5 lesser known MBA specialization with great career prospects

Praqtise — Mon, 12 Sep 2016 10:23:42 +0000

Hi, my name is Kartik! I am fond of the workings of my native place and rural areas in general. Case stories of Amul, ITC e-Choupal are so exciting and I want to work in rural India. Which MBA specialization should I go for to kick start my career?

Hello, my name is Vidyut! I like to play with numbers and I want to make a career in energy management. We all know how important energy sufficiency is for economies. The way I see it, I can be great in handling energy trading. But how do I equip myself to get such a job?

Hi, my name is Rohit! I have always been interested in the retail sector. Having graduated with a BBA, I’m keen on making a career in retail. MBA is a great way to launch your career, but is there an MBA specialization that caters to my needs?

The majority of MBA specialization courses are broad based. They cater to overall business functions such as marketing, finance, HR.

The specializations that we have picked out offer a different approach. They have marked out business domains in a different way and train students in skills specific to these domains.

1) Rural Management

There are numerous statistics that highlight the importance of the rural economy.

PRAQTISE Fact File:

68% of India’s population is concentrated in the rural areas.
The rural sector accounts for half of India’s GDP.
People are steadily moving away from agriculture and into other industries.

Rural management explores facets of rural business in depth. It equips students with a detailed understanding of the marketplace. Factors like spending and saving patterns, development issues, religious and cultural nuances play a big part.

There are miles to go in terms of infrastructure and commercial development. This is why rural economy presents a tremendous opportunity for aspiring managers.

Institutes offering rural management specialization:
a) Institute of Rural Management, Anand (IRMA) – Post Graduate Program in Rural Management
b) Xavier’s School of Rural Management, Bhubhaneshwar – Masters Program in Rural Management

2) Energy Management

Energy is one prime issue of universal concern. Insufficient energy infrastructure can stall economic progress. While we have always studied energy from a scientific perspective, it is equally important to look at it from a managerial perspective.

Energy management courses cover

The structure and functioning of the power sector
Global power economics
Functional aspects such as contracts, pricing agreements, financial management, supply chain
Alternative energy sources

India is power starved and the Government is keen on becoming self-reliant. Energy management as a field is sure to offer great career prospects.

Institutes offering energy management specialization:

University of Petroleum and Energy Studies (UPES) – MBA Energy Trading
Management Development Institute (MDI), Gurgaon – Post Graduate Program in Energy Management

3) International Business

Globalization is perhaps the most overused jargon in business theory. But what does it mean to have a multinational presence? What are the demographic factors that need to be considered? What is the framework of international trade, and the regulations that govern the business?

An MBA in International Business will equip students with the required expertise on the above mentioned fronts. Pursuing an international business major can be a very exciting journey. Some courses are structured to take place in more than one country.

International business will always be a key domain and a great career prospect for aspiring managers.

Institutes offering international business management specialization:

International Institute of Foreign Trade (IIFT) – MBA in International Business
Management Development Institute (MDI), Gurgaon – Post Graduate in International Management

4) Media & Communication

Marketing specializations give a good overview of the end to end marketing function. All aspects beginning from market research and product development to customer relations and after sales service are dealt with.

However, treating communication as an individual aspect is important. Communication can be specific to an ad/PR campaign, or the overall image of the brand. It becomes critical in crisis situations where the brand needs to answer tough questions about its practices, mishaps or even underperformance. Perception goes a long way in determining whether the company is considered to be good or evil.

Organizations will always require people who can be the voice of the company. Pursuing this MBA specialization is recommended especially for those who wish to put their communication skills to use.

Institutes offering media and communication management specialization:

Mudra Institute of Communication, Ahmedabad (MICA) – Post Graduate Diploma in Communications
Symbiosis Institute of Media and Communication (SIMC), Pune – MBA in Communication Management

5) Retail Management

We have witnessed the boom in India’s retail sector unfold over the past decade. Future Group, Reliance Group and Tata Group all have nationwide retail chains.

Retail management makes the store as the central point of reference. A lot of attention is paid to store layout, design and buyer psychology. On the other hand, there are aspects such as category management, negotiation with manufacturers and inventory management.

From the perspective of the retail brand, macro level planning for locations and the overall appeal of the brand have to be done.

Institutes offering retail management specialization:

KJ Somaiya Institute of Management Studies and Research (SIMSR), Mumbai – Post Graduate Diploma in Management-Retail Management
WE School, Welingkar Institute of Management Development and Research – Post Graduate Diploma in Management-Retails Management

A Praqtical Look: Here is how some of the above mentioned MBA specialization programs compare in fee and placement numbers

Course	Institute	Fee	Placement 2016
Post Graduate Program in Rural Management	IRMA	INR 4,17,700	Average CTC INR 8,50,000
MBA Energy Trading	UPES	INR 9,50,000 approx. (as of 2016-18)	Highest package in 2016 – INR 13 LPA
MBA (International Business)	IIFT	INR 16,00,000	Average CTC 18.01 LPA
Post Graduate Diploma in Management – Communications	MICA	INR 13,50,000	Average CTC INR 9,30,000 LPA
PGDM – Retail Management	KJSOM	Rs. 4,40,000	INR 8,25,000 (average domestic CTC)

*Numbers are indicative, please refer to the course brochures/placement reports on institute websites for details.

Are you interested in a building a career in a particular domain? Which other lesser known MBA specialization streams are worth paying attention to? Tell us in the comments.

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