Sold on specialisations

Neelesh Arora

As there has been a paradigm shift in the working of corporate world, MNCs are looking for management professionals who can blend the use of latest technology tools with managerial practices in order to lead the global competitive world. 

This has forced the universities to either revamp their course curriculum or offer new specialisations in emerging areas. With the study in first year of MBA programme being common irrespective of the specialisation a student wants to pursue, the students are given the option to choose major/minor specialisations in the second year of the programme. 

It is common to come across MBA courses like MBA-HR and MBA-Banking and Insurance etc nowadays. The focus in these courses is more on the area of specialisation. But students should be absolutely certain about the field they want to build a career in before selecting such a specialised course as their choices at the time of placement will be limited with a specialised course in comparison to a standard MBA programme. 

In case you are not certain about the sector that you want to work in, it would be wise not to commit yourself to any area(s) of specialisation till the end of the second semester. By that time you will have a fairly good idea of where your interest lies and select your major subjects accordingly. 

In case of confusion check out some of the basic criteria while selecting your specialisation. These are:  

• Educational background.
• Personality type.
• Personal interest and passion.
• Career options available.

Business Analytics  

Business analytics (BA) is the practice of iterative, methodical exploration of an organisation’s data, with an emphasis on statistical analysis. Business analytics is used by companies committed to data-driven decision-making.  BA is used to gain insights that inform business decisions and can be used to automate and optimise business processes. Data-driven companies treat their data as a corporate asset and leverage it for a competitive advantage. Successful business analytics depends on data quality, skilled analysts who understand the technologies and the business, and an organisational commitment to data-driven decision-making.

Information Management

The fast-growing global importance of information management to the business world has created an increase in the demand for MBA graduates with technical skills over the past decade. Of particular note is the fast-paced growth in technology, specifically new platforms such as social networking formed on the back of the rapid integration of the online domain into everyday life. This shift has also seen growth in the number of prospective MBA candidates with IT and engineering backgrounds who look to build on their technical skills, instead of looking to switch to the traditionally popular MBA industries such as finance, general management or consulting. Importance has now been placed on combining world class management skills with already established technical expertise.

Agri-Business 

Agri-business is an important field because agriculture-related industry, from farming and livestock to food production and human nutrition, encompasses a significant portion of careers worldwide. The field of agriculture is different from other business sectors, and the government intervention is in the form of taxes, trade barriers, etc. It encompasses all activities from the ‘paddock to the consumer’, that are relevant to the eventual production, transformation / value adding, distribution and retailing of food, fibre and associated products. It is a business that earns most or all of its revenues from agriculture. Agri-business tends to be a large-scale business operation and may dabble in farming, processing and manufacturing and/or the packaging and distribution of products.  A degree in agri-business offers opportunities to get involved in areas such as production, finance, sales and land management. It is concerned with the financing, marketing, and management of food production. It is a growing industry that provides wide range of career options.  A degree in agri-business can open doors to several fields like farming, real estate, retail marketing, food processing, food production and farming industry. 

International Business 

In the time of globalisation and liberalisation each business needs to extend itself in the International market. Graduates who specialise in International Business are the key asset for organisations to arrange, execute and get results from international operations of business. Progressively, many organisations and associations are presently employing the MBA graduates specialising in "International Business" to guarantee organisation’s advantage and business development in the foreign market. MBA in International Business is a postgraduate programme which aims to impart the students with the knowledge, skill sets and training required for working in area International Business. It can be of two categories - Firstly, working in a foreign country for an MNC; secondly working in Export-Import domain. It is a specialised degree designed to develop the capabilities and skill sets of managers to work in the global economy.

— The writer is Additional Director, University School of Business, Chandigarh University, Gharaun