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1.Need For MBA
2.Specialization in MBA


 

 

 1. Need For MBA

 
As the environment of organization-including economic, political, competitive, regulatory, and cultural factors becomes more complex, there is an increased demand for managers with the necessary skills, understanding, courage, and energy to tackle the difficult demands facing organizations of all kinds. To be a successful manager, an individual need skills in decision-making, financial analysis, and interpersonal relationships. He also needs the ability to apply those skills in a context of constraints, opportunities, and alternatives. Professional management programs are based on the premise that people can learn to manage all types of business situations more effectively. MBA programs not only help their students to develop skills that are highly valued by many employers, but the programs also present a theoretical context for solving many business problems. 
 
 MBA – You
The purpose of an MBA education is to provide training in the theory and practice of business management. An MBA is an effective tool to, o To change your career
 
• To start your own business
• To gain the competitive edge in a competitive world
• To develop technical expertise and business savvy quickly
• To advance your career
• To gain valuable networking resources
• To enhance your financial position
• To enjoy greater job security
• To enjoy greater job satisfaction and self satisfaction
• To become a leader in an emerging field
• To develop your personality as a whole.
 
 MBA - Jobs
An MBA with different specialization streams prepares an individual to meet the greater demands of tomorrow's advanced industrialization. Some examples are given below.
 
Executive Jobs
Whether you are seeking CEO jobs, CFO jobs, CIO jobs or other C-level jobs, an MBA is supreme to a career managing companies.
 
Management Jobs
Senior Management job - Senior Management jobs are awarded to candidates and employees with applicable baccalaureate degrees and a master's degree in business such as an MBA.
 
Banking Jobs
• Consumer banking jobs deliver financial services to individual customers.
• Commercial banking jobs deliver financial services to businesses. 
• Human resources jobs manage employee placement, salaries, and training.
• Bank administration / accounting job - Bank administration / accounting jobs handle the banks internal operations.
 
Finance Jobs:
Corporate Finance jobs help company find money, grow the business, make acquisitions, plan for it's financial future and manage any cash on hand 

Money Management job - Money Management jobs manage stocks and bonds for institutional clients and are on the buy side of Wall Street 

Insurance jobs help individuals and business manage risk to protect themselves from catastrophic losses and to anticipate potential risk problems 

Real Estate jobs cover field such as title insurance, construction, mortgage banking, property management, real estate appraisals, brokerage and leasing, and real estate development 
 
Accounting Jobs:
Public and Managerial Accounting jobs focus on preparing financial statements and recording business transactions including computing costs and efficiency gains from new technologies, participating in strategies for mergers and acquisitions, quality management, developing and using information systems to track financial performance, tax strategy, and health care benefits management.
 
Marketing Jobs:
Product Management jobs have responsibilities including marketing and development of products of all types. Advertising jobs cover every media outlet including newspapers, magazines, TV, radio, and the Internet. Retailing jobs includes store management, buying, and merchandising.
 
 Expectations of top organizations around the world:
• Passionate Employees who try to out perform themselves and who always complete their job on time. For they are    ready to pay and take of employees. 
• No problem and NO-EXCUSE employees 
• Dedicated and committed employees
• Employees with Never-Say-Die-Attitude
• Employees who are creative in problem solving
• Result oriented employees 
• Perform or Perish culture
• Adjusting to Multi-culture environment and Ready to go at Multiple-places around the world for company affairs. 
• Respect for every one and loyalty to organization 

Thus, you must try to groom yourselves according as this could be your last time to know yourself and do the needful.
 
 How to decide specialization?
First and foremost important thing is there is no compartment in management and there are no demarcation lines in the management education. Hence, still if needed you must take guidance from experts. Why? The reasons are here: 

• At the top of the hierarchy you must know all the functions of management 
• There are cases when many have worked across the functions due to sheer need of the organization in the highly    competitive market
• For a Leader or a Manager, unless he knows the business he cannot be successful. Hence, few experts claim that,    these specializations are just for the sake of getting a formidable degree/ diploma. 
 

 Factors deciding specialization of MBA/ Management Education:
Aptitude
• Passion
• Interest
• Motive and Aim and Purpose of choosing this kind of career 
• Emotional Intelligence 
• Intelligent Quotient
• Stamina
• Tolerance
• Background
• Vision of life
• Mission of work 
Let us know some fundamentals on how the specializations were selected till date. New comers can make a difference if they wish.
 

 Who can go for Finance specialization?
If you are B.Com. M. Com. Or have some business background or have knack to solve some mathematical problems at faster speeds.
• Those who like to seat at one place and work
• Those who have passion for Accounting and Finances, and who have passion of stock market, etc.
 

 Who can go for Marketing?

• Those who like to convince people, build contacts, like to see business grow, like to see always well dressed and those    who like glam-sham.
• Those who like Market Research, Selling activities, go to places, like to talk with different customers and make them     happy, those who like to serve people, etc.
 
 Who can go for HRM?

• Who like to deal with people 
• Solve people's problems
• Like to build relationships for company 
• Like to believe in people's abilities
• Like to value their own people as an asset
• Like to prove humanity and human being are the best part of business dealings 
• Knows how to use Talents of talented people
 
 Who can go for International Business?
• Those who like multiple cultures in the world
• Like dealing with foreigners who but also are human beings
• Like to travel and go to places with time bound work, and work with deadline 
• Who don't have complaints about any food, or any place to live in comfort
• Those who can learn new things faster including new languages and business etiquettes 
• Those who know international trade practices and understand various organizations in-depth 
• Those who can compete the international market at par with any international player and executives
 
 Who should go for Computer and Technology specialization?
• Those who love technology and are conversant with the way they work 
• Those who like to deal with technology
• Those who like to work in Artificial world than the Real world
• Those who can tolerate more technology than humans and like to work in isolation for some time
• Those who can solve technological problems
• Those who have some technical background like BCA, BE, or having some family business in the field of technology
• Those who have been exposed to technology during Video Games, Cell phones, and know how to quick-fix the    technical problems.
 
 Other specializations like, Hospital Management, Retail Management, Entrepreneurship, etc:
You need to know what you are going to study and where you are going to implement and what career option you are going for. What is the aim of doing that specialization? It must not be short term to get an immediate job. It must have long term vision as well. Remember organizations expect all its employees to be intrapreneurs, hence at the end of the day, Entrepreneurship skills have become a must for all the MBA graduates. Remember, not failure but short aim is crime, hence, gather as many skills as you can and become as much dexterous as much as you can.
 
 Individual S-W-O-T Analysis
• No one is born perfect, those who have strengths can capitalize on their strengths
• They must know how to deal with their own Weaknesses 
• If you have done SWOT analyses then from above background you can choose your specialization well. 
• This is the era of Shoot-at-sight-competition and not cut-throat-competition, hence you must know, to whom you'll    compete and hence must decide your strategy for life and work. 
• At the end of the day, you are the best judge of yourself. Hence, regular SWOT analysis is order of the day. Say daily,    weekly, monthly, quarterly, half yearly, and yearly. We have seen people taking high rise in their life who do their    critical analysis for positivism in their life.
 
Experts, around the world, feel that people had to jump jobs in the recession across the border and across the functions and across the horizontals and the verticals of the business. Hence, multi-dexterous and multi-skilled employees and employers have become order of the day. Thus, few experts claim that it is not only applicable to Management students but it is applicable to others, as well. 

Finally, you are the best judge of yourself. Hence, invest your life, skills, and work at proper place/s to get what you want from the most precious life.

 
Specialization in MBA


The Indian economy has witnessed a major change in the past few years. In the present scenario of economic globalization and emphasis on technological development the need for management studies and good managers is bound to increase. 
Just wanting the degree is not enough. The strongest candidates competing to gain admission into graduate business schools are very focused on their intended career paths. They are reasonably clear about what is needed to get there and what it takes to be successful. Are you one of those people? Can you compete favorably in the applicant pool?

The MBA is designed for people who want to learn about business across many different disciplines. But schools want you to have already identified an area of interest that you plan to pursue after you obtain this broad base of knowledge. Most MBA programs do not provide the time to find those interests during the course of study, so you need to have a good sense of what you are planning to do with the degree.
 

Business school admission counselors want to see evidence of your professional interests to ensure that you will take full advantage of the MBA program. At a minimum, they consider career history and aspirations, evidence of leadership potential, and academic achievement. Therefore, the typical MBA candidate has several years of full-time, post-undergraduate work experience in a responsible capacity and can clearly articulate his or her motivations for wanting to earn an MBA.
 
 MBA Programme

Eligibility : A second class bachelors degree or equivalent with minimum 50% marks (45% for SC and ST candidates) in any faculty is the usual requirement for any management institute. However some B-Schools like IIMs ask for just a bachelor’s degree in any discipline.

M.B.A. (Master of Business Administration) is two year Programme (with 2 semester / 3 trimester in each year) of management studies. Each semester span is 18 to 20 weeks. Each trimester span is 10-12 weeks and each trimester has 6-9 subjects.
   
First Year Introduction to functional area of management
Summer Training Project work 8 weeks to 10 weeks
Second Year Compulsory courses + 17-20 elective of ones own choice, specialization courses
Method of Instructions Class room lectures, Assignments, Case Studies , Discussion, Presentation, Group Tasks, Projects, Business Games.
 
With the development of global business concept the complex business structure has been divided into several specializations. The students can select the stream which interests them the most. Some most desired fields are:
 
Finance

This is a career for people generally interested in quantitative skills and who would like to do a lot of planning, managing the resources and policy formation. “Number Crunching" is how most people would describe a career in finance! How best to manage money and its consequence what finance is all about. MBAs in this discipline face competition from CAs-but also learn a lot more than what a normal CA colleague does, especially because of the behavioral aspects covered in the MBA course. There are several options in this discipline.
1. Consumer banking 2. Investment banking
3. Institutional banking 4. Merchant banking
5. Development banking 6. Non-Banking Finance
7. Corporate Finance 8. Treasury

Consumer banking, Investment banking, and Institutional banking are usually carried out by the same institution. These cover respectively individual accounts. The management of securities (and other investments including foreign exchange dealings) and lending to corporate clients. A lot of Indian and Foreign banks are in this head.

Most banks also have Merchant banking subsidiaries or divisions. They focus on public issues of capital by organizations. This field has also seen several non-banking firms entering but their viability is doubtful and the past two years have seen a complete washout in the Primary market definitely attributable to factors like promoter's greed, institutional failures, regulator's failures, investor's shortsightedness - not necessarily in this order! While in the other three banking areas described above (i.e. consumer/investment/institutions) the foreign banks are rated the best (Citi Bank, Stanchart, American Express, Hong Kong Shanghais Bank (HSBC) etc.), the merchant banking divisions of Indian banks are currently rated as the best.

Development banking falls under the preview of specialized institutions set up for this purpose e.g. ICICI, IDBI, IFCI etc. The mandate is to help the economy grow by aiding industrial growth. The focus here is very different from traditional banking and is extremely challenging. Even these institutions have been registering their presence on premier campuses during the placement season.

Non banking finance (NBFC) is of two types. One set is through (usually) small privately run specialized companies. These include companies involved is leasing, hire purchase, or private banks. The other is through specialised public sector institutions concentrating on shipping finance, housing finance, venture capital etc..

However, it must be mentioned that the NBFCs have not had a very good time over the past few months. In the short term near future, the outlook is bleak but talking of a long term, people are bullish.
 
 Human Resources

Most people say that HR Management is the management of the next millennium. That is, if you can manage your people well, they, in turn, will take care of your organization as well. This has become the most important specialization in management over the recent years. There are three broad career opportunities in this area. It is important to note that this area is probably the fastest growing specialization in India today. The three areas are : 

Human Resources Development
Personnel Relations
Industrial Relations 

A HRD executive is involved with activities like performance appraisal, employees counseling, employee training and employee motivation. His activities are directed towards development of the people in his organization.

He is involved in normal day to day activities like recruitment, selection, job description, salary management and employees welfare. Most organisations in recent times differentiate between personnel and HRD managers. This is so because of the growing complexity of modern management.

Industrial relations focus on labour management. With the increasing activity of labour/staff unions, often with the backing of political parties, organizations have developed a need for specialists in handling union related activities. Normally students who have a law background are preferred for this functional area.
 
 Marketing

Marketing is the discipline that is most famous among management graduates. People with good communication skills, leadership qualities and who are daring to go to different places generally find it extremely interesting. The career in marketing has the maximum to offer in terms of responsibility, challenge, innovation and growth. Marketing is further divided into the following parts:
1. Sales & Distribution 2. Product/Brand Management
3. Advertising & Promotion 4. Market Research
5. Media Planning    
 
The opportunities in Sales and Product Management are wide. However most of the organizations prefer their trainees to get sales experience before joining product management. 

Advertising and market research are service sector activities. In India, we have several small agencies, (which may not be the best place to start a career if a global is expected) and few big agencies, often with foreign tie-ups (in fact, most Indian advertising majors are witnessing foreign collaborations and/or mergers, willingly or unwillingly). Most of the large and professional market research agencies are divisions or subsidiaries of advertising agencies. In fact, one of the best known marketing research agencies in India is recently reported to have been literally taken over by a foreign major. Media planning includes activities like media buying etc. Specialised courses on media planning are available in few institutions.

Thus, marketing can be your bread-n-butter if you are willing to take the plunge!
 
 Production

This specialization is generally preferred by engineers. The opportunities in this sphere are not as wide as in Finance or Marketing. Generally people with very specific inclination towards Production/Shop-floor Management go for this. Manufacturing is one of the most important areas for any product-based business. Many techniques and theories have been developed by management school which focuses on issues relevant to the area. These skills are especially useful to those who are engineering graduates. The four types opportunities are in :
1. Productivity Improvement 2. Quality Control
3. Inventory Control 4. Production Planning
 
The focus of the production specialist is not on engineering problems, but on the managerial implications or engineering problems. The specific skills required are behavioral, technical and statistical.

These techniques are largely applied to manufacturing organizations. MBAs with this back ground stand a bright chance with several consultancy firms.
 
 Systems

Over the past one decade the thing that has astonished most of the people in terms of growth is the IT Industry, popularly referred to as " INFOTECH" or " SOFTWARE". In all spheres of life, computers are becoming part and parcel of all human endeavors and a career in computers show unmatched promise, potential and a veritable goldmine in terms of innovation.
India too, has not been far behind as far as " software development" or "InfoTech growth" with the Government's policy of reforms in 1991, the entire InfoTech market has seen a quantum leap. This has induced job opportunities for computer-savvy individuals like never before. But these days a degree in Computers is not enough. Generally most industries seek graduates who have flair in both Management and Computers. For such people, the career is an MBA in Systems. There are four broad career options in this field.
1. Computer manufacturing/selling organisations 2. Systems consultancy organisations
3. Systems department of organisations 4. E-Commerce

A very common question often asked is "What is the difference between a Computer Guy and a Systems Guy?" The key difference is the type of skill needed. While systems specialists will work on understanding a problem and then resolving it, the focus of the computer specialist is narrower and more technical. The computer specialist would know about software and hardware of certain types. However the MBA, in the course of his programme, would have learnt about all the functions of an organisation, in addition to computer knowledge. Hence the systems MBA, unlike a computer engineer, is equipped to design systems for many types of organisations. To specialize in systems one doesn't need prior experience in computer or engineering. However, in smaller institutes, this might be desirable for placement. In fact, most of the IT majors are concentrating on this area as it promises on the highest growth rates due to the facts that India still has one of the lowest per capita PC penetrations. Once the boom starts, experts predict it would be mind boggling. In facts, several enterprising young people have started companies that are dabbling in E-Commerce already.
 
 Operations

This is a new stream that has come in the recent years and is getting popular very fast. People with this specialization are basically interdisciplinary in nature. The responsibilities are huge and so are the returns. The market has welcomed this specialization with open arms. An operations person basically deals in the various internal and external movements and flows within an organizations that affect its efficiency. These flows could be processes, relationships, vendor development, ancillary management etc.
 
 Communication Management

The development of the corporate world created demand for Brand management, Direct marketing & Event management, media management and corporate communication & PR. People with good communication skills are eligible for such stream of management.
 
 Forest Management

This stream of management is related to the management of the forestry & other allied commercial industrial fields. There is a growing need for managerial manpower development of managerial capacity in the foresting & allied sectors.
 
 Rural Management

This field of management is related to the socio-economic development of the rural people. The programme takes into consideration the environment in which rural organisations work and the professional management required for the challenging responsibilities in the rural co-operation sector & development organisations.
 
 International Business Management

This stream relates to the modern management techniques for handling international business operations in a highly dynamic & competitive environment. Globalisation & new world trading system requires scientific management of the international trade and such a programme execution for the global village.
 
 Telecom Management

New telecom industry requires Technology Business leaders with focus on Telecom, IT & management graduates from any stream can go for it but computer literates are preferred.
 
 Service Management

This stream contains management in banking & insurance retail management which deals in retail chains & logistics which deals in costing & management of the movement of goods.
 
 Fashion Technology
The new era is a fashion era & there are people required for management in this field. Simple graduates are eligible. It involves marketing of the garments etc. 

 

Self - assessment benefit
The new era is a fashion era & there are people required for management in this field. Simple graduates are eligible. It involves marketing of the garments etc. 

Self-assessment helps you focus and articulate your thinking so you can make wise decisions. It will enable you to identify career and education goals that capitalize on your strengths and address your weaknesses, plus it will help you make the choices that are most likely to make you happy in the long term.

You have probably come to this article because you are still deciding whether to go to business school, but you can benefit from self-assessment at any stage of the "MBA process"—whether you are considering going to business school, looking for the right programs for you, applying to school, or planning for internships and post-MBA employment. Self-assessment is not only helpful to people in the MBA process, it is also a common element of professional development for people in countless different fields of endeavor, from teaching to management.

So, how can self-assessment benefit you now and in the near term? It can help you do the following:

  • Identify schools with strengths that correspond to your interests and aptitudes: You will want to look at curriculum, placement success, the strength of the alumni network, and the overall reputation of schools and programs to find the ones that fit you best.
  • Increase your chances of being accepted at the school(s) of your choice: Self-knowledge and confidence in your strengths allow you to articulate the clear, realistic goals admissions professionals expect MBA applicants to have.
  • Choose a school with the courses and faculty that will help you prepare to work in the companies or industries that suit you: Business schools generally do not accept transfer candidates or coursework completed at another school—wherever you start school is where you are likely to stay, so you should choose a place where you will be happy and get the education you need to fulfill your goals.
  • Identify the elective courses that will prepare you for MBA internships and jobs: Many schools require MBA students to choose their concentration and electives as early as second semester; you'll benefit from knowing from the start what you need to take to serve your career goals.
  • Develop the right interest-specific network and enjoy yourself: MBAs often say the most long-lasting value of their degree is the network of classmates, professors, and business leaders they cultivated during MBA studies. Knowing yourself will help you connect with people who will enrich your MBA experience and be helpful to you throughout your career.
  • Get the right job: Success in this area depends on getting the right education and developing a network of professionals in your chosen field early in the MBA experience.

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