MBA or Masters in Business Administration is a professional course that helps the students in getting acquainted with professional life. It grooms them and teaches them the skills and classes that will help them in the future. One can do an MBA course after BBA, B.Tech, B.Com or any other graduate-level courses. MBA has a variety of streams, like finance, accounting, human resources, tourism, marketing and many more. Each class works on the specific core of the stream and helps the student in developing throughout the sessions. Many colleges all over the world can help you get a course in the MBA, but gaining admission in MBA is tough.
What's in this article:
First, you have to clear the clearance exams, for which students from all over the nation appear. There are different clearance exams like CAT and MAT, the scores of which are accepted in all MBA colleges, while XAT is the entrance exam made explicitly for getting into Xaviers Insitute of Management, which has various branches in India. Another entrance exam is the GMAT, which is designed for getting admission to foreign institutes and even gives you scholarships. Though there are various streams in MBA, there are two streams which are the most preferred ones, Finance, and Marketing, and it has been a long argument as to which stream has a better scope of a better salary.
Finance or Marketing?
Before knowing which department will help you in earning better, we need to know the fundamental differences in both the fields and the aims of these fields. While finance is more concerned about transporting the revenue or annual profit of the organization, which further helps the company to get the maximum benefit, marketing, on the other hand, helps in generating the revenue and sales of the organization, which also adds up to the annual profit of the company.
Finance is more of an office job, where the person needs to stay in the post and do the required work of investment of funds, the fund sources, project funding and other desk related job. Marketing is more of traveling all over the nation and meeting with various clients for funds and investments. The marketing experts offers the products and the ideas that are in demand or need of the hour; in short, they are mainly about following the trend. In simple words, marketing means getting clients for funds, promoting the products, managing advertisements of the products while finance is about using the funds in the proper direction and managing the budget of the projects.
Both finance and marketing are essential in their ways. If we remove the finance department, then the company will continue working as it will still get revenue from the marketing department, but the profits and the funds will not be adequately distributed and everything will become a mess. While, if the marketing department is removed from the organization, then the company will stop generating revenue and no clients will find it appropriate for funding in the company, and the company will shut down.
Payment in both streams
The amount in both the streams is very much different. Though both are equally important, there is a slight difference in the salary of finance and marketing department. If you select finance, then you will work behind the curtains, managing the funds, distributing the profits and keeping the organization intact. While choosing marketing will mean providing fuel to the company by bringing clients, promoting products, doing online advertisement and other chores.
The department managing the organization is paid well as it helps in maintaining it, but the one which provides the fuel to the company is placed higher and thus paid a bit more. Yes, marketing means more money, but it also means having best communication skills, having the creativity and convincing clients to fund for the project, which is tricky as you would have to travel all over the world for just one client, so it is appropriate that marketing people get paid more.