There are different types of MBA Specilization, which is describe below:
An MBA is typically a two-year program that aims to make the student proficient in various subjects of management and an expert for one. In the first year of an MBA the main focus is on giving students a brief idea about various subjects of management. Towards the end of the first year students are introduced to the specialized areas.
In the second year of an MBA, students have to choose one specialization from the variety of specializations available. This is not applicable if students have gained admission to a specialized course. Choosing a specialization can be a difficult process for students. It is very important for student to consider their career goals and professional development before choosing a specialization.
Students have the opportunity to either pursue a general management program or complete a specialization as part of the MBA program. Specializations are a matter of choice, not a prerequisite, and all students receive the same MBA education regardless of whether or not they complete a specialization. Students should consider their career goals and professional development in settling on a specialization.
Listed below are the most common MBA specializations:
An MBA in finance is the oldest form of MBA specialization and probably one of the most popular. In the US, the finance department has become a battleground for business school supremacy. With the high profile of Wall Street amongst MBA recruiters, finance is one of the most eminent disciplines. An MBA in finance prepares you in various subjects, such as costing, management accounting and control, budgeting, international finance, banking, privatization, capital management, etc. The course will emphasize various aspects of financial theories, identification of best managerial practices in the area. After studying these subjects, the graduate becomes specialized in financial management, enabling him or her to work in the finance department of any organization. One becomes eligible for exciting careers in banks, financial consulting firms and financial institutions. One can get involved in consumer and investment banking, institutional finance, merchant banking, corporate finance and international finance.
General Management MBA programs are considered the standard and traditional MBA programs, and are usually the most popular. General Management MBA programs concentrate on providing individuals with general business administration knowledge and comprehensive insight into the core elements of business, preparing the student for a managerial position in many fields and industries. Such programs are designed for individuals wanting a broad, yet in-depth overview of business topics, enabling them to enter into any number of management roles. Unlike a specialized MBA program, traditional MBA programs include courses the focus on both the internal functional operations of an organization and on the external relationships affecting business operations. Courses may vary from program to program, but one can expect to learn about finance, leadership, marketing, operations & strategic management, accounting, and business ethics. This path may also be suitable for business majors unsure of what specialization to pursue.
A very important focus of the general management MBA degree is leadership. This MBA involves rigorous training, a variety of assignments, reports, presentations, and group projects, all of which are geared to equip the future manager with the necessary abilities to deal with real-life business situations.
An MBA in marketing is very dynamic and competitive. An MBA in marketing will help enhance one’s skills & knowledge in the field of marketing, advertising, public relations, etc. One needs to have excellent communication skills and resource mobilization skills, and an undying zeal to excel in marketing. This specialization can help accelerate entry and progress in some of the most competitive fields: marketing, advertising and public relations.
This is a controversial one because many claim that entrepreneurship is not something that can be taught. These criticisms miss the point that this MBA is really about business administration strategies that engender the same innovation that makes entrepreneurs so successful.
In this technologically advanced world, no business can run without solid IT support. An MBA in IT is designed to educate & develop managers who can effectively manage the planning, design, selection, implementation, usage and administration of emerging and converging information and communications technologies.
IT graduates play essential roles on the business team, typically designing and implementing hardware and software solutions to business problems. They hold professional positions in areas such as client/server or web applications development, systems analysis and network administration.
With the relentless pace of globalization, organizations need professionals who know how to conduct business around the globe. That need has increased the demand – even at US-based companies – for graduates with degrees in international business. This MBA specialization provides an in-depth understanding of the organizational capabilities required for international operations, including specialized functions such as international marketing, finance etc. The degree may be thought of as an MBA with a particular focus on multinational corporations.
Operations management is the corporate area in charge of designing, managing and tracking different processes. These processes are made up of interrelated, sequential activities through which the components and actors required (raw materials, labor, capital, information, the client, etc.) are transformed into products. The key is the value added through the process as perceived by the customer, i.e. the end product has a greater value than the elements pre-process. Companies now need a new kind of supply chain/logistics/operations manager and this need has led to the creation of an MBA in supply chain management or logistics & operations. An MBA in operations teaches the student how to deal with production management or shop floor management. One learns how to maintain process flows and to develop vendor and inter-departmental relationships. Most candidates with engineering backgrounds go for an MBA in operations, as it gives them an edge over their peers in product development and designing and in process optimization.
Health Care Management
The pharmaceuticals industry is a key player in the worldwide economy as more and more MBA graduates are opting for this trendy field. An MBA in healthcare covers core business skills and practices. However, it focuses on the specific issues managers may encounter in roles such as hospital administrators, medical practice managers, insurance-company executives and a wide variety of other roles. This is a specialization that can prepare graduates for management positions in health care facilities, pharmaceutical companies, insurance agencies, facilities for elderly care, and public health agencies. It’s a growing industry, and thus is becoming an increasingly popular MBA.
As is the case in many key industries, MBA graduates tend to be recruited by the pharmaceutical sector as much for their potential as for any specific previous experience, although academic training in the sciences or a background in such areas as sales or marketing can sometimes prove to be an advantage. There are huge opportunities for MBA graduates in the health care field, and most of them pay very well. With an MBA in healthcare, one can find a good, well-paying position in a biomedical startup, e-health, consulting or pharmaceutical and medical device R&D.
An MBA in HR management is for those wanting to develop a management career in HR and strategy. This includes labor markets, international leadership, recruiting, training, team building, performance updates, employee policy, salary, benefits and increments, employee health and safety as well as staff amenities. If one has good communication skills and a charismatic personality, and is dependable and confident, an MBA in HR can be just the thing. This MBA can lead to a key role managing a company’s most important asset – its people.
Supply Chain Management
An MBA in supply chain management is a unique and exciting opportunity in the field of business management. It includes inventory management, warehousing and transportation of various materials as required by a client or a company. Supply chain management can be done by graduates of any stream.
An MBA in this particular field equips students with a global vision of the business convergence process currently taking place and poised to form one of the major industries of the 21st century. It is oriented to innovative professionals of any background who want to plan a career path in the digital economy, either as a key player in a leading multinational or as an entrepreneur.
Telecommunications have made huge leaps forward in the past two decades. It is one of the fastest growing industries in the world. The emphasis is on the value added services, such as e-mail, cellular phones, WAP etc in developed countries and in improving basic telephone availability in developing countries. This sector plays a key role in encouraging growth in the industrial and services sector.
This one-of–a kind MBA is geared to professionals already working in media or to students looking at jobs in media, advertising, journalism, and public relations. It was specifically designed to provide graduates with the foundation, skills, and competencies required to both understand and function within the complex legal, ethical, economic, and social dimensions of media management. Admission to this program usually requires entering students to have prior media, art or media related business expertise. MBA degrees in these fields are not as widespread as they are in finance, and they can give a real competitive edge in advancing to mid- to upper-level management positions.