Many colleges and universities offering different MBA specialization such as specialization in Marketing, Finance, and etc.
MBA (Master of Business Administration) is one of the most sought after courses in India and abroad. It is believed that MBA programs helps someone to scale up the career ladder at a very fast pace. Many organizations hire them to manage their different verticals in the organization or the organization as a whole. They are considered to be the best brains available in the management domain however the biggest question comes to the mind “What is the best MBA which I should opt for”? There are many institutes offering different MBA Degrees with different expertise. The problem of plenty is making life difficult nowadays. It is difficult to choose one of them because everyone is packaging their product in such a manner that they look the best however I must choose one of them so as to stand out from the rest of the crowd. This is known as MBA Specialization that makes the differentiation among individuals. Specialization is a kind of signal to the corporate world that we have acquired skills which are not common to all MBAs rather than we are specialized in one or the other area of management. It makes them Job ready. The organization does not have to incur costs to train them. They are ready to start performing from day one. It is a huge boost to the company as well as to the employee itself as they have more chances of getting promoted to the next level easily as compared to a fresher who takes time to adjust to the role assigned to him/her.
There are many Specializations available. Let’s discuss each of them one by one.
MBA Specialization in Marketing: Marketing needs a lot of skills. It is like selling a comb to a bald person. These people are always in demand in any industry because at the end of the day one has to market their product. Marketing skills are very much needed. The skills which are required for Marketing specialization are excellent communication skills, strategically sound, good in dealing with people and many more. There are many things which Marketing major learns during his/her course such as Brand & Product Management, Management of Retail, Ad Marketing, Management of Communication Marketing, etc. Marketing major in MBA can get many high profile jobs like Chief Marketing Officer (CMO), Regional Sales Manager (RSM), Area Manager, Media Planner, and Asset Manager. The top recruiters for MBA in Marketing are Ranbaxy, Cognizant, Sony, Spencer’s, etc. The students of MBA Marketing can get a package of up to 21 lakhs per annum.
MBA Specialization in Finance: It is one such specialization that is always in huge demand. Financial Management is an area in which specialists are needed not only by organizations but also by individual people. The Great Recession during the 2000s and 2010s has also fuelled the need of Financial Managers. It was a time when economic activity was contracted by more than 29%. It was the time when organizations realized that they need specialized people to look after their finances. The various topics which are covered in MBA Finance are Investment and Portfolio Analysis, Human Resource Management, Business, and Corporate Laws, etc. A person who is looking to work in the financial domain must be good with numbers. He must be the one who likes to solve complex mathematical problems. There are many opportunities available in different areas after completing an MBA in Finance and some of them are Stock Market, Investment Specialists, Corporate Banking and Finance, Risk Management, etc. The top recruiters for MBA in Finance are EY (Ernst & Young), Capgemini, JP Morgan, Goldman Sachs, etc. A post-graduate in MBA Finance can earn somewhere around 2 to 14 lakhs per annum.
MBA Specialization in Information Technology (IT): Information Technology requires a lot of management because it does not only require the management of people but also various devices like routers, modems, computers, hardware, and software. The person is responsible for managing all of these. It is the task of an IT manager to make sure that the information network of the organization always up and running. The various topics covered in IT specialization are Management of an IT Project, E-Business, IT Consulting, IT Outsourcing, CTO (Chief Technology Officer), etc. The various skills that are required to be an efficient IT manager are knowledge of various IT terms and technologies, Analytical Thinking, Quick Decision Maker, etc. The one aspect which is very much needed in IT management is always open to change. The technology changes every day so an IT manager is required to be updated with the current requirements in the technology domain. There are many career options that can be chosen after completing IT specialization and some of them are IT Project Manager, IT Outsourcing Specialist, Business Development Manager, etc. The top recruiters for MBA in IT are Adobe, Apple, Qualcomm, Google, Facebook, etc. The average perk of specialized MBA in IT is around 15 to 20 lakhs per annum.
In the end, I would like to conclude that an MBA is necessary for the current scenario because a plain BBA degree provides little significance to the ever-increasing organization's demands. An MBA with lots of specializations provides a more specialized role required by an Organization. If an individual is happy with the mediocre jobs at any level then BBA is sufficient however if he/she wants more specialized roles then MBA is very much necessary.