Have you recently graduated and wish to study further? This is quite often a good idea for a master’s degree, even if you’re not sure which degree you would like to pursue. Here’s an easy guide to help you find out what an MBA is and whether or not you should get one. There are many specializations available, so it is up to you to decide which ones are most suitable to your needs. Here are some of the top-paying MBA specializations and related jobs you can pursue after getting your MBA degree.
In this article, let us look at:
- What is an MBA?
- List of MBA specializations offered in India
- How Should You Choose Your MBA Specialization?
- Which is the best & highest-paid MBA Specialization?
1. What is an MBA?
An MBA (Master’s in Business Administration) is a post-graduate course to learn about business. An MBA equips you with knowledge around technical, managerial and leadership skills. All MBAs are a requirement for different fields which lets you delve deeper into the field of your choice.
An MBA student goes through rigorous training in the form of projects, presentations, and assignments. Many schools offer internships, so you can get more skills at the table. Earlier, the majority of working professionals used to opt for an MBA to up skill themselves and be able to get high-paying jobs. Nowadays, even graduates have started opting for an MBA. But you must know that an MBA takes a lot of time, effort, and money.
2. List of MBA specializations offered in India
1) MBA in Digital Marketing
We are all well aware of the increasing importance of digital marketing. That is why many institutes offer an MBA in Digital Marketing which is an extension of traditional marketing skills.
An MBA in Digital Marketing includes a lot of online marketing skills. It includes SEO, SEM, SMM, Website building, Content Management, Email Marketing, and a lot more.
IIDE (Indian Institute of Digital Education) offers an MBA-Level Post Graduation in Digital Marketing which trains you in all aspects mentioned above along with capstone projects, a compulsory 2-month internship, and guaranteed placement assistance, all in just 11 months!
2) MBA in Marketing
A marketer’s responsibility is to understand what the consumer wants, and then be able to offer a solution to them in terms of a product or service. They have to be different from the competitors in the same market and out-stand them.
An MBA in Marketing involves the 4 P’s of marketing. This program also trains you in understanding consumer behavior, building relations with them, and some internet marketing.
Top Institutes offering a Marketing MBA are the Indian Institute of Management (Ahmedabad), Institute of Public Enterprise (Hyderabad) and the Indian Institute of Management (Calcutta).
3) MBA in Finance
Finance managers are responsible for planning and controlling the financial resources and assets of the company. This makes the MBA in Finance be able to perform accounting, work in the money markets, banking, international finance and privatization.
Top Institutes offering an MBA in Finance: SP Jain Institute of Management & Research (Mumbai), Jain University (Bangalore), IBMR Business School (Gurgaon).
4) MBA in Human Resources
An HR is responsible for making sure that the health and safety of people working for the company. An MBA in Human Resources equips you with all the knowledge and training necessary to carry out the responsibilities of recruiting, training, and building a team of employees.
Top institutes offering an MBA in HR: Tata Institute of Social Sciences Social Sciences (Mumbai), Management Development Institute (Delhi), Xavier Labour Relations Institute (Jamshedpur).
5) MBA in Business Management
Globalization has made big MNC’s set up in India. Thus an MBA in Business Management teaches you all the aspects of business . These aspects are Human Resources, Finance, Marketing, Operations, Retail, and more. This is also a good choice for individuals who want to manage their own business, or want to start one in the future.
Top Institutes offering an MBA in Business Management: Indian Institute of Management (Ahmedabad, Bangalore, Calcutta, Lucknow), Symbiosis Centre for Management and Human Resources Development (Pune).
6) MBA in Rural Management
Many young learners are becoming more interested in the rural area. An MBA in Rural Management is for you if you want to work with activities in the agricultural sector. This MBA will ask you to work closely with the farmers and villagers of India. Many institutes offer a compulsory internship . This means that you have to stay in remote villages and carry out your research and studies.
Top Institutes offering a Rural Management Program in India: Welingkar Institute of Management (Mumbai), Amity School of Rural Management (Noida), Indian Institute of Rural Management (Jaipur).
7) MBA in Event Management
Event management has become much more important and there are lots of different jobs that people can do, like making the event. Event management is not simple . Two major aspects are crisis management and heavy coordination. Without these 2, events can become a disaster for the event manager.
Top Institutes offering an MBA in Event Management: National Institute of Event Management (Mumbai), Parul University (Vadodara), SAGE University (Madhya Pradesh) .
8) MBA in Information Technology
If you have an inclination towards computer science, an MBA in Information Technology is a great choice for you. This course teaches you how to handle the IT of an organization . This includes all the hardware, software, networks, and data centers.
There are many places that offer MBA in IT: BIMS (Bengal), Jamnalal Bajaj Institute of Management Studies (Mumbai), JIMS (Delhi), SAIMS (Kolkata) and Chandigarh University.
9) MBA in Operations Management
The production and distribution of a company’s products and services are the responsibilities of an Operations Manager. They must try to keep improving the production, distribution, and cost of their products and services. An MBA in Operations Management teaches you the right amount of theoretical as well as practical knowledge to carry out the operations.
Top Institutes offering an MBA in Operations Management: Narayana Business School (Ahmedabad), DY Patil School University of Management (Mumbai), Tapmi (Manipal)
10) MBA in Logistics Management
Logistics management is a very crucial concept under supply chain management. This MBA specialization also makes you come up with new and better ways to manage the logistics . This helps to reduce the time and cost and also increases the production levels.
Top Institutes offering an MBA in Logistics Management: Amity Business School (Noida), Presidency University (Bangalore), VELS (Chennai).
11) MBA in Healthcare Management
The covid-19 pandemic has made us all realize that we do not only need more healthcare workers but also a systematic healthcare management system. An MBA in Healthcare Management can be taken by those who want to work in pharmaceutical, insurance companies, and hospitals. This MBA is focused on managing the healthcare system with more stress on how to manage during a healthcare crisis.
Top Institutes offering an MBA in Healthcare Management: Symbiosis Institute of Health Science (Pune), Indus University (Ahmedabad), Manipal School of Management (Manipal).
3. How Should You Choose Your MBA Specialization?
Well, we just saw the list of MBA specializations in India offered by various top universities and colleges. If you already have an interest in any of the fields from the above MBA specializations, you’re good to go. If you are not sure about which MBA to go for, here are some tips on choosing the right MBA specialization:
- Go for an MBA specialization that is in-demand and has a strong boost in terms of employment. This way you will be securing your career. For example, Digital Marketing, Healthcare Management, Finance, etc to name a few
- Choose an MBA specialization that will give you a good ROI (return on investment).
- If you’re not sure which one you want, see what appeals to you . Go to their counseling sessions, and see which ones appeal to you.
- Get in touch with the alumni and take their opinions.
- If the duration is something that concerns you, find out MBA specializations with shorter durations but make sure the quality of knowledge is not lessened.
- When you have chosen the MBA specialization you want to go for, choose an institute that offers both industry-relevant knowledge along with practical projects, internships, and placement assistance.
4. Which is the best & highest-paid MBA Specialization?
With extensive and careful research, one of the best and highest-paid MBA specializations to go for is an MBA in Digital Marketing. In India, we have experienced a rapid digital growth in past 1 year, the number of internet users that has increased in 365 days is a whopping lot. Marketers need to be present where their audience is. Thus, digital marketing is gaining importance more than ever.
With an MBA in Digital Marketing, you will be able to bag job opportunities directly at the mid-senior managerial level which are high-paying. The average salary for a digital marketing manager in India is Rs. 543,870. Thus, an MBA in Digital Marketing is one of the best and highest-paid MBA specializations.
We have compiled all the most important information for you, so that you can make a well-informed decision. With the coronavirus pandemic and some numbers from the data above, it is obvious that Digital Marketing is a lucrative career.