Education Counsellor, Karan Gupta, takes you through the different types of MBA specialisations
Kashish Mehta applied for an MBA with a specialization in Finance. When he arrived at his business school he was taken aback when he saw that the Finance courses were very different from what he thought he would be studying. He changed his major to Marketing and graduated with a Marketing specialisation. Kashish is not the only student who experiences this confusion. Many students pursue Finance or Marketing or even Entrepreneurship without knowing what the courses entail. It’s imperative that students are familiar with and understand the course content of the various MBA specialisations.
Keep in mind that no matter what your specialisation, all B-schools will require you to take core courses such as Financial Accounting Systems, Financial Analysis for Managers, Economics, and so on. Besides specialisations, students should also be aware of the new courses offered by B-schools. Some of the popular courses include Entrepreneurship and Innovation, Digital Marketing and even courses related to Data Science.
How does one decide what specialisation to opt for? An easy way to think about this is first decide what kind of job you want. Then decide if a general MBA or a specialisation is better for you. If you are looking at a job with a focus in Finance or Marketing, a specialization would be preferred. However, if you are looking at a job at the macro level, then a general MBA would be useful. Also, your previous educational background has a significant bearing on your MBA focus. If you have a bachelor’s degree in a business program, you already have a macro view of the subject and are in a better position to specialise in a particular subject. If you have an engineering degree, you may be better off getting a better taste of more subjects rather than dwelling in the depths of a specific field.
If you want a broad business background then the General Management specialisation offered by most universities will be most suitable for you. The main objective of the general management specialisation is to lead others in an organization. Since this is the main objective of the general management specialisation, the courses seek to increase your critical thinking and persuasion skills. You will take courses in broad business areas such as Accounting, Marketing, and Finance so that you can be prepared to be an effective manager in a business setting.
Courses taught
Organizational Behavior and Leadership, Leading Change in a Quality Organization, Social and Political Environment of Business, Management and Career Development, Human Resource Management, Power and Influence, Management and Leadership, Competitive Strategy, International Management, Behavioral Skills for Managers and Professionals, Business Ethics
The growing need of international business strategies in most industries requires understanding of the global business environment and cultural practices. Through the International Business specialisation, students obtain a global perspective of business in order to compete in today's business world. The International Business specialisation examines strategic aspects of managing a global or multinational business organization.
Majors in International Business learn basic management techniques and practices and also study how business is conducted in and between various countries. They are responsible for examining financial systems, government policies, management styles, cultural differences, production and other concerns that affect how business is conducted overseas. The international business major provides a foundation that helps students analyze information about how businesses in other countries are conducted and how to think internationally when making business decisions. It is important to remember that business environments differ from country to country and it is essential for business managers to comprehend these variations.
You would examine how money and technology move within and between various countries and what exactly are the management skills that are practiced abroad. When selecting a school for International Business, make sure that the school has a global or cross-cultural focus in teaching. Your degree should give you the ability to adapt your skill sets to suit any environment in the world in order to conduct your business efficiently. The course should stress the international magnitude of management education within all courses, and give you the ability to make imperative decisions in an international economy.
International Finance, International Management, International Marketing, Economic Development, International Transportation, International Chartering, Comparative Public Administration, International Logistics, International Trade and Investment Law, Foreign Markets, Cultures and Regimes, International Comparative Management, Global Trends
A good idea is an effective way to start a new business but making the business successful, generating income and managing the business effectively is a different ballgame altogether. In the current business environment it is vital for leaders to focus on pioneering value-based solutions, to expand their creative problem-solving skills and to recognize change as an opportunity. Entrepreneurship is one such field where you can learn how to manage the risks that go along with a launching business ventures. You would be able to identify new business opportunities and pursue them successfully, stimulate growth in the corporate workplace, recognize cultural biases to entrepreneurial behavior and how to overcome them, and use entrepreneurial business strategies to shape new ventures.
Entrepreneurship majors can work in the following areas:
Corporate entrepreneurship (also known as intrapreneurship), where you develop new operations or products for existing corporations
Independent entrepreneurship where you start your own for-profit firms, and
Social entrepreneurship where you start new or develop existing not-for-profit or community service oriented firms.
Courses Taught
Entrepreneurship and Small Business Management, Entrepreneurial Finance - New Venture Funding, Business Plan Preparation, Projects With Entrepreneurial Companies, Special Issues in Entrepreneurship: The Law for Entrepreneurs, Special Issues in Entrepreneurship: Entrepreneurial Marketing, Special Issues in Entrepreneurship: Sustainable Ventures, Entrepreneurial Marketing, Entrepreneurial Real Estate, New Venture Creation, Social and Ethical Venturing
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