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As the thirdgeneration owner of his family's textile export business in Ludhiana,Nikhil Saini, 27, knew he had a lot of expectations to fulfil. "The rules of businesshave changed a lot since my father's time. I wanted to gain a better understandingof the financial, marketing and operational side of business before starting work,"says Saini. 

So when he came across a brochure for an MBA in family business at the IndianSchool of Business (ISB), Hyderabad, Saini sent in his application almostimmediately. "The programme was perfect for me. It offers you the samecurriculum as a general MBA but with a focus on familyrun businesses. Some ofthe preparatory courses are provided by Harvard Business School Publishing,which I felt was an extra advantage," adds Saini.

Like Saini, no longer do students have to limit themselves with a generalmanagement degree when there is a focused career goal or job profile in mind.From vineyard accounting to luxury goods, oil and gas, healthcare and evenfootball industries, Bschools today are increasingly introducing industryspecificprogrammes to their portfolio. This trend is a response to both students and

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recruiters becoming more clearcut in their expectations from an MBA degree. "Ihad three key objectives to gain from my MBA programme  make myselfindustryagnostic, learn business finance and in general expand my perspectives.I wanted to pursue a programme where all three objectives would be met.Flexibility of learning was another consideration for me," says BindumaliniKrishnan, alumni of the Indian School of Business in Hyderabad and servicedelivery leader, APAC at Aon Hewitt.

The 13th annual application trends survey conducted by Graduate ManagementAdmission Council (GMAC), owner of the Graduate Management Admission Test(GMAT), in 2012 reported a marked increase in applications for specialised MBAsamongst undergraduate students and those with less than a year work experience.

"Earlier the most common specialisations included finance, marketing, humanresources and executive education. But now students can opt for an MBA invirtually every industry. Some of the unique courses I've come across include realestate MBA at National University of Singapore, Islamic finance and bankingMBA at the London School of Business and entrepreneurship MBA at the XavierInstitute of Management and Entrepreneurship (XIME)," says Parveen Jain, 34,GMAT consultant and coach based in Delhi. "My only advice is that studentsshould not consider only the uniqueness of a programme. Take into account thecontent and structure of the curriculum as well," he adds.

Joboriented curriculums Curriculum does indeed play a huge role inmanagement education. A survey on MBAdecision making conducted by theGraduate Management Admission Council (GMAC), owner of the GraduateManagement Admission Test (GMAT), last year, indicated that students spend anaverage of 10 months deciding which MBA programme suits their requirements."Most students begin shortlisting MBA programmes based on the course contentand delivery. The curriculum should essentially fulfil three main objectives:concept building, skill enhancement and the ability to multitask," says MukeshChaturvedi, dean, Business Studies, Sharda University. A general MBAcurriculum is usually designed around twoyears of basic management principlessuch as finance, leadership, marketing, operations, strategy and negotiations and

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a third year of elective study with individual projects, internships and field work.On the other hand, a specialised MBA curriculum focuses more on jobspecificsubjects.

For example, the energy and infrastructure MBA at the Pandit DeendayalPetroleum University offers core modules such as petroleum economics, oil andgas accounting, managing petroleum contracts, materials management andlabour law. "The major advantage of joboriented study is that it gives you atailored qualification. From legal aspects to marketing strategies  you gain an indepth knowledge of every aspect governing a certain business instead of just ageneral overview. This makes your resume more marketable in that particular jobmarket," says Sanjeev Duggal, CEO of Centum Learning.

Focus on skill training Another advantage of specialised MBAs is the emphasisplaced on developing certain skill sets. "The idea behind specialist courses is tomould students according to industry requirements," says Shekhar Chaudhuri."At IIM Calcutta we run a programme for visionary leaders in the manufacturingsector. As part of the course students spend two to three weeks in Japan, studyingbest manufacturing practices under the Japan International Cooperation Agency.It also includes nearly 1057 hours of interaction with industry experts andprofessionals. The end goal is to develop a certain set of practical skill amongststudents to prepare them for the manufacturing industry," he adds.

While a general MBA also offers practical training, it is rarely sector specific.Instead the focus is more on field work and internships in a variety of differentfields, usually chosen by the students in consultation with faculty. Employerrecognition Interestingly, in the last five years graduates from specialised MBAprogrammes have received higher compensation packages comparison to theirgeneral counterparts according to a study by MBACareers. "Given the depth oftraining and understanding, graduates of specialised courses are eligible to applyfor senior management and leadership positions," explains Chaturvedi.

"Industry is one of the major reasons for the growth in specialised managementcourses. Recruiters are now beginning to realise that when investments aresignificant, costs can only be recovered by highly trained and skilled managementexperts," he adds. Nishant Verma, who runs Nexus HR also agrees on the markedadvantages of specialised degrees when applying for a job. "Employers today looknot only at the reputation of the school but also what value addition you can bringto the workplace. Even small skills such as knowing how to negotiate legalcontracts in the manufacturing industry or being able to produce graphics in theluxury business, can go a long way when looking for a job," he says.

"Which employer will not want an employee who knows the business inside out,"he adds. Interestingly all specialised courses at the top 20 Bschools in India haveenjoyed 90 to 100 per cent placements in the last year according to college data."One factor to bear in mind that if you come from the top schools, your chances atreceiving employment is already high. However, within the top schools, the newtrend is that specialised students are receiving salary packages at par or higherthan students from the signature and more established general MBAs," addsVerma.

To specialise or not? With each offering its own set of advantages anddisadvantages, the debate between general versus specialised MBA still rages on.Despite their rise in popularity, some academics seek to dispute the advantages ofspecialised courses, feeling that it goes against the essence of managementeducation. "The entire concept of an MBA is to introduce students to generalmanagement principles and give them an overview of the corporate structure.Specialising in just one industry is limiting them to only one view of the business

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world. Such graduates will only ever be able to handle one job portfolio. In today'smultitasking, interdisciplinary industry this can be a real disadvantage,"explains Ashok Kumar Sar, dean, school of management, KIIT University.

"General MBA programmes too have electives which students can pursue to gain adeeper understanding of specific sectors," adds Sar. On the other hand, many feelthat a general MBA can never provide the same benefits of indepth learning something that is indispensible for those looking to work in a specific professionalcapacity. "Specialised MBAs not only provide targeted learning but also helpstudents develop a USP of their own. The courses we provide are designed withindustry inputs and seek to meet recruiter expectations. Thus upon graduationyou will be ready to work in a targeted job profile.

This is great for students with specific interests and career goals," says PradeepSingh, deputy dean, ISB, Mohali campus. A third school of thought advocates amixture of both general and specialised MBAs to gain the maximum professionalleverage. "It makes sense to first complete a general MBA, work for a few yearsand then specialise in one field. This way you have both a macro as well as a microunderstanding of the industry you want to build your career in," says TarunAnand, founder and director, Universal Business School.

"At present specialised courses tend to attract younger students. This could bebecause these courses have lesser competition than some of the general MBAprogrammes. A few specialised degrees are also shorter in duration and more costeffective. There really is no right and wrong when it comes to an MBA degree. Atthe end of the course it really is all about individual initiative and progress.Reputation of the institute, curriculums and placements on the other hand domatter," adds Anand. "Management education is an evolving field. That being saida general MBA will never really go out of fashion.

When students are in their 20s very few are hundred per cent sure about whichsector they want to work in for the rest of their life. This is where a general MBAwill benefit them," says Chaudhuri. "For those at a slightly senior level in theircareer, specialised programmes will naturally be more beneficial than a generalone. It's all a matter of what you want from your life and career," he adds. Sowhether you are interested in a general MBA, a specialised MBA or a combinationof both, remember to keep in mind your longterm career goals, reputation of theinstitute and the final placement and internship opportunities it offers.Shortlisting the right management programme to match your personality,schedule and career prospects can make all the difference in the long run. AsAnand concludes, "management is how you make your skills work for you."

General versus specialised MBAGeneral MBAChoose it because Lets you pursue interdisciplinary studies Wider knowledge base allows you toeasily shift sectors Drawbacks No indepth knowledge Higher competition in the application stage

Specialised MBAChoose it because Prepares you to face a particular market at a senior level Shows that you have afocused career goal in mindDrawbacks Your learning will be limited to only your area of study Very difficult to switchsectors in the longrun

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