Top 12 MBA Concentrations to Choose for a Successful Career
The business world offers outstanding opportunities for people willing to advance their careers. Specializations are an excellent way for MBA students to break into industries or improve skills at their current jobs.
Do you enjoy marketing, or would you instead analyze data? Do you see yourself working in an office, or would you prefer to travel as part of your future job? There are numerous MBA concentrations available, and by picking the right one for you, you set yourself up for success.
Read this article to learn more about selecting an area of specialty and the various types of MBA specialties you can pursue.
How to Choose the Best Concentration for You
A Master of Business Administration (MBA) program will provide you with comprehensive knowledge of running a business. By pursuing an MBA specialization, you will take dedicated courses concentrating on specific topic areas allowing you to advance in a particular industry or position during your MBA studies.
In addition to traditional MBA programs that will enable specializations, there are also dedicated specialized MBA programs available. After focusing on the core courses, the second year of a traditional two-year program is usually the year you can choose a particular field to specialize in. But how do you make your choice? To make selecting a specialty easier for you, we present a few tips you can follow and various factors you need to consider.
Do what you love
The first aspect you need to consider when choosing an MBA specialization is your interests, so you may start by asking yourself what you're passionate about and your future career plans.
Each discipline is different, and we suggest you consider what attracts you, what you feel like you're skilled at, and how it aligns with your goals. This way it is easier for you to determine what industries you might like to work in.
Don't forget the salary
Think about the benefits in terms of the income a particular specialty may bring. By considering average wages for a field or a job position you have in mind, you can find it easier to decide, especially if you're between two types of MBA concentrations.
Consider the job outlook
To secure your career, choose a concentration that is highly in demand. When going through different options while making your choice, consider the employment growth for the field in general and for specific positions you may have in mind.
Check program length
An added factor you can consider before making your choice is the length of the program. MBA programs can usually be completed in two years, but some programs can take less.
Either way, make sure not to compromise quality over length.
Talk to others
If you feel confused and have different questions regarding program experiences, sometimes talking with other people might help clear your mind. We suggest you contact the alumni and discuss with them in this case. Taking their opinion and listening to their experiences might give you an idea of what to expect from a particular specialty area.
Research the school
When you've finally decided, don't forget to check the university before finalizing your decision; choosing where to specialize is as crucial as selecting a specialization.
So, please, before you jump in your degree, do your research regarding the faculty members, the program's curriculum, including internships, projects, and the skills they plan to develop.
List of Top Concentrations
MBA specializations cover everything from management, finance, and marketing, to international business and entrepreneurship. While you can dig deeper into the core courses that are part of your curriculum, you can also choose to go for specific industries like healthcare or technology.
Below you can find a list of top MBA concentrations and learn more about them.
Management
As one of the most popular MBA concentrations, general management focuses on providing you with the necessary skills and knowledge to manage a business's general operations successfully. Some common courses include:
business analytics,
organizational behavior,
project management,
marketing management,
human resource management,
operations management, etc.
In addition, you will acquire and develop skills like critical thinking, decision making, problem-solving, and risk management.
After graduation, you will be qualified for various lucrative career options. According to BLS data, employment in management occupations is expected to grow by 9% from 2020 to 2030, adding 906,800 new jobs. Meanwhile, the average manager salary is $80,518 per year.
With an MBA in management, you can work as a:
Marketing Manager;
Accounting Manager;
Financial Manager;
Financial Analyst;
Human Resources Assistant;
Health Services Manager;
Investment Banker;
Business Operations Manager;
Business Analyst;
Database Analyst;
Computer and Information Systems Manager.
Entrepreneurship
If you are interested in starting your own business, an MBA in entrepreneurship is the way to go. This specialization will prepare you for a career in building a small business or company or pursuing venture capital roles. On average, it takes 1 to 2 year to complete.
In addition to the core courses, you will also learn entrepreneurial strategies, generating start-up ideas, business innovation, resource management, managing and marketing new ventures, etc. During the program, common skills you acquire include leadership, management, networking, fundraising, and more.
An entrepreneurship specialization could be a great choice with a job outlook of 8% and a median salary of $78,300 annually. Some job positions you can choose from when you graduate with an MBA in entrepreneurship are:
Business Consultant;
Department Manager;
Management Consultant;
Business reporter;
Sales Manager;
Operations Manager;
Senior Product Manager;
New Venture Developer;
Corporate Supervisor;
Chief Executive Officer.
Finance
The MBA in finance is a highly demanded specialization among students. It prepares you for a career as a financial manager, where you'll mainly focus on analyzing financial performance, budgeting, investment, and more. If you choose this specialty area, you will pursue courses such as accounting, portfolio management, corporate finance, banking, investment analysis, etc.
A job in finance is still popular among MBA graduates and includes lucrative pay too. The US Bureau of Labor Statistics predicts an 8% employment growth for financial careers. Furthermore, the average salary for a position in the finance industry is $107,897 per year.
Some popular job options you can choose from include:
Financial Advisor;
Financial Manager;
Accounting Manager;
Chief Financial Officer;
Hedge Fund Manager;
Investment Banker;
Financial Analyst.
Marketing
With an estimated job outlook of 10%, marketing is a specialization that can find use across all industries. If you pursue an MBA concentrating in marketing, it will include courses like market research, consumer behavior, sales management, branding, advertising management, social media marketing, product development, digital marketing, etc. At the same time, the curriculum will develop your analytical, interpersonal, problem-solving, and leadership skills, among others.
In addition, the field of marketing is characterized by high median salaries, like that of a marketing manager, which is $141,490 per year. Other job positions you can choose from include:
Sales Manager;
Sales Architect;
Social Media Manager;
Social Advertising Executive;
Retail Marketing Associate;
Marketing Designer;
Marketing Analyst;
Business Analyst;
Market Research Director;
Director of Sales.
Healthcare management
If you prefer a highly demanded field with a much faster than average employment growth (32%), consider healthcare management. The MBA curriculum will prepare you for healthcare manager roles by including classes like fundamentals of healthcare administration, health services management, operations and services management, healthcare policies and regulations, medical emergency systems, clinical pharmacy, etc.
Apart from the job outlook, specializing in healthcare management comes with high compensation as well, with healthcare managers earning an average of $104,280 per year. Below are some other positions you can consider:
Healthcare Administrator;
Healthcare Department Manager;
Clinical Research Manager;
Assistant Health Manager;
Nursing Home Administrator;
Health Information Manager;
Healthcare Finance Manager.
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Human resources
Since the workforce is the most crucial part of a company, managing it is essential for a business's success. That's where human resources managers come into play.
An MBA specialization in human resources will equip you with leadership, strategic thinking, communication, and problem-solving skills, which will help you effectively hire, train, and manage team members. In addition, you will be taking courses like fundamentals of human resource management, performance management, human resource planning, human resource economics, business ethics, and more.
The estimated employment growth for human resources managers is 9% from 2020 to 2030; meanwhile, the median salary is $121,220 per year.
Career opportunities you can expect after graduating with an MBA in human resources include:
Chief HR Officer;
International Human Resources Manager;
Recruitment Consultant;
Training and Development Manager;
HR Consultant;
Sales Executive;
Executive Recruiter;
Labor Relations Manager;
HR Analytics Specialist.
Operations
The field of operations management is mainly concerned with managing a company's products and services. If you specialize in this area, you can expect courses on operations management, service and production planning, inventory management, supply chain and logistics management, pricing and revenue management, behavioral operations management, and supply chain analytics.
According to the BLS data, the median salary for an operations manager is $103,650, going up to $ 161,190 while you gain experience within the field. However, you should know that the job is not expecting a high job outlook growth. The BLS predicts that the Industrial Production Managers have a 5% job outlook, which is slower than the average job growth.
Some popular job options for operations management graduates include:
Supply Chain Manager;
Purchasing Manager;
Logistics Manager;
Inventory Control Manager;
Procurement Manager;
Project Manager.
Information technology
If you are passionate about technology, you can pick an information technology concentration. When you graduate, your main job will be to manage a company's data and find ways to improve its efficiency by using technology.
Classes in an information technology MBA concentration include e-business, IT strategic planning, IT project management, technology entrepreneurship, etc. The curriculum in this concentration will equip you with essential skills for the field like strategic thinking, problem-solving, global orientation, and analytical skills.
The computer and information technology occupations are expected to grow 13% from 2020 to 2030, much faster growth than other occupations. The increase is evident as all aspects of our lives are relied upon in computers nowadays.
According to BLS, in May 2020, the information technology jobs had a median annual salary of $91,250.
Below you can find a list of some job opportunities you can consider:
Business Analyst;
Database Administrator;
Client Support Specialist;
Application Developer;
Business Intelligence Analyst;
Database Architect.
Environmental management
Another attractive option–especially for those with a sustainable environmental interest–is environmental management. Except for the core courses, during your studies, you can expect classes like environmental law, environmental risk management, environmental economics, environmental policy, operations management, etc.
This field has an estimated employment growth of 8%, with about 9,400 job openings projected to open each year. The median salary for those working within the environmental field is $73,230 per year, with the possibility to go up to $103,180 as you gain experience.
Some potential careers for you include:
Environmental Health and Safety Manager;
Environmental Scientist and Specialist;
Research Safety Specialist;
Environmental Science and Protection Technician;
Environmental Engineer.
International business
If you have international aspirations for your career, you may want to consider pursuing an MBA in international business. With this specialization, you will get qualified to manage specialized business practices and deal with different cultures worldwide.
During your studies, you will focus on gaining knowledge on international negotiation, global marketplace, global business trends, international corporate financing and accounting, and international relations.
With a projected job outlook of 8% and an average salary of $90,577 per year, international business offers many job positions you can consider, including:
International Marketing Director;
Marketing Manager;
Financial Controller;
International Trade and Customs Manager;
Multinational Manager;
Business Development Director;
International Foreign Policy Advisor.
Business analytics
An MBA degree in business analytics will equip you with management skills and teach you how to use data analytics to create business strategies in various areas. Common classes in this concentration include financial accounting, data modeling, predictive analysis, simulation modeling, risk management, etc.
Business analytics is a highly demanded field, with a job outlook of 14%, which is the highest among the concentrations we added to this list. The high job forecast includes around 99,400 new job openings every year over the next decade.
Besides the high job growth, the business analytics concentration comes with high compensation too. The median yearly salary for analytics professionals is $87,660, with the highest 10% earning over $156,840.
A few career paths you can choose from after you graduate from an MBA in business analytics include:
Business Consultant;
Data Analyst;
Data Analytics Consultant;
Marketing Analyst;
Data Scientist;
Business Intelligence Analyst;
Data Engineer;
Quantitative Analyst;
Big Data Engineer.
Real estate
The final concentration in our list is the real estate one. The housing market in the US is booming, which means more commission for real estate sale agents and brokers.
If you are a real estate passionate, a real estate MBA concentration is worth pursuing. It provides knowledge in core business fundamentals and real estate markets, regulations, taxation, and more.
Suppose you decide to get an MBA in real estate. In that case, you will study courses like business strategy, financial accounting, introduction to financial management, marketing management, operations management, real estate and investment, and real estate law.
Though, be aware that the BLS predicts slower job growth for real estate agents, forecasting a 4% job outlook for the next decade.
In 2020, the median salary for real estate brokers was $60,370, with the highest 10% earning $174,120. However, the median salary was $41,950 per year across all occupations within the real estate industry.
Some of the occupations you can get with an MBA in real estate include:
Real Estate Consultant;
Real Estate Development Manager;
Real Estate Appraiser;
Property Manager;
Real Estate Agent;
Senior Financial Analyst;
Financial Analyst;
Acquisitions Analyst;
Real Estate Broker.
Final Thoughts
While pursuing a master of business administration degree, you can specialize in areas in various industries. To choose a specialization that fits you the most, you need to consider your interests, skills, and goals. In addition, you should consider factors like program curriculum, employment opportunities, salaries, etc. Considering nowaday's employer preferences, whatever your choice is, remember that you cannot go wrong with an MBA degree.