What could be the best specialization for 2021 MBA aspirants?

MBA also known as Masters in Business Administration is one of the most demanded and the most popular courses amongst graduates. Due to the diverse range of MBA specializations, it has always been the most favorite course as students can take single or dual specialization where one is core and the other is a minor choice. Another benefit of doing this course is that students can switch their job roles, do business, and manage multiple roles in corporate and start-ups too.

Anyone with a graduate degree is eligible to apply for this course. There are so many branches of this course that makes it very easy for one to opt for the desired stream. A few of the most popular MBA specializations are explained below

• MBA in Finance/ Financial Management: This is one of the conventional streams yet highly demanded by analytical minds. With finance specialization, you can enhance your mathematics skills, communication skills, strategic thinking, supervisory and analytical skills to name a few. After completing an MBA with a finance specialization, you can work in fields like asset management, corporate finance, and corporate banking, credit risk management, derivatives structuring, hedge funds management, private equity, treasury, sales, trading, government jobs like finance ministry and other financial departments under the ministry and GoI, and stock market to name a few. Finance graduates often get placed in consulting firms, set up their own business, or work in global organizations like Morgan Stanley, Goldman Sachs, Merrill Lynch, JP Morgan, Ernst & Young, and Capgemini, etc.
• MBA in Marketing Management: Just like finance specialization, this one is also the oldest specialization and is still one of the most popular courses for MBA aspirants across the globe. Marketing is a very creative and dynamic field. It opens gates for jobs in traditional as well as digital marketing. Tools like SEO, SMM, SEM, Influencer Marketing, Content Marketing, PPC, etc. are rigorously used since the pandemic hit the globe. Marketing not only involves the two mentioned above but also sales and research. All these combine to promote the product efficiently in the market and generate revenue. This specialization helps you to enhance interpersonal skills, makes you a people person, helps to gain strategic skills, communication skills, and entrepreneurial skills. After completing MBA, you can make a career in brand management, asset management, media planning, product management, digital marketing, market research, and sales to name a few.
• MBA in Business Analytics: MBA with specialization in business analytics has been the trendiest after the introduction of Big data, automation, machine learning, and artificial intelligence. Analytics has been a vital part of other functions like marketing, operations, IT, HR, etc. With the help of analysts and researchers, this data is stored, processed, and further used by organizations to make crucial decisions based on past experiences. Because of this, organizations save themselves from heavy losses and recurring mistakes. Companies demand analysts and researchers more than ever in the past. Hence, if you are willing to make a career in this field, this will be the best decision for your professional growth.
• MBA in Human Resource Management (HRM): “Nothing we do is more important than hiring people. At the end of the day, you bet on people, not strategies.” -Lawrence Bossidy As stated by Sir Lawrence Bossidy, a human resource manager is a very crucial person for the success of the company. If HR chooses the wrong candidate, he may contribute to the failure of the company but if he chooses the right guy, he may make the company reach newer heights. An HR is responsible for recruitment, training programs, team building, conflict management, performance updates, employee policy creation, salary and remuneration, employee welfare, safety, and health of the lower-level management staff too. For this specialization, you need to be a great communicator, cool-minded individual, sensitive and adaptable. Individuals working in this stream can earn between 3 LPA to 25 LPA depending upon the experience, type, and size of the organization. With the onset of the technical age, HR has also adopted the technology. Students need to learn technical skills like hands-on experience on HR CRM, digital payroll management systems, etc. One can work as an HR assistant, payroll specialist, human resource manager, training and development manager, compensation manager, HR information systems manager, labor relations manager to name a few.
• MBA in Operations Management: Operations are carried out in every sector. Hence, to manage the in and out of the product/ service, efficient delivery, reduction in turnaround time are mandatory. To manage all these tasks, operations management graduates are required in organizations. Operations are the backbone of sectors like manufacturing, retail, financial organizations, IT, transportation and logistics, hospitality, and construction. Without operations, day-to-day activities are impossible to execute effectively. Even though machines have taken over a lot in operations management, a skilled operations management graduate is always needed to get work done by machines and lower-level staff.
• MBA in Entrepreneurship and Information Technology: MBA stands for Masters in Business Administration. Students learn tactics for running a business successfully. A bunch of students always find themselves interested in entrepreneurship and setting up their organizations. After the GoI launched the Startup India Initiative in 2016, the number of applicants for an MBA in Entrepreneurship has consecutively increased. By this course, you can increase wealth, employability in the country, and prosperity in the nation and for yourself too. On the other hand, an MBA in Information Technology is the future. The world is moving towards getting digital and a thorough knowledge of IT, computing and coding is a plus for survival and success in tough times. IT is well versed with departments like marketing, HR, and finance along with big data and machine learning. Creating a career in this stream will never disappoint you. With the right skills and tools, one can succeed with flying colors.
• MBA in FinTech: MBA in FinTech is a combination of Finance and Technology when utilized by exceptionally gifted experts, speeds up how conventional organizations were being performed and upscaled capitalization with these recently set out open doors. Also, consequently engaged organizations to develop distinctively with the enlarged utilization of innovation to computerize accounts. As a fintech proficient, your conclusions and criticism will assume a significant part in fortifying the business and will add to expanding its worth. In this area, regardless of what position you are in, you will be dealt with significantly. You will hold the equivalent option to dissect and recommend important execution techniques to improve the working of the business. This is a very novel course provided by exceptionally unique universities and has a wide range of applications and opportunities in the lap of the future. You can think of making a career in this field if you are a fintech enthusiast.
• MBA in Service Management: It is another alluring field of study that is in huge need today. It is a 2 years full-time course dedicated specially for individuals interested in the service sector. During the course, you can work upon skills like quality service, strategic planning, research project management, human resource development among others. The normal bundle offered to MBA Service management graduates is going from INR 3,00,000 to INR 12,00,000 for every annum. For additional higher education, a Service management student can appear for Ph.D. courses in comparative specializations for an examination put together methodology concerning the subjects.MBA Service management helps in arranging and planning strategies for the professional improvement of any business. Aspirants with a graduation degree in any significant field from a perceived college are qualified to apply for this course; nonetheless, they ought to have a base total of 50%. After completion of this course, you can work in sectors like Insurance Companies, Research & Consultancy Firms, Banks, Finance Institutions, Academic Institutions, ICICI Bank, Educational Institutions, Media Companies, Risk Management & Operations Companies, Facility Management Services, Event Management Companies, and such.
• MBA in Project Management: A MBA in Project Management gives the establishment of a postgraduate degree in a business organization, with an accentuation on initiative and critical thinking. In a quickly globalizing economy, there is an expanded requirement to effectively make and execute a strategy progressively. The program plans students to act definitively and deliberately in real-time situations. A degree with an accentuation in Project Management shows an important range of abilities to any business hoping to turn out to be more productive and look after benefits. An MBA in Project Management is a decent degree choice for various reasons. A significant number of these projects join openings that offer the genuine experience of working in the field. It is an especially alluring resource for businesses in designing, development, and data science, to give some examples. The program teaches students in getting ready for and accomplishing the most smoothed out applications for an organization. Worldwide ventures need individuals who comprehend on-the-ground issues, for example, inventory network the executives and can show the relational abilities needed to lead beneficially.
• MBA in Sustainable Management: MBA in Sustainable Management is another great option to seek. It can be completed in two years, divided into 4 semesters. It targets setting up the pursuers capable of planning, observing, and dissecting green strategic approaches or arranging local monetary improvement procedures which cling to the standards of manageability. Sustainability Development Management attempts to top off the hole between sociology, ecological science, and structural designing with cutting-edge innovation. As a sustainability management graduate, you can apply in sectors like Energy and Natural Resources Production Sector, Showcasing Sector, Speculation Sector, Monetary fields, Metropolitan and Rural Development Areas. Their work profiles incorporate positions like Relationship Manager, Business Development Executive, Business Development Specialist, Partner Market Manager, Improvement R&D/Training Leader, Speaker and Professors Business Development Executive, and so forth.

These were a few of the most popular MBA streams. Students will not only be restricted to the mainstream fields but will soon have vacancies in the government sectors too. Like, MBA graduates can now be hired in hospitals for hospital management in Uttar Pradesh so that doctors can dedicate all their valuable time to treating patients efficiently. However, after getting all the information, based on your interests, skill sets, career goals, and caliber, you can choose the best suit for your post-graduate education. All these streams will fetch the best career options after MBA.