Modern MBA programs include plenty of options so students can focus on a particular aspect of business by choosing a specialization or concentration, giving them a step up in a competitive job market. An MBA concentration can allow them to develop skills relevant to your current field, or help you break into a new field where you lack experience.
It’s important to choose a specialization that best matches their interests and career goals. Some MBA concentrations, such as sports management and human resources, can help show employers how their skills are a good fit for a particular role. Other options include concentrations like an MBA in marketing to boost a career in sales or advertising, or an MBA in music business.
Tips For Choosing The Best MBA Concentration For You
Some popular MBA concentrations include corporate strategy, international management and general management, according to the Princeton Review.
Master’s-level are in demand across a variety of industries, from technology, finance and science to health care and manufacturing. The median salary for management positions in 2020 was $109,760, according to the U.S. Bureau of Labor Statistics. That’s the highest wage for all major occupational groups. Additionally, in 2019, the Graduate Management Admission Council (GMAC) said that 77% of employers planned to hire MBA holders (GMAC pdf source). Any concentration can help you find in-demand business positions. Students' own goals are paramount to choosing a concentration that best fits their needs.
• Think about their interests and strengths. They can focus on classes that enhance skills and abilities they already have or explore a concentration to learn more about an industry theywant to know more about.
• Choose an industry they want to work in. Some MBA concentrations—such as health-care management, project management and criminal justice—lend themselves to careers in specific fields.
• Evaluate what they liked about previous work experiences. Have they worked for a large company or consulted on behalf of a number of clients? Which experience did she or he prefer? Do they like engaging with large groups of people or analyzing data? There are many factors to consider when choosing an MBA specialization.
• Consider picking a niche. While some traditional concentrations, such as finance, are valuable, one can also look at newer options that might create opportunities in growing fields, such as health-care informatics or forensic accounting.
• Don’t ignore potential earnings. Careers in some fields may offer higher salaries than others. GMAC’s 2019 Corporate Recruiter Survey found that some of the top salary options for MBA holders include finance and accounting, tech and health care (GMAC pdf source).
Examining Top MBA Concentrations
It’s important to research the types of courses, experiences and internships that are available before choosing an MBA program and concentration. The Princeton Review offers descriptions of some of the top concentrations.
• MBA In Entrepreneurship: If they’re interested in starting a new business, an entrepreneurship specialization can teach you to develop a new start-up from scratch or introduce new products and initiatives at an existing company. It can also help if one is looking into fields like venture capital because it focuses on areas like franchising, small-business management and consulting.
• MBA In Finance: A concentration in finance can help prepare one for careers in risk management, corporate finance, financial services and banking. It’s also one of the top paying concentrations and focuses on portfolio management, forecasting, core cash management and investments.
• MBA In International Management: Business, especially now, is a global proposition. A concentration in international management helps students learn to think globally, and focuses on business through unique lenses like culture, social, economic and political contexts.
• MBA In General Management: One of the most traditional MBA specializations gives them an overview of business and emphasizes human resources, data analysis, finance, leadership and marketing.
• MBA In Corporate Strategy: A corporate strategy focus can help them learn more about how companies create value, work with other organizations to achieve common goals and develop a business portfolio. It is a good concentration if one is interested in becoming a consultant.
More Popular MBA Specializations
• MBA In Operation and Supply Chain Management: The best operations and supply chain management leaders use strong skills in budgeting, problem solving, leadership, communication and planning. This specialization helps prepare one for leadership roles in production planning, logistics and quality assurance.
• MBA In Human Resources: If they’re looking for a human resources leadership role, this specialization can help them learn more about hiring, training, compensation, recruitment and career development.
• MBA In Health-care Management: A concentration in health-care management can help one develop into a leader prepared to expand and improve health-care quality and reduce costs. Courses focus on the business of the health-care system with an emphasis on both a real-world foundation and academic foundation in health practices. BLS estimates the medical and health services manager industry will grow by 32% through 2029.
• MBA In Business Intelligence: As big data continues to expand, more leaders are needed who can analyze that data, contextualize it and connect it to real-world outcomes. The job market for business intelligence leaders is expected to grow by 25% through 2029, according to BLS.
• MBA In Project Management: A concentration in project management emphasizes planning, management and budgeting to improve efficiency. Some MBA project management concentrations include preparation for a PMP certification from the Project Management Institute (PMI).
When Should One Pick An MBA Concentration?
A student may know right from the start what they want to concentrate on during their MBA program. If that's not the case, one is not alone. In fact, most MBA programs require students to complete a set of core courses before choosing a concentration. Others allow them to take a few courses within a specialization before declaring a concentration. And there are many options. Southern New Hampshire University, for instance, offers a general MBA as well as 20 concentrations.
A Tale Of One MBA Alumna
Kira Morehouse ‘13MBA was a digital marketing specialist at Enterprise Bank when she earned her MBA. She completed a concentration in business and corporate strategy because she wanted to join her marketing background with financial strategy. She said her degree and concentration helped her secure a new role.
“In a corporate environment like a bank, it’s helpful and reassuring to the people interviewing you and people you have to report to—board members and directors of the organization—that you have the right background,” Morehouse said.
Morehouse earned a bachelor’s degree in communication and worked for several years at marketing agencies before entering her MBA program. She had developed television, digital and radio marketing campaigns but didn’t have formal education in mathematics or business analytics.
“The confidence I gained when I actually discovered I could do calculus and understand managerial accounting and economics with proper instruction made me feel very capable,” she said.
If young people are thinking about earning an MBA, remember that it is a degree that can prepare you for a wide range of industries. But a concentration provides a focus in a specific area that can give you an edge as you advance your career.
Joseph Cote is Outreach Manager at Southern New Hampshire University.