Selecting the best out of many types of MBA specialization is a cross-road most MBA applicants eventually get to when applying for an MBA program. Unsurprisingly, this doesn’t come as a shock since the decision to pursue an MBA degree itself is a choice not for the faint-hearted. However, one has to make choices like this regardless.
Without argument, pursuing an MBA degree is the best choice for anyone carving a business career path. Since business has many niches, an MBA degree does too. In many Business schools, they use the first year of an MBA to teach the various fields and subjects of business/management. In the latter part of the first year, students are introduced to the field they wish to specialize in.
What You Should Know
At this point, the headache sets in. Many applicants consider many factors before choosing a field in MBA. These factors include the return on investment, percentage of success, and marketability in the labor market. Funny enough, Sometimes, candidates choose a particular MBA Specialization because of a funny and easy-going lecturer who coordinates the course.
Life choices are made for different reasons and making such choices include selecting from different types of MBA specialization. At the same time, you should weigh all circumstances appropriately before specializing in a field. One of such things includes choosing from various in-demand types of MBA Specialization. This will keep you wanted in an already competitive labor market.
A list of the Types of MBA Specialization You Should Consider
It’s one thing to decide the time is right to get an MBA. It’s another thing entirely when you see how many different types of MBA specialization there are to choose from. Check the list below.
- General Management
- Data Science and Business Analytics
- Marketing management
- Human Resource Management
- Financial Management
- Healthcare Management
- Supply Chain management
- Management Consulting
- International Management
- Hospitality Management
- Cyber and Information security
- Entrepreneurship and Non-profit
- In Rural and Agri-Busines
MBA in General Management
MBA holders in general management do general training/teaching in management and business. It is well known as MBA general practice. Even though it looks more traditional and old-fashioned, this is the MBA field with the most demand in Asia, Africa, and some parts of Europe.
The many demands this type of MBA specialization are due to the broad knowledge it offers in crucial business, marketing, and management domains. Companies generally would likely prefer a versatile employee who can function well in many firm departments than a specialist in one.
Applicants who consider applying for a general management study in MBA must have at least an average knowledge of everything needed in a corporate organization. This ranges from Business law, corporate strategies, entrepreneurship, human resource management, health safety management, organizational behavior, project management, business ethics, and corporate leadership.
MBA In Data Science and Business Analytics
This is currently the trending type of MBA specialization of the past three years. Although, the truth is not every business school has incorporated this field into its training manual—the few who did have forked out the most sought-after graduates in recent times.
A fresh data analyst receives an average salary of $80000. Despite being one of the most paid jobs globally, Data analysts are one of the sought-after people in the business and management sphere. An MBA employee in that field is a massive plus for any business firm.
The field entails analyzing and transforming data into business decisions. Experts in this field are capable of tracking and analyzing data that is advantageous and detrimental. They are also capable of suggesting options that will benefit any organization in the world. Practically, they are the world’s future stargazers.
Courses to expect include Business forecasting and econometrics, Data mining, Retail Analytics, Pricing and promotion, and stochastic process. MBA Applicants with a statistics or mathematical background will indeed thrive in this field.
This same context is believed to be used when selecting applicants for various fields of the MBA program. For example, a Mathematics or Statistics graduate is assumed to be a better fit for an MBA in data analysis than other unrelated courses.
MBA In Marketing management
An MBA in marketing management will exhaust all you need to know about sales, marketing strategies, leadership and communication skills, product management, consumer trends, and market research.
Since more than 85% of African, part of European and Asian businesses are product-based rather than service-based, Marketing management is never short in demand in such regions. This, however, doesn’t mean that Marketing managers are not needed for service-based firms. Their expertise is needed with data analysts for digital advertisement, Media management, brand management, and promotional campaigns.
An MBA in marketing is quite lucrative. A marketing manager can earn up to $80000 annually, which can go as high as $116000 when promoted to a director.
MBA In Human Resource Management
With an average annual salary of about $120000, human resource management remains one of the sought-after fields of an MBA degree. An MBA In human resources offers you the expertise to manage, train, and maximize the potentials of the workforce entrusted to you.
Well, this looks simple, right? And it is easy to assume that a Bachelor’s degree in human resources can do just fine. The truth is that a human resource manager with an MBA is capable of doing much more. They can understand industrial and organizational psychology, comparing market and staff performance, talent management, diversity management, business, and labor law.
MBA in Financial Management
This MBA program certifies its candidates after putting them through training in business calculus, financial planning, business statistics, e.t.c. After certification, candidates can pursue offers in public and private firms. Opportunities they can apply in include vacancies in finance executive, research analyst, equity analyst, business analyst, account manager e.t.c
Financial management is the very core of any business. It’s inconceivable to see any business without such a department. Monitoring the flow of income and the reasons for expenses could be the beacon of survival for some firms. This is why most companies pay vast amounts of money as remuneration for financial managers and related jobs. An MBA in such a field packs in its juicy offers.
An average annual salary for a fresh MBA in Financial Management is $98,956, while a chief financial officer can earn as high as $176000
MBA in Healthcare Management
Considering Health care management out of many types of MBA specialization is a reasonably good decision for any applicant. Healthcare Management MBA graduates have various job choices to consider in the hospitals, government ministries, Consulting firms, nursing homes, and even insurance companies. Their average annual salary is about $65000 and may increase to about $160000 depending on the level of experience.
Career workers in the pharmaceutical industry also have a lot to gain by simply beefing up their qualifications with an MBA in Healthcare Management. Having diversified and honed their skills set, they are respected more at work and may even earn a promotion.
The health sector is an ever-evolving one. There is always a new idea, new technology, or new approach to tackle healthcare inadequacies. Suppose anyone obtains an MBA in healthcare management. In that case, they are burdened with the responsibility of finding new ways to solve healthcare Management limitations, learn new and trending technologies, study health and labor law, and most importantly, be a wonderful middleman between the company, staff, and the patients.
Health care management work is like a blend of human resources, computer science, data analysis, and a pinch of market management. The good news for those who are goal-oriented is that it will surely improve critical thinking, organizational dynamics, and team management.
MBA in Supply Chain management
Thanks to the ever-growing supply chain companies in Europe and other continents of the world, a supply chain management field is incorporated into the MBA degree. The University of South Dakota reported how businesses struggle to find talented and experienced supply chain managers to add to their ranks. These features undoubtedly cannot be lacking in an MBA holder.
An increase in demand for this field has forced firms to offer attractive pay. On the other hand, universities are introducing electives and bachelor’s degree programs that teach supply chain management, procurement, strategy, and eery knowledge in the competitive in the labor market.
MBA in Management Consulting
Apart from the high demand, a career in consulting is a perfect place for a strong, confident, I’ll-take-down-challenges individual. The crazy thing about this field is that you can earn six figures or even more straight after graduation.
Ironically, the job environment is very volatile. The risk of the job is high, it is very demanding, and you may have little room for personal growth.
The high demand for the job in the labor market is most likely because employees leave as quickly as they get in. The firm, on the other hand, uses high payments and bonuses as incentives. However, this can be a fling for any determined individual.
MBA In International Management
The world is getting smaller day by day. ICT is not the only reason for a global village but the planting of the same business worldwide. As a result of this, international management is critical.
The MBA degree will fatten your resource on International businesses, dynamics of nations markets, and the international economy. It is a degree that catches highly lucrative jobs. The knowledge you obtain from the degree will help you relate properly to an interdisciplinary/international business empire.
MBA in Hospitality Management
Since tourism, international, social, and religious events are a new trend, business moguls have already made a high demand in that sector. Globally, the worth of the hospitality business adds up to about 8.72 trillion dollars. In the US alone, the total revenue from tourism and hospitality is about 185 billion dollars in 2017. One in every ten employees in Europe is working directly or indirectly in the hospitality sector.
From the spa to the salon and a trip to Disneyland, Hospitality and tourism are huge. A sector as big as the hospitality sector needs skilled business support.
The average salary of an MBA holder in hospital management is between $97,000 and $117,000. Aside from the juicy income, hospitality management is a morale-boosting and environment-friendly job. An MBA in such a sector is similar to the pursuit of joy and happiness.
MBA In Cyber and Information security
Imagine a big company with many tech gurus without a manager; How insane would it be? Cyber and information security are critical in today’s business environment, especially for big companies with insane yearly turnover. The threat of data compromise, data, and identity theft is real.
After employing tech geniuses, companies are always on the hunt for a manager with better charisma. What better candidate would fit in than an MBA holder?
MBA in cybersecurity teaches its students to protect consumer data and prevent security breaches. Regardless of the size of the business, data breaches cost about an average of 3.6 million dollars.
The risks may be scary, but the demand for these experts should make you think twice. In 2019, about 1 million cybersecurity jobs in the US were left unfilled or were filled with mediocre. This data has since doubled with the evolution of technology. As a result of the massive demand, a knowledgeable MBA holder in cybersecurity in the US or Europe is sure of a job after graduation.
MBA in Entrepreneurship and Non-profit
Holders of this degree start their own business, or entrepreneur start-up employ them. With many budding and growing businesses in Asia and Africa, certified entrepreneurs are in high demand.
The united nations and governmental organizations employ MBA holders in this field to help them properly manage their initiatives or sustainable development goals.
MBA In Rural and Agri-Business
Most large and small-scaled agric businesses are in high demand of managers in agric businesses. Beverage and diary companies, food and leather industries, and even textile industries often employ managers to help them monitor their product-based businesses from the field to the processing factory and sometimes to the final consumer.
This is not a small fit for companies that supply about 20% of the food product consumed in a country. Regardless of the size of the business, MBA in rural and Agri-Business is a hot cake and in high demand.
We have given you several types of MBA specialization; however, selecting a field to specialize in for an MBA degree is a choice that needs to be made calmly. Research the institution you intend to go to, their ranking, and how marketable the degree is.
Above all, a good salary can’t make up for a field you are not happy in. Choose what you know will make you happy at the end of the day.