MBA is an important degree for all majoring in business. It can prepare you for progressive and value-driven roles. An MBA degree gives an overall idea of business studies, but at the end of the degree program, you are open to choosing from the many specialized fields. MBA specialization, also known as MBA concentration in the educational circles, allows you to develop your skills pertaining to a certain field. The initial years are focused on developing your basic knowledge; you might spend your most time fulfilling the core subject requirements of your degree. In the second year, you start to learn more about your area of specialization by choosing a few electives as mentioned in your specialization requirements. You will learn everything from management, to finance, to marketing to other subjects.
Factors affecting the choice of an MBA specialization
In some business schools, the MBA concentrations dive further into subjects you have already studied in your MBA curriculum. Whereas more focus is on the industry or specialization-specific electives in other schools. So, you must look at these details of your MBA program if you plan to obtain a specialization in the near future. Another aspect is the reputation of the institute. While there are so many specializations available to MBA students, it is possible that your chosen institute does not excel in your selected area of specialization. So, you must spend some time surfing the internet, asking your friends or those family members who have an MBA degree.
Cost is another factor when deciding on an MBA degree in a certain field. For instance, the Affordable MBA in Finance Degree From Wisconsin is becoming a student’s go-to choice due to its student-friendly costs. Similarly, if you prefer marketing, you might need to search for institutes that offer MBA in marketing and do not break your bank. Looking at these factors, it becomes clear that choosing an MBA specialization and the institute both take time and energy. We can solve one of these issues with the below-provided list of the most popular specializations, have a look at them to narrow down your options.
- General management
One of the popular fields in MBA is that of general management. MBA in general management teaches students about the concepts of management, its historical developments, and skills to manage an organization effectively. You will also study various approaches and perspectives that can apply to the problems and situations in the organizational environment. An MBA in general management is also a good choice because it can keep your options to diversify your career open. It also allows you to choose from a wider range of elective course options.
2. MBA Finance
Another specialization available to MBA students is MBA finance. With an MBA in Finance, you are all set to dream about working with Goldman Sachs and the other money-minting giants. In this specialization, your dive deeper into concepts such as asset management, financial analysis, the use of technology in technological functions, controlling strategic and financial risks, investment, managing finance, and much more. As a result of the finance degree, you are ready to assume roles as a financial advisor, financial manager, hedge fund manager, financial analyst, or investment banker. All these roles are very lucrative for the candidate and meaningful for the company. A dedicated person can also reach the level of a Chief Financial Officer in the company
3. MBA Marketing
One of the most popular fields available to you at the tailing end of an MBA in marketing. An organization’s marketing department always needs people who can propel it on growth trajectories. The marketing personnel’s job is to bring more business for the company, develop and present its products most attractively, translate the needs of the consumers into new products and ideas, or create a product and develop its need in the lives of the people. An MBA marketing prepares its candidates for these roles to expand their business.
You will learn about pricing strategies, big data, brand management, marketing analytics, consumer behavior, advertising, new product development, and many other important concepts. With an MBA in marketing, you can work as Brand Marketing Manager, Chief Brand Officer, etc. The best aspect of a marketing degree is that it is not limited to one industry; the conceptions you learn can be applied to wherever you work
Another specialization garnering much attention is entrepreneurship which aims to develop a talent geared to starting new businesses, working on innovative ideas, adopting challenging projects, and taking big risks. An entrepreneur can give employment to many others instead of being employed. So, the impact of developing new entrepreneurs is huge on society. In entrepreneurship, you learn about everything that happens before and after the finance is acquired, and the idea is developed into a business. You will advance your expertise in areas such as developing a value-driven business model, building a team, engaging with stakeholders, and much more.
The program also helps you develop the required skills to be a successful new business owner and teaches you how to avoid or cope with the difficult patches during your entrepreneurial journey. You might be required to develop a replica of a startup at the end of your degree as a final project. In this process, you will be pitching your idea to a panel of experts who might act like venture capitalists, entrepreneurial experts, and accelerators.
5. MBA supply chain
Pandemic has briefed us on the importance of the supply chain for the success of a business. Navigating through disrupted supply chains need experts who can devise strategies to keep the businesses afloat. An MBA supply chain intends to develop people who make sure the flow of goods and services remains undisturbed. Today supply chain management is becoming a hot field of working; employers need people who can keep their business financially healthy. Some of the job positions available to you after the MBA supply chain include project manager and senior product manager.
MBA has always been an important degree in business, but it has become even more popular in the current situation where businesses are struggling to manage their operations owing to the economic conditions in the whole world. More than ever, firms need personnel who are experts in their fields. This is only possible when you earn a specialization and develop your expertise in one area. The above-mentioned are some of the specializations available to someone enrolled in an MBA program. Other specializations include international trade, international management, technology and information system, product management, project management, etc.