MBA Specializations and Types of MBA: What to Choose?
MBA Specializations and Types of MBA are two different things that regularly confuse students. Here are a few points highlighting the difference.
Masters in Business Administration is one of the most popular courses among the international aspirants. MBA Abroad is one of the most sought after programs in the world. There is a plethora of options to choose from, when it comes to specializations of MBA, and the courses offered are further categorized into Types of MBA. Here is all you need to know about types of MBA and its specializations:
Types of MBA Specialization:
The first MBA program in the world was offered way back in 1908 at the Harvard University and since then the course has advanced a lot according to the necessities of different businesses. Presently you have various streams of the fundamental program. We will talk about the most common and popular MBA specializations which can be pursued from top MBA colleges:
MBA Specialization List:
- Human Resources
- Information Technology
- Sales and Marketing
- Retail, etc.
MBA in Finance:
An MBA having some expertise in financial management will focus on management bookkeeping and control, the Indian capital and money market, banking, privatization and international finance. The course will emphasize on different parts of financial theories, identification of best managerial practices in the territory and worldwide practices of applications. An MBA in finance is among the most well-known specializations as development prospects in this field are immense. You can look out for exciting careers in banks, financial consultancies, and financial institutions. One can get included in consumer and investment banking, institutional finance, merchant banking, corporate finance and international finance.
- Stanford Graduate School of Business
- University of Pennsylvania: Wharton
- University of Chicago: Booth
Human resource management, as the name suggests would teach you all about staff amenities, employee health, and safety, benefits and increments, salary, employee policy, performance updates, team building, training as well as recruiting. If you have good people abilities and can deal with extreme circumstances well, you can go far in this field.
MBA in Information Technology:
In this technologically advanced world, no business can keep running without a solid IT support. The bigger a business, the broader is its IT support. Furthermore, that is the reason we have this specialization in MBA - MBA in Information Technology (IT). AN MBA in Information Technology Management is designed to teach and improve managers who can successfully deal with the use, communications technologies, implementation, design, and administration of emerging and converging information and planning.
MBA in Logistics and Operations:
Companies now need another kind of Supply Chain/Logistics/Operations Manager and this need has led the creation of an MBA in Supply Chain Management or Logistics and Operations. Operations Management is the function of managing the operating core of an association: the activities related to distribution and delivery of the organization’s goods and services, creation, production.
Even though marketing and sales differ greatly, they have the same goal. Both handle primarily the same as concepts and cooperate for sales to be successful. An MBA in marketing will help you improve your aptitudes and information in the field of marketing, advertising, and public relations etc.
- Stanford Graduate School of Business
- UCLA Anderson School of Management
- ESADE Ramon Llull University
MBA in Retail:
The retail sector in India is good is all set for extraordinary growth and is estimated to be worth $637 billion by the year 2015. An MBA specialization in this industry is not only a wise choice as well as one that will procure profits for you! A people- oriented industry, retailing came to India in the mid-80s. A retail professional is involved in selling products and services to buyers. Retailing is all about selling products or the services to the buyers. The Retailing Management is one of the Types of MBA, or an extension to Management programs, where it deals with the management of the selling / retail points such as shops, malls, supermarkets, chain-stores, etc.
- University of Wisconsin, Madison - Wisconsin School of Business
- Purdue University - Krannert School of Management
- University of Oxford
Types of MBA and its Scope:
The type of MBA program varies according to the number of years taken to complete it & the mode by which it is taught. Here are different Types of MBA programs:
Two-year (Full-time) MBA:
The full time two year MBA are the most common type of MBA programs. The courses are divided over the four semesters, where before going into the details of their specialisation, the candidates learn the general requirements, and then move on the core skills as the course progress. With two year MBA programs, there are more opportunities of employment and internship services than shorter programs.
- 2 Year MBA at London Business School
- Full time MBA at Durham University Business School
- 2 Year MBA at IPADE Business School
It is a condensed variety of the full-time MBA and thus includes intense and tightly packed classes. Part-time MBA: This is the best option for working experts. Classes are held only on weekends or on weekdays subsequent to working hours. So part-time MBA programs generally last 3 years or more.
Executive MBA (EMBA):
As the name recommends, this program is specially designed for executives and managers with a higher number of years of work experience.
Distance Learning MBA:
The distance learning MBA, as the name suggest, is a type of MBA where the physical attendance of the students are not required at the learning institute. The distance learning nowadays is done mostly online, as more and more universities abroad are offering online MBA (read in detail below). In some cases, the distance MBA is done via E-mail and other mode of correspondence.
Programs where an MBA degree is consolidated with others like MS or MA etc. This is financially viable for students and helps their tailor their study programs as per their needs.
With the advent and penetration of 3G, broadband, cost effective tablets and smartphones, students from significantly smaller cities can go online and access lectures of world-class faculty and industry experts. The fundamental components of online MBA programs these days include:
- Fully online course with no classes to attend (only virtual classroom sessions)
- Anytime – anywhere learning
- Access through PC, tablet, smartphone
- Pre-recorded and/or live lectures by renowned faculty/ management gurus/ corporate honchos
- Exhaustive offline & online study material
- Relevant & up-to-date industry specific curriculum
- 24x7 student support
- Online assignments and exams
About The Author:
Dhruv is fond of words and everything related to them. Writing about different things from around the world gives him immense pleasure, and a very healthy by-product is sharing of the information and helping others in the process.