An MBA is indeed a great academic degree to be equipped with for career growth. It helps in landing great job opportunities that are both highly paid and have a great growth trajectory. MBA specializations like Finance, Data Analytics, and Marketing are some of the highest-paying specializations, which ensure a great future with high salaries and job satisfaction.
With the current competition rate in the global job market, it is better to have specialized knowledge rather than general knowledge. A specialization involves detailed learning and application of a subject/area, which will help international students to grow faster and also feel a sense of accomplishment.
Below are the reasons why one should opt for a specialized MBA
If you have a specialized MBA degree, it allows you to explore various options, including starting your own company. A general MBA degree helps in getting a management role, which may not have as much potential since it’s general and not specific to any area.
By specializing in a particular area, a higher salary is earned since the employee knows the details of that particular area rather than having a general idea. Companies hire specialists in the area of management.
While specializing, you meet people who have the same areas of interest and mindset. This helps in networking, which will be extremely useful in the long run of your career.
Once you opt for a specialized MBA, it helps the student in developing consistency and competency in that particular area, which can prove to be very vital for their next professional move.
It is important to choose the right specialization for your MBA program since it will be the pillar on which your entire future is dependent. However, one can easily get confused when there are so many options. To help you out, here are some steps you can follow to select the right MBA specialisation:
The student must know why they want to go for a particular specialization. The specialization chosen should be in line with their career goals and plans.
The student needs to understand that while selecting a specialization, they should have a deep interest in the subject, and that also matches their strengths. This should help in deciding the best area of specialization based on your area of interest and strength.
It is highly recommended that the student research all specialisations, which include: job profiles in demand, salary, career prospects, and work-life balance, before finalizing the area of specialization.
Salary cannot be the only criterion for selecting a specialization. Career growth prospects and job role plays a vital role in selecting a particular area of specialization.
If you have a great network and know people in the industry, they, too, can help you decide which area of specialization is preferred. A healthy discussion and advice can help you in deciding your area of specialization.
It is expected that students with MBA specializations will get an amazing pay package. The importance of detained and niche education has gained a lot of momentum, and people like to focus on one area. So, a specialized MBA is almost imperative if one has to grow both professionally and personally.
The list of TOP 10 areas of specialization in MBA is as under :
The area of finance is always evolving and has always remained one of the most preferred areas of specialization amongst international students. Subjects like financial management and portfolio analysis give students in-depth knowledge of the subject area. With the increase in the number of various payment wallets and apps, the role of a finance specialist has increased greatly. Finance is one such specialization that ensures a stable job, which is also high-paying. A finance graduate can work in a variety of businesses like global corporations, banks, investment banking, risk and wealth management, and NBFCs, to name a few.
Some of the roles that are applicable for an MBA in finance graduate are the following:
This specialization is for students who enjoy convincing and ensuring that products and services are communicated to customers and clients. This program teaches students how to promote a company’s products/services. It is also about planning future strategies based on market research and surveys. During this specialization, subjects like market research, branding, product management, and marketing strategies are taught. The entire way of marketing has shifted to digital media, which includes using various social media platforms. The presence of a corporation is a must in the digital age, which makes marketing as a specialization more in demand than ever.
A marketing manager can be offered the following roles:
The usage of data has been growing tremendously. Proper and efficient analysis of the data forms the basis of various business forecasts and strategies, along with future projections. A specialization in data analytics helps students with various concepts like data mining and data visualization, which can be used for making various algorithmic models that can help in making business policies and help the management in proper decision making.
If you enjoy exploring and learning the latest in the field of computers and technology, this MBA specialization is just for you. This specialization teaches you about information technology, which includes areas like security, database management, network security, and much more. This specialization helps in understanding the process of applying technology in business. You work with innovation and IT management, which leads to cost reduction and higher efficiency.
Some of the job roles for an MBA with IT specialization are as under:
This specialization will help in managing logistics effectively. Operations can become less stressful, and cost effectiveness helps yield higher profit margins. This specialization is ideal for individuals who enjoy managing logistics and supply flow, which would lead to higher efficiency and effective processes.
An MBA with a specialization in operations management can work as :
Effective management of the most important and complex resource, i.e., “Human Resources,” is extremely important for any organization. A specialization in HR helps students to learn more about talent acquisition and retention, Organizational behaviour, various HR policies, which include compensation, and leave management. An MBA in HR helps the student to develop various skills like talent development, employee satisfaction, and keeping up with the government rules and regulations related to the same. HR professionals are the ones who are responsible for the culture and atmosphere of the corporation, along with its programs and various policies.
The following are some of the roles available for an MBA with HR as a specialization:
Healthcare is one of the fastest-growing segments of the economy. A Specialization in this area helps the student to understand the business part of this area, which includes managing hospitals and clinics. In this specialization, they are taught subjects like patient care, hospital management, and public health. An MBA in Healthcare Management analyzes various policy implementation, expansion, and better services, which in turn help the hospitals to be profitable while offering the best patient service.
The following job roles are available for an MBA in Healthcare
With E-commerce giants like Amazon and Flipkart, the supply has to be managed most efficiently. Each product or order needs to reach the customer properly and on time. This specialisation helps students to understand various areas, including inventory, risk management, and operations in great detail. For any business to survive globally, it is extremely vital to have effective supply chain strategies, especially in the ever-evolving e-commerce business, along with global trade. As a result, this specialization has great demand, and it also offers a handsome salary and growth potential.
The following roles are available for a supply chain management graduate:
Global trades that operate worldwide are the basis of specialization in International Business. As an International business graduate, you are responsible for global strategies, international marketing strategies, and communication across the globe. Subjects like global finance, management, and strategy are taught keeping in mind international rules and regulations. An MBA in International Business usually works in a multinational company that has a global presence, and they are responsible for the growth of the company, including expansion, international trade, and various transactions.
An international business graduate can work as :
Startups and entrepreneurship are the latest areas that have caught the attention of many young students. A specialization in this area covers topics like New Venture understanding, Business Planning, Strategy implementation, etc. This specialization develops leadership qualities, team building, innovation, and management at all levels.
An MBA in Entrepreneurship can work as:
Below is the list of upcoming specializations in MBA that will surely be in demand shortly.
Knowing the latest available specializations in MBA, Students can opt for any specialization that is in line with their future career goals and growth prospects. It is highly recommended that before finalizing a study abroad destination or the university, they should explore all the possible options in terms of tuition cost, cost of living, scope of the subject selected, etc. Nothing should be assumed when one is looking for a specialization selection. It is advisable to reach out to ex-students, faculty, or the admin body of the university to explain all the factors related to selecting a specialization. Whether you opt for marketing, HR, or Finance, please ensure that you give the very best to the course and gain all the knowledge and experience in depth.
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