Master of Business Administration, : MBA is a master’s degree in business administration or management. An MBA degree is one of the most sought after degrees, not just in India but in the entire world. MBA students get to study the theory and relevance of management and business principles. The study equips students with knowledge that can be applied to the array of real-world business situations. Thus, choosing from several specializations in MBA is a challenging job.
A student needs to consider all the available options, the pros and cons of various streams, the future of that field, their own interests, etc. before selecting a specialization.
An MBA degree grooms students for the rigors of a corporate career with an in-depth mentoring in economic policy, finance, entrepreneurship, general law, and human resource management. Hence, the chosen MBA specialization should not only add an edge to the traditional MBA but also open vistas to lifelong learning. As such, students should consider several factors when choosing from a wide range of MBA specializations. The student should have the right focus and attitude to decide the career goals and work specializations.
Let’s discuss some of the significant specializations available in MBA which offer the most promising and high profile career to the students.
The top MBA specializations in India are as discussed below:
- MBA in Finance: MBA in Finance is the oldest form of MBA specialization. Students who opt for finance specialization get insight into budgeting, derivatives, tax planning, banking, corporate restructuring, investment analysis, portfolio management, financial markets, and services.
- MBA in Marketing: MBA in Marketing specialization is very dynamic, exciting, and competitive. It facilitates students to understand consumer behavior, market advertising, and many other areas, including writing ad copy for an advertisement agency or PR firm or media, working with a creative team. One needs to possess extraordinary communication skills and an enduring zeal to excel in marketing.
- MBA in Human Resource: Human Resource discipline helps students understand how to acquire, manage, and retain the workforce within an organization in an efficient manner. The specialization provides you with the ability to manage cordial relationships between the higher management and mid-level employees for the smooth functioning and the success of the organization.
- MBA in Operations: MBA Operations helps you deal with production management or floor management. Students learn how to effectively maintain process flows, develop vendor, and inter-departmental relationships. It’s an excellent stream for engineering background students as it provides an edge over their contemporaries in the product development process and designing and process optimization.
- MBA in Information Technology: The objective of this specialization is to provide an insight into the essential features of Computer Systems and their Applications in Managerial Decision Making. The application of technology has extended to almost every sector, which results in a growing demand for professionals with a perfect combination of business and advanced technical expertise.
After a brief discussion about the significant MBA specializations, the next question arises in mind about selecting the right one. MBA specialization should be chosen, keeping in mind all the parameters and suitability of both present and future.
The significant points to be kept in mind before selecting an MBA specialization are as described below:
- Based on strengths :
Each student has specific strengths. Students need to identify their strengths and analyze the areas they are good at. A self-analysis is required to determine strengths, hidden talents, passion, etc. There are multiple specializations in MBA available today, but students must choose their field of specialization based on their own personality, skills, and career goals. A perfect analysis of strengths will help the students shape their careers in a better way as their strengths can be effectively utilized to excel in the chosen stream.
- Focus on Long-Term Goals :
A full-time MBA program focuses on core functions such as business leadership, marketing, finance, or HR, depending on your skills. Initially, students must focus on how the specialization will boost their careers and whether they can expect long term employability, rather than being carried away with here-today-gone-tomorrow specialties. It is imperative to analyze long term goals before opting for the specialization as it will examine the career path for the rest of the career ahead.
- Understand the Salary Figures :
Students need to learn about the business school’s salary figures that they wish to apply for every specialization. But, salary should not be the sole criterion to select the right stream. If salary figures are great for specialization, but a student is too weak to grasp and perform in that vertical, students should not choose it. Only if a person gets paid for what he enjoys doing can his skills be utilized in the best possible manner. This way, students can benefit themselves as well as the organization they are associated with.
- Subjects in specialization :
Before opting for any specialization, students need to analyze the contents covered in each specialization deeply. This will help students choose the right specialization and develop specific skills to enhance productivity and efficiency for future purposes.
After discussing the MBA specializations and the essential points to be considered before selecting the MBA stream in brief, the primary question arises in mind about the top MBA colleges to apply with. Sir Padampat Singhania University in Udaipur is one of the best Management Colleges of Rajasthan established by JK Cement Ltd. offering MBA degree in dual specializations ensuring excellent education, in house resources and amenities along with great infrastructure and opportunities of paid internships and final placements in India and abroad through the academic and industrial collaborations of the university.
Also, SPSU offers an opportunity for facilitating startups through SPSU Business Incubator. It provides a platform to provide early-stage funding, environment, and infrastructural support to the young managers with innovative ideas and growth prospects. Students at SPSU experience vibrant college life with great career exposure and an excellent learning environment making it one of the top ten colleges for an MBA degree in Udaipur city.