Having decided to pursue an MBA is a big step in your career path, however, there is another big decision that you must take in order to ensure a successful career in the business world. Choosing an MBA specialisation is one of the trickiest and most important decisions as various specialisations have emerged along with the traditional options like finance, hospitality, marketing, sales, HR, etc.
A lot depends on the specialisation that you choose during your MBA as the internships, projects as well as job opportunities will be offered to you on the basis of the marks in the specialisation that you have pursued.
You must consider not only your preference but a lot of other factors such as the job scope, college offering the programmes, etc. Following are some of the factors that you must consider before choosing an MBA specialisation:
Preferences and Interest:
The first and most basic rule is to understand the subjects and fields that interest you. Identifying your preferences is essential as it will help you in choosing the fields for which you possess the required skill set. Figure out the subjects that you are good at and what your skills are. On the basis of this pick the specialisation where you will be able to perform as well as enjoy the work.
Another most important aspect is to figure out what you want to do in the coming years. If you see yourself within the top management of a bank then you must pursue MBA in Finance. If you look forward to heading the marketing division of a firm then Marketing MBA is the right choice for you. Likewise, choose the field according to the jobs that you aspire to bag.
Accreditation of the Specialisation Programme:
Before enrolling for any of the institute in the specialisation that you want to pick, make sure to find out if the institute is accredited for this course or not. If the b-school is providing you courses that have not been approved by the regulatory bodies, then the degree or diploma offered by the university will hold no merit. Enroll only for the programmes that have been approved by authorized regulators.
Methodology of the Specialisation Programme:
Although teaching methodology and curriculum must be on the top of the check list of MBA aspirants, they are often neglected. While choosing the specialisation, find out about the course and teaching methodology that is followed.
Some specialisations are best taught through case studies while others are better understood with the help of books. The learning preference may vary from student to student, however, this is one of the factors that you must consider before making your decision.
Check the internship trends of the specialisation you want to pick at the respective college. Find out the companies that offer internships and the stipend offered to candidates. Avoid enrolling for colleges that do not offer good internship opportunities in that specialisation as internships can play an essential role in getting a job.
Diversity offered in the Specialisation:
Diversity of students in terms of region, gender and academic backgrounds can play an essential role in your exposure to the business world. It is always beneficial to pick colleges and specialisations that get students from different backgrounds and disciplines.
Since networking is one of the essential aspects of MBA, make sure that the b-school and the specialisation that you have picked has a huge group of alumni. In your business and management career, networking will start from the alumni, so make sure that your institute offers a good scope for that.
It is no revelation that your education is not fruitful unless you get good placement offers, therefore, make sure that the specialisation you are looking forward to pursuing, offers a good scope for jobs. Check out the placement reports of the institute as well as talk to the alumni of the institute to get a first-hand report.
ROI of the Specialisation Programme:
Since the fees of b-schools are quite high, you must make sure that the respective specialisation that you have opted offers you a good return on the investment that you have made, especially if you are planning to take a loan in order to pay your tuition fee.
Growth and market trends keep changing and so does the opportunities in different fields of management. Therefore, it is essential that you do a detailed research of the future scope of the specialisation that you want to choose. This will not only help you safeguard your future but will also help you in making the right choice.