Choosing the right MBA Specialization

The first decision you have to take on specializations in an MBA is whether you should opt for a specialized MBA like XLRI for HR, IIMA or IIML for Agri Business, IRMA for Rural Management, MICA for media com et al.

Absolutely… but only if you are sure that this is the sector that interests you and you have an aptitude for it. Be prepared to be in this for a significant part of your professional life, without any regrets. Even though almost half of the students in the specialization in some programs may find a career in an alternate field, this would be a suboptimal way to do it, most of the time.

Next come the specializations that you opt for after you have got into an MBA program. In most of the top B-schools, you take this call at the end of the 1st year. In many b-schools it is not called out as a specialization but might be called an area of concentration/specialization, or a major.

The popular ones:

1. Marketing – The gateway to an opening in sales, marketing and communication, and is a reasonably favoured specialization even if you are looking for roles in general management, consulting etc.

2. Finance – If you seek a career in finance, you had better have something more than just your MBA. Looks good if you have a B. Com or are working towards a CS, CS or CFA. At the least your graduation should have a quant component, like Engg or Stats, and you should be ready for some career compromises early on. I would highly recommend having Finance as a minor at least. Finance courses serve you very well while looking for a job in consulting, in conglomerates, or in general management.

3. Operations / Production / Supply Chain – Better have an engineering degree to back you up if you want a specialization and a subsequent career in this. Also, these are a good solid second specialization to have if you are unsure about your specific career goals

4. HR – “People Persons” sign up for this. There is a steady demand for this career option, but make sure that the b-school you are from has a history of companies recruiting for HR positions. Companies are biased about where they want their HR folks from.

5. Systems / IT – Do this if you have an IT background. Many who get into an b-school with prior experience in IT, may want to go back to that industry with a jump in role and responsibility. ?

Some new specialization (may be in offer in some places)

6. Analytics (or Data Science or AI/ML) – You will need a quant background for this, Some super-specializations like Mlops are coming to the forefront.

7. Product Management – One of the fastest growing fields in the past 10 years.. Work ex will help. IT background will help too.

8. Sustainability – There will be a spurt in demand for this specialization and its sub specializations

Whichever specialization you end up taking, keep in mind the following:

A) Fit with you – the specialization should be of interest to you and you should have an aptitude for it

B) Don’t follow the jobs – Please don’t go into a specialization only because there are jobs there. Things may change rapidly

C) Do more – Don’t just specialize, pick up relevant micro-accreditation in the field, do projects, write papers. Build a portfolio displaying you interest and expertise in the field.