With the pandemic-fuelled boom in the Edtech industry, working professionals and even fresh graduates are embracing distance MBA programs. Distance learning is increasingly being seen as an alternative to on-campus, two-year regular MBA programs. Students want diverse outcomes from such programs: some want to step up the career ladder, some want a salary raise, some want to overcome career stagnation, and others want to add value-added skills and competencies to their resumes.
Studying at a reputed B-school is as crucial as selecting the right specialisation. Get future-ready and learn more about the top 9 MBA specialisations you must consider:
1. MBA In Digital Marketing
According to Statista, the top three channels for online brand research used by Indian marketers were social networks (47.7%), search engines (47.25%) and mobile apps (38.8%). The Indian influencer marketing industry is predicted to be worth ₹22 billion by 2025. Content marketing strategies like this are being used to raise brand awareness and engage fresh audiences.
With an MBA In Digital Marketing, you can join this ever-evolving field.
2. MBA In Banking and Finance Management
An MBA In Banking and Finance Management deepens your understanding of the dynamic nature of banking and financial management, stock markets, securities and the global economy. The Banking and Finance sector has traditionally been a popular choice due to the diverse range of roles to choose from, competitive salaries and opportunities for advancement. After a pandemic-induced slump, the sector has been labelled “improving” for 2022-23 by India Ratings and Research (Ind-Ra) due to better credit demand and a robust balance sheet of lenders.
3. MBA In Strategic Management
In a competitive business scenario, companies must identify and seize opportunities, take calculated risks, build a robust reputation, boost profits and outwit the competition. This is where a professional with skills in Strategic Management can add value.
Strategic management involves apportioning a company’s resources (capital, staff, infrastructure and supplies) to attain its strategic goals. It requires people with a deep understanding of market forces, economic factors, risk assessment, change management and corporate culture.
An MBA In Strategic Management helps you gain in-depth knowledge about consulting, decision-making, business development, planning and risk management. According to Payscale, Strategic Managers earn, on average, a salary of ₹1,626,203 per year.
4. MBA In International Business
An MBA In International Business, another top MBA specialisation, helps you build upon your existing knowledge of operations, finance and strategy in the international market. Since businesses today are geographically diversified, they need to craft processes, mechanisms and practices that respect local cultures and regulations. Students with an International Business specialisation can monitor socio-economic and political changes globally and frame risk mitigation strategies accordingly.
5. MBA In Supply Chain Management
An MBA In Supply Chain Management enables you to streamline functions within wider operation networks and supply chains. It equips you to manage operation capacities to identify mismatches between demand and supply. It also helps you manage supply chain operations to ensure that products and services are delivered to customers at the desired price and in the required quantity.
According to Statista, the Indian logistics market was worth $250 billion; by 2025, it is expected to grow to $380 billion. The sector employs over 22 million people, and adopting artificial intelligence (AI) is helping reduce costs, save time, improve productivity, and increase accuracy.
6. MBA In Information Technology And Systems Management
If you want to manage how information technology should be used and understand how data moves within companies, between them, and into the world, consider pursuing an MBA In Information Technology And Systems Management, one of the top MBA specialisations.
The growth of the IT-BPM industry has thrown up some encouraging statistics:
- NASSCOM reported that the Indian IT industry added approximately 4.5 lakh jobs in FY22.
- A TeamLease Digital report revealed that the IT industry is expected to create around 3 lakh jobs by March 2023.
- In FY22, Infosys, one of the top tech companies in India, hired 85,000 freshers, indicating that it would employ more than 50,000 freshers in FY23. Notably, Infosys’ hiring has increased 2.2 times since 2020.
7. MBA In Healthcare Administration
Healthcare has been in the limelight globally since the COVID-19 pandemic. The healthcare market in India is worth $372 billion in 2022. Factors like increasing income, greater access to insurance and increasing incidence of lifestyle diseases are contributing to the market’s growth. In 2021, the sector was one of India’s largest employers, hiring 4.7 million people.
With an MBA In Healthcare Administration, you will be qualified to join this pool of people.
8. MBA In Retail Management
The retail sector has expanded in India, with online stores and offline chains taking off significantly. The Retailers Association of India (RAI) reported that the retail industry had reached 96% of its pre-COVID sales in September 2021 due to increasing consumer demand. An MBA In Retail Management will equip you to study consumers and how best they can be served.
9. MBA In Human Resource Management
With automation taking over every sector in India, it is no surprise that the size of the Indian Human Resource Management Technology market was $1.1 billion in 2021. Automating HR tasks improves efficiency, reduces human error, tightens security, and frees people to focus on more strategic and value-added tasks.
According to the IMARC Group, the HRM market is estimated to be $1510 million by 2027, with a compound annual growth rate of 9.9% between 2022-2027.
Pursuing an MBA In Human Resource Management to deepen your knowledge of your focus areas will help you take up leadership roles in this sector.
When choosing to pursue an MBA program, think carefully about the specialisation you want to take up. Some specialisations have always been in demand, whereas new sectors have opened up possibilities. Your choice should be determined by your aptitude as well as work experience. You could consider Distance MBA programs offered by NMIMS Global through the ODL mode without putting your career on hold.