Business administration in the modern-day demands skills of various kinds. Managers are expected to equip themselves for managing Human resources, Finance, Marketing, Systems, Entrepreneurship, Consulting, Operations, and many other streams. Honing skills to understand the intricacies of the domain is possible through formal education available in the form of Masters of Business Administration (MBA).
MBA Programs are designed with a scientifically developed curriculum. Even in Guyana, a plethora of career opportunities has emerged. This post explores various strategies a Master of Business Administration has to take up for having a lucrative and content career path.
What does MBA stand for?
MBA stands for Masters of Business Administration. It is an internationally recognized postgraduation program designed to enable students to pursue a business and management career. MBA programs originated in the USA in the late 19th century as rapid industrialization created a massive demand for managers to handle operations in a scientifically and systematically developed process.
Wharton was the first-ever business school to be set up in the year 1881. In a nutshell, MBA can be described as a study of theoretical and practical aspects of Business Management.
MBA Specializations and Career Prospects
Master of Business Administration is offered across the globe with convenient customizations in the specializations.
MBA in finance is a popular specialization across the globe. Students aspiring to groom leadership capabilities in Financial Management, Corporate Financial Planning, Corporate Acquisitions & Mergers, and Banking domains pursue MBA in Finance. Postgraduates with MBA in Finance can make a career as Financial Analysts Portfolio Manager, Trader in Derivatives in Corporate Finance & Banking, Private Equity, Treasury, and Asset Management sphere.
Students with a flair for interacting with new people and pitch ideas with authenticity have the potential to be Sales & Marketing Managers. MBA in Marketing is best suited for such candidates. MBA career for marketing graduates is aplenty. Digital marketing, Branding, Advertising, Market Research, Product Development, and many other niches recruit Marketing MBAs. They can play the roles of Media Planner, Marketing Manager, Digital Marketing Head, Sales Manager, etc.
Human Resource Management
In the ever-changing corporate world, talent acquisition and retention is a hurricane task. Candidates with acumen in people management and identifying the talents are expected to be the best Human Resource Managers. An MBA in Human Resource Management can take up challenging roles like Director HR, HR Manager, Team Lead, Regional HR Manager, etc.
Today we are living in a global village. Candidates with the aptitude to understand the International Business, Trading, and International trading code of conduct is best suitable to make a career in the International Business arena. An MBA career in International Business is always challenging and lucrative with a wide array of options in International Finance, Export & Import Management, Foreign Exchange Management, and International Logistics & Management.
Masters of Business Administration with Rural Management specialization caters to the countries with a huge agricultural economy and raw material processing industries. MBA career in Rural Management provides candidates to work in Retail, FMCG, Banking, Finance, and Insurance sectors.
The advancement in Big-Data Analytics and Data Science has led to the developing of a new specialization in MBA called Business Analytics Management. Organizations have a huge requirement for Data-Analysts to come up with data predictions and analysis. MBA graduates are finding lucrative careers in Web Analytics, Risk Analytics, Customer Analytics, Supply Chain Analytics, and generic Marketing Analytics.
Supply Chain Management
In Today’s E-commerce world, online businesses and brick-mortar businesses heavily depend on best inventory management, warehousing, and transportation. Acquiring skills in logistics in both the national and global sphere and supply chain models are essential. MBA in Supply Chain Management helps candidates to hone these skills. MBA careers in this segment are Managing Supply Chain Models, Supply Chain Management, Strategizing Logistics, and Supply Chains.
Health Care Management
Increasing demand for preventive healthcare and pharma management has given rise to a novel MBA stream called Healthcare Management. These MBA graduates have a high demand to work in Hospital Administration and Management. Various career roles they can take up are administration roles in Health Insurance sectors, Medical Tourism, Diagnostic laboratory chains, and Wellness centers.
The entire globe is talking about decarbonization and utilization of renewable energy resources. An MBA in energy management has taken up a promising career prospect amongst youngsters keen on business administration in this context. Master of Business Administration Specializations in domains like power, oil and gas, energy efficiency, and sustainable energy consumption have taken up a frontier role.
MBA Courses: A Glimpse
Irrespective of the specialization opted for in Masters of Business Administration, all candidates have to study the following fundamental subjects:
- Financial Management is one of the fundamental subjects in an MBA. It disseminates knowledge on managing the financial resources of a company by budgeting skills. Students learn financial ratios used to measure profitability, liquidity, and efficiency.
- Customer Relationship Management is the next important subject an MBA graduate pursues. Managers, irrespective of the vertical they are working for, have to interact with clients regularly. This subject enables them to learn the intricacies of maintaining cordial customer relationships and ensuring customer loyalty.
- Human Resource Management is key to understanding various labor policies and governing policies enacted by governments to empower the workforce. An MBA graduate is expected to know the fundamentals of Human Resource Management irrespective of their specialization.
- Market Research is a fundamental subject for all Business Administrators. Whether a candidate is in a product company or a services company understanding the market needs through research is vital for everyone.
- Operations Management is an important subject that teaches an MBA graduate to learn business operations like quality, productivity, capacity, and supply chain fundamentals. Also, subjects like Executive Leadership, Business Fundamentals, International Business, Discovery Methods are taught in most MBA programs.
MBA in Guyana
Guyana has identified the need for more Business Administrators in the Nation. Texila American University and the University of Guyana are pioneering the education domain through Masters of Business Administration courses, Doctorate, and PhD programs. Texila American University (TAU) is recognized by the Department of Education and is accredited by the National Accreditation Council of Guyana.
TAU offers a Technology-Driven, Student-Centric, MBA program with a global classroom ambiance with the teaching fraternity coming in the form of CEOs, Policymakers, and industry experts. TAU also offers Doctorate Programs and PhD Programs in Business Administration.
The University of Guyana is a national higher education institution offering more than 60 undergraduate and graduate (postgraduate) programs. Several faculties are employed to deliver these courses, namely Agriculture and Forestry; Earth and Environmental Studies; Education and Humanities; Health Sciences, with a School of Medicine; Natural Sciences; Social Sciences; and Technology.
The Faculty of Social Sciences includes seven departments. Business and Management are prominent among them. Business and Management offers three programs Accounting, Banking, and Finance, and Marketing.
What are my Career Options After MBA?
What jobs can you get with an MBA? This is the most obvious question MBA students have in mind. An MBA graduate can excel in all spheres of Management. The most prominent positions that can be listed are:
- Human Resource Managers
- Data Analytics
- Fintech companies
- Chief Technology Officers
- Financial Advisor
- Business Analysts
How much do MBA Graduates Earn?
An essential point to be noted here is that Business School graduates always get salaries beyond their peers’ average salary in the industry. Pursuing MBA has always proven to be lucrative. The average median pay scale for MBA postgraduates in the USA is double what a bachelor’s degree holder gets. Most importantly, MBA is offered in a flexible model that helps working folks pursue online and part-time modes.
Master of Business Administration is a passport to a lucrative career. It is one reason why bright minds from different disciplines like science, commerce, and arts compete to pursue postgraduation from renowned business schools globally. It is a well-known fact that B-School graduates always draw more salary than their peers from other streams.
The administration in Guyana has also identified the need for quality Business Administrators shortly. Texila American University offers an excellent opportunity to Management Professionals to pursue the MBA program with a significant level of flexibility. Also, this blog post has discussed the MBA meaning and has shed light on different specializations in MBA like Marketing, Finance, Operations, Supply Chain, Rural, Energy, International Business, Healthcare, and the corresponding career prospects; one can reap by practicing them. To conclude, a passion to pursue a course is key to success in the chosen domain Perseverance always pays off. Register now at TAU to begin your journey of upgrading your skillset.