Management education has come a long way from developing general management skills in managers to splitting into various specialisations to cater to different sectors of the industry. All general management graduates hold certain core attributes that are valued by employers like thinking strategically and analytically. With changing economic scenario adding a specialisation that matches with future career goals will fast track a candidate’s career. The standard MBA specialisations are: Marketing, Finance, Human Resources, IT/Systems, Operations, Hospitality Management, Sports Management, Communication Management, Insurance and Risk Management, Hospital Management with many more being added.

Marketing Management

Marketing management is focused on the practical application of marketing techniques and the management of a firm’s marketing resources and activities. This specialisation can help accelerate your entry and progress in some of the most competitive fields like advertising, brand management and public relations.

Human Resources Management

Human resource management is a people centric specialisation of management and is focused on employing people, developing their resources through training and compensating their services in tune with the job and organisational requirement. 

Financial Management

Financial Management as a specialisation concerns itself with the managerial significance of financial techniques and focuses on areas including investment and portfolio management, corporate finance analysis and decision making on mergers and acquisitions as well as international financial management.

Information Technology Management

Information Technology Management is concerned with exploring and understanding systems and technology as a corporate resource which determines both the strategic and operational capabilities of the company.

Hospitality Management 

Specialisation in hospitality management focuses on managing multiple roles in hotels, restaurants and in the tourism sector and equips MBA graduate with management techniques needed to rise to a senior position in the hospitality sector.

Communication Management

Communication management is the systematic planning, implementing, monitoring, and revision of corporate communication strategies, designing internal and external communications directives, and managing the flow of information, including online communication within the organisation, between organisations and to media.

Summary: MBA specialisations are giving a kick start to the managers and helping them climb the corporate ladder faster. The basic specialisations include Financial Management, Marketing Management, Information technology/System Management, Human Resource Management. There are other specialisations that are becoming popular like Hospitality Management, Sports Management, Communication Management, Insurance and Risk Management and Hospital Management.

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A candidate who has passed the exam stage and has been called for the interview round, should be well versed in the basics. One should have accurate answers to questions about education, work experience and family background. The interviewee should grasp open ended questions as an opportunity to present skills and abilities. There are certain questions that form an important part of an MBA interview. To the question as to why one requires an MBA degree, one must be confident about future goals and how the degree will help in achieving them. Other integral questions are about one’s strengths, general awareness, hobbies and why should one be chosen above the rest. The interviewer seeks to judge the candidates professional clarity through these. With tact, the latter can steer the interview to highlight achievements and experience. 

It is essential for a candidate to be natural, confident but humble, to the point and grounded. And not be nervous or clumsy. One should not make tall claims and should not be vague. If an answer is not known, saying so to the interviewer is better than sounding fake. One should take care of the tone and the words chosen. It is essential to listen carefully, to understand and then respond. Answers should be short but informative. Practicing mock interviews and preparing answers to frequently asked questions makes the actual interview comfortable.

One should dress formally for the interview, avoid being flashy, and take special care to be courteous and to not look stressed. Making eye contact, not fidgeting and a confident body language creates a good impression. So does knowing about the institute and the interviewers’ profile.  

Keeping these points in mind, cracking any MBA interview can be easier for the candidate.

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The Indian Institute of Management (IIM) is the best institute in India for an MBA degree. The selection procedure here is the toughest one because it guarantees the best scope to its students. It has branches in Ahmadabad, Kolkata, Mumbai, Bangalore, Lucknow, Kozhikode and the latest addition Indore. Admission is on the basis of the Common Admission Test (CAT), followed by a Group Discussion (GD) of the qualifying candidates and then the final Interview. 

The Management Development Institute (MDI) in Gurgaon is a premier business school set up in 1973 in support of the Industrial Finance Corporation of India. CAT is the basis of admission here. It offers varied programs to students and is a credited institute because of this, and the Student Exchange Programs. Also MDI has Partner Institutes in several countries (USA, Canada, France, Germany, Austria, Denmark, Belgium, Norway, Italy, Poland, England, Finland, Netherlands, Greece, Thailand, Australia, New Zealand, Israel, Pakistan, China, Russia and South Africa).

Xavier Labour Relations Institute, Jamshedpur, is a reputed business school in India. It was established in 1949. Entry to this institution is through the Xavier Admission Test (XAT), then the GD and Interview. This is a tough nut to crack. The college offers two courses in Post Graduation in Management. 

Bharatiya Vidya Bhavan’s S.P. Jain Institute of Management and Research rests its admission on CAT. The institute offers a wide variety of courses to choose from. It has a long history being established way back in 1938. Today it is one of the top business colleges in the country. 

Indian School of Business (ISB) in Hyderabad offers a one year management program. It is a prestigious business school of India with international repute. It has a visiting faculty that includes eminent people form the universities of Wharton, Kellogg, Harvard, Stanford, Chicago, Duke, Texas etc.

A good option for business studies is the Faculty of Management Studies under the University of Delhi, founded in 1967. It is known for its great placements – national and international.

School of Management, a core management institute of Indian Institute of Technology (IIT) with branches in Delhi, Mumbai and Chennai, is a viable option for students. It conducts the Joint Management Entrance Test (JMET) for admission to this institute. 

There are a number of other credited institutes in India that offer a course in business administration. A few among them are – the Xavier Institute of Management (in Bhubaneshwar, entry through XAT); Symbiosis Institute of Business Management in Pune; IMT, Ghaziabad; Mudra Institute of Communications in Ahmadabad; T.A. Pai Management Institute, Manipal; Institute of Rural Management, Anand; ICFAI in Hyderabad, University Business School in Chandigarh. Most of the Business Colleges in India consider the CAT score for admission. Some others (XLRI, XIM, BIM Trichy, LIBA Chennai, XIME Bangalore, Goa Institute of Management) base admission on XAT. The rest of the institutes have college specific entrance examinations. 

Mumbai has very good business schools like the Jamnalal Bajaj Institute of Management Studies, Welingkar Institute, Narsee Monjee Institute of Management Studies, National Institute of Industrial Engineering etc. 

Some deemed institutes in Delhi are the FMS, International Management Institute, Indian Institute of Foreign Trade, Fore School of Management Birla Institute of Management Technology, NIILM Center of Management Studies. 

In Chennai you can consider the Loyola Institute of Business Administration, Institute of Financial Management and Research, Institute of Technology and Management, DMS Anna University. 

The hoard of people desiring to do a course in business administration is immense. Everybody wants to join the legion to amplify their job prospects. It has thus become even more essential for dedicated students to try for the best Business Colleges in India to step apart from the crowd.

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Faculty:

For a B-School, highly educated and PhD holders my not suffice. The faculty should consist of professionals, who are successful and have made a mark. Because it is a market oriented course, knowledge about the same and personal experience narration, that is teaching of theories along with examples of personal experience stories, is essential. The ratio of number of students to teachers, is also a big determinant of the quality of education. 

Placement:

You can distinguish between a good and not o good college on the basis of the placement scenario as well. The number of students who get placed, the companies that come for placements, and the average package offered to students, are deciding factors. A good college will have the best and highest paying companies picking up its students year after year. 

Exposure provided:

Is the study only bookish, or is there room for practical training? Are there trips and seminars? Do eminent professionals from all walks of life come for lectures? Thee are some questions you should find answers to before joining any institute. 

Expense vs Placement – the balance:

From data available of the institute, you should try to find out if your degree or diploma is worth the amount you have spent. Also, the job that you get at the end of it, what is the ratio of the expense to the salary. These will help you gauge the worth of your education. 

Institute credibility:

The institute you want to apply to should be credible, that is it should be recognized and known in the market. This helps in higher education and also while looking out for a job. Companies prefer students from reputed institutes, as it automatically means that the quality of training is premier and apt. 

Academic facilities:

Academic facilities like a well stocked library and reading room, frequent seminars and talks, placement talks and training, activities related to education, field trips etc, make an institute more viable and a better choice. 

Factors that act against the institute:

Direct admission

An institute which directly admits you without any test or interview should be seen as dicey. A management course requires certain skills and aptitude, and thus demand certain category of students. A direct admission means this is not useful for the institute and it only wants to fill seats. Another determinant of negativity is taking in all who apply, no criteria or selection. This indicates to a money making venture. 

Placement scene blur

An institute that does not have a proper placement department, or data available of previous placements, should be avoided. If good companies do not approach it and the proportion of students getting through a good company is miniscule, then it is of little use joining the college. 

No official website and proper information

A college that does not have an official website, and no reliable information is available, should be ticked out of your list of preferred institutes. One that has no particular date for admission or course commencement nor end, is a gamble that should not lure you. 

Too many associations – companies and individuals

Because of lack of anything substantial, many institutes somehow acquire a number of associations that are featured in the brochures, publicity material and website. The information about course, faculty and placement may not even feature. Avoid such institutes.

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There are broadly four categories of people who pursue an MBA.

Students – From all backgrounds, be it commerce, humanities, science, engineering, law, medicine, etc. This is the scope for growth according to them and actually gets them better and more jobs, higher salaries, and also opens up venues of employment and specialization which can now be explored. Fresh graduates, post graduate degree holders, diploma holders, all equally vie for it. 

Working Executives – After graduation, especially after degrees like engineering, medicine, law, etc, students opt for a job as it is readily available. After working for a couple or a few years, they seek an MBA degree to widen their horizon, improve growth opportunities, and explore avenues. Some get driven away from their field of work, and as they want a change, such management degree is the best option. 

Many also pursue both job and study of management at the same time. Most often this is done either by way of distance learning or part time. With so many options and choices, and more comfort generated, working individuals are at mush ease and benefit today.

Business Heirs – Most often, such heirs are bent towards joining the family business after completing their studies. Earlier this could be done without any specific degree like MBA, and handling and operating a business was believed to be ‘in the blood’, inherent, needing no education. Even illiterates could do so. But with growing awareness, demands of a business venture, drive to succeed and better the venture, and stiff competition in the market to survive and claim customers, a management degree has become most essential. This teaches them ways, methodologies and formulas that if understood and adopted, along with the natural instincts for business, is a sure shot to success. Now, not everyone can be a Dhirubai Ambani. 

Freelancers / Artists – To give a holistic approach to their field of specialization and an edge, to excel, discover managerial elements in the same, such individuals pursue and MBA. They are thus able to handle their careers better with the possession of operational abilities.

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Though there exists little distinction between an Master’s of Business Administration (MBA) degree and Post Graduate Diploma in Management (PGDM), but you should decide according to your future objectives, like the kind of work you want to do, where you want to work – within the country or abroad, etc, and choose the apt one. 

The next step is to decide the specialization. This will depend on your interests, strong grasp over certain required subjects in that branch, the fie;d you want to work in, etc. Some of the options for you are – marketing, finance, retail management, human resource management, operations and logistics, rural management, systems, international trade and business, intellectual property, etc. 

Management programs are available to students today as regular courses (typically two years), distance learning or correspondence (variable time period), executive programs (one for regular, three for distance learning), part time (three years ideally).

Some good institutes in India are the Indian Institute of Management, S.P. Jain, Management Development Institute, XLRI, Faculty of Management Studies, Indian Institute of Technology Management Programs, NITIE, etc. 

Most programs invite students from all kinds of educational background. A bachelor’s degree is the prime requisite, with at least a 50% marks. But you can pursue it even after post graduation and doctorate. There is no restriction on this. If you are working and want to enroll for the Executive Program, you will need a few years of quality experience, which is decided by the respective institutes. 

First step to admission is the Written Test Round. Though the format may change from one school to another, the sections remain the same broadly. Thus there will be questions on English Language skills, Verbal Ability, Logical Reasoning, Data Interpretation, Quantitative Ability. Certain colleges may also have a segment on General Awareness.

Some common management entrance examinations in India are the CAT, CET, MAT, XAT, FMS Test, JMET, and GMAT (typically for most executive programs).

Next is the Group Discussion Round, where those students are invited who qualify in the first round. This is a much smaller number of candidates. You will be given a topic, related to some event, invention, management, etc, as a team and you will need to discuss it as a group. Certain abilities that are examined in a candidate in the GD are leadership abilities, team work, analytical thinking process, ability to be cohesive and communicative, etc.

The final round is the Interview which is a face to face talk with the faculty and head of the institute. If you have been able to cross the earlier stages then this is your final chance to get selected. Thus you have to be very well prepared, be able to advertise yourself, present your skills, achievements, put forth your career objectives and ambitions, and answer the questions asked. 

In some schools, work experience is also considered and given a lot of weight-age, especially the courses for working people.

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Communication skills

This is of great help in professional life, to solve issues, negotiate, and put forth your ideas and plans. Not only should you be well versed in the language, but your tone, use of words, sentence formations, also make a difference. You may be good at writing and giving speeches, but the day-to-day communication with the management, colleagues, and clients has to be grounded yet firm, confident and humble, and to the point. You have to be diplomatic but not manipulative. Negotiate but not harm.

Leadership

An efficient leader is one who can inspire to work, get any work completed on time, as well as be someone for whom the subordinates love to work. There will be cooperation issues, difference in opinions, and ego clashed. Only a good leader is able to resolve these and make work the priority so that each and every one performs best to abilities. Also take care of the ones under him. 

Empathetic

Empathy comes to play here. As a manager, you have to know other people’s capacities before allocating work. You have to imagine yourself in their position and circumstances. Some may have certain concerns which you will have to understand. Your subordinates are human beings who also have limits. You need to respect this. If you are able to understand such issues, then winning over your juniors will be an easy task and getting work done quite a smooth ride.

Dedication

A hundred percent commitment to work distinguishes a successful individual from the rest of the crowd. This is one quality that will set you apart and rain success and fame. 

Discipline

The way you behave, conduct yourself, and treat others, makes a great impact on your professional future. your being punctual, courteous, organized, well mannered, soft spoken, goes a long way in making you popular and for growth. 

Motivation

Under all circumstances, be motivated. You may have to witness failure, upheavals, an irritant boss, etc. But if you are self driven, no hurdle will appear big enough to cave in your growth. Only a motivated individual can make others around him be as enthusiastic as himself. 

Inspiration

You can have someone you admire for his/her achievements in life, character, or qualities. Or you can be self inspired. Inspiration is a drug that boosts your immune system to perform better and always strive to excel. If you idolize someone, you inherently get motivated. The downturns do nit upset you as at such times you have someone to look up to. Follow a role model and be the one who has the ability to be one too. 

Honesty

Though dishonesty, corruption, and disloyalty have become the norm of professional life of people today, it is the honest who truly succeed. Make an effort to fight such evils and be honest to your employer, colleagues, clients and the organization.

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MBA is industry specific professional training. It prepares you for specific work and provides you the talents and knowledge for it. You learn what and how of being a manager. Thus the art of organizing, managing, handling, analyzing, and supervising. Industry related Case Studies form an essential mode of study through which the students get to know the real life situations faced by companies. 

Secondly, MBAs are the highest paid in the market. This is because they possess in depth knowledge which helps in the efficient and effective working of a company. You can thus be a preferred employee as against thousand other vying for a job. Bright future awaits those who complete such a program from a reputed institute.

If you are business minded, and not interested in jobs, then MBA is the best option. It trains you on being an entrepreneur. Though you need inherent aptitude for business and risk taking nature, the course will give you powers to make use of your aptitude. Entrepreneurship has become synonymous to MBA in today’s world. 

You may not want to be a manager and continue with your field on interest. But an MBA will provide you an edge in this case. This is the reason why working professionals today opt for an executive part time or full time MBA. It improves your chances of better performance and higher returns. For example, if you are a doctor or an engineer, an MBA degree will only raise your level of functioning and offer scope and varied choices to explore. 

In the competitive world of present times, the more qualified professionally and technically you are, the better your chances of survival.

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Well, Herd mentality is the basic reason a person suffers from depression of choosing a specialization that does not go in sync with their desires and personality.

You might think why herd mentality is being discussed! The truth is- due to the market full of management people, people are now simply choosing specialization to hear say, whereas they must be choosing specialization after having a deal of thought, research, and assessment of one’s internal desires and external environment.

If you want to succeed after your MBA degree, here are some key points that you must keep in mind while choosing your MBA specialization:

1. Hard and smart work: Some may argue that choosing one specialization over another requires research and smart approach. However, it is wrong to assume a particular specialization is inferior to another. Every specialization has a target industry or commercial sector. To achieve that target, there is no alternative to hard work and perseverance.

2. Trend is mostly a fad: India had faced an information technology boom with students opting for computer related general and engineering courses for a shortcut to success. But currently the sector is edging towards a saturated stage with so many people with the same set of specializations. It has to be kept in mind that the whole process is sinusoidal. In management, Marketing or Finance is sought after the most, thanks to emerging retail companies or whopping investment banking salaries. However it is wiser to look at long-term goals instead of just following a trend.

3. Specific/Generalized: The question lies as to what sort of subject or job is most appealing to a particular individual. If broad spectrum stuff like general management and office administration interests you, it is wiser to go there and not follow the specialized ones. The specialization however narrows down the scope and gives more focused skills.

4. Course and Curriculum: Information is extremely crucial. At childhood, a lot of students make career decisions based on popular beliefs, parental desires or peer pressure from the society. Management gives a scope to exercise your own will and take a decision that you will most likely not regret.

5. Career path: Students are moving away from the tried and tested routes towards career development that usually begins with completing basic education and followed by joining a reputed company. Specialization empowers a person to exercise the gained knowledge and skill set to set up their own organizations where they are their own boss. Entrepreneurship has gathered momentum both in marketing and research areas.

6. Character traits: Every person has a varying personality that determines their dedication and interest towards their work. Someone may prefer to be on the move while others might prefer to be a regular working office employee. Some prefer the income compared to work satisfaction while the same might not stand true for the rest. While a segment prefers leadership skills others gain more satisfaction in teamwork. Assessing one’s strength and weakness is an effective tool to reach a conclusive career decision.

7. Research: The Internet is on the desk and palm of our hands with technology reaching superior heights. With 24×7 access to information databases, students should go through detailed information about the subjects, existing student profiles, and possible career outlays and growth plans.

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