Subject wise: Master matter

Are you considering a postgraduate management programme but not sure which area to specialize in? Let's look at the current scenario. Specializations in finance, marketing, HR, information systems, manufacturing and strategy are popular options for a postgraduate management degree (MBA). There is a need for managers and executives in these functional areas.However, the highest demand is for finance, followed by marketing. All these domains -finance, marketing and HR -are interlinked, growth of one leads to expansion of another.
Finance
The financial sector is arguably the most important in India's increasingly globalized economy. Other than money, the most critical resource in the sector are trained finance professionals. With globalization, the expanding market economy, dynamic stock and debt market and the growing banking sector, employers require banking professionals, equity researchers, financial analysts and others who can work in the sector.
Career avenues: An MBA student who specializes in finance can primarily choose from three career paths -first, analytical finance which caters to jobs related to the capital market, where you become an analyst, an equity researcher, an investment banker, or a trader in the stock market.You will need a thorough understanding of the financial market and skills in analytical finance. The second option is the banking sector which offers both finance and marketing roles. The third is a career in corporate finance which involves working in a company's finance department.
Marketing
India is increasingly becoming a more consumption-led economy, with a large number of products not only for the urban masses but also for the rural populace. These products need to be adapted and made available to consumers even in the remote corners of the country. One requires marketing professionals to organize and manage this process.
Career avenues: There are broadly two kinds of career choices. The first is related to the sales and distribution of products, the supply chain and logistics. The other is related to market research, marketing strategy and branding. The brightest of students prefer to go into marketing strategy, business development and branding.
Human resources
The rapid growth of the organized services economy involving relatively more educated knowledge workers means a greater need for qualified HR professionals. Most thriving businesses in India are people-driven. Human resources are their primary source of competitive advantage. However, as qualified and productive human resource is scarce in many industries, organizations are engaged in a talent war. So, organizations require more HR managers to recruit, train, nurture and manage talent.
Career avenues: The first field is that of analytical HR where you work for various HR consulting companies which provide clients analyses of and insights into how to effectively manage employees. Many HR functions are being increasingly outsourced to BPO companies, where one can work as an HR analyst. The other option is to join a company's HR department and manage recruitment, promotions, training and development, as an HR manager. A larger number of students now opt for analytical HR. This upcoming line of work is emotionally less onerous than an HR manager's career in which constantly dealing with people can become taxing at times. It is also more remunerative, especially in the initial years of your career.
New age fields
Data is being produced and captured at an exponential rate. This stockpile of data -known as big data -can be used by business enterprises to generate new insights, enable better decision-making and improve processes. Hence, creation of trained, industry-ready business analytics professionals is the need of the hour.
As the economy grows, hotel and tourism management will be a promising field. Similarly, there will be opportunities in the social services social entrepreneurship sector, with increased focus on CSR as a specialized activity. NGOs as well as corporate houses will look for people trained in managing social enterprises.Healthcare management, too, will be a big area in the coming years.
Eligibility criteria
You need to have a UG degree. In addition, many top B-schools give weight to two-three years' work experience. Prior experience comes in handy in making the most of your MBA journey. Some schools do not accept work experience beyond six-seven years for a regular MBA programme, except for an executive MBA.
The entrance test
Earlier in India, there used to be fewer tests as the number of B-schools was lower. Today, there are multiple Common Admission Test (CAT)-like competitions organized by different organizations. The CAT, too, has seen changes, with more schools using the scores for admissions. The larger adoption of CAT scores is a positive trend as candidates need to take only one test through which they can apply to a larger pool of B-schools. On the flip side, if you perform badly in the CAT, it forecloses your options to a large number of management institutes
Going forward
A large number of B-schools have been created in the last 15 years. Elite management schools offer specializations as an addon in the second year. Nobody gives an MBA in finance or in marketing; the degree is that of an MBA. It is by virtue of the course you opt for in the second year that you claim to have completed your MBA in finance, HR or marketing. However, going forward, there will be more sectorspecific programmes like an MBA in banking, MBA in tourism and hospitality management, etc, being offered by secondand third-tier B-schools. The lowerand middle-rung of management schools will focus on skill-building programmes targeting specific sectors.
Pluck with care
There are two primary factors to keep in mind while choosing an MBA specialization. One is, of course, the careers available upon graduation and the other is your interests. It should be a combination of what excites you and what may offer you a rewarding career. If you choose a specialization that has great prospects but does not make you feel charged enough, it will make you disillusioned, sooner or later. Similarly, a profession may give you immense satisfaction, but you may not sustain the work because it is not monetarily rewarding enough or does not have ample room for growth. So, one's choice should be a healthy mix of these two ingredients.