Top MBA Specializations in the field of Financial Management

MBA-studentSo, you want to pursue an MBA and manage top business organizations! Being one of the most sought after career options in the modern and fast growing Indian economy, MBA is certainly the way to go for the talented and disciplined students who have what it takes to make business organizations revolve around their astute administrative abilities. However, you should remember that it is a vast field with many specialized branches in which you can carve your niche as a proficient and successful administrator or manager.

Let us talk about and take a brief look at some of the most sought after, latest MBA specializations, and career prospects offered by each of them.

Financial Management

Every business organization needs trained professionals to look after and manage their financial matters. A person with an MBA degree in the field of financial management can successfully meet this need. There is a huge scope for people with this specialization in the industrial and financial sectors and the degree opens the door to a plethora of career options for them.

MBA in finance can lead to a career in accounting in the corporate world where responsibilities include preparing the company's financial reports, looking after the financial matters and crating strategies. Another career opportunity is of a financial analyst who develops financial strategies and is responsible for managing all the monetary matters of an organization.

Below are some of the most prominent career options in the field of financial management:

  • Credit Managers
  • Cash Managers
  • Bankers
  • Risk and Insurance Managers
  • Chief Financial Officers
  • Management Consultants
  • Treasurers and Finance Officers

Marketing Management

This is another specialization, which has caught the fancy of many MBA aspirants in India. Marketing management is a challenging option that requires special aptitude like strong leadership qualities, excellent communication skills and an understanding of the current marketing trends. It is ideal for those who are outgoing by nature and have an ability to influence people using their personality and communication skills. People with a creative flair of mind also can make a promising career in marketing.

Some of the prominent career options include:

  • Sales Manager
  • Marketing Manager
  • Project Manager
  • Brand Manager
  • Market Research Analyst
  • Regional Manager
  • Chief Marketing Officer

Operations Management

This MBA specialization prepares you for positions such as a production manager or a shop-floor manager. The responsibilities may include developing and maintaining vendors as well as inter-departmental relationships, managing process flows, and making sure that all the business operations are carried out smoothly and efficiently. It has a huge scope in the manufacturing, engineering, and IT sectors.

Some important career options include:

  • Product manager
  • Technical supervisor
  • Shop floor manager
  • Chief technology officer (CTO)

Information Technology (IT) management

With the phenomenal growth in the field of information technology in India in the recent years, IT management has become one of the top most MBA specializations in India. The degree provides a theoretical and practical expertise in critical leadership, overseeing concepts while concentrating on understanding and application of new technologies in the field of information technology.

IT management is wherein all the practical resources of an organisation are managed in harmony with its priorities and requirements. The resources may include physical funds like computer hardware, software, networks and data centre facilities, as well as the employees who are selected to handle them. Managing these responsibilities within a firm involves numerous elementary management roles like organizing, controlling, budgeting, staffing along with other aspects that are unique to technology like software design, tech support, change management, network planning etc.

IT graduates or software engineers can opt for this specialization to enter into a whole range of different careers in the field of information technology.

Some of the most popular career options include:

  • Business analyst
  • System analyst
  • System manager
  • Technical consultant
  • Project manager
  • Business development manager
  • Chief information officer (CIO)
  • Chief technology officer (CTO)

Human Resources (HR) Management

HR managers are in huge demand in the corporate world. Their job is crucial as they have the responsibility of selecting and recruiting the workforce of a business organization. They also carry out several other related functions such as training and development of employees, analyzing and appraising their job performances, managing payrolls etc.

The HR manager is often referred to as the ringmaster in the circus of the business world. Those with the right aptitude and a degree under their belt can have great career opportunities in the corporate world. Some important career options include:

  • HR manager
  • Personnel manager
  • Human resource director
  • Employee benefits manager
  • Labor relations director

Vast gamut of opportunities:

MBA allows you to explore business theories in a holistic and disciplined way and equips you with the required models and frameworks to analyze factual industry opportunities and problems. It can propel you to think like a business leader and explore opportunities in a more structured way. You not only begin to think strategically like a business leader but also tune yourself to understand intricate business issues.

The degree does not just enhance your business skills that you might be lacking but it also enhances your soft skills such as leadership, cross cultural teamwork and understanding-all vital characteristics for future business leaders.

Of course, not to be forgotten is the high remuneration that you can get your hands on after getting a coveted management degree. Numerous surveys have confirmed that the starting salaries of people with MBA degrees have gone up in the recent years and the trend is universal.

The QS World MBA Tour survey, for example, showed a 10% rise in the normal salary for fresh MBA graduates in 2005. So if you are someone who is contemplating on pursuing an MBA degree go ahead but remember to do your research first about the institutions, programs that offer this course. However, do not just get a degree because it is a trend amongst your peers.

Think for yourself why you need it and how you are going to make the most of it.
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