While the traditional MBA program can be an ideal degree choice for training in a range of business sub-fields, those who have a specific career choice in mind may find that it is more helpful to choose an MBA concentration that is designed to prepare them for a role in the area that is most relevant to what they want to do in the future. There are many benefits to choosing an MBA concentration in a specific area, including the opportunity to pursue more specific career interests. There are several questions that are worth asking in order to help you find the right MBA concentration for you based on your future career goals, interests, passions, and more. And, many aspiring students think about further factors such as the salary prospects for a certain type of MBA degree program and the type of work that you can expect to be doing once in the role.
Here are some of the most popular MBA concentrations available today and what to expect from them.
Business Administration
A general master’s in business administration is still one of the most popular choices when it comes to this advanced degree. MBA graduates can enjoy an average salary of $96k and a wide range of career options and roles to choose from where there will be growing demand, with the career growth at around 7%. Although it may not be as specialized compared to the other MBA concentrations now available, these degree programs will often offer elective modules that students can choose from to reflect their future career choice. The degree program is designed to provide students with a broad knowledge of business, covering all the main aspects or ‘pillars’ of business including leadership, financial analytics, strategic decision-making and more.
Marketing
There is no surprise that marketing is one of the most popular MBA concentrations, with more and more people each year looking to get into this exciting and lucrative career option. Marketing is one of the most important departments for any business today, and marketers can find work in a variety of different environments including working directly for companies, working for agencies and marketing companies, or even running their own agency offering marketing to clients. With a job growth of 20%, marketing professionals that hold an MBA are experiencing more demand than ever, along with an average salary of over $60k per year.
Digital Marketing
Going even more specialized when it comes to your marketing MBA training could see you choose a concentration in digital marketing, which can lead to a highly in-demand career offering one of the largest potential salaries for MBA graduates at $130k annually. Growing at a rate of around 9%, MBAs in digital marketing are designed to be interesting, fast-paced degree programs that allow you to boost your knowledge and skills in some of the most important online marketing strategies today such as search engine optimization, content marketing, influencer marketing and the importance of customer engagement.
Finance and Accounting
With an average salary of around $129k yearly and one of the highest rates of job growth for MBA graduates, finance and accounting related MBA concentrations, such as the online MBA degree in accounting principles from Suffolk University are a top choice for anybody looking for a job in the financial side of business operations. Finance and accounting jobs are in high demand, as businesses grow and accounting professionals are needed more than ever. It’s the ideal choice of concentration for anybody who is interested in the financial side of running a business, or if your career goal involves setting up your own accounting firm in the future.
IT
MBA graduates with a concentration in IT are in higher demand than ever before, with the IT industry currently booming. Cybersecurity professionals in particular are in very high demand, but the future is looking bright in general for any business professionals with a goal of specializing in IT. This degree program is quite unique since it combines core business skills with additional training in systems development, technology management, and other key IT skills that are becoming increasingly essential to today’s businesses.
Human Resources
Human resources is a department that is never likely to go anywhere, despite the fact that the way businesses handle HR is changing with more companies likely to outsource to an external human resources company rather than hire an in-house team. Human resources professionals enjoy high demand across the board when it comes to business, and are needed in every company and industry imaginable, making this one of the best choices for career security when it comes to the MBA concentration that they choose. And, the average salary for MBA in human resources graduates is also quite appealing, coming in at $113k per year.
Leadership and Management
Good managers are often hard to find, but they are always in high demand. An MBA degree program with a concentration in leadership and management could be the ideal choice for you whether you are looking to find lucrative employment in a management position at a top company, or want to start your own business and improve your management and leadership skills substantially, to improve your chance of success. If you are already working in a management or leadership role and want to progress in your career, getting this MBA program could boost your average earnings to over $84k annually. If you enjoy working with people and inspiring others, sharing ideas and helping people work better together, this could be the ideal choice of concentration for you.
Entrepreneurship
A step up from management and leadership is the entrepreneurship concentration that is now available for MBA students. Along with the basics of leadership and good management, this degree program will also provide you with an education in everything that you need to know about running your own business. Since business owners tend to wear a great deal of different hats in their role, this degree can be the perfect choice for anybody who wants to go into setting up their own company feeling fully prepared to take on the role.
International Business
With more and more businesses expanding globally, the MBA in international business has become an increasingly popular choice of MBA concentration as professionals look to take advantage of the global movement. The job growth in this industry is currently at around 8%, and is expected to grow throughout the future as overseas business growth becomes more popular and achievable. This MBA concentration can lead to an average salary of over $100k per year and a lot of job security as the demand for international business professionals grows at a rapid rate. It’s an ideal choice for anybody who’s interested in learning more about how business is done around the world and has the ultimate goal of a business career that gives them more opportunities to travel.
Business Intelligence
With an attractive starting salary of over $80k annually and rapid job growth in this area, it’s no surprise that the MBA in business intelligence is becoming an increasingly popular choice of MBA concentration amongst those looking to take advantage of the growing market. In a world that relies more heavily on data than ever before, it’s not surprising that MBA students are increasingly choosing advanced degree programs that are based on analytics and offer them a chance to develop the skills they need to be able to interpret, make sense of, and use the large amounts of data that businesses of all sizes are gathering today.
Environmental Management
If business and the environment are some of your main interests in life, this MBA concentration could be an ideal choice for those who are looking for an opportunity to combine the two. This concentration can lead to a wide variety of career choices including starting your own business focusing on environmental concerns, or working with companies that are coming to terms with their environmental impact and want some support making positive changes. Environmental managers will often work as consultants with a range of different businesses around the world to help them review their practices with the environment in mind and help them come up with better environmental policies to reduce their overall impact on the planet.
Forensic Accounting
If you want to do something different with your MBA, are interested in doing some detective work and are naturally curious, an MBA in forensic accounting could be the ideal choice for you. Forensic accountants are professionals that are enjoying a growing demand right now, currently standing at 12% in terms of job growth. And the average salary is also quite generous at around $90k per year. This MBA concentration will prepare you for a career as a forensic accountant where you will be spending your time investigating various financial crimes such as money laundering, online fraud, tax fraud and more. There are various career opportunities that you can get from choosing this degree including starting your own forensic accounting business or working for companies, financial institutions, or government bodies.
Supply Chain and Logistics
MBA concentrations in logistics or supply chain management are growing in demand, with a job growth of around 5%. Professionals in this industry can expect to earn an average salary of around $75k per year. It is a degree choice that will provide students with a solid foundation in the core areas and principles of business while focusing on the supply chain. Students will have several options when it comes to choosing elective modules to specialize further in various areas such as manufacturing, purchasing, marketing, quality control, logistics, and warehouse management.
Sales and Retail Management
This might not be one of the fastest-growing MBA concentrations to choose from; however, it can be an ideal choice for retail and sales professionals who are looking to move up the ladder in their career. If you are already working in retail or sales as a supervisor or an employee and want a qualification that will prepare you for moving up into more senior management positions, this could be the ideal MBA concentration for you. The degree program is designed to equip you with the skills and knowledge that you need to manage retail businesses or sales departments, helping you move up the ranks into positions such as regional and area management with an average salary of almost $70k per year.
Choosing the Right MBA Concentration for You
Ultimately, there is no right or wrong choice when it comes to picking the MBA concentration that you want to focus on, and it will depend on several factors including your career goals, what you are interested in, your current experience and more. It’s also worth factoring your current career in, especially if you want to progress in your current place of employment since your employer might have some requirements for the type of education that they would prefer you to get if you are looking to become more qualified for promotions into senior roles at work in the future.
It is also worth considering how you want to study and the type of study formats that are available for your choice of concentration. Today, studying online has quickly become the top choice for many MBA students who want to be able to have the freedom to continue working full-time or simply be able to fit their studies around their lives rather than the other way around while getting their MBA. It’s worth checking out the schools that you are interested in to see if they offer the MBA concentrations that you are looking at as distance learning or online learning if this is the best format for you.
Finally, consider the reputation of the program itself and bear in mind that they are not all created equally. Spend some time researching graduate success and wherever possible, try to speak with past and current students to get an idea of what you could expect if you choose this MBA concentration.
When it comes to getting an MBA, there are now more options than ever before. Which one is best for your career?