MBA programs are so diverse because they provide multiple choices for its applicant. It’s safe to say that the diversity present in an MBA program will save candidates from enduring a ‘one-way traffic’ degree which is a type of degree that provides no electives. Like all other certifications, different types of MBA concentrations help its holders to break into specific job listings.
Usually, work experience is always an edge when it comes to job applications. However, when a job applicant tenders a specialized MBA certificate, it levels the experienced applicants’ competitive ground.
Nevertheless, the different types of MBA concentrations and how to choose from them have gotten many confused. Some applicants consider their vital academic areas the primary determinant. For example, candidates with mathematical inclination will most likely choose a program that maximizes their strengths.
The truth is that different MBA concentrations can be popular with young and older folks of different backgrounds. Picking and isolating these views as a basis for selecting MBA Specialization fields is wrong. You must select concentrations that complement your personal goals and career path.
In this article, we will explore the different types of MBA concentrations.
Different Types of MBA Concentrations Explained
Since any Bachelor’s degree holder can apply for an MBA, it is also crucial for such applicants to research and learns all they need to know about an MBA field or concentration before putting in for it. Here is a list containing detailed information about the different types of MBA concentrations.
MBA In Data Science and Business Analytics
Without a doubt, Data Science and Business are some of the most popular types of MBA concentrations. Data Science and Business Analytics explore data for and from a business, market, and other organizations.
Social media usage, debit card purchase, and even a visit to the ATM generate data. Data scientists sometimes use this information to generate information on your dislikes and likes for specific products. However, you should note that data scientists and business analysts are not only helpful in the marketing department, but they also help an organization’s entire business decision.
Data science and business analytics are essentially different fields. However, since the results of each field are towards the usage of data for the betterment of an organization, most MBA programs usually merge the two courses as one.
Data Science and Business Analytics are divided into business intelligence and Advanced Analytics. The courses in an MBA in data science and business Analytics curriculum include the stochastic process, data mining, retails analytics, cluster analysis, Online analytical processing, business forecasting, and econometrics.
MBA In Human Resource Management
Human resource management deals with the proper coordination and development of the company’s staff. An HR manager’s roles are numerous, including selecting and recruiting employees, training and developing personnel, labor relations, and general organizational management.
An MBA in Human Resource Management is diverse and business-encompassing compared to an MSc or MA in the same field. Anyone who wants to specialize in HR should consider an MSC or MA because an MBA in human resources will teach and drill candidates in comprehensive business management and may touch a little of HR itself.
Regardless of the type of degree, MBA holders in human resource management are rarely paid higher than those with MSC. This is because it is generally believed that an MBA degree is not specialized. Occasionally, this is different depending on the choice of the organization.
MBA Concentration in General Management
The MBA general management degree prepares you for every demand you may meet in the management and business fronts. Graduates of this degree are often in charge of the monitoring of the general operation of a business.
General managers must find it imperative to learn every knowledge surrounding their workspace environment. Knowledge such as Business Law, human resource management, health safety management, engineering, data management, organizational behavior, project management, business ethics, corporate strategies, entrepreneurship, and corporate leadership will prove helpful.
MBA in general management is a two-year degree: and it is near impossible for a company to hire you without an existing Bachelor’s degree.
MBA In Marketing Management
Like most types of MBA Concentrations, MBA in marketing management requires a Bachelor’s degree in any field before you can apply. The concentration will include consumer and brand strategy, digital advertisement, marketing strategies, leadership and communication skills, product management, consumer trends and market research, media management, brand management, and promotional campaigns.
An MBA in marketing will widen your options, and employers can easily consider you for sales, marketing executive, and managerial jobs. You can get employment as a brand manager, sales manager, product manager, etc.
Starting an MBA in marketing can cost about $75,000 in tuition. However, A fresher of MBA marketing can receive up to $80,000 as an annual salary and can receive much more as he progresses on the field.
Online courses, blended learning, and full-time courses are available for this specialization. You need to do proper research on the requirements of your desired institution.
MBA Concentration in Healthcare Management
MBA in healthcare management is a reasonably popular specialization among the Types of MBA concentrations. An MBA healthcare management fresher can earn about $65,000 annually.
Healthcare Managers need to hone their skill sets in human resources, data management, labor law, computer science, and data management. More importantly, they need to work as a considerate intermediary between staff, organization, and patients.
Jobs are always waiting for an MBA graduate of this field in hospitals, consulting firms, insurance companies, and government parastatals. For this degree, most MBA schools give admission priority to anyone who has a health-related Bachelor’s degree. It only makes sense because they can relate better to the work environment than conventional degrees. However, some schools permit people with any Bachelor’s degree and only teach workplace ethics as a prerequisite in the first few months.
Out of many tasks of a healthcare manager, human resource management seems to be the most important. The progress of the healthcare sector depends on how much of the back the staff put into it. The careful management, allowance for development, and new inventions by the healthcare manager can significantly affect how much success the company is enjoying.
MBA in Project Management
Holders of MBA in Project Management can manage, plan, budget, and monitor the progress of a project from start to finish. Their expertise is significant in construction, manufacturing, information technology, and even food industries.
With or without a project management undergraduate degree, you can be considered for an MBA admission. However, you should do your assignment on what the course and the institution entail.
Typically, project management involves some calculations and probabilities. Average knowledge of mathematics and statistics will be helpful. The course syllabus includes value engineering, project risk management, Project performance evaluation, PERT and CPM, and project management software.
MBA in Financial Management
Businesses can’t survive without employing expert hands in this core department. MBA in financial management indeed brings such expertise to the table.
Any candidate who wants to pursue an MBA in financial management must prepare to study financial planning, business statistics, business calculus, etc. There must be a solid background in accounting and mathematics if you want to thrive as a financial manager.
The average salary of someone with an MBA in financial management is $98,956. The payment is justified for the investment and the latter stress they would go through in school and at work.
MBA Concentration in Supply Chain Management
Supply Chain Management is among the popular MBA degrees in the world. The expanding logistics and supply chain companies are to thank for this.
The truth is that most firms find it challenging to employ capable hands in vacancies in the supply chain and logistics departments of their firm. As a result, most schools have included logistics and supply chain electives and Bachelor’s degrees where chain management, strategy, and procurement are taught.
MBA in Hospitality Management
The hospitality industry is all around you. The hotels, beaches, museums, tourist gardens, game reserves, etc., are testament to a flourishing sector. The hospitality business generates over 7 trillion dollars annually.
An MBA in hospitality management does not require an undergraduate specialization in any field. Also, hospitality management does not just pump in the money; it also gives out the money. Hospitality and tourism managers earn between $97,000 and $117,000. It has an attractive work environment, and rarely do employees have reasons to complain.
The subject areas you should expect include accounting, entrepreneurship, finance, information systems, marketing, human resource management, public relations, strategy, culinary skills, and various departmental studies related to the hospitality and tourism business.
MBA In Cyber and Information security
Since most sound minds are found in the tech business, improper management can be a colossal loss. MBA in cyber and information security will surely provide the coordinating bridge for any company that relies on tech support for information security.
It’s advisable to have prerequisite knowledge in computer science and IT before applying for an MBA degree in cyber and information security. The tech environment is demanding and complicated, so prior knowledge of that environment will give you an edge while applying.
There are a lot of risks associated with this department, but when you consider the high compensation, you might want to give it a second thought. Likewise, with an MBA in cyber and information security, you are almost guaranteed a job immediately after graduation.
MBA Concentration in Management Consulting
Management consulting is simply drawing out plans and ideas that can improve the productivity of any organization. Most times, organizations hire consultants from a management consultant firm. Since they are in tune with the industry’s best practices, this puts them in the best position to give advisory services.
An MBA in management consulting is arguably the highest-paid job among all the management concentrations. You can earn up to six figures immediately after receiving your certificate; imagine you get promoted and become a director!
Management Consulting is a very volatile job and meant for confident individuals. The work pressure usually leaves little room for growth and improvement; you just have to make it yourself.
However, some incompetent people can often come together and set up a consultancy firm since the government does not regulate the department. This pressure alone makes it unfair for the certified and legitimate consultants out there.
Why You Should Consider the Different Types of MBA Concentration
Irrespective of the different types of MBA Concentration, you need to consider all your options. It would help if you considered whether you could afford your tuition, educational background and strength, the institution’s ranking, and the possible return on investment of each concentration.