The MBA is inherently a generalist program, which aims at educating students on how to become better managers and handle businesses successfully. But quite recently, a lot on business schools have incorporated a large number of ‘specializations’ to their MBA courses to give students a deeper dive into the subjects of their choice. For example, the INSEAD MBA boasts of a choice of 75 elective courses for the students.
The world is changing at a fast pace. With the introduction of new technologies and the demand for skilled professions to manage those tasks, novel modules like blockchain, artificial intelligence, and neuroscience which were barely significant a decade ago have been incorporated into many major MBA programs around the globe. Be it an MBA in Canada, the US or the UK, these specializations help in preparing students for specific business challenges that they would face in the fields of their choice. It also greatly helps in certain specific sectors such as hospitality, healthcare, luxury, and sports.
There is a pressing need to diversify the portfolio of courses to meet the latest market trends, requests by students and the dynamic requirements of recruiters.
Here we would be discussing the various specializations to help you choose the best career path in your management endeavor.
1. Marketing
With the increasing competition in the marketplace, there is a need for excellent marketing skills and competitive positioning to differentiate your products and services and ensure a long term and sustainable profitability. Students opting for this specialization get useful insights into key marketing strategies such as competitive analysis, market research, consumer behavior analysis, business ethics, product and brand management, digital marketing, advertising, and e-commerce.
2. Human Resources
This specialization involves a systematic and organized study on how to acquire, manage and retain workforce within an organization to achieve the goals of the organization. HR managers also ensure that there is a cordial relationship between the management and the employees. They may also be required to organize and coordinate various activities like off-site visits and employee get-togethers to keep alive the office culture.
3. Finance
If you are excited about financial data and numbers, this specialization is for you. It accounts for almost 22% of the MBA career choices, and this trend can be attributed to the higher pay packages offered and the wide varieties of job opportunities as compared to other streams. It gives you thorough insights into the functioning of the financial world and the knowledge of various financial theories that would help you to solve various business problems that you might encounter. Common job profiles include investment banking, credit risk management, and portfolio management.
4. Information Systems
Digital innovations and the introduction of technology in almost all industries has produced a growing demand for professionals who possess sound managerial skills coupled with advanced technical expertise. It gives you knowledge about the emerging technological innovations in the field of IT and enables you to handle areas like network security, systems analysis, data analytics, supply chain management, and e-business along with managerial decision-making.
5. Consulting
The scope of higher pay packages and the opportunity to travel to places lures MBA graduates into going after this profession. You may be expected to provide opinions and solutions to the issues faced by the organization, or even take the responsibility of handling projects beyond the scope of the internal staff. Common job roles offered are IT/technology consulting, strategy consulting, operations consulting, investment consulting and advertising.
6. Operations Management
This specialization teaches students to effectively manage the planning, organization and production/manufacturing of products and services to maximize the overall efficiency of the organization. You can consider this specialty if you have interest in logistics or supply chain management.
7. Entrepreneurship
If you want to establish your startup with the available resources, this specialization is for you. It offers critical business development and management knowledge that is required to set up and run a business successfully. Moreover, it teaches the requisite skills that entrepreneurs must possess to pitch their ideas and secure funding. The curriculum incorporates theoretical teaching with practical projects to give the students a taste of the real world.
For the Silo, Merin Mathew.
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