How to Choose Your MBA Specialization?
June 02, 2021
An MBA degree is very much in demand today. And if one has to go by the numbers, then the demand for this degree is definitely not decreasing soon.
After understanding the career market demand, if you have also opted for an MBA degree then it is important that you must also decide the specialization you must pursue in your final year.
The foremost aspect that needs to be done is to make the decision a lot before actually filling up the specialization form. In fact, decisions such as pursuing an MBA degree and finalizing the specialization should go hand-in-hand.
But how to choose the right specialization? How to know it’s beneficial for you? How to know what scope it has? In this blog post, we will iron out all your doubts and queries to help you understand the right specialization in an MBA.
Firstly, it is important to know the types of specialization in an MBA. Besides this, it is also crucial to know what is the scope of that particular specialization, what skills are required, what kind of companies hire you after completion of the course, and so on.
Let us understand top in-demand MBA specializations and the scope.
1. MBA in Human Resources
Human resource management is the strategic approach to the effective management of people in a company or organization such that they help their business gain a competitive advantage.
Human resource management performs various functions like Recruitment and Selection, Job evaluation, Training and development, employee compensation, performance appraisal. Moreover, they also motivate employees and focus on employees’ welfare.
Skills that are required to be developed in human resource management are communication Skills, decision-Making skills, training and development skills, organizational skills, and negotiation skills.
2. MBA in Marketing
Marketing refers to activities a company undertakes to promote the buying or selling of a product, service, or good.
Marketing has a vast scope. It involves marketing and consumer research, performing promotional activities, taking pricing decisions, doing environmental analysis, selecting the channel of distribution, choosing the medium of advertising, and so on.
Skills that are required in marketing are interpersonal, teamwork, and coordination, leadership skills, Analytical skills, good communication skills.
3. MBA in Finance
Finance is defined as the management of money and includes activities such as investing, borrowing, lending, budgeting, saving, and forecasting.
After a specialization in finance, you can be a finance analyst, accounting manager, credit manager, finance officer, cash manager, insurance and risk manager.
You need quantitative and analytical skills mathematical expertise and have good communication and interpersonal skills.
4. MBA in Banking Management
Banking is an industry that handles cash, credit, and other financial transactions. Banks use these deposits to make loans. These loans include home mortgages, business loans, and car loans.
Learning finance in MBA will consequently open up various career options for you. To name a few they are relationship manager, auditor, branch manager, loan officer, collector, accountant, bank teller.
Skills that are important in the banking sector are Problem-solving, Customer service, Emotional intelligence, Numeracy skills, Teamwork, Organization, and time management.
Additionally, Interest plays an important role before choosing any specialization. Without having an interest in learning, choosing any specialization will not work, no matter how high a salary package is offered, how good the scope it has under it. For instance, If you have no interest in finance, numbers are your worst nightmare than choosing banking or finance is pointless. You will end up changing jobs and remain unsatisfied.
One of the top best MBA colleges in Mumbai ‘Thadomal Shahani Centre for Management” offers various specializations and besides this, it does offer international degrees which widens your career opportunities.