The MBA Decision Series.

By: Emdi Iyer

The MBA Decision Series is a clear, no-nonsense guide to understanding MBA specialisations beyond brochures and rankings. Each part breaks down what a stream actually teaches, the roles it leads to, the skills it demands, and who it truly suits—so you can choose an MBA based on clarity, not confusion.

MBA in Accounting

There are multiple aspects to running a business successfully. Different kinds of skills are required to take up each section of work and an efficient overall co-ordination would result in success. Masters in business administration is a degree which would empower a person with the required tools to turn a business into a success story. One of the major aspects of a business is accounts. The service of a person with MBA in accounting is most suitable to balance the accounts.

Accounts are an important aspect of business and a MBA degree in accounting would strengthen the business management skills along with expertise in accounting. It is also useful if one is aspiring to become a certified public accountant. It also provides a student with business, financial and communications skills apart from advanced knowledge of accounting. Lot of practical knowledge can be gained while working for the degree.  The study and practical experience goes a long way in nurturing the abilities to handle testing situations which may arise in the line of work.  Subjects like financial accounting, cost accounting, auditing and financial reporting are taught. To handle the workplace challenges and resolve the issues amicably, MBA degree in accounting along with the general management is helpful. It is best suited for those who are interested in accounting.

To put in a nutshell, MBA accounting degree course deals with finance and operations mainly.  It also deals with strategic control systems, financial statement analysis, cost management, auditing, taxes, marketing and organizational behavior,   accounting data analysis, and strategic business planning. The course content is designed after lot of thought and research to meet the latest market trends and to give the students the competitive edge.  As any other MBA it is a two year course evenly divided into 4 semesters.  

A quick review of some of the job profiles:

• Management accountant who takes care of the budgets and their analysis, strategic planning.
•  The audit and the taxes for corporations are done by the Public accountant. They also audit the nonprofit organizations, individuals and government agencies.
• Private accountants are responsible to maintain the expenses of the company prepare and analyze the financial documents. They also take care to pay the taxes on time
• Internal auditor and fiscal policing has to verify the organizations financial records and check for possible frauds and mismanagement of funds.

Students with their eyes on financial management and professional accounting can choose MBA in accounting and get to places.  MBA in accounting gives knowledge in advanced accounts and management at the same time. They can use their skills in areas like sales, business administration, marketing, accounts and legal office administration.

With the online MBA programs prevalent, the value additions to their existing qualifications can be done easily without having to give up their jobs. The programs are flexible and a student can attend classes as per his or her convenience.  There are a number of colleges offering the online MBA in accounting. From investment point of view, it is not expensive and one need not spend two years of valuable time on campus.

MBA in General Management

More and more graduates are now-a-days turning their attention towards a degree in business administration as it comes with many perks which are impossible otherwise. A little investment of time and money would provide better opportunities. There are many types of MBAs to choose from like MBA hospitality, finance, accounting, healthcare and many more. Special set of skills are required in each case and these skills are developed to fit into the exact business environment. MBA in general management provides the knowledge about the overall management of a company and he can fit into any types of environment.

Some of the qualities which may be beneficial for an aspirant of MBA in general management is good communication skills coupled with critical thinking. Flexibility and versatility are helpful tools while communicating with different people and for modification of plans if required. Ability to understand complexities and weigh the options carefully to make sound decisions is also a quality which makes a good candidate for MBA. The person should also be driven by an urge to deliver to the satisfaction of the customer without compromising the profitability of the company.

Every organization has a certain degree of general management to be done. There are positions like the chief operating officer or chief executive officer for which a MBA in general management is required. Their main responsibility is to oversee the smooth running of the operations of the company. In general a MBA degree is the pre-requisite to take up such responsibility. Some of the larger corporations need more than one to handle their activities.  Many other factors play a significant role in pushing up people to the higher ranks and just a MBA in general management is not enough, it is only a pre-requisite.  All the management skills for the successful running of a business can be acquired while working towards the degree.

Lot of practical knowledge and real time exposure to situations are encapsulated in the course to provide the students better exposure. As a MBA in general management is meant to have the overall hold on the company, the course contents have to incorporate the various aspects of business. Careful study goes into preparing the curriculum befitting the responsibilities which have to be taken up in the course of duties to be discharged.

Some of the major areas covered by the course are:

• business law: focusing on the legal aspects applicable to a business;
• business ethics: with its main focus on ethical practices;
• economics: with its spotlight on demand and supply, maximizing the profit, resource management, market structure and economic analysis;
• Human management: personnel management, performance appraisal, analysis of the job and career development of the employees.
• Accounting: a major area where knowledge about the cost allocations, budget costs, cost behavior and financial statements are given

Apart from the subjects taught the leadership qualities are also chiseled out.  Good leader can provide impetus to any business and scale it up.

MBA in Health Care

Health care industry is one of the fastest growing industries all over the world. There is lot of scope and demand in the health industry because of the increased awareness and incomes.  Until recent times the scope of the health care industry was left unexplored.  The existing health care organizations are opening up new hospitals and other services and for handling the operations in a professional way people equipped with the right kind of training are in demand.   There is growing demand for heath care management professionals all over the world.  The dynamic healthcare sector is most essential for the new world which is human resource intensive. Until recently doctors who were not trained to manage hospital have been discharging the duties but it is eating into the patient time which was not acceptable. This led to the birth of a new breed of MBA; healthcare management.

 The healthcare professionals should be equipped with knowledge of financial strategies, management and ability to plan. A MBA in healthcare care equips a person with all the skills which are required to discharge the duties in the right perspective.  It is in fact a preparation to hold responsible and result oriented crucial positions in medical environment.

Students of MBA in healthcare learn about accounting principles, the ability to interpret financial reports, skills of quantitative analysis, project management proficiency, the ability to control technology, navigate strategic business plans. Twined in the curriculum are the leadership and interpersonal skills. It is important to be able to influence and have diplomatic communication with people from all levels.

 The main objective of the course is to provide enough theoretical and practical knowledge to graduates from any stream so that efficient management of a health care unit can be done. Just like any other MBA it is a two year course divided into semesters. There are few core subjects which are mandatory and some specific issues are taken up as seminars.

A quick view of some of the subjects might provide a better insight.

• Principles of Management
• Hospital Planning, Designing and Architecture
• System approach in Hospital Management
• Accounting and Financial Management
• Hospital Utilities Service
• Business Ethics and Corporate Governance

There are a number of specialized courses for the students to choose from with I the health sector.  Some of the typical subjects are :

• Health Care Marketing
• Management of Health Care for the Elderly
• The Health Services System
• Legal Aspects of Health Care
• Health Care Services Delivery: a Managerial Economic Approach

 With the increasing demand for health care management, a MBA in healthcare management candidate would never go out of job. The managers of the health care industry take home nearly double the average national salary.  The MBA in health care is a preparation for a rewarding career. In the normal course a student who can spend the required time and is quicker in grasping can finish the degree in a period of 24 months but one can finish in three years. Investing time and money to acquire MBA in health care is prudent.

Tomorrow we will delve into

MBA in Project Management, MBA in Entrepreneurship.

MBA in Project Management

Practically nothing can be achieved without planning.   The integral part of any project is planning and the success of it depends on the abilities of the managers to plan the phases properly. MBA in Projectmanagement teaches its students thediscipline of drawing and following a well laid out plan to make optimum utilization of the resources and for the successful completion of the pre-decided objective without losing the sight of the original goal.  The main job of a project manager is to co-ordinate the different tasks of a single project or sometimes a senior may have to handle number of projects simultaneously. An MBA in project management can handle such situation with ease as he is equipped with the appropriate skills.

By definition project management is the discipline of planning for the successful completion of an assignment by securing and managing the necessary resources. Project is only a specific job with a definite beginning and end where as business is a never ending story.  There is marked difference in managing a business and a project, as business is repetitive and permanent.

MBA in project management provides the ability to complete the goals laid out adhering to the time lines, constraints and standards pre decided. With the advent of the online system of continuation of education a degree of MBA in project management can be easily achieved at a comparatively low price. The online students can very well interact with the faculty to clear their doubts and also interact with other students who have opted for the online course.  Such an arrangement gives freedom to the students to take lessons at free will. It can be done simultaneously while attending to other duties of life.  Though it would be beneficial to have an undergraduate degree in business and fields related to it, graduates of any stream can apply. 

Some of the skills that a student of MBA in project management would develop are:

• Capacity to handle any type of situations which may arise while dealing with colleagues or business delegates.
• Ethics and principals in handling projects while bringing them to fruition.
• Power to convince or communicate.
• An attitude to solve problems and ability to make the right decisions.
• Work place communication made easy.

Many job related skills are developed while working for the degree. The content of the course has been carefully developed to suit the latest market trends and to benefit the student. Some of the courses like the, time management, risk management and project development which have to be taken for a MBA degree in project management. Students are taught to handle the various aspects of project management like:

• costs and budgets  
• risk to health and safety concerns
• contracts, procedures and closures
• Planning and quality.

A person with MBA in project management can be employed as a project director, project manager, administrator or a supervisor.  By pursuing a MBA degree in project management the sole skills to handle various issuing arising at work places can be acquired.  One can get employed in private sector, business firms or even teach project management in business schools.

MBA in Entrepreneurship

Entrepreneurship has always been there and the science involved making it a successful venture has been understood and summed up in the course content of MBA in entrepreneurship program.  Businesses have been doing well even without the relevant degree but right skills would maximize the output with lesser effort. It is not longer necessary to learn the skill by making mistakes. The services of a well trained person can be utilized.

MBA in entrepreneurship is meant for those who wish to start up new business, service or product. They would explore all the theories, strategies, and skill required to conjure a business plan and to make it successful.  The course teaches ways and methods to attract the external stakeholders who are an integral part of a successful business. Business schools are an incubator of ideas with support to explore new ideas.  MBA in entrepreneurship is gaining importance as many students wish to open up their own business. Acquiring the required skills to climb the ladder at work or to start a business and move forward on the path of success is the initial step a student has to take.  Thankfully MBA in entrepreneurship provides the insight into the intricacies of starting up a service or business.  The tough competition has given lot of importance to this option.

MBA in entrepreneurship is the initial step towards starting own venture and is the right foundation for the success story to take off.  There are several institutes which give a full time, part time or online MBA with entrepreneurship as specialization.   A graduate of any stream can dream to take masters in business administration with entrepreneurship as specialization. It is a two year course with 4 semesters each of six months. The subjects are divided into compulsory and elective and an extensive exposure is given in the form of capitalists, entrepreneurs, and attorneys for students to understand all the dimensions of business. There are as many as 20 courses which the students have to take up. Lot of research and efforts  went into preparing the curriculum to maximize the benefits to its students.

 It is not just enough to take a degree but to be driven by a dream to start up own venture.  Some of the qualities which would prove helpful are problem solving skills coupled with entrepreneurial leadership qualities.  Some of the domains of study are business development, business leadership, business marketing, business analysis, business management, law and financial accounting.  With the right degree in hand one can dream to become corporate manager, company CEO, business consultant, department manager or an employee supervisor.

There is limitless scope for MBA in entrepreneurship all over the world. There is dire need of managers who are instrumental in bringing up a company from scratch. The skills developed and the knowledge acquired by taking a degree in entrepreneurship can help one to perfect any business. The course prepares a student in skilful negotiation, supervising, marketing, employee relationship and many other skills which are need succeed in business.

Do not hold back the dream to become an entrepreneur just go ahead and work for a degree on campus of online.

Tomorrow we will delve into MBA in International Business and MBA in e-commerce.

MBA in International Business

Operations which go beyond the boundaries of a country are called international. Businesses which do not understand the concepts of geographical boundaries are many, as more and more countries have joined the supply chain. The concepts of global commerce and internet have shrunk the world and paved way for a multitude of careers.  To manage international business one needs greater business skills than domestic business does.  Apart from the normal business operations one should be able to look at issues with a global perspective which includes the culture, politics, distance, time and money which form the international business framework.  MBA in international business would breed executives of cadre who can very well take care of the growing need for skilled manager in the international field. They are capable of building and maintaining relations with foreign companies, or oversee the activities of the domestic company overseas.  One can aspire to become an advisor to the government with enough experience.

The free market trade practices have made   cooperation between countries and companies all more necessary for goods to float around the world.

According to today’s scenario many businesses are trying to expand into the global markets so there is a growing demand for MBAs with international business as their area of specialization. Their demand is growing faster than expected. People already employed in such environments can enhance their chances to handle exciting and newer challenges.  It is a niche area of study and a lucrative career.

Students from any stream in their undergraduate level can apply. Knowledge of a foreign language and international business practices would give them a better edge or competitive advantage. The course duration is two years with semester system.  The course layout is in sync with the latest trends providing knowledge through lessons and exposure to real time cases.  The curriculum is very well planed and designed to equip the students with every tool which may be required to overcome hurdles in the oath to success.  There are dozens of subjects which one has to study to get the degree.

The course deals first with the traditional business management and then the focus would shift to the international business curriculum.   One has to study a long list of subjects to obtain a Masters of Business Administration degree in international business. It is indeed an

• Global Business,
• International Strategic Management ,
• International Marketing Management,
• Cross-Cultural Communication and Management ,
• International Corporate Finance,
• International Business Transactions,
• International Advertising,
• Global Financial Reporting,
• Global E-Business Marketing,
• Valuation in Emerging Economies,
• International Financial Management,
• Debt Markets,
• Global Project Finance,
• The International Economy: Policies and Theory,
• Growth and Stabilization in the Global Economy,
• Value Chain Strategies,
• Building Strong Global Brands, 
• Global Operations, and Politics and Business  

It is not necessary to study all the subjects as some of them are electives. Never the less it is a comprehensive degree. The job profile has attracted many to opt for MBA in international business.

MBA in e-Commerce

Technology has changed the face of business. Businesses have changed their operational domains and have taken the faster and easier mode of internet.  Since the first registration in 1985 nearly 120 million active sites have surfaced on the internet with the numbers expecting to grow in the next few years.   The e-business is based on the fact that the internet users have increased over the time and the added facility of the availability of internet over mobile phones has increased the market potential beyond imagination.

The trend of online shopping has given birth to a totally news program in business administration. A masters degree in business administration specializing in e-commerce focuses on the skills required to manage the virtual world business.  Fine tuning of the IT skills are also a part of the course content.  After acquiring the degree one can be employed to head e-commerce division or even start up own business besides becoming a consultant for large companies.

 There is lot of difference between the traditional brick and mortar business and the business which is done over internet.  It is faster and covers for clients all over the world.  The face of business is fast changing because of the convenience which internet has provided to the business world. The need for personnel who understand the e-business or the e-commerce has increased, resulting in the demand for MBA in e-commerce.  The course is most suitable for people from the IT back ground but it does not mean that other are not allowed. People from various educational backgrounds can apply but have to take advanced courses in computers and IT.  A flare for business and suitable degree and hard work is the right concoction for success in any business, be it over the net or traditional.

 The content of the course has been designed in such a way that along with the business management skills technical education is also honed.  Apart from the traditional business administration subjects a list of subjects related to the e-business or e-commerce are also studied by the students.  Just a seek peek into the list of subjects which are special to the classes of MBA in e-commerce are: 

• ecommerce
• ecommerce Management
• ecommerce Marketing
• ecommerce Design and Development
• Online Retailing
• Supply Chain Information Management in Online Environments
• Project Management
• Internet Marketing
• ecommerce Technologies

 The computer and IT skills are also developed to utilize technology to the advantage of the business. The email marketing is an offshoot of the e-commerce or e-business. Internet has opened up new horizons for pioneers to tap the market which have not yet been explored. All that is required is to create a website for the money to flow in.  And making the money flow by is all that a MBA in e-commerce is all about.   The marketing strategies are to be left to the e-commerce experts.  The net buffs with good knowledge about the IT and computers can utilize the opportunity to pursue online MBA in e-commerce.

MBA in Economics

Economics is an important element of life all over the world. The study of the performance and impact of financial system on the various sections of the society is economics.  Students with a basic degree in economics can get introduced to the theories and different aspects of economics by pursuing a professional degree or MBA in Economics.

For an exceptional professional growth right kind of education is essential. The higher qualifications and skills developed in due course while pursuing the degree provide to be powerful tools to ward-off any challenge with ease.  Aspiring for the higher qualification is not enough. Lot of investment goes into bring out a true professional both time wise and money wise.  To reach the pinnacle in jobs related to economics one has to equip oneself with an MBA in economics. Technology has made continuation of education easy and pleasurable experience. Online MBA in economics is the right choice for those who are otherwise busy or bound by tight schedules and cannot give up whatever they were doing. Mostly people like to enhance their qualifications to get to the higher echelons of the profession.  It is highly flexible and one can get the degree without having to adjust the daily routine, and lifestyle.

MBA in economics gives better knowledge about the economic sector through some of the subjects selected to be their course content. Extensive knowledge about the   business industry, finance industry, public sector, economical sector and global market can be accumulated while working for the degree.  Good knowledge about the working of both finance and economical sectors can be understood along with their impact on the businesses.

Student of MBA in economics can make budgets; predict inflation and many other trends of economics. They also estimate the profits and losses which a business may incur based on the predictions of inflation.  The degree provides complete insight into subjects like, commerce, finance, economics and trading sectors.

 Some of the areas which are dealt with in MBA in economics are

• quantitative economics and forecasting,
• public sector and urban economics
• international economics and development,
• industrial organization and labor economics,
• Economic analysis and policy.

A quick look at the subjects may provide a better review about the program:

• Microeconomics and Macroeconomics for Managers
• International Economics
• Corporate Finance
• Business Policy
• Human Capital Management
• Organizational Leadership 
• Econometrics – Theory and Applications
• Business Law
• Financial Decision Making
• Applied Statistical Analysis for Business Decisions.

As partial requirement of the degree, an internship and a research paper are necessary as an elective.

A variety of career options are open to students of MBA in economics which are lucrative. Their potential employers are business houses, government sector, public and private sectors. Excellent career can be built in the banks, insurance, retail and finance. Economists have a very significant role to play in corporate firms as finance advisors.  Various career options which are presented to a candidate after finishing the masters in business administration in economics has made it the choice of many. 

MBA in leadership

Leadership is an ability to influence a group towards a common goal or value.  To introduce new perspectives to the professional goals MBA in leadership works as a catalyst.  To take up the role of a leader on needs lot of competence and confidence which the degree is sure to provide. The cut throat competition in the business world demands cutting edge knowledge and exemplary leadership qualities to win the race.

It was believed that leadership was a natural skill and people are born with it. It is not the absolute truth as they can be learnt and acquired. After studying the born leaders closely their techniques have been understood and many colleges have come up with courses in leadership in an attempt to bring forth the qualities, which would have gone unrecognized. An MBA degree in leadership would focus on the aspects of what leadership qualities. The degree prepares students to take up challenging jobs in the exciting business environment.

 The course helps students to recognize their hidden talent. The students are prepared to understand the basic philosophy involving leadership and sharpen their own skills to accept the challenging roles.  It is mainly for those who nurture the urge to take up senior positions where leadership is a key requisite.

 Though the role of a leader is exciting as well as rewarding it is also highly demanding. A leader is expected to drive and set the pace of work. The job requires managerial and supervisory skills to be effective and it is possible through the MBA in leadership. Exceptional leadership qualities are required to succeed and to rise to the challenge.  Confidence which is a key to success can be found only by acquiring the right educational support.  MBA in leadership teaches all the skills required to hold the role of a higher echelon.

 Though a full time course of MBA in leadership would take two years for completion it would take longer for part-timers or half timers.  Students with a basic degree in Business Administration, Human Resources Management, IT Management, Project Management and Organizational Leadership are most suitable to pursue masters in business administration in leadership. Apart from the basic degree they should have a good score in the GMAT, an entrance examination. Work experience in the relevant field would be a bonus.  It also be taken up online which is far less expensive and convenient. Wide ranging skills get developed while working for the degree. Some of the skills are knowledge of business and leadership abilities, effective communication, networking apart from immense knowledge in marketing, finance and management.  The course would include subjects like:

• Organizational Leadership
• Human Resources
• Entrepreneurship
• Emerging Media
• Leadership and Organizational Change
• Leadership and Organizational Management
• Ethics and Legal Studies
• Global Leadership
• Quality Management

A student of MBA in leadership may take up the challenging jobs like that of a public relations manager, Corporate executive, general and operations manager and so on.  The degree has a wide perspective so there are many options to choose from. 

MBA in Hospitality

Hospitality may be defined as the art of being hospitable and encompasses various activities such as reception and welcoming of guests, tourists, visitors, etc to catering to their food and entertainment requirements. The realm of hospitality also involves hosting of special events, services, clubs, etc.

In the contemporary sense of the word, Hospitality is associated with entertainment and etiquettes. However, respecting one’s guests, catering to their food and other requirements are still considered within the precincts of hospitality.

All across the world, the various customs associated with hospitality towards guests is as varied as the myriad dialects and cultures. For instance, in the Middle East, it is a part of culture to cater to the strangers especially foreigners, this is easily seen clearly in the many commands, and examples set in The Holy Bible. According to the ancient Greeks and Romans, to serve a guest was deemed a divine right. In India, the guest is God, which is based on the prehistoric principle of Atithi Devo Bhava.

The qualification of Masters of Business Administration in Hospitality is a field for those kinds of people who relish the opportunity to cater to others’ needs and comfort. MBA in Hospitality is a very rewarding career option owing to the high demand for management professionals, with the expertise of the rigors of catering to demanding guests.

The various courses and modules included in the Masters of Business Administration in Hospitality program include Service Management, International Standards and Law in Tourism, Hotel Operations and Front Office Maintenance, Management of Cultural Heritage for Tourism, Principles of Hospitality Marketing and Accounting, etc.

The core requisite for the pursuit of a degree in MBA Hospitality is a basic bachelor’s degree from any branch ranging from mechanical engineering to computer and Information technology to pharmacy and other similarly varied streams. There are many diverse forms of MBA in Hospitality programs available. One can even super-specialize in certain aspects of Hospitality Management such as Marketing, Finance, Human Resource to name a few. Now it is imperative to know the expenditure for this kind of program. A very select group of individuals are even aware that the MBA in Hospitality program is also available as an online course and institutions are willing to provide financial aid and scholarships for the same to deserving candidates.

The duration of the Masters of Business Administration in Hospitality course depends on the country where the course is undertaken. In the United States of America, the usual duration of the program is two years and is spread over four semesters. It usually involves hands-on experience along with theoretical knowledge acquired in the classroom. In the United Kingdom, it is a one-year’s course with an internship after the first two semesters. However, the best aspect of the online program is that one does not have to be physically present in the classrooms to learn the concepts of the program.  There are many hospitality associated chains spread across the globe that are facing a dire shortage of high quality Hospitality oriented Business Management professions.