Corporates are growing by the day, spreading their reach across borders and continents. They are growing by market share and in terms of employee strength.
Take the fortune 500 companies, for example, their combined revenue of $ 12.8 trillion amounts to a staggering two-thirds of the United States’ GDP, the world’s biggest economy. These
companies made $ 1 trillion in profits, almost half of India’s economy, which is the world’s sixth largest.
The combined market value of these companies stands at $ 21.6 trillion, and employ 28.2 million people worldwide. If they were an independent country, it would be the world’s richest, by a wide margin.
Having put this in perspective, the management of such companies is a herculean task. There are various aspects of management that come into being.
To adapt to the need of the market, various new streams and specializations in management are coming up.
A new trend coming up in the management field is dual specialization.
Dual specialization in MBA means that a student has completed advanced MBA courses in two areas of concentration. For example a dual specialization in marketing and finance.
These specializations may incorporate advanced coursework in a large number of the fundamental business capacities like accounting, finance, and marketing, just as specific regions of business, including engineering management, healthcare management, hospitality management, and Information Technology management.
Specialization does not mean that the student has completed a different degree. It shows that the student has finished a specific number of upper-level courses that emphasize different aspects of business administration and management in a particular field.
Numerous programs enable students to pick more than one of these specializations, which constitutes a double specialization MBA.
A dual specialization should not be confused with a dual degree MBA programme. A dual degree essentially means that students pursue another graduate course contemporaneously, rather than sequentially.
When pursuing a dual degree course, students pursue a course different from business and management studies, like law or medicine.
The advantage of dual specialization is that students study different aspects of management and this increases their market relevancy and market value. A student learns more about management and it makes them a better administrator and manager.
Pursuing this dual specialization gives you an edge over others who haven’t. You have more knowledge and thus you become a more favorable choice for employers.
Apart from trends, new streams have come up in the MBA course. These streams concentrate on a particular aspect of management such as Human Resources, IT, Finance, etc.
1. MBA in Human Resources
Human Resource Management is basically the process of hiring, training and managing the employees of an organization. One of the primary jobs of an HR manager is to make sure that employees feel safe and their concerns are addressed.
The job of an HR manager is a vital part of any organisation. Their relationship with each employee starts right from the hiring process until their last day at the organisation.
During the course of an MBA HR degree, students learn Industrial Psychology, Economics, Research Methodology, Business Management, and other relevant subjects.
2. MBA in IT
MBA in Information Technology is one of the most sought after specialisations in MBA. It is a two-year programme, and students from any bachelor degree can opt for it.
The IT industry is growing rapidly and so is the demand for this degree, hence this relatively new course has gained popularity. There is a demand for MBA IT graduates in both the Public and Private sectors.
People already working in the IT industry find added benefits of pursuing this degree. But candidates from other fields need not worry since the IT part of the degree is basic, and easy to learn and understand.
The purpose of this specialization is to integrate the ever-growing IT with business management. In this course, students learn business management in sync with IT.
There are various job profiles available for an MBA IT graduate like Chief Technology Officer (CTO), Chief Information Officer (CIO), IT directors, etc.
3. MBA in Finance
MBA in Finance is by far the most sought-after MBA degrees. This course is best applicable to people wishing to work in the finance sector such as insurance and mutual funds companies.
This course equips you with all the administration and technical aspects of management. It teaches you everything from managerial economics to the management of a bank.
Some basic skills an MBA in Finance teaches you are hedge fund management, mutual fund management, understanding of the local and international economy, mergers and acquisitions, corporate and financial risk management, etc. It provides a well-rounded knowledge of the management of the financial sector.
This degree is suitable for students who wish to take managerial and leading posts in the banking and finance sector. This will be your gateway to the world of financial giants and hedge fund organisations.
4. MBA in Marketing
Marketing is a non-negotiable, essential part of any business. To flourish, businesses have to invest in marketing, without it they would not be able to expand and thrive.
An MBA in Marketing is a degree that is very relevant to today’s world. A globalizing economy means that businesses have access to a wider audience, but to exploit that access in a profitable way, knowledge of marketing is necessary.
This degree teaches you product designing, selling, communication, pricing, advertising, market and research analysis, presentation, etc.
Students gain access to multiple job avenues after this degree, some of which are Sales Manager, Brand Manager, Market Research Analyst, etc.
Thus, we have seen that an MBA degree is a very relevant option for students from multiple streams. It makes you more relevant and favorable to employers and provides you with knowledge of credible importance.