This is my first post here at Pagalguy forums. I went through the forum and found this to be an apt place for me to be. I do not know if this is the right place to post this, please excuse me if this is the wrong place for posting what I'm about to do.
I have done my BMS(Bachelor in Management Studies) and now I'm looking to give my CET exam(along with some others like NMAT) in Feb. 2011. I wish to do MBA from a reputed institute after that. The issue with me as that I am not sure what specialization to take. I was going through one of the threads in this forum where someone suggested that one gets a good idea about what suits him during the first year of MBA and one is in a better position to decide which specialization to take. I want to confirm this. Is it that in the first year we get to know about all the specializations? I'm very confused. I also want to know if Finance and Accounting are two different specializations. I'm very bad at accounts and to be honest I don't like that subject at all. If Finance and Accounting are different specializations, please tell me what is the difference between the two. Looking at the scope and demand for finance, I'm attracted to this field but I do not like accounts. So if finance means having good knowledge of accounting, my troubles would only aggravate. I have heard Finance involves studying about shares, mutual funds, insurance etc. Is that true? If yes, is it advisable to do some course in this line while I'm doing my CET classes?
I don't like the subject of accounts. I am also not an extrovert and I do not like to interact with people. This means I would not fit into marketing even though I have interest in advertising and can interact well.
I'm extremely confused... please tell me what I should do. Will I get a clear idea during my first year at a B-school about which specialization I should take or should I make up my mind now itself and start learning more about that particular specialization?
They are very different indeed. Don't worry, even if you hate accounting you can still do well in finance. But the decision needs to be far more thought out than just this.
Accounting is the entire process that starts from recording entries to consolidating and making financial statements.
Finance is a very different ballgame. Difficult to define, since it has taken on such a wide ambit of roles over the last few years, but mostly to do with funds.
There are 2 basic branches - Finance in corporates and in financial services industry.
In corporates you would be looking at managing its treasury (funds) and trade services if it is into impex.
In banks/fs there are many many different roles that can vary from sales (front-end) to servicing (back office) to analytical (mid office) type of roles. Too many to define at least.
Overall, its way too early to look at specialization. But great idea to look at some basic courses that will help you through the process also. Don't worry, just work hard at the next obstacle in your way...MBA entrance. You can cross the specialization bridge when you come to it.