The Master of Business Administration (MBA) program is designed to equip students with a broad understanding of the various aspects of operating a business, enabling them to develop robust managerial skills and hone their analytical and organisational abilities. In the first few months of the MBA program, students have various foundational courses like Management Theory & Practice, Business Economics, Business Communication, Decision Science, Financial Accounting & Analysis, and Information Systems for Managers. To have a firm grounding in the core business domains, say, Accounting & Finance, Economics, Operations, Information Systems, Marketing and Strategic Management – one can take up specialisations in their areas of interest.
Choosing an MBA specialisation should be primarily driven by professional interests and career goals, but other considerations like the reputation of the business school, the quality of the faculty, the curriculum, and placement services should also be kept in mind. Your choice should be based on your individual needs and priorities. This exercise requires you to be honest, open, and clear about your goals. Ask yourself the following questions:
· What are your motivations?
· What values do you hold in the highest regard?
· What are your general career interests?
· Where do your strengths lie?
These responses will differ from person to person and will provide you with a broad direction in selecting your MBA specialisation.
Now, let’s understand the factors to consider when choosing an MBA specialisation.
1. Your Strengths vs. Institutional Strengths
This is a major deciding factor in choosing your MBA specialisation. Your inherent strengths and passions will help determine the best MBA course for you.
- If you love working with people, improving processes, and leading people, you may consider an MBA in Human Resources.
- If you have a flair for making deals, drawing out contracts, and battling legal issues, an MBA in Law might be your cup of tea.
- For those who have a strong inclination towards technology and want to know how it can enhance business, an MBA in IT & Systems Management is a great choice.
While colleges may offer various MBA specialisations, find out what they are good at.
- Find out about the faculty, their qualifications & specialisations and what the alumni say about them.
- Connect with the alumni and find out where they are placed, how much knowledge they believe they have gained, and so on.
- Examine rankings to determine which MBA specialisations have the highest ratings. This will help you choose which institution to select to pursue the best MBA courses.
Some colleges place more emphasis on certain programs. Find out if there are incubation centres related to your desired MBA specialisation, and look for flexible curricula and electives. Certain institutions have a great reputation in some domains, like technology, entrepreneurship, or analytics.
2. ROI on your MBA Specialisation
There are a host of other factors apart from salary, like locations where jobs are available, career paths, growth, and so on. This is where you consider how much you are going to invest in your MBA specialisation and what you are going to get out of it. Perhaps the most important factor is the type of job you get.
Here are some entry-level salaries per annum for various MBA specialisations:
- MBA in Pharmaceutical Management – Between ₹ 3 lakhs to ₹ 10 lakhs
- MBA in Digital Transformation – Average ₹9.7 lakhs
- MBA in Real-estate Management – Average ₹ 4 lakhs and goes up to ₹ 20 lakhs
- MBA in Entrepreneurship – Up to ₹ 20 lakhs
It is a good idea to research potential career advancement and remuneration and to avoid making decisions solely on starting salary figures. These salaries will vary based on your experience, location, previous training, and so on.
3. Real-World Opportunities
The next factor is to find out what kind of opportunity is available out there. Don’t rely solely on current job markets. Take a little time to research past job market behaviour and look at upcoming trends that might impact the scope you have.
For example, with technology becoming an integral part of our lives, we know that any education related to technology is likely to pay off. The same goes for logistics. As the need for more efficient logistics and supply chains increases, more qualified people are required, and the demand is likely to keep increasing.
Next, what kind of career services does the institution have? Find out who they are linked with and what companies have had recruitment drives there in the past. Are there career programs and industry seminars? Don’t go by hearsay, advertisements, or claims; ask for hard data and compare it.
To Sum Up
To wrap up, remember that prestige, salary, job offers, and titles aren’t the only things that will make you happy. Choose an MBA specialisation that you have an aptitude for and want to develop expertise in.
NMIMS Global offers some of the best MBA specialisations in India. The faculty is of the highest pedigree and students will be able to interact with industry leaders. Select a specialisation to boost your career prospects and expand your personal and professional network with like-minded people.