So you’ve decided to join the ranks of MBA degree seekers, that’s a great choice but have you considered what field or specialization or MBA concentration (as they are otherwise called) you’re gonna go for?. The main purpose of any MBA program is to equip its students with a set of managerial and leadership skills that would allow its students to take a managerial role in an already existing entity or manage a project from scratch.
So we think its safe to say that earning an MBA or Masters in Business Administration is beneficial, but how do you decide which field of specialization you should go for?.
One method would be to stick with what you like doing beforehand so if your someone whos interested in the maths and the movement and flow of money maybe finance is the way for you. If your all about human interaction, connecting with others and helping them out than a masters in Human Resources might fit you nicely
Another way is to see what are the most in-demand specializations and pick the one that best suits you. This is why we decided to help you out by writing this article about the most demanded MBA specializations out there & what positions they qualify you for.
1) MBA in finance
Recently an MBA in finance has been the go-to option for many when it comes to choosing their MBA specialization and it doesn’t come as a surprise. If you’re passionate about math and interested in the flow of money in the economy, investment opportunities then it might just be the right thing for you.
Usually, the subjects of a Financial specialization covers on subjects such as management accounting, Capital and money markets, investments, security analysis and other financial related subject matters in the business world,
- Portfolio management
- Hedge fund management
- Security Analysis
- Corporate investment management
- International Finance
- Small business and corporate finance
- Coverage of different financial institutions, valuation, vitality
- International Markets & macroeconomics
Income and Job Oppurtunities
When it comes to the job opportunities & income of the holders of an MBA in finance are in good company, here are some of the positions where holders of an MBA in finance are sought out for by headhunters, to give you an idea about the potential positions you might be occupying.
- Financial analyst
- Financial advisor
- Budget analyst
- Securities, commodities, & financial services sales agent
- Financial manager
- Budget analyst
Now let’s talk about income, the average income of those working in the financial field & especially those who hold a masters in finance. The average annual income of a holder of a masters in finance will be anything, depending on your job title could range from 61,000$ as an entry credit analyst to 300,000$ for associate investment bankers as an example.
2) MBA in Marketing
Now for our second specialization of the day, Marketing. The Marketing specialization is one of the most sought out specializations by students of an MBA. SImilar to finance marketing is an integral part of any entity nowadays, especially Digital marketing as proven by the current Covid-19 epidemic.
The Marketing specialization is mainly concerned with teaching you all the incremental skills needed to successfully market your product successfully such as relationship building skills, consumer and marketeer trends, market strategies, public relations & sales promotions.
As we said before the subjects of an MBA mainly aim to provide you with all the tools needed to promote your business and product and create long-lasting relationships with loyal customers. Therefore the list of common subjects in MBA programs are:
- Marketing management
- Operations management
- Consumer and brand insight strategy
- Digital marketing and social media management
- Forecasting, modelling, and marketing strategy
- New product strategy, branding, and marketing
- International and multi-national marketing
- Salesforce management
Income and Job Oppurtunities
When it comes to income and potential job oppurtunities the marketing MBA holds no punches, here are some of the positions where Master holers are sought out:
- internet and digital marketing trends, channels, management, and strategies
- Brand management
- Market research and analytics
- Content marketing
As for income, the specialization i definitely financially rewarding. The average in terms of annual salary for a marketing graduate would be around 93,000, this number, of course, differs as we shift from one position to the other within the field
For example, marketing agencies can expect a range from 48,000$ to around 115,000$, sometimes going up to 273,000$ dollars.
3) MBA in Project Management
Similar to its brethren and also a sought out specilization by many of those enlisting in diffrent MBA programs the Project management MBA id definitely one to be looking out for.
This specialization mainly focuses on teaching the basics and different steps that go into managing and maintaining a project, and handle its launch & and how to execute multiple projects at the same time, which therefore makes it home to subjects such as
- Microeconomics for Management
- Marketing Management
- Data Analytics
- Managerial Finance
- Human Resources
- Financial Accounting
- Operations Management or Logistics
- Strategic Thinking
- Managerial Accounting
- Leading Teams or Project Management
Income and Job Opportunities
The project management specialization offers a wide range of Positions for which holding such a degree will give you a great advantage.
- Project Manager
- Project Analyst
- Risk Manager
- Project Quality Manager
- Project Leader
- Engineer Director
- Team Leader
As for average annual incomes the Project Management specialization holds its own among the other MBA specializations. The average annual income across the different positions is 132,994$ to 141,658$
4) MBA in Human resource management
This specialization mainly focuses on a the managing principles of the field. Its undeniable in today’s world that a big portion of a companies success is dependent o its workforce. If your passion is helping people out, problem solving & networking than this is the specialization for you,
The subjects of an MAB in human resources might vary however these are the usual suspects of most HR MBA curriculum’s.
- Management Communication
- Management of People at Work
- Managerial Economics
- Managerial Statistics
- Organizational Change
- Power and Influence
- Statistical Analysis for Management
Income and Job Opportunities
There are many job positions that can be occupied and where holders of an MBA in Human resources would be preferred above others. Here are some of them:
- HR Generalist
- Technical Recruiter
- Employee Relations Manager
- Compensation Manager
- Staffing Director
- Director of HR Training & Development
As for income the Average annual income for the holders of an MBA in the field of human resources administration is ranges from 100,000$ annually for HR managers & can even go up to 151,0000$.
Those were just some of the most wanted MBA specializations, others to look out for would be Information Technology, Strategic management, International management & business among others. In the end the important thing is that you pursue something you love and get a masters degree while your at it.