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Specializations in MBA
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File:Mba_logo.jpg Most students getting their MBA in popular fields such as finance, marketing, and management, but these are not the only the specialization of MBA programs offered by colleges or universities. There are far more specializations in MBA offered for individuals in various industries; any fields that you can think off, there will be an MBA specialization for it. By knowing the full range of MBA options, you have better chances to pick the best MBA that best fit your career goal. Let’s look at some of common MBA specializations: Finance There are a very wide variety of options available for an MBA with specialization in Finance. Today, an MBA with a Finance Specialization learns a variety of subjects like Corporate finance, Costing, Budgeting, International Finance, working Capital management,investments and securities etc. With increased financial liberalization a wide array and wide variety of jobs are available to an MBA with specialization in finance. He can be working in the corporate Finance function of a major manufacturing Organization looking after management of funds for that corporate, working out working capital limits of the corporate and dealing with Banks and other financial lending institutions etc. A finance MBA has an option of working with leading banks or with leading Non banking Finance Companies or leading Finance Companies other than Banks. He also has options of working as a securities analyst or working with brokerage firms and dealing in buying and selling securities. Operations in the security market or the stock market is the biggest industry in India. With increased opening up of the Indian Financial market and increased international money pouring into the Indian Stocks the option available for MBA Finance are endless. Same is true of a person dealing in Foreign Currency transaction either in bank of in a manufacturing Company. But here is a word of caution: jobs of security analyst and that of Foreign currency trader are high pressure jobs which at times lead to significant stress and even, to a so-called 'burn out'. However, these jobs offer exciting job-content and tremendous job satisfaction in addition to the best pay packets. The skills required are the following *Accounting *Auditing *Different laws and acts (like companies law, Income tax act, etc.) All in all, an MBA in finance offers a highly challenging job environment and a very stimulating career, which is highly rewarding as well. Human Resources Employees are the most important asset for an organization. HR department is responsible to select, recruit, train and cater to the needs of employees. Hence, management personnel in HR department require to good management of people, effective communication with employees, and good labor relations. An MBA in Human Resources will combine the generic MBA with specialized human resources training such as employee training & recruitment, planning and mediation. You will also learn how to integrate HR strategies with the company overall human resources allocation plan. Human Resource Management is specialized function dedicated to the entire gamut of activities concerning people. Very broadly, the Human Resource Management area can be divided into three areas. Plant Personnel This is concerned essentially with dealing with the working environment in the factory premises. Creating and maintaining healthy and positive industrial relations is the primary responsibility of plant Personnel. The activities include recruitment, payrolls, appraisals, administration, and all matters concerned with the workers' union. A stint in Plant Personnel offers exposure to handling issues which are very sensitive such as discipline, union negotiation, etc. In a way, Plant Personnel in HR can be considered equivalent to an exposure to Sales in the area of Marketing. Successful tenure in the plant for a Personnel Manager not only enhances one's self-confidence and prepares one for greater responsibilities within the organization but also provides opportunities for rapid career growth. Corporate Personnel Encompasses all HR activities in the corporate set-up. The employees here include all managerial and supervisory staff. Policy making for the entire organization is one of the important contributions of Corporate Personnel. HRD This encompasses all strategic issues concerning HR. These strategic issues deal with a long-term vision of the organization in areas like recruitment, staffing, organization structure, work environment, employee retention, and a host of other activities. An HR professional graduates to top management responsibilities in about 8 to 10 years or more based on the size of a company. The skills required are the following *Ability to understand and deal with people of all levels *Ability to cope with unstructured situations And the person should have the 4 Cs *Creativity *Calmness *Conceptually sound *Convincing ability Marketing If you are working in marketing, advertising or public relations, you know that these fields are very competitive. You need to have good marketing knowledge and skills in order for you to be success in this challenging career. MBA with marketing specialization can increase your knowledge and enhance your skills so that you are well prepared to face the challenges along your marketing career path. In sales & Mktg., there are 2-3 areas where an MBA is recruited for Sales Management - responsible for achieving of sales target of an area Brand Management - responsible for successful management of brands through various strategies and achieve market share. Usually companies put the trainee through a period of sales (2-3 yrs) and then move him / her into Brand. In sales, a trainee reports to an executive or an Area Sales Manager who in turn reports to the Regional Manager. After one year, the trainee becomes a Sales Executive with 2-3 Sales officers reporting to him/her In marketing, some companies put the trainee on a Brand where he/she is assisting the Brand Manager for an year, after which he/she is given independent charge of a Brand, and is designated as Brand Executive and reports to Group Product manager or the Marketing Manager. In sales responsibilities include *Achieving sales targets set for the year *Mobilizing resources - co-cordinating for stocks, advertising budgets etc, for achieving the above. *Planning and implementing tactical plans for the year in the territory. *Executing special schemes / promotions *Managing various channels of distribution like distributors, dealers, showrooms *Supervising the CFAs (which are the stocking points) with respect to their adherence to company norms. *Reporting and communicating with other departments in the region and with the corporate head office. The skills required are the following *Ability to plan and execute marketing ideas *Ability to develop ideas which lead to growth in sales *Ability to mobilize resources to achieve the set objectives *Communication skills - written & Oral *Interpersonal skills *High energy levels and enthusiasm to work *Analytical skills *And the responsibilities for a marketing professional include *New product development from concept generation to launch *Pricing *Advertising and promotion *Market research *Sales forecasting and planning on an on-going basis *Developing marketing programmes *Devising special promotion schemes Operations Operations in the management world encompasses almost all the areas that reflect the efficiency of the organizations in the area of background work and execution. It includes inventory management, vendor development, purchasing management, and also a few other areas which demand multi-disciplinary skills viz. supply chain management, enterprise resource planning and also all cost optimization initiatives. Depending on the type of organization, one might be responsible for a few activities / regions in the initial stages and consequently growing up to handling broader areas. A typical career would see one handling a few plants/ vendors initially, followed by the responsibility for an entire factory and eventually undertake a more strategic view like global sourcing / alternate materials / imports etc. but, at each stage there is a lot of responsibility and risk. The skills required are the following *Integrity *Ability to negotiate *Ability to remain calm in the toughest of situations (there is a fire almost everyday, somewhere) *Good coordination skills coupled with technical knowledge. In the present context, not many organizations demand for operation management specialization (vis-à-vis marketing / finance etc.) However, emerging areas like BPR Business Process Reengineering, ERP Enterprise Resource Planning, supply chain management, which integrates all functions offer a great scope for a cross functional specialist with operation management exposure. Systems Management Systems is almost synonymous with computers. Actually, though, the latter are only a means to achieving the end. For instance, even a paanwala at the street corner has his own system of running his business which includes procurement, stocking , display, sales, cash management, etc. However, due to the sheer volume of transactions of various kinds in a large organization, systems are developed and maintained with the help of the latest Information Technology (IT) tools. A specialization in IT offers scope for a career in many areas in the industry. The options could be Project Management in a software development company like Infosys, TCS, etc., or sales and marketing in IT companies like Tata - IBM, , Infotech, etc. An engineer - MBA with a sound understanding of business concepts in seen as ideal for the job of a project manager in software development activities, such as developing an on-line network with company distributors across the country. A fresh MBA starts at the level or a software development engineer (almost at par with an engineer or an MCA) and is actively involved in coding. However, the rise is much more rapid for an MBA who can reach the project management responsibility in 2 to 3 years. Large Manufacturing Organizations Systems activity is a support function which is responsible for custom - development of IT solutions in all areas, from automating attendance punching to putting daily sales and distribution data on-line, to developing Enterprise Resource Planning solutions. The skills required are the following: *Good Analytical Skills *Project Management *Team Work *Quest for knowledge *Good communication Health Care Management Health care industry is one of highest growth fields with 2 digits growth rate projected toward 2010 by US Bureau of Labor Statistics. This indicates a good career opportunity if you are interested to start your career in health care field. An MBA specialized in health care management will prepare you for mid- to upper-level management positions in health care facilities, pharmaceutical firms , insurance companies, long-term care facilities, and public health agencies. Communication If you work in communication fields such as media & advertising, journalism, public relations and you are looking to advance your career to next level, an MBA that specialize in communication will prepares you for mid- to upper-level management positions in these communication career fields. Entrepreneurship You don’t miss understood that MBA in Entrepreneurship is only for people who want to be an entrepreneur. Many organizations especially companies in dynamic industries such as technology and media require degree holders with MBA in Entrepreneurship for their managerial positions to lead the companies toward continued development. Basically, this MBA courses will focus on business administration strategies that encourage innovation and flexibility. Hospitality & Tourism Beside the health care industry, service industries such as hotels, restaurants and tourism focus areas are booming as well. The high demands in these fields require people with expertise that can employ management techniques in all levels to lead the industries to go inline with the boom. MBA in Hospitality & Tourism can be your open door to move your hospitality or tourism career to a higher level with better earnings. See Also
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