Choosing to pursue business administration as a career is a wise choice for two reasons. Firstly, it is a field that is wide-ranging and provides numerous opportunities for you to play around. Secondly, do you think the world would ever stop trading? Trade is imperative to human existence, and hence, business management is naturally an essential function that is commonly in demand. Therefore, a management degree in business administration is ideal for people who have a knack for leadership.
However, that is not a real discussion. What you should worry about, however, is which MBA specialization to choose since that will most crucially make a difference. You can take up MBA specializations in several subjects. You would generally have to select specialized topics in the final year of your degree. The decision can get a little daunting. Therefore, considering your reservations, here we have a list of some of the MBA specializations you can look into and their scope in the year 2020.
1. MBA In Information Technology (IT):
IT professionals often lack knowledge relating to business management, which often acts as a hurdle on the path of climbing the corporate ladder. You are usually not considered suitable for top managerial positions if you lack business knowledge and understanding.
Even though IT professionals gain business skills over the years through experience, a more straightforward route is to choose an MBA in Information Technology. If you wish to take up a managerial role in an IT firm, this course is ideal. Moreover, this specialization has a massive scope this year and in the future, since business and IT are both thriving fields. There are numerous options available to take up a business administration degree in IT, such as an MBA technology management online program. A degree in Information Technology, combined with excellent business skills, is a remarkable professional combination.
2. MBA In Marketing:
Marketing has always been the conventional choice of most students in the past. We did not have many subsets for MBA like we do today, and many people had only two options to choose from, and those were Finance and Marketing.
However, regardless of marketing being a long-established specialization, it is still one of the most demanded. Why is that so, you may wonder? Marketing has gained a positive reputation over the years. It has started playing a significant role in the success of businesses. Entrepreneurs now know that if they want their business to thrive, they need to invest in branding and promotions. And this is the reason why the marketing function is gaining value.
Undoubtedly, much like in the past and the upcoming years, marketing has some significant career scope this year.
3. MBA In Operations Management:
Businesses are now gaining awareness of how to increase their efficiency and minimize wastage of resources. They are expanding their horizons and looking into new opportunities to maximize profits. As a result, operations management became a highly sought after role in recent times. It involves ensuring that each business operation runs at optimum capacity while reducing wastes or keeping losses to a minimum. The operational management needs to align with the strategic objectives to give the business a coherent top-to-bottom organization. Even though operations management is a budding specialization, we expect it to flourish massively over the years.
4. MBA In Strategic Management:
Strategic decision making or management involves devising tactics to achieve the overall long-term objectives of the organization. An individual who is an expert in strategic management is someone who provides the business with direction. Often this direction is over a few years. Strategic decisions get further broken down into smaller tactical and operational management goals.
Business experts opine that a role in strategic management is a rewarding career path. Businesses now also focus on chalking out competitive strategies and give immense value to this aspect. It is a broad field and encompasses several skills such as risk management, finance administration, supply-chain expertise, etc. Strategic management professionals also need to have a high intelligence level since it is a critical job and requires having sharp attention to detail. We expect this specialization to have a great scope in the years ahead.
5. MBA In Change Management:
Have you ever experienced a system upgrade in a business environment? A situation where a new information system replaces the old one? If you have, you will know the reluctance and rigid attitudes of the workforce. Businesses that have been operating for years without a change have now built a habit. Employees and the crew become used to the way things typically work. Thus, implementing change may seem like a nightmare.
Moreover, the world today is continuously evolving. After some time, newer software is available, along with more modern technologies, introduced every other month. If you have to stay on top of the game, you need to stay updated with the industry standards.
However, executing change is a challenging phase. Convincing employees to take up the more useful option may seem impossible; however, this is where change management professionals have their expertise. The COVID-19 pandemic led to a massive change in the way we worked. Most people shifted to working online, which was quite tricky for many. It is precisely a situation where change management professionals can add immense value.
6. MBA In Business Analytics:
Business scientists are consistently working towards creating opportunities for businesses to improve and become more efficient. One such discovery is the use of data and the massive benefits entrepreneurs can reap through business analytics. Companies store information over the years and these data are quite useful if utilized appropriately.
Under business analytics, this information helps to decipher future trends and forecasts based on past experiences. Business analytics provides rare insights that can give businesses a competitive edge in the market. Since this is a growing field and companies are on the look-out for hiring data analysts, this specialization’s scope is excellent. If you wish to pursue a career in this field, you should do so without giving it a second thought.
Business administration is a thriving field that offers numerous opportunities for professionals. Over the years, much like everything else, the business administration degree has also massively evolved with newer specializations budding through. We have a few such fields mentioned above that are fresh and offer great scope for the future. Consider choosing one of the multitudes of specialisms provided according to the future demand of that role and your likings and interests.