collageA number of MBA specializations in demand include fields like Marketing, Finance, International Business, Human Resources Operations Management, Information Systems and Supply Chain Management. This reflects the increasing role of interdisciplinary paradigm in industry and corporate sector. These MBA specializations add an edge to this elite degree often seen as a vehicle to success across domains of academia and industry. The MBA specializations list is rather extensive providing ample choice to mold the ambition of the young generation. Consequently, ,MBA specializations in demand in India guarantee success in diverse career opportunities. The question remains as to which MBA course is best in perspective of the best MBA specialization for future. This question, may be decided by the individual MBA specializations salary prospects that a course offers.
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What is an MBA?
To start with, let’s clarify exactly what an MBA is. A Master of Business Administration is a generalized management degree that usually lasts one or two years. You can also complete this type of program online or part-time.
An MBA is generally for students with at least three to five years of previous work experience. The program will introduce you into business concepts like financial management, human resources, project management, and business strategy.
You may also take additional courses in leadership or explore innovative technological concepts like business analytics and AI.
Because the MBA is a general management degree, many people use it not only to advance their careers but also to switch industries in the business world. MBA students gain knowledge in a wide variety of areas, meaning you can follow a career in any number of industries.
In India, you’ll often see an MBA degree described as a PGP, or post graduate diploma in management.
What is an MBA Specialization?
Specialized MBAs allow you to build expertise in a particular industry or function during your MBA. As part of your specialization, you will follow mandatory MBA courses in your chosen subject, which aim to enhance your knowledge.
In a traditional two-year MBA, you may spend your first year focusing on your core modules before specializing in your second year through electives concentrated on a specific topic area.
This could include a summer internship centered on your specialization, but you may also get to specialize further during your final MBA dissertation.
In a full-time, one-year MBA degree, as with a two-year program, you’ll only begin to specialize during the final part of your course – usually the last three to six months.
There are lots of specializations to choose from, covering everything from general management and finance to marketing and entrepreneurship. However, not every MBA college will offer every specialization.
MBA specializations typically come in two forms, either as dedicated specialized MBA programs or a traditional MBA with a specialization track.
On a dedicated program, you will likely have most of your classes with other students who are following that MBA specialization. On a specialization track, your larger MBA class will usually split into specializations during the latter part of the program..
Why Should I Choose an MBA Specialization?
MBA specializations are particularly valuable for students who already know they want to pursue a career in a specific industry or role. In this case, a specialization on an MBA course can grant you advanced knowledge in this particular area and increase your chances of finding a suitable role after you graduate.
However, specializations are also a way to make your MBA program more tailored to your interests. Even if you don’t know where you want to work afterwards, a specialized MBA can make your MBA experience more personal and ensure you stay motivated throughout your course.
What is the Difference Between an MBA Specialization and a Major or Concentration?
At some MBA colleges, you may not see the word ‘specialization’ associated with MBA programs but ‘major’ or ‘concentration’ instead.
However, all of these words refer to similar things – a more focused program of study that provides you with specific knowledge in a particular area of business. These specialized degrees will prepare you for a specific career area while supplying you with the same skills as a general MBA program.
Popular MBA Specializations
MBA General Management
As the name suggests, a general management specialization covers everything you need to be the ideal generalist in the workplace.
An MBA is already a generalist management degree, so an MBA general management concentration gives you the option to build out your general management skills even further, offering a wide array of electives covering topics like people management, operations, and digitalization.
The variety of roles that you could move into after graduating means the MBA General Management specialization is a good choice if you’re looking to keep your career prospects open.
Topics most frequently covered on a general MBA program include:
- Accounting
- Marketing
- Finance
- Decision-making
- Entrepreneurship
- Strategy
- Negotiation
Best MBA Specialization For Future
An MBA grooms students for the rigors of a corporate career with an in-depth mentoring in economic policy, finance, entrepreneurship, general law and human resource management. Hence the MBA specialization chosen should not only add edge to the traditional MBA but open vistas to lifelong learning. As such consider a number of factors when choosing from MBA specializations list. The student should have the right focus and attitude to decide the career goals and work specializations. Also consider the return on investment that the course promises. This in turn depends on rankings,acceptance rate,faculty, academic culture and career services associated with the chosen institute.
We’ve looked at why each MBA specialization could be considered a good choice for both immediate and long-term success.
1. Entrepreneurship
In a world that is rapidly changing, those who have an insight into how to turn an idea into a viable business are highly sought after.
If you choose to specialize in entrepreneurship, you can expect to learn how to develop the knowledge and skills to launch a successful start-up. You’ll spend time focusing on what challenges many businesses face and you’ll develop a deep understanding of what makes some businesses fail and others succeed.
If you think that entrepreneurship is the best MBA specialization for you, then you may be interested in a future career within a consultancy. There’s plenty of long-term scope in sharing your knowledge and expertise with others to help smaller organizations flourish and businesses continue to grow.
2. Strategy
Specializing in strategy is a popular choice because it’s hugely transferrable and relevant to almost every sector, which could give you a greater competitive advantage within the jobs market.
When it comes to academic study, you’ll start to think about business development, risk management, consulting and other theoretical concepts that you can put into practice in a variety of situations and scenarios.
Strategy frequently focuses on the ‘here and now’, so those working in evolving professions (such as HR or marketing) may wish to incorporate strategic understanding into their day-to-day work.
3. Change Management
This is a critical business skill required by leaders to help workforces come to terms with new systems and processes. As technology (and particularly automation) comes into force, business leaders must run effective change management programs before implementing new forms of technology or new ways of working.
There’s plenty of scope in understanding the psychology behind employee behavior and anticipating how new systems will be viewed by long-term staff members. As more businesses start to actively listen to their workforces, those with academic and theoretical knowledge of change could be highly regarded.
4. International Management
If you harbor ambitions to work globally, then international management is a popular choice. Understanding how legislation differs around the world and how cultural differences can impact on behaviors is key to success. Those who think that this is the best MBA specialization for their needs can find themselves welcome within the global jobs market.
During your study, you can expect to learn about critical business skills within an international context. You’ll understand how strategy and operations can differ between countries, even when working for the same employer.
This is a popular option for many MBA students because it opens the employment door to international recruitment. As more companies use technologies to allow remote working, the ability to work internationally will become increasingly common over the next 5 to 10 years.
5. Finance
A traditional choice, but nevertheless an area that will continue to be relevant regardless of changes in technology and personnel.
There are many different niches within the finance specialization; you could choose accountancy, global economics or managerial economics. Each has its own merits , and they can lead to career possibilities within corporate finance, investment banking or private equity (for example).
As we continue to get to grips with the impact of a global economy, those who have financial knowledge may be poised to benefit from better job opportunities; particularly as the world copes with the impact of political implications such as Brexit.
6. Operations Management
This isn’t just about people management; it’s about ensuring that the day-to-day operations of a business are strategically thought through.
These days, businesses are incredibly savvy about their operations – they know how to function effectively and run on minimal budgets in a bid to maximize profits. Therefore, operations management is a strong MBA specialization for those who want to work for large corporations. The job will involve logistics, supply chains and quality assurance.
As a specialism, this is still in its relative infancy, but we think that, like change management, it will move away from being a job responsibility through to a key specialism in its own right. Those who have this on their resume can expect to be ahead of the curve and ready for these anticipated changes.
7. Marketing
Like finance, choosing marketing as your preferred MBA specialization is a traditional choice, but it’s also a creative opportunity that reacts to the growing influence of marketing on a business’s success.
In recent years, marketing has changed beyond recognition. No longer solely about promoting your sales messages, it’s now about creating brands and customer experiences, and helping to turn your customers into corporate advocates. It’s also about understanding your product and using available data analytics to make predictions and accurately track market trends.
Therefore, this function is becoming increasingly visible within the boardroom, as marketing managers take the step into C-Suite functions.
Those who choose to study marketing will explore these different facets, from audience engagement through to market research analysis.
8. Information Technology
We now operate in a digital world and that those with strategic knowledge of IT and computing will be at an advantage.
As an IT director, for example, you’ll be expected to manage and coordinate all activities relating to technical requirements, plus plan and introduce new systems that will continue to navigate your company’s anticipated growth. You’ll also be responsible for cybersecurity and data security practices.
IT has developed into a strategic function that works closely with both HR and marketing teams to incorporate big data. As a result, it’s now an essential role within both local and international workforces, providing greater opportunities than ever before.
9. Environmental Management/Sustainability
This is another relatively new specialism but, thanks to changing consumer trends, will become increasingly popular over the next few years.
Today’s society places greater pressure on businesses to operate ethically and be environmentally friendly. Therefore, we can expect to see positions emerge for those who specialize in helping businesses become as sustainable as possible.
These roles will work closely with operations managers, marketing teams and HR departments to become a truly holistic department that considers the wider implications of the whole business.
Those who choose to study sustainability will develop a strong business understanding of environmental implications, with key areas including understanding environmental laws, decoding new manufacturing processes and understanding how different environmental policies can impact the bottom line.
10. Business Analytics/Statistics
Finally, business analytics looks set to become one of the biggest emerging MBA specialisms.
We’ve already mentioned that data analytics is a key part of operations management, marketing, IT and HR departments, but understanding what to do with that data is even more important.
That’s why companies are now recruiting data analysts and statisticians, who can use the data provided through HR and marketing systems to accurately predict trends – and develop a more strategic business function, thanks to the solid data evidence.
Automation and AI have led to the development of big data and, thanks to changes in technology, it’s now becoming more affordable and mainstream, even for small businesses. This means that opportunities are not just limited to international healthcare, engineering or corporate businesses, but are now open to almost any business in any sect
Which MBA Specialization is Best for Me? 7 Types of MBA Specializations
The employment marketplace is more competitive than ever. If a career in business appeals to you, you’re certainly not alone. According to the Bureau of Labor Statistics, employment in the business sector is projected to grow five percent between 2019 and 2029. Simultaneously, more and more students are pursuing their bachelor’s degree in business. The best way to stand out in a crowd of business graduates is to earn your MBA.
An MBA, or Master’s in Business Administration, prepares you for an executive career as a business leader. You’ll develop highly valuable skills such as strategic thinking and people management. But, as valuable as an MBA is, you can enhance your professional career even more by earning a specialized MBA, in a dedicated area of business. Here are seven of the best MBA specializations to consider pursuing.
1. MBA in Accounting
An MBA in Accounting prepares graduates to measure, analyze, interpret, and communicate economic data. Those who hold an MBA in Accounting can go on to work in a variety of roles, from positions in the C-Suite to jobs in government agencies.
Accounting MBA Course Examples
In this specialized degree program, you’ll take foundational coursework as well as classes that center around your concentration. These courses include:
- International Accounting
- Auditing
- Personal Taxation
- Financial Reporting and Analysis
- Accounting Regulations
- Business Environment
Employment Outcomes
Students who graduate with an MBA in Accounting have the benefit of choice and flexibility in their future. They’re prepared to fulfill multiple roles. These jobs can include:
- Business Development Manager
- Chief Financial Officer
- Personal Finance Advisor
- Financial Manager
- Management Analyst
2. MBA in Analytics Intelligence
As more and more businesses rely on computers and data gathering to guide their decisions, they’ll need employees who can study and understand big data. An MBA in Analytics Intelligence prepares graduates for a career capturing and analyzing data, helping businesses improve their efficiency and profits. This particular MBA specialization can also be completed entirely online at some universities, giving students flexibility to finish their degree as quickly as they’d like.
Analytics Intelligence Course Examples
In addition to a set of core MBA courses, students pursuing an MBA in Analytics Intelligence will take courses such as:
- Enterprise Intelligence and Decision Support Systems
- Business Planning
- Foundations in Advanced Enterprise Analytics
Employment Outcomes
Students who graduate with their MBA in Analytics Intelligence are of particular interest to employers. Every day consumers generate 2.5 quintillion bytes of data. Companies need experts who can sort through that data to help them make decisions. Some careers that graduates from an MBA in Analytics Intelligence can enter include:
- Marketing Manager
- Management Analyst
- Financial Analyst
- Operations Analyst
- Supply Chain Analyst
- Management Consultant
3. MBA in Healthcare Management
Healthcare represents more than 17% of the gross domestic product in the United States. For those interested in working in healthcare, the time has never been better. An MBA in Healthcare Management prepares graduates for a career managing hospitals, working for pharmaceuticals, or even researching for insurance companies. Plus, this program is frequently offered online. Students who pursue this degree online can finish their MBA in as quickly as a year.
Healthcare MBA Course Examples
As an MBA student specializing in Healthcare Management, you’ll be expected to complete your core curriculum in addition to specialized classes, including:
- Healthcare Quality, Outcomes, and Evidence Based Care
- Epidemiology, Population Health, and Data Analytics
- Healthcare Leadership
Employment Outcomes
With an MBA in Healthcare Management, you’ll be prepared to work in several career paths. These can include:
- Pharmaceutical Project Management
- Hospital Administration
- Healthcare Advisory
- Hospital Administration
- Policy Analysis
- Senior Healthcare Strategy
4. MBA in Human Resources Management
The biggest asset a company has is its people. Afterall, without their employees, where would they be? Every company needs human resource professionals to make sure that their employees are well taken care of and complying with company policy. They’re also responsible for handling any disputes employees may have with one another. An MBA in Human Resources Management paves the pathway for graduates who want to make a difference in employees’ lives. This program is also offered in a one year, accelerated online format. In just a year, you can kick start your career in HR management.
HR MBA Course Examples
In addition to a selection of core curriculum, students in the MBA in Human Resources Management program will be expected to take concentration courses, including:
- Human Resources Management
- Organizational Development
- Workforce Assessment
Employment Outcomes
Graduates who hold an MBA specialization in Human Resources Management are prepared to work in a variety of careers. Some of these fields include:
- Recruitment
- Employee Relations
- Strategic Planning
- Compensation and Benefits
- Organizational Development
- Training and Development
5. MBA in Finance
Many students are drawn to an MBA in Finance due to the fast-paced and exciting nature of the financial industry. Financial analysts collect operational data, establish costs for services and goods, provide cost analysis for companies, and analyze trends. At the heart of every corporation is a finance department. With over 1.7 million C corporations in America, it’s safe to say that the outlook for finance careers is very good.
MBA in Finance Course Examples
When pursuing an MBA in Finance, students will complete their core courses, in addition to three courses in their area of concentration. These classes can include:
- Investment Analysis
- International Financial Management
- Technical Analysis and Trading
- Financial Analysis and Modeling
- Managerial Economics
- Cases in Finance
Employment Outcomes
Graduates with an MBA in Finance are highly sought after by employers due to their proficiency in financial management, understanding of investments, and refined analytical skills. Some careers open to those who hold an MBA in Finance include:
- Financial Manager
- Financial Analyst
- Chief Financial Officer
- Budget Analyst
- Corporate Controller
6. MBA in Management
An MBA in Management is among the most flexible of the MBA specializations. This MBA program prepares students for leadership and management positions in a variety of career fields. In many ways, students can tailor this program to their interests. Whether they’re interested in working in international business or human resources, there are plenty of courses they can choose from. Additionally, this program can be completed in as short as one year, online.
Management MBA Course Examples
Students in the MBA in Management program will take the core MBA courses. Additionally, they can choose three out of a wide variety of concentration courses. These can include:
- Leadership, Teams, and Managing Change
- Human Resources Management
- New Product Commercialization
- Intellectual Property Management
- International Issues
- Strategic Sourcing and Vendor Management
Employment Outcomes
Those who complete an MBA in Management can work in various types of environments in a number of roles. This really is the “jack of all trades” degree. Some career paths graduates may explore include:
- Project Management
- Operations Management
- Information Management
- Consulting
7. MBA in Marketing
An MBA in Marketing prepares students to create, promote, price, and manage products and services. This program provides participants with an in-depth understanding of customers’ behavior as well as the tools they’ll need to problem solve and communicate with clients and customers.
MBA in Marketing Course Examples
Students in the MBA in Marketing program will complete the core MBA courses. Additionally, they will take three of eight concentration courses. These can include:
- Customer Analysis
- Electronic and Mobile Business
- Personal Sales and Sales Management
- Global Marketing Management
- Customer Relationship Management
- Strategy and Advanced Marketing Concepts
Employment Outcomes
Students who graduate with an MBA in Marketing can work in a variety of roles. Some career paths graduates may explore include:
- Marketing Manager
- Market Research Analyst
- Market Communications Director
- Marketing Director
For many interested in working the business, an MBA is a must have. MBAs provide graduates with more job opportunities and job security, as well. However, students who pursue an MBA specialization are even further differentiated from their competition. If an MBA is in your future, be sure to decide which MBA specialization is best for you and choose an MBA program that offers these various options.
Which Specialization is Best in MBA?
If you’re wondering which are the best MBA specializations, then you might be disappointed to hear that there is no ‘best’ specialization – they all depend on you.
If you know you want to follow a career in a particular area, then a specialization can help you focus your MBA knowledge and apply it to your future career, making you more competitive in the job market.
In the end, the best MBA specialization is the one that feels right for you and will set you up for your ideal MBA career.
How to Choose an MBA Specialization
Despite our attempts to create an MBA specializations list, there isn’t actually an exhaustive list of all specializations available.
Additionally, as new industries and trends emerge, schools will adapt and launch new concentrations to meet demand. This means that, in the future, specializations may exist that aren’t on offer right now.
Additionally, specializations also depend on a school’s specialist knowledge. There are business schools that offer specializations in digitalization or governance and sustainability. There are also schools with a tight focus on fintech and cryptocurrencies, as well as those that focus on healthcare and supply chain management.
This means that choosing an MBA specialization often goes hand-in-hand with choosing an MBA degree in general, as well as a business school. There is no easy way to make this decision. Especially considering the cost of an MBA, this isn’t something you want to rush into.
However, you could start by considering your personal career goals. Where do you see yourself in 5 or 10 years time? Which sector do you see yourself working in? Or, are there specific skills you would like to utilize in your career?
If this is too difficult, think instead about what it is you enjoy about business. Is it digital marketing? Operations management? Identifying areas of interest can help you to think about potential careers that you would enjoy, and consequently the MBA program or specializations that can help you get there.
Once you’ve decided on a specialization, whether or not an MBA program offers the concentration you’re interested in is a key factor in finding your best fit program.
Our free guide, Finding Your Best Fit Full-Time MBA Program, gives you the expert tips and guidance you need to confidently narrow your options and identify the programs that make the most sense for your needs, preferences, and career goals.
How to Apply to MBA Specialization
The application process to an MBA specialization will be the same as for a general MBA program. This means eligibility criteria will still apply, such as:
- 3-5 years work experience
- Bachelor’s degree and undergraduate transcript
- GMAT exam score
However, as part of your application, you may be asked to explain why you wish to study an MBA specialization in particular. Here, you should talk about your specific career goals and interests, and why the specialization is the best choice for you.
If you’ve chosen your program and MBA specialization, our Complete Full-Time MBA Application Guide will help you navigate the difficult world of MBA applications.
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