Master of Business Management (MBA) is a specialization program that focuses on the various aspects of business administration and management. An MBA degree can help you to launch a progressive career in the business domain as well as increase your brand value before potential recruiters.
Since MBA offers specialization in many different business and management streams, it is essential to weigh all the pros and cons of each before making a hasty decision. To maximize your returns from the MBA degree, you must first do a little research and gather a rough idea about what the different courses teach the career options associated with them and the salary packages for top job roles.
Today, we will look at the different types of career opportunities and salary packages for the top 5 MBA specialization streams.
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MBA in Finance
MBA in Finance is a popular MBA specialization with tremendous growth prospects in Banking, Financial Services & Insurance sector. Financial management focuses on the planning, managing, and regulating the financial resources/assets of any industry.
After completing an MBA in Finance, one can find a job in the following sectors –
- Corporate Finance
- Corporate Banking
- Credit Risk Management
- Asset Management
- Hedge Fund Management
- Private Equity
- Sales and Trading
Goldman Sachs, Merrill Lynch, Morgan Stanley, and JP Morgan are some of the top recruiters in India hiring MBA Finance professionals.
In India, an MBA graduate in Finance from top B-schools can earn a starting salary of anywhere around packages of Rs 10 – 15 lakhs p.a. Candidates hailing from other institutes may earn a starting package of Rs 4 – 6 lakhs p.a. The salary increases with growing experience and knowledge. Mid-level professionals earn an annual package of Rs 20 – 30 lakhs, whereas senior-level professionals can earn as high as Rs. 35 – 50 lakhs and even above per year.
Source – Payscale
MBA in Business Analytics
MBA in Business Analytics is a specialization field that focuses on teaching students how to use different analytical tools (statistical and quantitative analysis, explanatory and predictive modeling, data visualization, etc.) to gather data from multiple sources and analyze it to gain valuable insights into the customer behaviour, market trends, and other matters related to business intelligence.
MBA graduates in Business Analytics can find jobs in various sectors like Information Technology, Healthcare, Financial Institutions, E-Commerce, etc. Boston Consulting Group, Accenture, Capgemini, Wipro, Amazon, etc are some of the top recruiters for Business Analytics professionals in India.
Thanks to the growing importance of analytics in business, the average salary of Business Analytics professionals in India is Rs. 11 lakhs p.a. While freshers can make around Rs. 5 – 8 lakh p.a., experienced professionals in the field can earn between Rs. 10 – 18 lakhs p.a. Those at a senior level can draw a salary between Rs. 30 – 55 lakhs annually.
MBA in Marketing
MBA in Marketing Management focuses on the marketing aspect of a business. The key goal is to teach students about brand marketing, sales, different marketing channels & techniques, executive and leadership management skills, product management, market research, consumer behavior, to name a few.
After completing an MBA in Marketing Management, one can find a job in the following sectors –
- Competitive Marketing
- Business Marketing
- Online Marketing
- Analytical Marketing
- Customer Relationship Marketing
- Advertising Management
- Product and Brand Management
- Retailing Management
Marketing Management professionals can find job opportunities in Advertising Agencies, Marketing Companies, FMCG Sector, Financial Services, IT, etc. Though Marketing as a function is required in almost every organization, and here are a few prime recruiting companies in India for marketing function – Accenture, Amazon, Capgemini, Indusind Bank, Ing Vysya Bank, India Infoline, etc.
The annual salary range of Marketing Management professionals India may range anywhere between Rs. 3.5 – 18 lakhs for freshers (higher-end salaries for graduates from reputed B-schools). The salary increases with experience and can range between Rs. 15 – 40 lakhs p.a.
Source – Payscale
MBA in Human Resource Management
MBA in HR Management focuses on maximizing the performance of the employees to accomplish the goals of the organization. It teaches students how to acquire the right skills, best industry practices, and knowledge of how to manage human resources in ways that guarantee optimum benefits.
Recently, the job of HR professionals has gained increasing traction across all parallels of the industry. Hence, HR Management professionals can find plenty of employment opportunities in IT companies, law firms, advertising firms, retail companies, media houses, newspapers, etc.
An HR professional may earn a starting salary of Rs 2.5 – 4 lakh p.a. However, graduates from reputed B-schools can make around Rs. 4.5 – 8 lakh p.a. For mid-level positions, the annual salary ranges between Rs. 10-18 lakhs, whereas senior-level professionals make nearly Rs. 25 – 40 lakhs p.a.
MBA in Operations Management
Operations Management revolves around optimizing everything related to the business operations, including product quality and cost, manufacturing time, enhancing productivity, and boosting customer satisfaction quotient. Purchase management, Inventory management, vendor management, and enterprise resource planning (ERP) make up the operations management and the supply chain of a business.
Graduates with this specialization usually bag jobs in product/service based units, including –
- Financial Institutions
- Management Consulting
- Information Technology
Damco, Blue Dart, First Flight, GAIL, ONGC, and NHPC are among the major recruiters for Operations Management professionals in India.
In India, the average starting salary of Operations Management professionals is between Rs. 4 – 7.5 lakhs. Graduates reputed B-schools can make around Rs. 6 – 10 lakh p.a. For mid-level professionals, the annual salary range is around Rs. 15 -20 lakhs and that of senior-level professionals is Rs. 28 – 40 lakhs.
We hope this article has offered you a much better understanding of what these MBA specializations teach and the career opportunities each of them offers. MBA is a globally renowned and acclaimed degree that bears a promise of well-paying jobs. However, not all management jobs pay well. Hence, to ensure that you end up landing your dream job, you must identify which MBA specialization best fits your career goals. Once you deduce that, the rest will become easier.
If you are keen on upgrading your career with an online MBA course, explore upGrad’s best MBA programs offering in our detailed Online MBA programs article.
Which MBA specialization would be the best for my career?
The subjects you choose to specialize in while pursuing your MBA degree can have a significant impact on your profile and will greatly streamline the work opportunities you would be receiving after gaining your degree. While it can be hard to decipher which of these specializations you want to pick, it is important to keep in mind your interests, background, exposure, and profile before making the final decision. At the end end of the day, the best MBA specialization for your career will be the one that you are most passionate about and would include topics that you are most interested in.
Why should I get a specialized MBA over a general MBA?
A specialized MBA will help you sharpen your subject-specific knowledge and help give a headstart to your career. This is an extremely relevant option if you are already certain about the field you want to pursue and/or have major relevant experience working in one domain. A specialized MBA could help you in improving your overall general knowledge about various subjects and disciplines while only gaining in-depth knowledge of the subjects or field of your choice.
What are some pros and cons associated with pursuing a general (non-specialized) MBA program?
General MBA programs help students gain holistic knowledge and understanding of the various disciplines of management studies, without having to commit to a particular field/subject. These courses generally take longer to complete, due to the comprehensive nature of their curriculum and could prove to be heavier on the pockets as compared to their specialized alternative. If you are uncertain about the field you wish to work in, these could be a good option for you. A general MBA will help you in acquiring skills that would be relevant across industries and could be applied to various specialties.