An estimate reveals that more than 60% of the students planning to study abroad at the Master’s level opt for commerce or business related courses. And for most of these students, MBA remains the most popular choice. Within MBA, students can choose from several specialisations, which include finance, accounting, marketing, human resources, supply chain management, strategy, operations and logistics, and so on.
Among these specialisations, finance is the sought-after specialisation by Indian students. Although the field of finance is tough and not everyone has the aptitude to study finance, it continues to be the most lucrative field.
Today, engineers, scientists, dentists, psychologists and even artists, have to face the ‘market’ aspect of their professions. By knowing about the business aspect, people can increase their probability to succeed in any field, at least while we keep living under the increasing acceptance and adoption of market values,” states Newton Campos, professor of entrepreneurship at IE Business School, Spain.
A new specialisation in e-commerce seems to be gaining momentum with many Indian students opting for related courses. With the growing internet and online business space, e-commerce is beginning to receive attention in business schools. Students who have strong risk management and forecasting skills, with a deep interest in online marketing and sales, can consider it as an option.
Another specialisation gaining popularity is information management. With information overload, it has become essential for firms to protect, store, and share information in the most profitable manner.
Besides MBA, the specialised Master’s degree is also a popular choice for students who have no prior work experience. While MBA is more suited for students with three to seven years of work experience, students who have just graduated can opt for a Master’s degree in finance, marketing, accounting, human resource management or just about any commerce related field.
These degrees are generally one-year long and teach students everything related to the subject, making them a master in that specific field. Opting for a specialised Master’s course does not mean that an MBA is completely ruled out. Several students opt for these courses, work for a few years and then go on to pursue an MBA. Do keep in mind that this option will add on to your education expenses abroad — you would spend around Rs 20 to 25 lakh for the specialised Master’s degree and around Rs 40 to 70 lakh for an MBA programme.
“For getting into management and commerce, it is very important to know the core of business. A graduate commerce degree from a reputed university gives you in depth knowledge through practical training methods like case study completion, which help you get first-hand knowledge of the industry,” states Anshu Suri, a prospective student.
US and Canada remain the top choices for students who wish to study for an MBA programme abroad. Students who wish to pursue a specialised Master’s course, opt for universities in the UK and Europe, as they tend to find more universities offering such courses.
Offbeat Commerce courses
Commerce goes beyond finance to include a wide range of courses, says Pratibha Jain, overseas education counsellor
A student interested in off-beat commerce courses can opt for programmes in construction industry and supply chain management. Both industries are on a growth trajectory and present good job prospects.
The construction projects require competence to combine advancing technology with skills to manage the logistics that include labour, machinery, money, legal laws and environment policies. The construction management curriculum provides a holistic foundation for professionals, covering a wide range of topics from safety and labour relations to budgeting, planning, public policy, law and community relations. The programme prepares students to meet the challenges of managing multiple aspects of construction projects, equipping them with strong management, technology and finance principles, as well as sharpening their legal and business acumen.
The course — Master’s in supply chain and logistics management is designed for those who want to work in manufacturing and service organisations. In this era of large scale enterprises, where numerous vendors in different locations are part of the complex supply chain, this course can provide the required training to understand the process in a better way. The modules include inventory management, warehousing, transport, freight forwarding, etc.