Top 10 Sectoral MBA Specializations: A Detailed Review
Take a look at top 10 MBA sectoral specializations to get placed in the best organisations. Here is a complete list of niche MBA specialisations for you!
It is a common practise to choose generic MBA specializations based on the functional departments of an organization as most of the MBA institute offers limited options to the aspirants. However, if we look at MBA specialisations beyond functional departments, there are niche MBA specialisations that has paved its way in the market in order to cater to the demands of the recruiters for serving speialised skills. These are some of the commonly offered MBA specializations which we see in the top MBA institutes as well:
- Human Resource Management
- Supply Chain Management
And now that we have a huge supply of professionals having a degree in these domains, the competition to fetch a lucrative job has also become stiff. Any employer would want to hire highly talented professionals who can prove their mettle with exceptional ideas and knowledge.
So the questions arise…!
What should I do to set myself apart from the long queue of the crowd followers?
Should I pursue some other degree?
Should I vouch for the best college?
Should I do a job and pursue MBA from distance learning just to get another degree?
Should I go abroad to pursue MBA by investing hefty money?
I think the answers to all the above questions lies in a simple yet smart way of thinking:
Reward your career with a smart choice and crowd out yourself from the on-going trend of MBA specializations.
In this article the top 10 industry-specific (Sectoral) MBA specializations which are gaining momentum in the market has been discussed:
Top 10 Sectoral MBA Specializations
Indian retail Industry is at its nascent stage and unorganized. The latest reports from ibef.org mentions that although the Indian retail is maximally unorganized, still it is one of the largest emerging sectors for driving growth in Indian economy.
Reasons to pursue MBA in Retail Management
Challenges haunting the Indian Retail Landscape
The above scenario represented the expectation from the Indian Retail Industry. But there are various malwares which are detected in this industry. Only after removing these malwares, we can expect this industry to grow at a staggering rate. Some of the challenges which are hampering the growth of Indian Retail Industry are:
In a nutshell, the report has pointed out that if effective reforms are implemented in place then the retail sector has a potential to generate 8 million jobs in the next 10 years.
According to a research report by dnaindia.com “the employment base of the industry is expected to reach 56 million by 2022 across conventional and specialised retail segments”
Another interesting finding from a research conducted by Luxury Connect mentions that “69% of firm owners and top managers wish to hire professionals who are specifically trained for luxury and are willing to invest in luxury training and education.”
Hence, our verdict is that as MBA aspirants, if you wish to make a difference in the retailing scenario of India, then do not miss a chance to pursue MBA in Retail Management.
The hospitality sector is one of the fastest growing sectors of the Indian economy. The sector contributes by attracting foreign exchange earnings (FEE) in the nation. As a consequence, the GDP of the nations also rises. The hospitality industry caters to all the major areas like transportation, food & beverages, handicrafts, hill stations, gaming, tourism, hotel industry etc.
India’s total contribution of Travel & Tourism to GDP, including its wider economic impacts, is forecast to rise by 8.8% pa from Rs 3,680.4bn (4.5% of GDP) in 2011 to Rs 8,523.1bn (4.9%) by 2021.
By embracing this industry, you would not only become a channel for driving growth but also experience the scintillating vibration which emits a positive image of India as a tourist destination.
Reasons to pursue MBA in Hospitality Management
Source: PwC Reports
Along with these reasons, KB Kachru, Executive Vice President, South Asia, Carlson Hotels, Asia Pacific has also highlighted that “Currently the market is very competitive with India being the focus for almost all the major hospitality companies. Certain market especially Tier 1 cities will see a lot of new hotels openings in the next two to three years which will slow down RevPAR growth in the short term.”
In addition, the reports from PwC also reveals that travel & tourism visitor exports are expected to generate Rs 678.6bn (3.8% of total exports) in 2011, growing by 11.4% pa (in nominal terms) to Rs1,344.7bn (2.1%) in 2021.
Hence, we can say that the prospects to grow in this field are high, provided you are able to explore your potential to the fullest.
Shortage of manpower is another key statistics which is hampering the growth of this industry. At present, industry estimates indicate a shortage of 30 to 40 percent in the supply of quality workforce. Reports from indiahospitalityreview.com mention that an additional employment of 24.5 million (direct and indirect) is likely to be created during 2010 to 2016.
With such statistics in place, you must take an advantage of the demand-supply gap. Industry pioneers require both semi-skilled and skilled level entrants who can help in managing and running the operations of hospitality industry.
Thus, we conclude that pursuing an MBA in hospitality management is a win-win deal and you must not miss it.
Before we move ahead and learn why doing MBA in Entrepreneurship is an enterprising venture, let us first understand that who is an entrepreneur?
An entrepreneur is a person who has the following mentioned qualities:
If you think that you possess any of the above mentioned quality then MBA in Entrepreneurship is the right course to enhance your knowledge and skills for becoming an Entrepreneur.
Reasons to pursue MBA in Entrepreneurship
As per a survey study, it has been reported that more than 60% of Indian population possesses personality traits that are crucial to emerge as a successful entrepreneur. Those skills are:
- Business thinking (69%),
- Optimism (66%), and
- Persistence (65%)
Even the report of World Bank's on “Doing Business 2012: Doing Business in a More Transparent World” has given 166th rank to India among 183 countries in terms of initiating an entrepreneurial venture.
This fact can be supported by another finding from a survey. It says that in 2012, India has filed 18,173 patents as against 561,377 by China and 488,744 by Japan. The US filed 268,782 patents in 2012.
In the contemporary scenario, it is equally important to promote entrepreneurship because of the following reasons:
In this regard, the role of Micro, Small and Medium Enterprises (MSME) cannot be ignored. This sector is governed by the Ministry of Small Scale Industries (GOI). MSMEs play a crucial role in providing large employment opportunities for those who wish to initiate their entrepreneurial venture. They provide capital for investment at comparatively lower capital cost than large industries. They also aid in the industrialization of rural & backward areas. The primary aim of this body is to reduce regional imbalances and ensure more equitable distribution of national income and wealth.
The Ministry of MSMEs estimated that the share of MSMEs in India’s total export for the year 2014-15 was 44.70 percent. Further, the estimated contribution of the MSME sector (including service segment) to GDP was as follows:
36.69 per cent
37.97 per cent
37.54 per cent
When Gallup researched the MSME sector of India in 2012, it found that in March 2012, only 16% of Indian adults owned a business. Among these only, 22% mentioned that they have formally registered their business. Half of the business owners were self-employed and worked as sole proprietors. 47% of entrepreneurs hired five or fewer employees. 12% of all business owners say they plan to hire more employees next year.
By pursuing MBA in Entrepreneurship you can help yourself and others in the following mentioned ways:
- You can minimize barriers faced by others who seek inspiration to open their own venture
- You can contribute in satisfying an existing yet latent demand of consumers,
- You can create jobs for people who are willing to display their talents but do not have the capital to invest
- You can contribute to the economic growth of India's GDP.
- You can also support in uplifting the living standards of bourgeoisie class of India
- You can also introduce innovation in the current practices of Indian Business Environment
So, if you are unaware of the practical know-how to become an entrepreneur, then pursue MBA in this domain.
Business analytics (BA) refers to the skills, technologies, applications and practices for continuous iterative exploration and investigation of past business performances to gain insight and drive business planning.
Reasons to pursue MBA in Business Analytics
Presently, every organization is surfacing the huge challenge of managing the vast data which is accumulated with them. Thus, Business analytics helps all the organizations to utilize that data by converting it into meaningful information. If you pursue this course, you would aid your organization in following stated manner:
As a part of Business analytics teams you would be able to contribute in following ways:
Hence, do not miss a chance to display your talent, if you are number-driven and have a passion for analytics.
India is the world’s largest producer of milk and milk products. It accounts for more than 13% of the world’s total milk production. If we see the global landscape of animal husbandry, then 50% of the buffaloes and 20% percent of the cattle in the world are found in India, comprising mostly of cows and buffaloes. The milk produce generated in India can be classified as below:
Considering these products which are generated from the cattle of India, a research states that Indian dairy industry will experience high growth rates in the next eight years with demand expected to reach 200 million tonnes by 2022 from 132 million tonnes in 2013.
Reasons to do MBA in Dairy Management
- India is not only the largest producer of milk but also the largest consumer of milk.
- When the world milk production registered a negative growth of 2 percent, India performed much better with 4 percent growth.
- The milk surplus states in India are Uttar Pradesh, Punjab, Haryana, Rajasthan, Gujarat, Maharashtra, Andhra Pradesh, Karnataka and Tamil Nadu.
- Large taskforce of small and big farmers engaged in dairying
- Large number of animals and huge scope to churn out the raw milk from them
- Do not rely on the imports for having access to this product.
Challenges faced by Dairy Sector of India
These factors are self-explanatory as to why you must not leave a chance to get associated with the dairy sector of India. If your MBA degree from a prestigious institute, can help in bringing radical changes in the current trend of dairy farming, then you would reap the payback by generating the trickledown effect in the Indian economy.
Another point which you should not miss is the demand-skill gap. According to a recent FICCI internal research which was conducted in 2015 on skill demand in the food processing industry, mentions that majority percentage of organizations are dissatisfied with the skills of the available trained manpower.
This call for a change in the way things are getting organized at present. There are more than 800 small and big dairy plants owned by private companies and dairy federations in the country making various milk products.
The survey report by FICCI also mentions that “The requirement of diploma holders is highest in this sector. If India wants to achieve the specified target and match the international standard in quality control and food safety, professionals of dairy science have to be appointed.”
Value creation is the sole objective of the MBA degree which you would pursue. What better than joining a sector which is lacking luster? Choose the emerging field wisely and analyse whether you can put forward your ideas to make a difference.
Once Joseph Stalin (Former General Secretary of the Central Committee of the Communist Party of the Soviet Union) said that “A single death is a tragedy; a million deaths is a statistic.”
On similar lines, media brings forth all the incidents in the knowledge of a common man with either of the following intention: to educate, inform or persuade. The Indian Entertainment and media industry have generated 1120 billion INR in revenue in the year 2013.
Source: PwC Analysis
Figure: Indian E&M Industry revenue in billion in INR for the year 2013
The industry is expected to reach a CAGR of 15% by 2018 contributing to Rs. 2272 billion. On the basis of a research, it has been found that global digital TV penetration is expected to reach 98 percent among the Indian households by 2020.
Reason to pursue MBA in Media Management
We bring for your knowledge some of the staggering highlights from the media industry. These highlights are sure to catch your attention and would give you a reason to join the media industry of India.
Another interesting fact which you must know is that in India, approximately 25 percent of the total people employed in the M&E sector work with the film sector. A majority of them work as contract workers/freelancers as opposed to full-time employees. The total current employment in the Media & Entertainment sector is estimated at ~0.46 million and is projected to grow at a CAGR of 13 percent to reach 0.75 million by 2017.
A government report mentions that there is an additional requirement of 900,000 skilled professionals in the media & entertainment industry by 2022.
Another research conducted by Wheebox (India’s leading online talent assessment company) also presents interesting findings which are given as under:
Figure: Requirement of Different Skill Sets In 2022
Keeping in view these opportunities in the Media Industry, you should hone your skills to pursue a bring career in media management.
If we consider the rapid pace of development of India’s economy, the demand for oil and gas has been increasing in India significantly over the last two decades. In 2012, India became the world’s 4th largest oil consumption economy of the world. To add more to the existing consumption, it should also be noted that India’s gas demand was 65 bcm in 2011 and which constituted only 7% of India’s energy mix.
Figure: India’s oil and gas sector
Reasons to pursue MBA in Oil and Gas Management
Opportunities that you can utilize for your growth
Crude oil production has remained stagnant over the past decades. See the data given below in order to ascertain that India has immense potential for exploring the crude oil.
Table: Potential for Petroleum exploration in India
Moderately to well Explored
Source: PwC Reports 2012
If we are able to utilize the unexplored reserves, this would eventually lead to the reduction in the dependence on imports. As it can be seen from the statistics below, Indian is among the top 5 consumers of Oil and Gas. Whereas, the top 5 supplies hail from the Middle-eastern countries, as they are the oil rich nations.
Source: Deloitte Reports
Figure: Top 5 consumers and supplies for LNG in the world (year 2014)
The above mentioned aspects would offer you a platform to deploy your skills and out-of-the-box thinking in this industry. Moreover, MBA in this specialization would act as a gateway to make India an Oil rich economy.
The first and foremost thing to understand is that the Energy Sector of India is governed by Ministry of Power in India.
In Energy sector there are PSUs, several state-level corporations and private players in this Industry. About 29.11% (61409.24MW) of the total energy generated in the nation is provided by the private players and it accounts for significant contribution in terms of the capacity of energy generated by them. Given below is the contribution of all the three types of ownerships and their contribution in Energy generation.
Source: Central Electricity Authority
Figure: Power generation capacity by type of ownership in India
The key application of generating energy is to provide electricity. India has been responsible for almost 10% of the increase in global energy demand since 2000. Its energy demand in this period has almost doubled, pushing the country’s share in global demand up to 5.7% in 2013 from 4.4% at the beginning of the century.
Figure: Per-capita energy consumption in India and selected regions
Further, it should be noted that although companies are getting required amount of electricity and energy to run their operations smoothly, on the other hand, households are suffering from the dearth of electrification.
Table: Number and share of people without access to electricity by state in India, 2013
Source: National Sample Survey Office, (2014); Central Electricity Authority, (2014a); IEA analysis.
Opportunities to grow in Energy Sector
- Village Electrification: Bring radical changes in rural India (hinterland) where 240 million people in India lack access to electricity
- Reduce Import Dependence: Suggest and devise measures to increase fossil-fuel supply, notably of coal, in order to limit import dependence.
- Enhance the investment: Greater encouragement to private investment in energy supply, by liberalizing existing restrictions and simplification of licensing procedures.
- Environment Protection: Efforts to expedite environmental clearances and land allocation for large energy projects.
- Introduce state-of-the-art technology: Move towards mandatory use of supercritical technology in new coal-fired power generation.
- Policy Reforms: Policy support for biofuels (via blending mandates) and natural gas, hybrid and electric vehicles.
Figure: Share of renewable energy capacity and generation in India, 2040
We do have the potential to generate more electricity then what we consume. All we need is right set of professions who can help in appropriate planning and making this vision come true.
Indian Telecom industry has witnessed tremendous changes in its structure and management. There was a time when there was a state monopoly of the telecom service provider. But, now the scenario has changed drastically with several private players rolling out their services to the consumers at cheap and affordable prices.
Till 2000, although there was a presence of cellular phone and pagers, the most prominent form of communication was ‘fixed landlines phones’ in India. But with these changes there came another boom which brought numerous mobile phones which are easy to use and carry.
At present, the country’s telecom industry has achieved a growth rate of 14 percent.
Reasons to join Telecom Sector
Companies which can offer you the best opportunities to deploy your talent also exist in the private sector. Their growth and market share is also voluminous and you can expect an upward growth in your career graph.
Not only this, the government has also fast-tracked the pace of reforms in this sector. GOI has initiated the spectrum trading and sharing ahead of the year-end deadline in order to revive the business sentiments
Further, it has been predicted that India would emerge as a leading global player with a subscriber base of 700 million internet users by 2025. At present, with 1002 million subscribers as on, end of May 2015, India is the world’s second-largest telecommunications market.
Another opportunity for growth can be experienced with the advent of 4G services hitting the market.
The GOI has also allowed an FDI of 74 percent in Indian economy subject to certain terms and conditions.
How MBA can help you grow in Telecom Sector
With your MBA degree you cannot always expect to manage other without having an in-depth know-how of the concerned industry. Thus, in order to explore opportunities in which you can contribute your knowledge and skills you need to develop clarity about that sector.
The opportunities in Telecom sector which would surely offer you growth and a chance to display your talent.
Considering these opportunities one can expect to grow with Telecom industry in a full-fledged manner. Telecom has eventually become the modern day lifeline of communication and managing such an important sector is indeed a matter of proud for an MBA aspirant.
‘Brand’ when we consider this term in management subject, it can be understood as a generic product turned into a specific product by giving it a name. For a brand, it is most important to position itself in the minds of their consumers as “first preferred” product. But, how to win the race of being the market leader among so many other available options in one category.
MBA in Brand Management would impart you with the skills pertaining to ‘making a brand, 1st choice of a consumer’.
This programme aims to polish your skills in areas such as:
- research and
- strategic management skills
Simultaneously, it will provide you the specialized knowledge to manage national and international brands in the market.
Every brand comprises of following elements:
An apt knowledge of these elements can be gained after pursuing a specialized course. These elements make a brand well known and recognizable in the market place. Without these elements, a brand would lose its position and would remain unpopular.
Every year Interbrand (world’s leading brand consultancy) releases a list of 100 most valuable global brands. In this list not even a single brand achieved “Best Global Brands ranking”. On the other hand, Interbrand has released a separate list of Indian brands which connects with the consumers.
Only 30 brands could qualify the criteria stated by them. You can take a glimpse of those brands.
In order to raise the level of national brands in international market, you must pursue this degree and earn both name and fame for the country and the brand.
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