MBA and its specializations

Having a Bachelor's degree and grinding yourself for 3 to 4 years of your youth definitely makes you competent but you still are a 'Bachelor' in need of someone (skill set in this case) to complement and prepare you for the competitive world. MBA does that. It not only makes you a "Jack of all Trades, but also helps you 'Master' them all". Master of Business Administration (MBA) is a post-graduate program a student takes up after the completion of his/her graduation. MBA is easily one of the most sought after career options in the current time, not just in India but across the world. MBA is a degree in business which everyone including engineers, science graduates, commerce graduates, arts graduates and even medical graduates can take up after completing his/her respective degrees. Some of the best MBA colleges in the country are the IIMs, XLRI, FMS, SP Jain, MDI, IRMA and ISB among others. WHY MBA??? Among the innumerable reasons to pursue MBA, some of the main reasons are as follows: 1. MBA makes one futuristic and a worthy decision maker. 2. It exponentially increases job opportunities. 3. It hastens one’s career growth along with salary. The average package of the best MBA colleges in India lies in the 15 LPA vicinity. 4. It enhances one’s corporate network. 5. An MBA degree provides a graduate with greater responsibilities resulting in improved job satisfaction. In the long run, being satisfied with what you have done and what you are doing will definitely matter the most. 6. Becoming a General Manager by 35, Vice President by 40 and Chief Executive Officer by 45 becomes much more feasible and practical after doing an MBA. 7. It lets you “Become your own Boss". VARIOUS SPECIALISATIONS IN MBA: MBA being a very vast field is categorized into various specializations. Some of these specializations are - 1. Finance - MBA in Finance typically involves the study of investment banking, venture capitalism, accounting, financial markets and instruments, corporate strategy, negotiation, business ethics, statistical analysis, marketing and management. A Financial Manager has to prepare forecasts, financial statements, business activity reports, and maintain the financial health of an organization. For instance, the acquisition of Flipkart by Walmart or WhatsApp by Facebook has all been done by sensing huge potential turnarounds and great business opportunities. It is the Financial Manager who is responsible for initiating, exercising and successfully implementing the apt investments in accordance with the vision of the Top Management. 2. Marketing - The Marketing team is responsible for market research. Research is essential to understand consumer needs, identify market trends, search potential customers and markets and prepare a blueprint of the company’s product line. Market research also helps to identify the strengths and weaknesses of the company vis-a-vis competition. Marketing focuses on brand management, advertising, product promotion, establishing distribution networks, sales, and market feedback. Highly effective marketing strategies and great products have transformed various companies into enormous brands like Amazon, Tata Motors, Xiaomi, Patanjali etc. 3. Operations Management - Operations Management looks at planning, organizing, and supervising various productions and manufacturing services of an organization. The goal is to turn inputs into outputs in an efficient and productive way. An MBA graduate in Operations Management program has many career options at his/her disposal. Operations Management is the administration of business practices to create the highest level of efficiency possible within an organization. Companies like Ola, Swiggy, etc. are heavily dependent on their operations management as they not only have to fulfill the service but also ensure that it reaches its customers in no time. 4. Human Resource Management - MBA in Human Resource Management focuses on business strategies and concepts as well as corporate headhunting, benefits analysis, compensation management and business coaching. HR specialists work with various Team Leaders to create training and development programs that are essential to foster a good employer-employee relationship, they guide the Team Leaders on nurturing staff morale and satisfaction levels, they act as the liaison between the employees and the employer. All in all, they are a huge link that is responsible for smooth and successful functioning of any organization. A developing nation with growing unemployment issues, India needs its youth to be job producers rather than job seekers. Wherever you are: Identify the problems, analyze them and come up with the best solutions. That's what MBAs do, that's what the drivers of economy and GDP do!