA exams and at least a passing percentage in graduation. The percentage varies depending on caste.
Which are the most popular MBA specializations?
Marketing, Operations, Human Resource Management, and Finance are major specializations.
What is MBA in Dual Specialization?
If a student in the entire 2 years time period gains knowledge in two different fields, then they get a dual specialization degree.