A Master’s of Business Administration (MBA) is the must-have degree for those who want to advance in the business world; when you hold an MBA, jobs at the management and executive level are much easier to secure. But there are many specialties to choose from, including general concentrations such as management and more narrowly focused options like law. Which is best?
If you’re passionate about a particular area of business, choosing the MBA program that will help you enter and advance in that field is probably the way to go. But if you’re not yet sure which concentration you want to pursue, or if several of them sound equally enticing, you may want to consider which specialties will be most in demand over the next five to ten years.
1. Finance: Earning your MBA in finance prepares you to handle high-level responsibilities in financial institutions and the organizations that regulate them. In addition to the core business and management classes, coursework typically includes accounting, derivatives, financial law and financial management. Once you complete this type of MBA, jobs in finance such as financial examiner can be within your reach.
Projected Job Growth, Financial Examiner: 46% through 2018*
Median Annual Salary, Financial Examiner: $71,750*
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2. Healthcare: Completing your healthcare MBA can qualify you for top administration jobs in hospitals, nursing homes, rehabilitation centers and other medical facilities. After you finish your core business and management classes, second-year coursework can focus on subjects like global health, innovating in healthcare and managing medicine. Once you hold your healthcare MBA, jobs such as health services manager are a realistic goal.
Projected Job Growth, Health Services Manager: 16% through 2018*
Median Annual Salary, Health Services Manager: $80,240*
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3. Marketing: Earning your marketing MBA prepares you to manage the promotion of products and services for a company or other organization. First-year coursework will cover business and management essentials, after which you can study subjects like consumer behavior, Internet marketing and sales management. Once you complete your marketing MBA, jobs such as marketing manager can be within your reach.
Projected Job Growth, Marketing Manager: 12% through 2018*
Median Annual Salary, Marketing Manager: $108,580*
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*U.S. Bureau of Labor Statistics Occupational Outlook Handbook, 2010-2011