What stream in MBA has the best future scope?
Choosing an MBA program can be a tough proposition. Candidates have a lot of questions: which course will fit them best? What might their salary packages be like? Would their jobs be sincerely satisfying?
Ticket to the world of corporate
Management students are in huge demand. Bosses are out chasing for business school graduates and this has shown up clearly in 2015, with 84% organizations overall wanting to add new MBAs to their workforce — up from 74% of every 2014 and 62% five years back, as indicated by The 2015 Corporate Recruiters Survey, directed by the Graduate Management Admission Council (GMAC).
While this is absolutely good news for those inspired by a management career, many could face a situation choosing the correct program.
The correct approach is choosing something you have a skill for apart from looking at the popularity of the course and what you are probably going to receive in return.
To help you in your query, we have a few inputs from around 200 students from B-schools the nation over; the study revealed that around 60% graduates choosing a management course chose finance or marketing, the oldest specializations on offer across most business schools.
Global business was the next option, followed by operations management, Human Resource management, retail management and media management.
Surprisingly, 81% members in the study said they selected a program since they were interested in it, and needed to study it truly as a career avenue.
Others selected a program on the basis of placement records, next in line were those inspired by the salary packages, followed by the reputation of a B-school. The quality of staff, many said, too plays an important part.
On the reason behind why they needed to do a management course, 55% said it helped in their self-development and 30% said it helped them get a productive job. Management education also helped people network with industry and educational specialists; allowed them to manage positions at work; enabled them to deal with their work-life better and, the best part is that helped people improve the lives of others.
Of the advantages, 80% said their course would enable them to apply their learning to real-life workplace situations.
Business preferences for 73% respondents were with multinationals. The individuals who needed to work in Indian organizations came next, followed by other people who were interested in their own new businesses.
Salary every year Rs. 3 lakh to Rs. 35 lakh
Marketing is an essential component for any organization to be able to make a mark in a competitive world. A prepared marketing graduate can play a key part in analyzing the competition, identifying client behaviors and their needs and can I accordingly create business techniques all the more proficiently.
Marketing programs plan to implant a customer-oriented approach in students and introduce them with relevant managerial abilities through elective courses on advertising and sales promotion, brand management, product management, business to business marketing, client based business techniques, international business, worldwide marking, and market research and information system.
Students in business schools also participate in various live projects that are floated by different corporate and professors, where they can apply their knowledge in a more practical manner. The instructional method fundamentally includes case studies, class discussions and activities, lectures, research project and includes genuine market work to get students a holistic understanding of all promoting ideas.
Fast moving customer products and customer durable firms are the biggest recruiters. Some of these organizations include PepsiCo, Coca-Cola, Samsung, Vodafone, Philips, Google, Dell, HP, Star TV and MakeMyTrip.
Salary every year Rs. 4 lakh to Rs. 50 lakh
Financial decision-making frames the root of business operations in any association. The core courses are designed to furnish financial enthusiasts with the ability to manage the financial decision-making process, an essential set of all business functions. Those studying financial accounting learn how to deal with external communications with shareholders and different stakeholders; management accounting introduces students with issues related to internal perspective control and systems to deal with information inside the association and check the sufficiency of operations and services. Corporate finance covers investment decisions and presents the whys and wherefores of financial risks.
A specialization on financial markets enables students to know the part of financial markets, their operations, and risk management instruments. Finance forms a part of the core courses necessary for the flagship projects of most renowned business schools.
Fresh graduates are responsible for doing systematic analysis and gathering information to help facilitate decisions of any organization. Recruiters like to hire people with experience who are great at deal-making, which is about dealing with customers and understanding business models. Global and domestic banks are the biggest recruiters which include Goldman Sachs, Morgan Stanley, Barclays and ICICI Bank.
3. International business
Salary every year Rs. 8 lakh to Rs. 24 lakh
Organizations like Goldman Sachs, Deloitte, Pricewaterhouse Coopers, Cognizant and Amazon figure among the dream managers for most MBA graduates. A management course in international business can be a passport to a few such organizations. In fact, several domestic companies have been excited about going global in recent times.
The course in international business gives students in-depth knowledge of global and local management issues. Most establishments offering the program have electives on basics of financial management, organizational behavior, worldwide strategic management, universal logistics, trade finance and forex management, the global political economy, international business law and foreign trade policy.
4. Operations management
Salary every year Rs. 4 lakh to Rs. 20 lakh
Operations management forms the center of any business activity. Starting from an accountant or a human resources (HR) manager to a transport and logistics operator, all business functions need sound information of operations.
Most top business schools offer operations as a specialization. Operations management is extremely important for manufacturing and service production sectors.
The course introduces the students with various sorts of production processes, product process network, project management, quality management, faculty layout, and location.
Educational module for such programs contains various quantitative components, requiring students with great analytical abilities. It is advisable, therefore, that the students wanting to go in for operations management should have great numerical information. Engineering students, chartered accountants, and B.Com students have an edge over others in the course as it requires a lot of calculating.
Organizations like Tata Motors, Tata Steel, Procter and Gamble, Airtel, Asian Paints, and Amazon, ITC, and Lodha Group are prominent recruiters’ during campus placements.
5. HR Management
Salary every year Rs. 5 lakh to Rs. 21 lakh
Employing, training and re-training are key for the supportability of an association. This is the place the part of an (HR) director is important. An evergreen management education program, HR is favored by most graduates given the consistent demand for prepared experts across sectors.
The educational programs introduce students to the changing part of HR experts and to the nitty-gritty of talent acquisition, human resource planning, pay and reward management, competency-based management, ability management and worker engagement associate. Case-based teaching is extremely regular courses in various organizations.
Human resource management, since its commencement, has hugely changed. Popular campus recruiters include Crompton Greaves, Philips, Bosch and Reckitt Benckiser.
6. Retail management
Salary every year Rs. 5 lakh to Rs. 20 lakh
Retail is one of the quickest developing sectors in the nation, largely propelled by the development of online business, customer awareness about luxury brands and access to the internet.
Retail management, a genuinely new branch in the space has picked up popularity among students, more as a result of its low application of quantitative abilities.
Retail management gives a complete perspective right from procurement of product or service to the end-delivery, additionally combining with the marketing technique to understand client preferences and end-customer behavior.
The course enables students to find out about the basics of managerial abilities required in the retail business.
The specialization incorporates courses on consumer buyer behavior, visual promoting and customer experience management, retail selling abilities, industrial retailing, retail marketing and purchasing, retail stores and operations management, franchising in retail, retail finance and analytics and e-retailing.
7. Media management
Salary every year Rs. 4 lakh to Rs. 7 lakh
With the boom in the entertainment space, the influx of digital organizations, and a number of movies being supported by corporate firms, the media business is in search of trained experts who can deal with everyday operations.
It is one of the few management courses that can be taken up by graduates irrespective of their past capabilities.
The course is most appropriate for graduates in bachelor's of mass media or a bachelor in media sciences, as they are already familiar with the workings of the business and have been introduced to the basics of media studies. The media management program gives students a review of the field through marketing management, media research, PR, event management, encouragement through radio, TV, and print, art and culture entertainment, rural media, basics of post production, media laws, customer purchasing behavior and campaign planning. A graduate trying to enter the field should be strong and can continually reevaluate, innovate and be on his or her toes as consistently is another day for experts.
8. Sales and marketing
Salary every year Rs. 3 lakh to Rs. 25 lakh
There is no business that doesn't require trained experts in sales and marketing.
In any case, with the intervention of technology, the industry has seen a lot of progress in demand for the kind of aptitudes one searches for.
While the interest for graduates with core benefits of marketing and sales remains at a constant high among most selection representatives, many have started searching for skill sets of an applicant in e-commerce, digital marketing, mobile marketing and programming applications.
A course in sales and marketing is perfect for those with great analytical aptitudes and communication skills. Job roles on offer for new graduates in the course are those of management students, assistant managers, managers, senior supervisors or area sales managers, depending on their past working knowledge and course profile.
Players in the FMCG and purchaser durables division are big recruiters at campus placements. E-commerce giants and private banks also select a good number of graduates from IIMs, level II and level III organizations across the country. Best recruiters include Coca-Cola, Hindustan Unilever, ITC, PepsiCo, Dell, Amazon, American Express, Google, Microsoft, Vodafone, HP, Videocon, Snapdeal, Colgate-Palmolive, Asian Paints, Citibank, HSBC, Titan, Perfetti Ban Melle and Kellogg's.
9. Social business
Salary every year Rs. 6 lakh to Rs. 10 lakh
With the mushrooming of new businesses in the nation over the past few years, it has indeed become important for the founders to learn the tricks of becoming wildly successful in the business. As effect investing is developing in India, the demand for graduates of social business enterprise has begun to develop.
Social business enterprise, which is an important specialization for running CSR activities in corporate firms and exercises at NGOs, is also famous among MBA applicants.
The course includes modules like social advancement and prologue to the social business enterprise, legal system for the social enterprises, managing and organizing social enterprise, understanding worldwide cultures and management of global social improvement projects, raising support, corporate social duty, social effect assessment and policy valuation.
NGOs, affect contributing firms, corporate, government associations and microfinance organizations select graduates of social entrepreneurship.
Top recruiters incorporate Mckinsey, Tata Motors, Taj Hotels, Tata Power, Leonard Cheshire Disability International, Swadhar Fin Access, and International Resources for Fair Trade, Tech Mahindra, and Ambuja Foundation.
10. Supply chain with operations
Salary every year Rs. 10 lakh to Rs. 12 lakh
With the advent of e-commerce giants, learning of production network management and operations is extremely significant for the business to survive. Supply chain management alongside operations management as a specialization is a hot blend for such recruiters.
Early delivery is an important variable for such organizations. The idea of a combined course on supply chain management and operations management is to prepare a student to analyze issues and come out with great solutions when faced with a supply chain issue. Nowadays, most organizations rope in various substances like merchants, producers, transporters and discount merchants for their everyday functions. Great coordination with each of these departments is the way to timely delivery of a product to the customers.
While a graduate of operations management is well educated about the operations across offices and production processes, a course in supply chain management furnishes them with the morals of coordination and management, issues of performance measurement, party logistics, and procurement strategies.