7 Steps to choose an MBA specialization

A degree in MBA after graduation has become one of the most sought after courses of education in the past decade and has become de rigueur now. It is not surprising to see even doctors and lawyers opting to do a post graduation in business administration. But the degree in itself does not propel anyone to the big league overnight rather fortifies ones strengths and enhances the skills to make them employable. It is often mistaken to be an end in itself rather than just one of the means to an end.

In this vast arena of management education and degree which is wired with myriad choices, two important aspects make a huge difference in the end result – the institution and the specialization.

This article focuses on considerations for Specialization in MBA. The choice of specialization and the thought process behind it is of substantial consequence.

Hard work everywhere

Let us accept that there are no shortcuts and no specialization trumps others. The combination of the specialization and the association with a particular industry or sector makes a certain amount of difference in terms of individual success or mediocrity. But let us be assured of the fact that whatever specialization we choose, it will require considerable hard work to excel and succeed.

Trend has no meaning

There was a time when electronics engineering and computer science were thought to be “the” field of study. People made choices accordingly. Similarly, in management people often opt for Marketing or Finance driven by the fact that retail companies are coming up in a big way or investment banking salaries are to die for. But anything which has a seasonality feature will always have downside too. It is all about crest and trough. Considering the usual span of our life time and career, what we specialize in should have a long term perspective and attractiveness as well as ample opportunities of employability and sustenance. (Like mechanical or electrical stream in engineering, gynaecology, pediatrics, pathology as a specialization in medicine) Having stated this, I do not mean to deride specific specializations which have a niche waiting to be served. That brings us to our next contemplation.

Generalized or Specific

It is important to ask ourselves truthfully – what kind of work is of interest to us? It is one of the core questions which we must truthfully answer. Are we interested in broad general management like office administration or want to work specifically in areas of say data warehousing, workflow analytics, process optimization or design where the profile is usually detailed and narrow requiring select in-depth skills? This kind of introspection will act as guiding point while selecting a specialization.

Curriculum is crucial

All of us are not very clear about what we really want in life. Many a times if we step back and think, we will find that what we want is actually what our peers or parents want. Given a choice to be ourselves, we might opt for something entirely different. Early in the course of management education, students should deeply analyze the subjects and topics that are covered under each specialization. The minute scrutiny will help both in choosing the right specialization, developing specific skills as well as making an informed career choice at the right time

Career Choice

Earlier the tried and tested path of most students was to enter into a company after completing their education (degree). The work scene is fast changing now and people are ready to take risks and try out something new and innovative. This includes career choices. Many people are opting to set up their own entrepreneurial venture after gathering their degree. These choices are never made overnight and usually manifests way earlier in a person. The idea of the type of business can act as an indicator of the core skills that the entrepreneur might be required to possess and thus the choice of specialization. It will make clear sense for a person intending to setup a Market Analytics business or research firm to study marketing rather than finance.

Personality

Each person has specific character traits. It is a known fact. Hence, the aims we have in life vary accordingly. Some of us value money over work satisfaction or ethics. There are people who are outgoing in nature and have leadership skills as well as ability to work cohesively in teams whereas others who perform best in solitary environment. Truly understanding one’s personality, strengths and weaknesses is a must while making career choices. Information technology requires good analytical skills, finance deals with huge number crunching and marketing is a highly people-oriented segment. Thus, anyone who is not comfortable amongst people would be a failure in marketing field but might perform exceedingly well as an IT specialist. There are also people averse to traveling or outdoor jobs and prefer to work in offices. There are others who are adventurous and love to be on the move and would find a 9-5 desk bound job monotonous and tedious.

Do your due diligence

Today, information is freely available on Internet. Students should make serious use of it (during the course of their management program or earlier) to find out what are the possible career choices however broad or niche, what kind of skills are required to excel in them, what does the profile entail, what is the possible growth path and how well are they suited for the challenge.

The aim of this article is to help students make an informed decision and not follow a herd mentality. Choice of specialization is a critical matter and most people do not get enough time in life to go back and alter them. If 5-7 years down the line, one realizes that the field is not correct for him/ her then altering paths would force them to start at the bottom or somewhere vaguely in the middle of the pyramid. In this competitive world, this kind of indecisiveness and uninformed choices could prove to be a gigantic blunder. Thus, it makes grave sense to introspect deeply and perform a 360-deg analysis of internal strengths and external environment before choosing a particular specialization.

Ideal active working career span is usually a long period of 25-35 years. I strongly advocate people to follow their heart after making all considerations with their brain.