Masters of Business Management (MBA) has various specializations and types. Though, they are often being taken as one, both are different. Here, we will talk about them differently and will see what exactly is the difference in them.
Finance: MBA specialization in finance basically concentrates on the Indian capital and money market, banking, privatization, management accounting and control and international finance. It will create in you an aptitude for financial analysis. If you choose to do MBA in financial management, you will be employed in middle-senior level managerial positions in various finance departments and institutes like banks and financial consultancies.
Human Resource: MBA in Human Resource (HR) Management is basically all about managing people. Here, you will be taught many aspects of managing people like recruiting, training, team building, performance updates, salary, increments, employee health, safety and various amenities that the staff gets. If you have skills to manage people and you know how to cope up with difficult situations, MBA in HR management is certainly for you.
Information Technology: Information Technology (IT) is one field without which it is almost impossible to run a business. IT management in MBA helps you to develop skills with the help of which you would be able to enhance business competitiveness and you will be able to manage planning, design, selection, implementation, use, and administration of emerging and converging information and communications technologies.
Sales and Marketing: MBA in sales and marketing management basically concentrates on the sales of the organization. Thus, here, you gain knowledge regarding marketing, advertising, public relations, etc.
Logistics and Operations: These days the number of companies who look for MBA in logistics management has significantly increased. The main function of a person with a degree in supply chain management or logistics and operations is to manage the activities related to creation, production, distribution and delivery of the organisation's goods and services.
Retail: The basic function of an MBA with degree in retail management is to sell products and services to consumers. It is a completely people-oriented industry.
Two-year, full time MBA: This is the most common type of MBA being pursued by students in India. It typically has four semesters that are being taught over the course of two academic years. Most of the institutes in India offer Post-Graduate Diploma in Management (PGDM) or Post Graduate Programme in Management (PGPM) which are considered almost equal to an MBA degree in India. According to AICTE, autonomous B-schools can only offer PGDM and PGPM courses, while a two-year full-time MBA programme can be provided by a university. While the focus of PGDM and PGPM courses is on industrial aspects, the focus of MBA programme is on the theoretical aspects of management.
Part-time MBA: This type of MBA is most useful for working professionals as the classes only happen in weekends or on weekdays after office hours.
Executive MBA: Commonly known as EMBA, it is specially designed for managers and executives. It is different from other MBA programmes in terms of level of experience that these students bring to the programme.
Distance learning MBA: It is offered in number of ways like correspondence, online, teleconference, videoconference, etc.
Dual MBA: Here, MBA programme is joined with other graduate programme like MA and this is called dual MBA. This helps a person to acquire two degrees at one time.