MBA specialisations and MBA types are two different things. Read on!
The 1st MBA programme in the world was offered way back in 1908 at the Harvard University and since then the course has evolved a lot according to the needs of various businesses. Now you have numerous specialisations of the basic programme. We will discuss some of the most common and popular MBA specialisations here:
· Finance: An MBA specialising in financial management will focus on management accounting and control, the Indian capital and money market, banking, privatisation and international finance. The course will emphasize on various aspects of financial theories, identification of best managerial practices in the area and global practices of applications. An MBA in finance is among the most popular specializations as growth prospects in this field are immense. You can look out for exciting careers in banks, financial consultancies and financial institutions. One can get involved in consumer and investment banking, institutional finance, merchant banking, corporate finance and international finance.
· HR: Human resource management, as the name suggests would teach you all about recruiting, training, team building, performance updates, employee policy, salary, benefits and increments, employee health and safety as well as staff amenities. If you've got good people skills and can handle tough situations well, you can go a long way in this field.
· IT: In this technologically advanced world, no business can run without a solid IT support. The bigger a business, the more extensive is its IT support. And that is why we have this specialisation in MBA - Masters of Business Administration (MBA) in Information Technology (IT). An MBA in Information Technology Management is designed to educate and develop managers who can effectively manage the planning, design, selection, implementation, use, and administration of emerging and converging information and communications technologies.
· Logistics & Operations: 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 or Logistics & Operations. Operations Management is the function of managing the operating core of an organisation: the activities associated with creation, production, distribution and delivery of the organisation's goods and services.
· Sales & Marketing: Even though marketing and sales differ greatly, they have the same goal. Both handle very similar concepts and work together for sales to be successful. An MBA in marketing will help you enhance your skills & knowledge in the field of marketing, advertising, public relations etc.
· Retail : The retail sector in India is all set for extraordinary growth and is estimated to be worth $637 billion by the year 2015. An MBA specialisation in this industry is not only a wise choice but one that will reap dividends for you! A people-oriented industry, retailing came to India in the mid-80s. A retail professional is primarily involved in selling products and services to consumers.
MBA programmes can be of different types:
· Two-year (Full Time) MBA: Most of the programmes offered in India fall under this category. The IIMs and other autonomous business schools offer a post-graduate diploma in management (PGDM) or Post Graduate Programme in Management (PGPM) which in India are equivalent to an MBA degree. Government accreditation bodies such as AICTE state that autonomous business schools can offer only PGDM or PGPM, whereas an MBA can be awarded only by a university, in two-year full-time program. The syllabi of the PGDM/PGPM and MBA degrees are more or less the same, although the MBA degree is examination oriented and focuses on theoretical aspects of management whereas the PGDM/PGPM is industry-oriented, make use of the case-study method of instruction, and mainly concentrates on building your soft skills.
· Accelerated MBA: It is a condensed variation of the full-time MBA and hence involves intense and tightly packed classes.Part-time MBA: This is the best option for working professionals. Classes are held only on weekends or on weekdays after working hours. So part-time MBA programs usually last 3 years or more.
· Executive MBA (EMBA): As the name suggests, this programme is specially designed for executives and managers with a higher number of years of work experience.
· Distance learning: These programs can be offered in a number of ways: correspondence courses by postal mail or email, non-interactive broadcast video, pre-recorded video, live teleconference or videoconference, offline or online computer courses.
· Dual MBA: Programmes where an MBA degree is combined with others like MS or MA etc. This is economically viable for students and helps their tailor their study programmes according to their needs.