MBA in today’s date is an important means of accelerating a corporate career. Every student wants to make the most of this opportunity. This is when a common dilemma takes up a lot of focus. The thought which takes a MBA aspirant to a state of perplexity is- What should be my choice of specialization? Do I choose MBA in Finance or in Marketing? If this is your current state of mind and like many other aspirants if this thought is giving you a nightmare too, restricting you from taking an efficient decision regarding your career growth, then you have come to the right place. Let us try to detangle your web of thoughts and get some clarity on the matter at hand.
Step #1: Clarity begins at home, i.e., at your own end.
To make a decision, firstly you need to ask a few questions to yourself.
- What is your key area of interest?
- How can your educational background help you to make the most of a MBA?
- Which area will benefit from your prior work experience, if you have any?
- What is your return on Investment?
The more honest you are in this introspection the greater clarity will you derive. This is because all the answers will help you define your priorities out of pursuing MBA.
Step #2: Identifying your skill set.
It is essential if you are aware of what skills you are well versed in, since this will be your best bet in surviving the otherwise grueling schedule of the MBA program.
The technical skill set required for pursuing MBA in finance are:
- sound commerce background,
- knowledge of financial instruments,
- stock market awareness,
- in-depth knowledge about financial software like Ms-Excel, Tally etc.
To pursue MBA in marketing, it will be helpful if one has
- basic knowledge of marketing,
- a keen sense of observation,
- an aggressive approach to persuasion, and
- a love for interacting with people.
Step #3: Identify your state of mind.
If you have an analytical mindset, get a kick from problem-solving and are inquisitive about identifying new opportunities within the ever changing business landscape, then you are well cut out for pursuing MBA in finance.
On the other hand, if you are a people’s person, have excellent communication skills and love to express your out-of-the-box thoughts and strategies creatively, then you must definitely try for a Marketing specialization.
Step #4: Chalk out your career path
After doing a MBA in finance, the different career paths available for you will mainly cover jobs that are analytic in nature and are often linked to operations covered under consultant profiles. Apart from these the most sought after scope of work post course completion is: Investment banking, Merger and Acquisitions, International Taxation, Research Analyst etc. to name a few.
For MBA Marketing, the opportunities can be in the form of Media Planner, Brand Manager, Digital Marketing, Brand Research, Advertising, Sales and many more. Not to mention the top most posts of Chief Marketing Officer.
MBA in finance will land you in real life scenarios and problems that will require you to be risk oriented, analytical, profitability oriented, fact & reasoning based that will impact the organization as a whole. Similarly MBA in marketing will expose you to situations demanding creative thinking, innovative campaigns and appealing to the overall consumer markets.
Step #5: Target Your Sectors
The industry must appeal to you in order to find your true calling. MBA Finance candidates mainly focus on industry sectors like Banking, Stock market, Mutual Funds, Industry, Insurance Sector, Consultancy, Research and Academics. On the other hand, MBA Marketing graduates focus mainly on Retail, Research, Digital Marketing, Hospitality and Advertising.
We hope after going through this article, your task of choosing the right MBA for yourself will be easier. Word to the wise- follow your passion. If we set our goals and decide to achieve it, nothing can hold us back in MBA and beyond.