MBA since for a long time has been on the top of the list when individuals start looking for career choices. Not many though, have complete knowledge about the course and its specialisations. It’s imperative that students are familiar with and understand the course content of the various MBA specialisations. You should keep in mind that no matter what your specialisation is, most B-Schools will require you to take core courses such as economics, financial accounting systems, financial analysis for managers, marketing, operations management and process improvement, organisational behaviour and leadership, statistical analysis for decision making and competitive strategy. You should also know that in many one-year MBA programmes, you may not have the option to choose any specialisations, but instead you will have to follow a predefined curriculum. In most of the popular two-year programmes, the first year consists of the core courses and the second year offers electives or specialisation courses.
Finance
The most popular MBA specialisation for Indian students, by far, is finance. A student majoring in finance will be required to assess the financial viability of businesses, management and valuation of financial resources. A major in finance will prepare students for managerial careers in corporate finance, investment analysis, portfolio management, financial consulting and so on. Students majoring in finance can sometimes sub-specialise in corporate finance, investment management, banking and financial institutions and international finance.
Accounting
According to the Wharton Business School website, accounting can be defined as ‘a formal system of collecting, organising and reporting financial data that are used in making economic decisions. The users of these data include corporate shareholders, lenders, management, employees, taxing and regulatory agencies, research organisations and many others. The data shed light on current financial status and liquidity, as well as past profitability and funds-generating capability’. Most economic decisions require accounting data. People who do not have access to firms may want to know the economic progress of the firm and hence, accounting data is required. Most B-Schools will teach you how accounting information is generated and how reliable it is. You will also be taught how to analyse this data.
General Management
If you want a broad business background and you happen to be a ‘generalist’, then the general management specialisation will be most suitable for you. The key objective of the general management specialisation is to lead others in an organisation, irrespective of the organisation’s purpose. Since this is the main objective, the courses aim to increase your critical thinking and persuasion skills. You will study courses in broad business areas such as accounting, marketing and finance so that you can be prepared to be an effective manager in a business setting. Courses taught would include organisational behaviour and leadership, leading change in a quality organisation, social and political environment of business, management and career development, human resource management and professionals and business ethics.
Entrepreneurship
A good idea is a great way to start a new business but making the business successful, generating income and managing the business effectively is a whole new ball game. In the current business environment, it is essential for leaders to focus on pioneering value-based solutions, to expand their creative problem-solving skills and to recognise change as an opportunity. Entrepreneurship is one such field where you can learn how to manage the risks that go along with launching your own business ventures. You would be able to identify new business opportunities and pursue them successfully, stimulate growth in the corporate workplace, recognise cultural biases to entrepreneurial behaviour, methods to overcome them and use entrepreneurial business strategies to shape new ventures. Students who major in entrepreneurship don’t necessarily have to set up their own business, but in fact, they can expand existing businesses or help other companies in setting up new offices.
TOP B-SCHOOLS FOR FINANCE
- University of Pennsylvania
- University of Chicago
- New York University
- Columbia University
- Harvard University
TOP B-SCHOOLS FOR ACCOUNTING
- University of Pennsylvania
- University of Chicago
- University of Texas at Austin
- University of Illinois – Urbana Champaign
- University of Michigan – Ann Arbor
TOP B-SCHOOLS FOR GENERAL MANAGEMENT
- Harvard University
- Northwestern University
- University of Michigan – Ann Harbor
- Stanford University
- University of Pennsylvania
Make sure you know which specialisation tailors with your interest. Once you finalise on it, plan your higher studies and career accordingly.