Masters of Business Administration is a popular career choice among the youth. CAT (Common Admission Test) conducted by the IIM annually. Besides there are other admission tests like XAT, SNAP etc for B – school enrollment. This year around 2.44 lakh applications are received. Subsequently, many Top B – schools other than IIMs (Indian Institute of Management) take CAT scores as standard scores for admissions.
Getting into IIMs or other B-schools is a challenge itself but what is equally important is choosing the right MBA which suits your lifestyle and career goals. Above all, just by going into any MBA just because college is better, chances are package won’t give you that sense of fulfillment you were looking for when planned to do an MBA. Also, if you enter one of the top B-schools packages offered are more or less the same.
The article presents a general view of courses/streams offered in Management. It seeks to provide readers an over all information regarding nature of work, postings and other related information.
Which MBA to choose ? Finance / Marketing / HR
MBA in finance :
MBA in finance deals with the management of money. You deal with finance management of the company in which you are employed. Likewise, you can understand via an example, as a student you manage your pocket-money. Sometimes you save it to invest in buying branded clothes so that you can show and get appreciated. In the same vein, when an MBA in finance Manages money they are required to guide and invest where the company can get high or better returns.
Naturally, they are to be good with numbers and statistics. Secondly, Finance Managers are persons who are responsible for strategic planning (its growth and investment related aspects. Most importantly, money is what drives everything today and your forte is managing it. Not to forget during your course you are to study
- Financial trading (money market and securities),
- Investment products like mutual funds, hedge funds etc,
- Business analysis,
- Financial planning
- Risk Management
- Mergers, Acquisition and Corporate restructuring
- Financial strategies
All these topics/ subjects are taught as part of MBA in Finance.
In terms of growth MBA in Finance is good. One can also do CFA (Chartered Financial Analyst). Firstly, you are placed as an Investment banker, Consultant and cash manager, credit manager, financial planner and risk manager. Secondly, People who are good with numbers and generally like to work by themselves or are ambitious can find meaningful work and good salary.
MBA in HR (Human Resource Management)
As the name suggests it is the science of managing people. HR Managers are people who do recruitment, training, Salary, team management, Office operations, company policy, hiring, managing fringe benefits etc.
HR managers are seen everywhere from Hotels to Call centers. In addition, they are seen in big corporate houses to various Firms. Your job here is to manage workplace and create a sound or manage a sound working place. Needless to say various aspects are related to an employee, these are :
- Management of conflict at workplace
- Grievance redressal of employees
- Event management
- Maintaining the decorum
- General productivity of or work employees
In your course curriculum you are taught
- Individual behavior in an organisation
- Social security laws
- Labor laws
- Recruitment process
- Organisational behavior
- Labor relations
For example, a person with effective communication skills, who can read people, have good people management skills are well suited as HR Managers. One of the plus points is that HR managers not always but usually are placed in metropolitan. Since, big corporate houses have their location on or near capitals and metropolitan. However, job growth in HR is relatively a little less as compared to Finance and Marketing.
MBA in Marketing
MBA in Marketing deals with making business profitable. Consequently, you are in charge of selling the product. Not literally though but you are the mind behind it. Marketing jobs starts from simple salesman job to high level jobs such as Marketing managers who are responsible for making a marketing strategy to promote more sale of product.
It is a stressful job but is rewarding. Most importantly, many of the High paying jobs are found in marketing. Naturally they are performance oriented. The more you sell the more you are valued by the company. Usually, a person after doing an MBA in Marketing is posted as Area Sales in charge or manager. In short, you are head of sales of a particular region.
In your course you shall study,
- Consumer Behavior
- Pricing Management
- Product Management
- Retail Management
- Marketing laws and theories
Marketing Management requires people with good communication skills, good negotiation skills, tact and pragmatism. Further, marketing jobs are for those who are ambitious, creative and are motivated externally (material and reward factors)
Apart from these three specialization there is an MBA degree offered, which teaches all three ( +1) aspects of running a business like Marketing, Finance, HR and MIS). After that, MBA like International Business management, Operations management, etc will be covered in the next article.
Do make a good choice seeing what fits you, what course interests you, what job profile you see yourself in?
Good Luck !
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