MBA Specializations to Pursue after Engineering
MBA Specializations for Engineers. As per the HRD ministry, our engineering colleges enrol about 2.9 million students, of which approximately 1.5 million engineers pass out annually. As most of them don’t have enough skills to get a good job, they prefer to get skilled better pursuing MBA/ PGDM programs. This enhances their managerial skills.
97 percent of passing out engineers want to have jobs either in software engineering or in core engineering. Nevertheless, only 3 percent have the appropriate skills to be employed in software or product marketing, and only 7 % are skilled to handle core engineering jobs.
An engineering graduate, empowered with a PGDM degree, gets a better salary and status than any other course. An engineer’s average salary is around Rs. 3 to 4 lac a year, but on combining it with an MBA degree, the top 10 Best Business Schools group to 15-18 lac for a fresher.
The fact: the corporate world has always appreciated a good combination of techno-managerial skills.
MBA /PGDM is a worldwide recognized master’s degree in management and business. It is normally a two-year course that aims to prepare a student to be more capable in all facets of business and an expert in one particular field. Choosing a specialization for Engineers is compulsory because recruiters visit Business schools to recruit students for specialized skills and not for all-purpose managerial skills.
Generally, an Engineering graduate has the following skills built in:
- Technical and Mathematical Skills
- Problem Solving and Critical Thinking
- Commitment and Enthusiasm
- Communication Skills & Interpersonal Skills
Based on the above skills following specializations in MBA are recommended for Engineers
- Business Analytics
- Operations and Supply Chain Management
- Finance
- Marketing
- Consultancy
- International Business
TOP 50 BUSINESS SCHOOLS IN INDIA
1. Business Analytics
Companies across the world are investing huge money in analytics to capture and collect insights from the approximately 2.5 quintillion bytes of data generated every day. To solve this problem is to recruit data experts who know the technical aspects of analytics and data, as well as their business applications. Engineers with MBA degrees are the best suited for this job to help the companies make smarter investments and decisions in analytics-driven ventures.
Due to this demand, the role of data scientist has been recognized as the best job in the USA, and in India, it is growing at an exponential rate. However, roughly 40% of data scientists and advanced analyst roles require a master’s degree in management with an engineering background.
Courses at Taxila are both practical and theoretical, and offer hands-on experience using machine learning, software engineering, and predictive modelling to solve business problems.
Best Business School for MBA in Business Analytics
2. MBA in Operations Management
Operations Management is well-matched for Mechanical Engineers. OR requires a thorough knowledge of product development, designing, and process optimization. Here, students learn the process flows, develop vendor and inter-departmental relationships. This also helps students acquire a set of generic processes and techniques that help in the effective management of production and quality management.
Best Business School for MBA in Operations Management
3. MBA in Finance
An MBA in finance is a focused field, and it gives the student knowledge in financial management and accountancy. It is a universal opinion that Business Schools in India have engineers who do better in MBA finance than in other specializations.
An MBA in finance has a lot of statistical, mathematical, and analytical skills that are related to engineering pass-outs.
Engineers know how to tackle complex technical problems, and an MBA in finance makes them learn about financial issues; this is a perfect combination of skills for corporate recruiters.
Engineering graduates with an MBA in finance have greater adaptability and flexibility.
Best Business School for MBA in Finance
An MBA in finance provides the opportunity to become a CEO or top manager in multinational companies. Engineering courses are designed for students to work under continuous pressure and a hard routine, which also helps them to do well in the MBA.
Due to the growth of e-commerce companies, hiring for engineers has increased multi-fold.
An MBA degree from the top 50 Business Schools enhances the worth of a person, and companies look for such aspirants. The salary growth rate is higher with this kind of qualification.
TOP 10 BUSINESS SCHOOLS IN INDIA
MBA in Finance is one of the most prevalent and highly chosen concentrations in the MBA. The students are exposed to analytical thinking, managerial decision-making, forecasting sales, profits, and losses of the companies. The syllabus emphasizes on dynamics of production, budgeting, investment and securities, and working capital.
An engineering student develops better mathematical and analytical skills during their graduation. This really makes him better at accepting and knowing subjects like Accounts and Economics because engineers can relate the problems to practical situations.
4. MBA in Marketing
There is a big demand for engineers with marketing specializations. Marketing people need analytical skills and strong mathematical skills while negotiating with other companies or individuals. An engineering background gives them an upper hand during negotiations. A person with an engineering background and marketing expertise is highly respected and sought after in organizations.
Best Business School for MBA in Marketing Management
An MBA in Marketing helps a student understand consumer behavior, branding, advertising, product positioning, etc.
5. MBA in International Business
With the beginning of globalization and the opening up of world economies, an MBA in International Business is the correct choice.
Best Business School for MBA in International Management
This is focused on training individuals on the procedures and documentation required in exports and imports, procedures of reaching the customers in foreign countries, currency conversion, understanding the cross-cultural environment, and raising capital from overseas markets. An MBA in international business requires strong mathematical and analytical skills for negotiations with foreign buyers. Graduates with engineering backgrounds are bound to excel in this field.
6. MBA in Consulting
This field is mostly controlled by big consulting companies like McKinsey, Bain, and Boston Consulting Group, which are hired to help companies expand strategy and operations or manage noteworthy business happenings like mergers and acquisitions.
Management consultants get one of the highest packages in the corporate world, and as you would believe, with such a lucrative career, getting into the field is exceptionally tough and absurdly competitive. You need to get very high grades, make the right networks at networking events, and need to categorically nail each stage of the interview process.
Things don’t ease up once you’re there. You need to be a top performer at every level in a promote-or-be-fired evolution system.
As a Management consultant, you can be in one of the following areas:
- Strategy Consulting Careers
- Operations Consulting Careers
- Financial Advisory Consulting
- Human Resources Consulting
- Risk & Compliance Consulting
The 5 Main Types of Corporate Consulting Careers
- IT Consulting Careers
- Business Consulting Careers
- Environmental Consulting Careers
- Software Consulting Careers
- Sales Consulting
We hope this helped you out in getting a clearer idea about the various options available to you if you want to pursue an MBA.