Having an MBA on your CV can do wonders for your career. You can not only command a higher salary but can also improve your professional reputation and expand your business network. According to labour market analytics firm EMSI, jobs for MBA holders are expected to grow by 9.8% by 2030. This means that there are better opportunities in the field than ever before.
Importance of MBA
An MBA degree helps you to develop a versatile skillset and diverse perspectives. It also gives you the chance to learn in depth, about the concepts of the major management issues. It equips you with a toolkit full of techniques for analysing business and management issues. This includes the ability to analyse, synthesise and apply knowledge and understanding to solve management problems critically, rationally and rigorously. It essentially allows you to learn practical skills as well as theoretical skills that tells you how to manage, organise, lead as well as adapt to the variety of different business environments. In short, MBA can transform your raw potential into great opportunities.
Here are some of the major benefits of pursuing a Master’s in Business Administration:
- Greater Awareness of the Global Market
- Improvement in Professional Skills
- Entrepreneurial Skill Development
- Opportunity to Build Personal Brand
- Increase in Potential Salary
- Wide Variety of Career Options
- Networking Opportunities
Two Types of MBA:
Generally, MBA is classified into two categories:
The general MBA program forms the foundation of all MBA programs. A student will gain a solid foundation in core business and leadership concepts that extend to a variety of different industries, rather than just one in particular.
MBA specialisations are available for many different fields of business and provide a complete in-depth comprehensive knowledge of a specific field.
Globally Accepted MBA Specialisations
The MBA in Finance is one of the most chosen career pathways. It equips students with in-depth knowledge that advances the understanding of issues particular to the field of finance, including investments, portfolio management, derivative securities, capital markets, corporate finance, international finance, and financial institutions. With a degree in Finance, students will have an array of career options in the Indian and the global market. Various job profiles in this domain are Credit Manager, Insurance and Risk Managers, Treasurers, Cash Managers and many others who govern internationally.
2. Marketing Management
The scope of Marketing Management revolves around aligning a company’s marketing resources with the needs and requirements of consumers. Hence, it focuses on transforming the consumer demands into products and services that the company can gainfully promote and deliver. It will train the students for job roles in Brand Management, Marketing Management, Asset Management, Market Research, Corporate Sales, Media Planning, Sales Management, Product Management, Digital Planning and others.
3. Human Resource Management
Human Resource is the backbone of any organisation, large or small, it deals with the core administration. The responsibilities range from hiring the right type of people consistent with the ethical values and aims of the company, drawing up employee contracts and dealing with every aspect of workers welfare. Popular job titles for graduates with an HR Management specialisation are Recruiter, HR Assistant, Training and Development Manager, HR Manager, Payroll Specialist, Employee Relations Manager, Labour Relations Manager, and more.
4. General Management
MBA in General Management is very popular and helps students learn skills like critical thinking, problem-solving, and risk management. These skills allow students to occupy management or administrative positions. It includes courses such as Professional Development, Business Analytics, Project and Quality Management, Marketing Management, Economics for Managers, Organisational Behaviour, etc.
MBA specialisation in Entrepreneurship focuses on equipping students with innovative thinking and essential strategies to achieve them. Apart from being a business owner, students can target a range of industries, including banking, IT, advertising, and automobile, for positions like Business Reporters, New Venture Developers and Business Consultants.
6. Event Management
MBA in Event Management is a program designed to use the management skills to plan, improve, establish and promote events. Students learn to deal with numerous types of events such as corporate events, wedding parties, business promotions, sports events, exhibitions, concerts, family functions, and much more. This specialisation has become much popular these days as it imparts the knowledge and skills to students to plan, organise and promote. Students who have opted for this specilisation can very easily enter the international marketing because of the booming hospitality industry. After completing the course, students become eligible for various job roles such as Event Planner, Brand Manager, Client Servicing Manager, Public Relations Officer, Operations Manager, etc.
7. Logistics Management
MBA in Logistics Managment can help students understand the ins-and-outs of many parts of business operations. At its core, logistics management involves the movement of resources: whether it be goods, services, or people. Businesses in many different fields need logistics managers to optimise this flow and make it efficient. Prominent sectors where an MBA graduate with a specialisation in Logistics Management can land a job include Healthcare, Automotive, Apparel and Lifestyle, Engineering and Electrical Hardware, Publishing, and Consumer Electronics.
8. Rural Management
MBA in Rural Management offers students with challenging opportunities and responsibilities in rural development organisations. Students are encouraged to visit rural areas and interact with people, learn about their education level, understand their needs, and suggest measures to improve their standard of living. Topics taught in this MBA course include Rural Society and Polity, Natural Resources and Sustainability, Development Theories and Practices, Social Entrepreneurship, Corporate Social Responsibility, Agribusiness, etc.
9. Healthcare Management
Beyond hospitals and dispensaries, the Healthcare sector includes pharmaceuticals, government agencies, consulting firms, and insurance organisations involved in the country’s healthcare system. Consequently, students with a specialisation in Healthcare and Hospital Management can fulfil job roles in various sectors, including IT, Marketing, Health Insurance, Pharmaceutical Industry, Medical Colleges, and Human Resource Development. Job posts such as Hospital Administrator, Healthcare Manager, Pharmaceutical Project Manager, and Healthcare Finance Manager are also quite popular.
Especially after the UGC notification that states that distance MBA courses will be given equal weightage to regular courses, the enrollment in distance courses has increased rapidly. More and more universities are launching personal contact programs in collaboration with foreign universities. Thus, it help students to explore more opportunities.