A typical regular MBA program has a duration of two-years. In the first year, the general concepts associated with various MBA specializations such as finance, human resource, marketing, operations, hospitality, etc. are taught. However, in the second year, the focus is shifted towards any of these MBA specializations as chosen by the students.
Choosing the right MBA specialization is as difficult as zeroing down the right business school. These days plethora of specializations are offered by the B-schools which makes it difficult for the students to choose the right MBA specialization for themselves. The students must pick an MBA specialization considering their career aspirations, skills & abilities, interest, the demand for that specialization in the market, future career prospects and a lot of other factors listed below in this article. These pointers can help you evaluate and guide you well in choosing the right MBA specialization.
Popular MBA Specialisations To Choose
There are a lot of MBA specialisations available to chosoe from, depending on your interests. Here are some of the best ones-
- MBA in Finance
- MBA in Human Resource Management
- MBA in Business Analytics
- MBA in Logistics & Supply Chain Management
- MBA in Marketing Management
- MBA in BFSI
- MBA in Retail Management
- MBA in Sales Management
- MBA in Operations Management
- MBA in Digital Marketing
Factors To Consider Before Choosing an MBA Specialization
Before choosing an MBA specialization, consider the below-mentioned factors to ensure that you are picking the right MBA field for yourself.
1. Identify your Strengths
The key to choose the right MBA specialization for yourself is to undergo self-analyses. This helps you to identify your strengths and core area of interest. Pursuing a career in the MBA field that interests you the most, increases the scope of your personal growth and success. Hence, it is crucial for you to develop a sound understanding of the types of MBA specializations offered in India and identify the one which fascinates you the most.
2. Take an Aptitude Test
If you are unable to decide on a specific area of interest for choosing the right specialization from the MBA courses list, then we would advise you to undertake an aptitude test. It is a type of exam that helps you acknowledge your areas of competency and skills. Hence, after taking an aptitude test, you will be able to recognize the best MBA program specialization for yourself.
3. Explore the Niche markets
Over the years, MBA programs have branched into diverse, interesting and unique specializations. Gone are the days when MBA in Marketing or MBA in Finance were the only options available for the students. In fact, now the students are exposed to the unconventional, and interesting MBA specializations that they had no idea about, for example – Music Business, Aviation Management, Media, Entertainment, and Sports and many more. Also, studies have shown a positive association between these niche markets and pay packages. Moreover, due to low competition in these markets, students developing their careers in niche MBA specializations will get a better return on their investments.
4. Know the Salary Packages
Many times the professionals find them stuck in high paying jobs which no longer interest them. This happens because while choosing their MBA specialization offered by the B-school, the students are more inclined towards the highest paying specialization of the MBA programs. Choosing an MBA course which offers high paying jobs is crucial, however, it should not be the deciding factor. Doing so can close the gateway to endless possibilities, that an MBA course opens up for the students.
5. Focus on your long term goals
Choosing the right specialization in an MBA program is a decision that has the potential to make or break the management student’s career. Hence, students must ensure that no hasty decision should be taken. Being a student, you must plan your long term career goals and choose the best MBA specialization for the future. This could be done by looking into the various career options after MBA and then decide which suits your personality the best.
6. Acquaint yourself with the Course
Another important aspect that you must keep in mind while choosing the best specialization for your MBA career, is to get a thorough knowledge of the course details. Get to know the faculty that would be teaching you and the course curriculum. Having prior knowledge of the course curriculum would help you develop specific skills related to your desired specialization. Thus, you would be making informed choices regarding your career and hence, grow into a successful professional.
7. Check the Credibility of the Program
After you have decided on the right MBA specialization for yourself, the next step directs you towards checking which B-school offers that MBA field with the utmost facility and industry exposure. In most cases, students fail to verify the same and as a result, they struggle to perform in the corporate environment, even though they opted for a course of their choice. Hence, before deciding on your MBA college for your desired MBA course, check for its rating.
In the end, we would like to advise you to just follow your interests rather than market trends while choosing the best MBA specialization for yourself. Ultimately, it is you who has to live with the career that you choose.