MBA Concentration: Types and How to Choose
While an MBA degree broadly helps students enter business careers, MBA concentrations allow students to specialize, preparing them for leadership roles and more demanding projects. When you enter your program, you may be able to choose an MBA concentration that interests you, such as management, finance, or information technology.
What is an MBA concentration?
MBA concentrations work like undergraduate majors. Students enrolled in an MBA program take the same general courses, but may fill additional places with courses that contain specific information about a particular business area, such as marketing or finance. Concentrations allow MBA students to bring specialized knowledge back to the job market.
Popular MBA Concentrations
The best MBA concentration for you ultimately depends on the type of career you want to pursue after graduation. Below are some of the more popular MBA concentrations, although colleges may offer additional options.
Students seeking leadership positions should consider a management specialization. This degree focuses on skills that can help you mobilize the resources of your colleagues and teammates effectively and efficiently to maximize productivity within an organization. Students learn skills in communication, decision making, delegation and problem solving.
The average annual salary for a professional with an MBA in Management is $ 87,935, with graduates finding careers in project management and marketing management.
An MBA in Entrepreneurship develops concrete skills in business planning and management. With this degree, you will learn to navigate global markets and position businesses for financial success by building strong teams. Graduates can work for large companies or find managerial positions in nonprofit and government organizations.
MBA Entrepreneurship graduates earn an average of $ 101,747, with graduates having careers as senior project managers, executive directors, and CEOs.
An MBA in Finance allows you to specialize in areas such as investment banking and business budgeting. This degree program also offers courses in corporate restructuring and international markets, giving students the skills they need to make financial decisions for a department or a company as a whole.
An MBA in finance gives students an average annual salary of $ 100,747. These professionals can pursue careers as senior financial analysts, CFOs, and CFOs.
One of the MBA’s most popular areas of interest, an MBA in Marketing teaches courses in advertising and marketing research. With this degree, you will learn how to create effective marketing campaigns on a local and global scale. You will also gain leadership skills to build marketing teams and lead marketing departments within a company.
The average annual salary for an MBA in Marketing is $ 94,009. Graduates can find careers as directors and marketing managers, vice-presidents of marketing, and marketers.
An MBA in Information Technology combines computer science courses with management skills. Students learn to manage teams working on concurrent projects and develop best practices for data analysis and business intelligence. Important skills include communication, data management and project management.
The information technology concentration has one of the greatest earning potentials of MBA degrees, with graduates earning an average of $ 111,682 per year. Students can pursue careers as CIOs and CIOs, CIOs, and Senior Analysts.
Students enrolled in an MBA in Information Security learn to manage IT teams or departments. Information security specialists become responsible for securing a company’s proprietary information and data.
Graduates can find jobs as cybersecurity analysts, information security officers, or compliance specialists, with an average annual salary of around $ 97,069 for this degree.
An MBA in Human Resources equips you with skills in common business practices, such as problem solving and decision making, while preparing you to lead human resources departments. Students learn to resolve company disputes for workers while maintaining policies put in place by management.
The average annual salary for an MBA in Human Resources is $ 69,291. Graduates of this program can find careers as human resource managers, human resources directors and vice presidents of human resources.
Health care management
Most professionals need an MBA in Healthcare Management to advance to administrative roles in the healthcare industry. In this program, you will learn how to coordinate healthcare services for patients in hospitals and clinics, manage healthcare professionals in all disciplines, and interact with patients from time to time.
An MBA in Healthcare Management comes with an average annual salary of $ 81,389, with jobs such as Director of Business Operations, Director of Strategy, and Practice Administrator.
In this program, students take courses in real estate law and market analysis. You will learn where and when to develop a property, as well as the key principles of real estate management and resale and how to invest in real estate.
An MBA with a concentration in real estate is lucrative. Graduates earn an average of $ 104,730 per year with careers as real estate development managers, real estate analysts, vice presidents of real estate acquisitions, and asset managers.
Students enrolled in an MBA in International Business learn the ins and outs of foreign markets and foreign consumers. If you pursue this concentration, you will gain skills in market analysis and global economics to lead the global aspirations of businesses and nonprofits.
The average annual salary for an MBA in International Business is $ 97,007, with graduates finding careers as project managers, general managers, business development managers, and operations managers.
Is it better to get an Honors MBA or a General MBA?
General MBAs offer a wide range of knowledge, enabling graduates to pursue careers in many different business fields. Students learn the general principles of leadership and communication, enabling them to find leadership positions in the private and public sectors.
However, general MBAs do not offer in-depth practical knowledge for specific areas of the business. If you are looking for a specific career, such as CFO or healthcare administrator, you should pursue an MBA specializing in finance or healthcare administration. An Honors MBA will give you concrete skills in your area of interest, offering higher levels of expertise and more practical knowledge of your field.
How to choose the right MBA concentration
When deciding where you want to specialize, consider the following considerations:
- Consider your interests and passions. MBA specializations focus on study in one field and most often lead to careers in the same area of expertise. Choose a concentration that matches your passions and interests.
- Determine your career goals. If it helps, start by focusing on the end of your journey – the career you would like to pursue. Choosing the right program of study can put you on the path to career success.
- Research business schools. While many colleges offer MBA programs, the strength of the specialized programs will be different. Always look for potential MBA programs for courses offered, faculty experience, and networking opportunities. You might also find new concentrations offered in only a handful of schools.
Frequently Asked Questions About MBA Concentrations
Which MBA is in high demand?
MBAs in Healthcare Management, Information Technology, and Financial Management are likely to be in high demand over the next several years. The Bureau of Labor Statistics predicts that the occupation of health services manager will experience an employment growth rate of 32% between 2019 and 2029, compared to an average of 4% for all careers. The employment prospects of CFOs and CIOs are expected to increase by 15% and 10% respectively.
What is the most useful MBA?
The usefulness of an MBA concentration depends on the career goals of the student. Each specialization helps students develop skills in a different field, preparing them for success in the field of their choice. However, the MBAs that typically lead to the highest average annual salaries are information technology, real estate, entrepreneurship, and finance.
Which MBA concentration has the highest salary?
According to PayScale, an MBA in information technology offers the highest average annual salary at $ 111,682. The second highest average annual salary goes to real estate MBA graduates, who earn $ 104,730. Other high earners include graduates with an MBA in Entrepreneurship and an MBA in Finance.