MBA is one of the most sought after full-time post-graduation degrees in the world and it opens a doorway to myriads of job opportunities so that an aspiring student can have a prosperous life and a successful career. The demand for MBA is increasing day-by-day and in the coming years, the demand will surge and grow manifold. For an MBA student to excel in this world with their skills – choosing the right specialization becomes a matter of crucial importance.
The right MBA specialization will skyrocket your career to the next level as you will become perfect for any particular industry. While selecting a specialization you must always keep your interest and aptitude in mind because if you want to pursue MBA in marketing but somehow you have chosen to go for MBA in finance, the chances of becoming a successful person are diminished and you might have to regret on the decision you made. So, it is always advisable to take time and then choose your specialization accordingly because once the decision is made you cannot step back!
Now, in this blog we are going to see – what MBA is and the top 5 best-paying MBA specializations in 2023 in detail. So, let the ride begin!
What is an MBA?
A Master of Business Administration or simply an MBA is a 2-year program that makes an aspiring student learn about the technical, leadership, and managerial skills so that they can directly get placed at the top-level in an organization where a normal candidate will take considerable years to reach to such positions.
List of Top 5 Best-paying MBA specializations in 2020
Now, let us see the top 5 best-paying MBA specializations in 2023 and they are:
- MBA in Finance
- MBA in Entrepreneurship
- MBA in Marketing
- MBA in Operations
- MBA in Business Analytics
1. MBA in Finance: A degree in MBA in Finance will make the students learn about analyzing organizational reports, forecast economic trends, take the most suitable actions to maximize stock value, select the best investment portfolios, and balance profitability and risk for the smooth functioning of an organization. The MBA graduates will have great career opportunities and they are welcomed with open heart and arms in the government and private sector. They will have the opportunity to work in stock markets or any finance-related enterprise. They can start their career as a – investment banker, tax officer, tax planner, hedge-fund manager, international finance executive, asset finance manager or insurance manager. The average or expected salary for a fresher candidate post-pursuing MBA in Finance is Rs. 6, 78,000- Rs. 7, 50,000 per annum.
2. MBA in Entrepreneurship: As the name suggests, an MBA in Entrepreneurship focuses on all aspects of entrepreneurship and covers its entire gamut. In this specialization, you will have to focus more on venture capitalism and small business management. The degree will assist you to become a successful entrepreneur and make you confident enough so that you can turn your brainchild into profit. The course will make you learn how to start your own business, how to deal and write a real-time business plan, how to manage a business at national and international level.An MBA in Entrepreneurship is a special degree where the income is not fixed. The pay entirely depends upon your ideas and how perfectly you execute them in the real world to make money. A few entrepreneurs make hundreds of thousands of rupees per year and others generate about millions per annum.
3. MBA in Marketing: An MBA in Marketing focuses on marketing and the core area of academics include studying business fundamentals of business such as – finance, accounting, macro & microeconomics, and management. In these 2-years of study, a student of MBA in Marketing will learn about customer trends and brand building. After pursuing this degree, an MBA graduate can work as a consultant, marketing manager, sales manager, brand manager, media planner, marketing research analyst, product manager and more.The average or expected salary for a fresher candidate post-pursuing MBA in Marketing is Rs. Rs. 7, 52,000 – Rs. 8, 00,000 per annum.
4. MBA in Operations: An MBA in Operations is concerned mainly with organizing, planning, and supervising manufacturing and production-related activities in an organization. The main responsibility of an operations manager is to turn an enterprise’s available resource into products or services. Studying an MBA in Operations offers a global perspective on numerous industry trends and assists you in having awareness of finance and operations-related regulations. FYI, risk management and understanding an organization’s complexities are also a part of the curriculum for the students of MBA in Operations. The average or expected salary for a fresher candidate post-pursuing MBA in Operations is Rs. Rs. 4, 50,000 – Rs. 6, 00,000 per annum.
5. MBA in Business Analytics: An MBA in Business Analytics is a post-graduation degree what will train an aspiring student in business fundamentals, communication skills, management practices, and leadership skills that majorly concerns business analytics niche in an organization. If you have a knack for analytics and is excellent in understanding data and business then this specialization is perfect for you. You will also perform data-driven business decision-making which is becoming one of the most important factors for running an organization successfully. The average or expected salary for a fresher candidate post-pursuing MBA in Business Analytics is Rs. Rs. 5, 00,000 – Rs. 6, 50,000 per annum. So, now you know everything about the MBA and the top 5 best-paying specializations in MBA. Select a course as per your choice and never try to emulate others because they became successful by pursuing a course with their choice of interest. Picking up the perfect MBA specialization is a must and it acts as a secret ingredient in the recipe of a successful career and prosperous life. So, take your time and select well.
