Management degree for career growth

I am a graduate and working for an MNC and I want to do an MBA. Will it be a wise decision and can you guide about the various specialisations and how to choose the right one? -Vinod Dave, King Koti

Management degree has become the reigning course in India as it helps escalate one’s career graph. It supports professional growth by giving a competitive edge in the job market.The skill set procured during the management programme gives an insight into the tricks and acumen necessary for handling the business competently, and this aids strengthening the base in the corporate world.You also get an exposure to International environment as many a MBA institutes have partnered with overseas institutes of repute.

The companies today prefer hiring a skilled and trained management professional for a specific roleas against the hiring of specialized graduates.A global survey conducted by GMAC concluded that the call by employers for MBA graduates specialized in their respective field has risen from 62% in 2000 to 74% in 2014 and was likely to rise to 84% in 2015.This steep rise in demand for MBA professional has driven the need for a broader range of specialisations that students can choose from.

A standard 2 years MBA deals with compulsory and common subjects such as production, marketing, personnel and financial management, etc. along with basic courses on economics, mathematics, statistics and business strategy. The above are meant to provide a holistic knowledge platform that would aid in business management. Coming to specialisation they are the optional courses that lead to a specialisation in a specific area of management that provides both intensive and extensive knowledge in that specific area. The subject of specialisation is chosen in the second year as an elective.

Factors to be considered while making a choice for MBA specialisation

Each field requires a different skill set and work environment. According to MJ Xavier, Director, IIM Ranchi, “There are three things that one has to take into consideration while deciding on the area of specialisation:

Examine their aptitude, understand whether interestlies in a desk job/you like to travel and finally examine the educational background and experience and then find a match between them.

Considering the above factors, select a specialisation

That interests you the most because they say anything you start doing with interest and you already reach half way.For example if you like working with strategies dealing with finance or related to monetary field then opt for an MBA in Finance Get an aptitude done and this will tell throw light on your areas of competency and skills.

Select a specialisation that provides a sense of motivation and enthusiasm and that relates to your area of expertise. This can help you with your career advancement in the long run

Consider market opportunities to some extent. Currently, there are opportunities in finance, marketing, human resources, business analytics, media management, health management, IT, Banking, Insurance, International business, Operations Management, Logistics, Supply chain management, hospitality management, etc Remuneration wise Marketing, IB, Finance are high paying areas. Logistics, Strategy management, and Operation are stable and pay well too even though a little slow growth wise.

A few streams of MBA other than the traditional ones

MBA in Supply Chain and Logistics: A customer today is considered as ‘king’ and to suit his demands the logistics system of companies has undergone an overhaul. The 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 in Logistics and Operations. This field is a rapidly evolving one and therefore an MBA in this stream broadens one’s career opportunities.

MBA in Sports Management: Sporting events happens in huge numbers globally and this fact has led to a huge demand for Sports Management professionals to plan, strategize and execute those events successfully. The expanding billion-dollar sports industry has many levels of management, and for an avid sports fan and a serious business student this programme can open doors in a variety of employment options within the sports arena

MBA in Cyber and Data Security: Information is the most valuable asset for almost all organisations and its mismanagement can cause lot of damage. Cyber-crimes have increased manifold and as per the report of Cisco, the cyber-attacks have risen by 14% with criminals targeting intellectual property-rich industries such as pharmaceuticals, mining and electronics. There is a huge demand for professionals in this field who can manage and address policies related to privacy, security, intellectual property and liability issues that companies face.

International Business (IB): An MBA in IB is equivalent to a normal MBA with additional inputs on fundamental theories and areas of International Business. It is a management degree with particular focus on multinational corporations. There are multiple career opportunities in this field and corporate while hiring, naturally give preference to International Business graduates for overseas postings.

MBA in consultancy: This is one of the popular career options for MBA and a fast growing sector in the business world. Consulting can be divided into three types: Strategy consultancy, Management Consultancy and IT Consulting

Agri Business Management: With commercialising of agricultural production, adequate production and even distribution of food has lately become a high priority global concern. There is a growing need for professionals, who can contribute to, and engineer, the agribusiness revolution. It has become one of the most challenging and exciting sectors to be in, either as a professional or as an entrepreneur.

Rural Management: MBA in rural Management is a unique program that fulfils the huge industry demand for managers skilled in the field of marketing with a focus on rural businesses. There is immense growth potential in rural markets and increasing realisation of this importance to Corporate and Development Organisations.

MBA in Health Care Management: An MBA in healthcare covers core business skills and practices. Nevertheless, 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.

MBA in Real Estate Property Management: Involves overseeing the operations of real estate and property management organisations. Idle for real estate professionals and students interested in a career in real estate, the programme entails the basics of real estate property appraisals, commercial transactions, residential sales, property development and property management.

MBA in Online Retail Management: Involves processing and managing retail outlets online or ecommerce of the company. The Indian Institute of Management, Bangalore, announced that it saw major rise in hiring of students by e-commerce companies in 2014.

The other streams are: MBA in Banking courses like, Banking and Finance and Banking and Insurance, MBA in Hospitality & Tourism, MBA in Telecom, MBA in Brand Management, MBA in Materials Management, MBA in Clinical Research, etc

MBA in any field has its own significance and importance. “Knowing about the kind of job opportunities available for the particular area and whether or not you want to visualise yourself holding that position in the next few years is important to know before you zero in on a specialisation,” says Debashis Sanyal, Dean, School of Business Management at Narsee Monjee Institute of Management Studies, Mumbai. A fulfilling career is guaranteed if you make yourself a crucial asset for any organization and this can be done only if you hone your skills and develop expertise in a niche field. All the best!!

By: Shehre Banu Kagalwala Bsc, MA, PGDPC, psychologist and career counselling for ADHD and learning disabilities; e-mail queries to theyounghans@gmail.com