Popular PGDM Specializations Leading to Exciting Careers
Whenever there is a discussion on careers, the terms that pop up first are probably the management specializations and various engineering streams. If you are already an aspirant looking to earn a degree in management, well and good. There are so many specializations and options available today that it can be quite confusing.
Of the specializations available, the most attractive still remain Finance, Marketing and Human Resources, which are all-time favorites. However, of late there are several exciting specializations like PGDM in sports management, healthcare management, business analytics, entrepreneurship and more, which have become quite popular as they offer some exciting career prospects.
What’s the need for specialization?
It is very important that you choose the specialization that attracts you the most. This is going to be very helpful after you finish your PGDM course and are shortlisted for placement by any of the companies that throng the colleges seeking brilliant candidates. They specifically look for candidates with specialization, rather than general management qualifications/skills. The top specializations today are marketing and sales followed by finance.
There are other areas like consulting, IT (Information Technology), supply chain management, entrepreneurship and business analytics, which are all subjects of expertise that recruiters look for in potential candidates.
With all the attractive offers that past students are talking about, it is difficult for newcomers when it comes to selecting the specialization of their choice. A smart person will analyze the market demand and the conditions prevailing and study the past placement records before making the final choice. Moreover, it is a matter of personal affinity you have for a subject that leads you to specialize in it. Whatever the specialization, the fact remains that there is a big rush for PGDM courses when it comes to choosing a career course. `
There are several reasons for people wanting to do a PGDM course. Firstly, the career prospects are very bright and placements happen by default. What’s more is that financial aid is readily offered by banks as they are assured of the repayment because of the past placement history. More importantly, this educational system is recognized globally and has gained a formidable reputation in the international arena.
No wonder then that India figures as one of the top destinations to specialize in management courses. PGDM curriculum is designed in such a way that it enhances personality development and students are able to hone their skills and acquire more knowledge. Of course, the main attraction still is steady career development, with several interesting options thrown in.
Which PGDM Specialization is best for me?
Once you have made up your mind to enrol for a PGDM course, the next question that pops up in your mind is “Which PGDM specialization suits me best?” With several options available, it can be quite confusing. Just remember that your career, you pay package and your profile are all going to depend on the specialization you select.
If you have an affinity for finance and you have a way with juggling figures, then finance is certainly your domain. However, you need to have a keen analytical mindset, capacity to make snap decisions, and be able to navigate around statistics comfortably. Finance managers are in great demand, and so are investment bankers. Specializing in finance can be more demanding when compared to other specializations, so think twice before making a decision.
How about marketing? PGDM in marketing sounds exciting as it is all about brand and branding. Creating a brand and sustaining it is indeed a great challenge and you will be delving into all aspects of retailing, predicting buyer behavior, CRM and other such intricacies.
Basically, you need to be a go-getter and full of creative ideas, and have the gift of the gab as well. Excellent communication skills are a prerequisite if you wish to specialize in marketing. You need to perfect your presentation skills as well as the environment you will be working in will be dynamic and change is a way of life.
Does my calling lie in HR? Only a person who can move easily with people can be best suited in HR roles. You will have to familiarize yourself with all aspects of recruitment, training, mentoring etc. You also need to be good at employee engagement and have a pleasant disposition. While good communication skills come in handy in your role as an HR manager, you need to be good at counseling and deal with issues with an iron hand when the situation warrants it. HR managers are busy folks who have to keep resolving issues employees face and also be answerable to their bosses.
Let’s look at some specializations in detail:
PGDM with Specialization in Finance
Specializing in Finance while pursuing your PGDM course is by far the most popular choice of students today. Aspirants get to delve into various subjects like capital management, portfolio management, international finance, costing, budgeting, and more. Gaining expertise in these areas helps you work in the finance department of any large MNC or corporate house. All that is required is a basic degree in any stream as eligibility.
Becoming an expert in Finance by pursuing a PGDM entitles you to a brilliant career in the banking sector in India, which is huge and growing at a steady pace. Other than banking, there is the insurance sector, which plays a major part in every household in India today. Then, there are mutual funds, stock exchange (portfolio management) and financial consulting branches that offer distinguished career opportunities for those specializing in Finance.
Other interesting areas that cover Finance include:
- Asset Management
- Corporate Finance
- Corporate Banking
- Hedge Fund Management
- Private Equity
- Portfolio Management
- Credit Risk Management
PGDM with Specialization in Marketing
PGDM Marketing is also a sought-after specialization that has an excitement quotient added to it and attracts people looking for constant challenges in their career. This is a very competitive and dynamic field that gives the aspirants a chance to shine and get recognition through their skills and efforts.
Students get to understand the nuances of consumer preferences and behavior, market fluctuations and vagaries, the role of advertising in marketing, and various other factors that go into marketing activities. You need to hone your communication skills, which will turn out to be your forte and also resource mobilization. Many young graduates aspire to acquire a PGDM in Marketing to launch successful careers.
Marketing offers the most incentives and the job market is flooded with attractive offers in the marketing sector. You get to become adept at developing business plans, taking in the strengths and weaknesses of a business, which can be used to your advantage. The marketing department functions as the supporting pillar of any business organization and the demand for qualified and skilled marketing experts is perennial.
The positions aspirants can consider include:
- Marketing Manager
- Sales Manager
- Research Analyst (Market)
- Digital Marketing Head
- Product Manager
- Brand Manager
- Media Executive
PGDM in Human Resources Management (HR)
Human resources form an important part of any company. Specializing in Human Resources makes you adept at workforce management, ensuring optimum productivity. The specialization also delves into interesting areas like M & As or mergers and acquisitions, keeping track of the demand and supply in the labor market of large emerging economies globally.
Candidates opting to specialize in HR management need to hone their communication skills and develop leadership skills and demonstrate reliability and confidence to be successful. Aspirants need to be keen on understanding the psyche of the employees and put them on the right track of growth that helps the organization also grow in a healthy manner.
Aspirants can expect to get placed comfortably in the mid-management level and will be interacting directly with the CEO on matters relating to human resource management and will have to display good team management skills.
The hierarchy in HR is as follows:
- HR Recruiter
- Team Leader
- Assistant HR Manager
- HR Manager
- Senior HR Manager
- VP Human Resources
- Director Human Resources
- Chief Human Resources Officer
PGDM in International Business
Globalization has happened with a big bang and has had a positive effect on economies worldwide. A management course specializing in international business helps students grasp the intricacies of international operations of large corporations operating in several parts of the world. This specialization touches various aspects of international marketing, finance and focuses more on the workings of mammoth multinational corporations that function as mini economies themselves. The basic qualification required to pursue this specialization is graduation in any stream. Aspirants completing PGDM with international business can become part of any of the following:
- IMPEX or Import and Export Management
- International Currency Management
- International Finance
- Marketing at Global Levels
- Logistics from a Global Perspective
Pursuing PGDM in International Business gives the aspirants a chance to experience various cultures as the job is travel-intensive and can offer several interesting challenges. Managing international operations of a corporation is a prestigious task and offers a distinguished career with amazing rewards. This specialization is meant for globe-trotters who work in any of the international business centers in the world. The positions you can aspire for include:
- Global Marketing Head
- Financial Advisor
- Financial Controller
- VP Business Development
- Manager — International Trade
- Foreign Policy Advisor
PGDM in Supply Chain Management
Supply Chain Management specialization presents several unique experiences and promises to be one of the most exciting fields for people who are interested in learning the intricacies of warehouse management, inventory management, logistics and transportation of materials with precision and accuracy on a timely basis. Supply Chain Management is a specialization that aspirants with any basic degree can pursue. The positions this specialization offers include:
- Director — Logistics
- Transportation Management Executive
- VP Supply Chain Management
- International Supply Chain Management
- Global Logistics Head
- Chief Strategist — Logistics and Supply Chain
PGDM in Healthcare Management
A management course in healthcare management covers all aspects of healthcare, which is a growing industry that is full of challenges and offers matching rewards. The popularity of hospital administration is on the increase and hospital administrators and medical practice managers are very much in demand today.
The role presents challenging situations where candidates must interact with the medical fraternity and insurance company executives to provide quality healthcare to patients. A graduate in any discipline is eligible to sign up for this course to become a part of any of the various large corporate hospitals that are structured like large businesses and run quite profitably. The areas of interest in this specialization include:
- Healthcare Insurance
- Medical Tourism
- Laboratory Chain Management (Diagnostic)
- Primary Healthcare Organizations
- Fitness and Wellness Centers
- Healthcare IT (information technology)
PGDM in Sports Management
Did you know that the sports industry in the US is set to cross $73.5 billion by 2019? Currently, it is a $60-billion industry and growing at a fast pace. Sports seems to play an important part in all our lives today and it opens up a plethora of opportunities for the skilled. The global sports industry’s size was a stunning $1.5 trillion as of 2015 and is growing steadily. Aspirants pursuing a PGDM in Sports Management can look forward to some exciting globe-trotting as their work takes them to international destinations.
Another exciting option is managing an exotic ski resort or a fitness resort that has some very wealthy and highly accomplished patrons. You can’t rule out the possibility of being a part of a contingent headed to the next Olympics if you play your cards right. Those hit by the entrepreneurial bug can explore possibilities for becoming a sports camp promoter or many other such positions that a PGDM in Sports Management can get you. Living your passion and getting rewarded handsomely does sound exciting, doesn’t it?
Some of the positions you can aspire for include:
- Sports Manager
- Athletic Director
- General Manager
- Sports Agent
- Events Manager
- Facility Manager
Most aspirants shortlist their PGDM specialization preferences while in the final year of graduation itself. With several options being offered by management institutions, choosing a specialization that leads to a fruitful career of one’s choice is easier today.
Know more about the PGDM courses at ISBR.