A Master’s in Business Administration or MBA is an internationally recognized degree that is essential for paving the way to acquire senior-level management positions. The curriculum offers diverse learning opportunities in subjects like finance, marketing, supply chain, and human resources. Simultaneously, it also offers exposure to sharpen practical skills like problem-solving, interpersonal and business communication, and intrapersonal abilities.
However, given the rapidly evolving market, it is difficult to tell which MBA specializations will hold the most value in the times to come. This article takes insights from sources like the Princeton Review to list the leading concentrations nowadays and how you are to select your preferred one:
Top MBA concentrations
Innovation and Entrepreneurship
With a wave of startups triggering a trend among individuals to make efforts toward becoming their own boss, entrepreneurship has become a preferred concentration for MBA students. This specialization and its carefully curated curriculum enable individuals to embrace a business mindset, learn about effectively applying innovation to drive sustainable operations, and pick up valuable knowledge from successful and failed ventures.
The next leading concentration for MBA students currently is project management. This field prepares individuals to become effective managers of projects, deadlines, and associated teams. Under this specialization, people learn about all there is to know about the start to finish of a project and everything in between. This concentration is unique in the sense that it offers a niche skill set that can still get you lucrative jobs across a variety of industries.
Healthcare and MBA are two evergreen disciplines both in terms of employment and education. It comes as no surprise then that healthcare management is another top concentration for people pursuing an MBA. Interestingly, healthcare MBA online programs are easily available these days in which students are able to learn about wide-scale administrative practices in medical institutions, management principles that govern these entities, and a lot more.
The long-standing, most preferred concentration for MBA graduates, marketing is a product of the age of the science of mass production. The field of marketing is one that has evolved substantially but continues to remain relevant in the current market dynamics. With thousands of competing products and services in almost every industry worldwide, an MBA in marketing allows students to learn about prevalent strategies, data-driven insights, and a comprehensive understanding of purchase patterns and consumer behaviors.
Another concentration that is rock solid in terms of future prospects is MBA in finance. From money management to accounting, investments to general financial strategy design and implementation, this specialization is about the world of numbers. The opportunities accessible with an MBA in finance are plenty and extremely lucrative. Furthermore, job security, future growth, and professional development avenues are also extensive.
Tips for choosing an MBA concentration
Now that you know what some of the leading specializations in MBA are, you may be closer to making a decision. There are also chances you are still confused as two or more of your preferred fields are on the list. Well, before you decide, be aware that there are various other fields that may not be as in demand as the ones listed above, but still offer sustainable prospects for the future.
Here are a few tips that can help you finalize which concentration to pick during your MBA:
Focus on your career goals
Clearly defining your career goals can show you which specialization allows you to achieve them more prudently. There are several methods to accomplish the strategy of setting goals. Reflecting on your aspirations is not the same as choosing a job route. Setting goals makes it easier to reverse engineer the process of figuring out how to accomplish them. For instance, if you wish to work with Blockchain technology eventually, an MBA in finance is the best way to get you there.
Participate in discussions with professionals
There is a reason networking is given significance in every part of your personal and professional life. When struggling to choose a concentration, discussions with people you know are working in fields that interest you can help a lot. Since they are already where you aspire to reach, there are high chances that they can offer you a roadmap. These people have surely gone through the part where you are at the moment. You can ask them about which classes hold the most value, what elements companies like theirs look for when hiring talent, and general tips about which program can turn out to be the best choice.
The internet is the most helpful resource that exists in the world today. When deciding which discipline to choose for your MBA, you can go online to narrow down the list. Every program and concentration has dedicated pages on the respective website where details of courses, professors, learning objectives, and outcomes are listed. On top of that, some websites show career opportunities, average salaries, future orientation, and current requirements for different concentrations. This information can help you narrow down the options as they help you understand exactly what you want to do with your career.
Does the concentration you want hold a competitive edge?
Niche businesses are the ones that offer the most profit on a single product or service. Luxury automobile brands, for instance, operate on the principle that selling a few rare models can help them make significant revenues. This is an aspect you can evaluate your preferred field of specialization on. What will be the results if you choose a particular niche within the concentration you are willing to pursue? Well, if the answer to this question holds strong prospects and gives you a clear vision for the future, by all means, go for it.
Choosing the right MBA concentration can be a challenging task. You are essentially deciding your future career trajectory, the type of opportunities that will arise for you, the amount of money you can make, and most importantly, if your skills will remain relevant to the market 5 or 10 years down the line. Getting answers to these questions through various sources can put you on track to making the right decision and ultimately building a career that satisfies the professional in you.