How to choose the right MBA Specialization?  

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Career Advancement

The education system has developed with time, everyone is in the competition to attain the highest position. Then how are you supposed to win the race? Well, the answer is quite simple for this. The main thing that you require to win any race is to be good at what you do. You must have potential, talent, and relevant education to win what you have started. The experience counts too, whether you have started with a basic job, or have achieved a well-developed business on your own.

Also Read: Career Options after MBA in Marketing

To achieve the best in your area, you must choose what is best for your line of expertise. Various specializations are available for you to pursue based on the base you already have established. We know that admission for an MBA degree is only provided when you already have two to ten years of experience in your field. That is why doing the MBA specialization based on your already decided base always pays best.     

Before we start with the “what is right for me part”, let’s see what different types of MBA Specializations are available for you to pursue.

Also Read: Future of Executive MBA

There are many new MBA specializations that are available to fit the modern career goals of people –

  • Accounting
  • Management
  • Information Technology
  • Entrepreneurship
  • Health Care Management
  • Internet Marketing
  • Marketing
  • Acquisition
  • Consultancy
  • Communications
  • E-business
  • Economics
  • Financial Planning
  • Banking
  • Information Management
  • Information Security
  • Criminal Justice
  • Cyber Security
  • Business Intelligence
  • International Business
  • Risk Management
  • Sports Management
  • Strategy
  • Supply Chain Management
  • Sustainability
  • Taxation
  • Technology
  • Environmental Management
  • Executive
  • Fashion Management
  • Finance
  • Nonprofit/Ethics
  • Operations Management
  • Organizational Leadership
  • Project Management
  • Public Administration
  • Quantitative Analysis
  • Real Estate Management
  • Retail Management
  • Global Management
  • Health Care Administration
  • Health Services Administration
  • Hospitality Management
  • Human Resources
  • Industry/Operations
  • Information Systems
  • Innovation Management
  • Insurance
  • Leadership
  • Logistics
  • Big Data Analytics
  • Corporate Social Responsibility (CSR)

Also Read: Career Opportunities For MBA Finance

If I ask you the question that why are you trying to do the MBA? Pause for a second and think about it. Is it because you want to gain extra knowledge in your field? But you can do that on your own, with experience and practical knowledge. Is it because the idea of doing an MBA is fascinating? So is the idea of os working and earning money. If you too thought that doing an MBA means better career opportunity and that in turn means better pay scale, then I feel you. Most people return to school to get their MBA degree so that they could take the next step in their life, to get better-paying jobs, and to have better posts.

But which specialization pay you the most?

The business market is getting better these days. With the hike in technology, global market, and many new entrepreneurial projects starting up, we can guess that the highest salary paying specializations would be – MBA in Strategy, MBA in Entrepreneurship, an MBA in Finance.  

The other thing to keep in your mind while choosing your specialization in MBA is to keep a check on your previous Education and Experiences. As I told you before, keeping on the same track always pays off. Your prior work experience and degrees must be the contributing factors in you choosing the MBA specialization.

For professionals who have expertise in a field, choosing the MBA that furthers their level of competence is always the best idea, For an example – if you have worked in hospitality for the past 4 years than doing MBA in Finance, then obviously it is not going to be ideal for you. Finance is going to be ideal for someone who has studied Finance studies in graduate school.  

It is important to note that the MBA is a professional degree that is aimed at cultivating experts through education and experience in their working fields.

Also Read: Four Ways An Online MBA Can Change Your Life

Now let’s see than most in-demand specializations, and why are they so popular. It will help you know which will be a better choice for you –

  1. General Management. It has been till now, and will always be the most popular management study program among the MBA aspirants. This programme offers you a variety of management skills, using which you can apply to any organization in any industry. But, it is no specialization, so it will need some time to attain the desired position. It is a full-time course of two years duration.
  2. International Management. With the improvement in Global Market, the requirement of International Managers in mostly all the Big Multinational Firms have increased exponentially. This MBA specialization is best suited for those who aspire to work with such MNCs and would love to work abroad with them.
  3. Finance. Those who focus more on Finance, and have education and experience in Finance, must opt for MBA in Finance Leadership. Many high-level bankers, Financial Offices, Finance Managers, are specialized in Finance.
  4. Entrepreneurship. If you want to take your startup to the next level, and want to excel at what you are doing, then you must go for an MBA in Entrepreneurship. It is not for those who want to work on a higher post in an MNC, nor for those who already have an established business.
  5. Marketing. Marketing and Advertising are all about products and services, skills that can be applied to improve sales and execute marketing campaigns. If you have a knack for promoting something flawlessly, then MBA in Marketing is for you.
  6. Informative Technology. This specialization puts the MBA graduate at the cutting edge of UX, design and the flow of IT. This will help you learn how data moves within companies, between them, and into the world.
  7. Strategy Management. This is another popular MBA specialization, and it offers the study of how successful business decisions are made. You learn about business development, risk management, and more.
  8. Consulting Management. This skill set is the most sought-after in the business world. This MBA specialization will help the students to become successful and help their clients to run their companies more successfully.
  9. Operations Management. Planning, Organizing, and Managing production to improve efficiency in any business is the key to Operations Management. If you have an interest in supply chain management or want to work in logistics, then you can opt for this.

Also Read: Full-time MBA vs Part-Time MBA vs Distance MBA

Conclusion

What favors you, in the long run, is to choose the MBA specialization which is aligned with your career choice. If you select the specialization which promises to have higher pay scale options, then it might not benefit you as much. So, take your time to think, and weigh the possible outcomes, then choose the best for you.

After you decide which MBA specialization to choose, you must spend some time researching about the universities. Always try to choose a university that is offering real value for your time and money. Don’t just look at the previous placement, also look for other things that the university has to offer.

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