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MBA, or Masters of Business Administration, is a comprehensive study of all the facets of business management. However, while an MBA provides the overview of all the aspects of business management, it also gives you the opportunity to select 1 or even 2 specializations. The disciplines that you choose to specialize in while pursuing an MBA essentially help build your professional skills in and acquaint you to the particular industry.
The major specializations offered by all MBA programs are as follows:
Accounting
Entrepreneurship
Finance
Information Systems
Consulting
HR and Organizational Behavior
Marketing
Non-Profit
Operations
Strategy
Supply Chain Management
Healthcare Management
Luxury Brand Management
Real Estate Management
Cultivating the ability to assess financial statements of an organization is integral to smart business planning and strategizing. Hence, Accounting is included as a core subject in MBA. The specialization in Accounting allows professionals both with and without experience in the domain to understand the nuances of the industry.
MBA programs offer a specialization in Accounting for students desirous of contributing to the domain of financial management and economics or looking for a shift in career to the relevant industry. Thus, a specialization in Accounting will teach you how external stakeholders analyze a firm’s financial performance and how the internal management strategize upon financial planning and control. Pursuing a specialization in Accounting will typically require you to possess precise quantitative and analytical skills. Thus, training in Accounting within the bounds of business management will ensure that you not only gain industry-focused skills but also develop your problem-solving skills while honing your proficiency to transpire into a dynamic industry leader. If you are eager in such aspects as managerial accounting, opt for an MBA with major in Accounting.
An MBA in Accounting is a highly sought after program for the lucrative career opportunities it provides. For instance, with an MBA in Accounting you can land employment as the Controller, Certified Public Accountant (you will also have to clear the CPA examination to acquire this designation), Treasurer, Internal Auditor, Asset Manager, Cost Analyst, etc. Reportedly, the survey conducted by the U.S Bureau of Labour Statistics suggests that employment in the auditor and accountant sector is set to witness a 10% boom in the period between 2016 and 2026. Further, BLS reports that the average annual salary for those employed in the said sector figured at USD 78,820 in May, 2018.
What does a concentration in Accounting cover?
The broad disciplines that you must study in MBA in Accounting are:
Top-ranked B-schools offering MBA in Accounting
According to U.S. News Best Business School Ranking, 2020, following are the top-ranked B-schools that offer an MBA with major in Accounting:
It is not mandatory to establish a business or devise an entrepreneurial plan to pursue a major in Entrepreneurship with MBA. You must have the passion for leading an entrepreneurial venture, the skill to multi-task and coordinate among diverse operations, and the flexibility to learn from your failures and strive for success to consider specializing in Entrepreneurship. Besides, if you are interested in such domains as Venture Capital and Private Equity, you must apply for an MBA with specialization in Entrepreneurship.
Among the many benefits of pursuing an MBA in Entrepreneurship is the fact that the program helps to hone the essential risk-taking ability of the entrepreneur. Rather than dealing with the aftermath of a failed business plan in the competitive market, it is better to be acquainted with the possible strategies that may or may not work in the real environment. The business plan competitions offered by many B-schools are of great help in this regard. Interestingly, venture capital competitions are exciting avenues for students to network with seasoned venture capitalists and have their ideas vetted by the industry leaders. The Venture Capital Investment Competition is reportedly the most famous venture capital competitions practiced by B-schools.
A specialization in Entrepreneurship does not necessitate a post-MBA career as an entrepreneur. Rather with the skills that you stand to develop through the training you can also take on responsibility as an Intrapreneur, Social Entrepreneur, CXO, Investment Fund Manager, Security Manager, etc.
What does a concentration in Entrepreneurship cover?
Top-ranked B-schools offering MBA in Entrepreneurship
According to U.S. News Best Business School Ranking, 2020, following are the top-ranked B-schools that offer an MBA with major in Entrepreneurship:
Finance, as a discipline, is part of the core curriculum of an MBA program. However, if you are targeting C-suite jobs in the realm of finance and possess strong grasp on mathematical concepts, financial theory, and economics, you should opt for a specialization in Finance with your MBA.
An MBA with major in Finance will hone your analytical skills to analyze risk and profitability, direct investment decisions, create equity and debt capital structures, and develop an overall understanding of corporate finance, financial modeling, and investment management, thereby influencing critical managerial decisions. An MBA in Finance will help you establish career as Commodities Trader, Treasurer, Stock Broker, Financial Planner, CFO, Investment Banking Associate, Corporate Controller, Insurance and Risk Manager, Credit Manager and Specialist, Accounting Manager, Financial Analyst. MBA professionals with a specialization in Finance are highly sought after and PayScale suggests that the average annual salary of a CFO figure at ~ USD 148,972, of an Investment Banker figure at ~ USD 103,334, of a Financial Advisor figure at ~USD 65,000, and of a Financial Planner figure at ~ USD 200,000.
What does a concentration in Finance cover?
A concentration in Finance will typically cover the following grounds in the discipline:
Courses under Finance concentration
Most B-schools design their MBA program with major in Finance around the following curriculum:
Top-ranked B-schools offering MBA in Finance
According to U.S. News Best Business School Ranking, 2020, following are the top-ranked B-schools that offer an MBA with specialization in Finance:
It is a widely acknowledged truth that judicious use and development of information technology has contributed to making our lives easier. It goes without saying that the same benefit will be reflected in the various aspects of industry and business development. With the growing dependency of business management on the tenets of information technology, career opportunities have equally developed. Equipping professionals with the right training to manage such information systems has thus become the need of the hour.
A student seeking a specialization in Information Systems will be able to combine his/her business skills with technical understanding to contribute to the domain of information security, IT projects handling, etc. As Information Systems drive major business performance and decisions, a professional trained in the basics of business management and Information System is a valuable asset for most firms, particularly IT firms. Thus, career opportunities are aplenty in the domain. Post-MBA, you may consider such roles as Systems Consultant, IT Strategist, CIO, Corporate Manager, etc.
What does a concentration in Information Systems cover?
A concentration in Information Systems will typically cover the following grounds in the discipline:
Courses under Information Systems concentration
Most B-schools design their MBA program with specialization in Information System around the following curriculum:
Top-ranked B-schools offering MBA in Information Systems
According to U.S. News Best Business School Ranking, 2020, the following are the top-ranked B-schools that offer an MBA with major in Information Systems:
An MBA with specialization in Consulting will allow you to apply the basic business management skills to solve critical problems pertaining to your area of expertise. Thus, if your area of expertise lay in the realm of strategy, as a Consultant, you will be helping firms across industries devise smart strategies to beat the market competition. The benefit of taking Consulting as a specialization with MBA lay in the fact that you are able to hone not only your specific skill-set as a Consultant but also your proficiency in the gamut of business fundamentals, thereby reaching the professional maturity to arrive at competitive solutions.
Although it is advisable to select a definite field of expertise to advance your career in the domain of Consulting, you can also make a career in Consulting with a General Management program. With a General Management path, you may be able to make a career with strategy and management firms. However, students with a field specialization can explore the entire realm, including strategy and management firms, down to the small boutique consulting firms. Typically, Consultants are widely recruited across all large and small scale enterprises and in time, you may also consider establishing your own consulting enterprise. According to PayScale, the average salary of a Consulting Manager figures at ~ USD 168,571 and of a Management Consultant at ~ USD 157,599. Some of the top consulting firms are McKinsey and Co., Bain and Co., The Boston Consulting Group, Accenture, PWC, Deloitte Consulting LLP, Putnam Associates, Roland Berger, QVARTZ, A.T. Kearney, OC&C Strategy Consultants, Alvarez and Marsal, etc.
What does a concentration in Consulting cover?
Top-ranked B-schools offering MBA in Consulting
According to QS MBA by Specialization Rankings, 2019, following are the top-ranked B-schools that offer an MBA with major in Consulting:
For a business to be successful, it not only needs to manage its operations and devise smart strategies but also manage its human capital and ensure that its organizational structure and operational aims and strategies are well aligned. Typically, such programs rely on behavioral and social sciences such as Psychology, Sociology, Anthropology, and Economics. MBA with specialization in HR and Organizational Behavior helps the professionals to ascertain easy resolution of conflicts and smooth implementation of effective managerial practices.
Students graduating with an MBA in HR specialization may look to career opportunities in the form of Business Consultant for Human resources, Administrative Manager, Personnel Manager, Human Resources Manager, Relationship Manager, Talent Acquisition Managers, Human Resource Generalist, Staffing Director, Employee Relations Manager, etc.
What does a concentration in HR and Organizational Behavior cover?
Top-ranked B-schools offering MBA in HR and Organizational Behavior
The following are the top-ranked B-schools that offer an MBA with major in HR and Organizational Behavior:
With the advent of online and digital marketing platforms, most firms are focusing on developing in-house, a highly skilled marketing team. Interestingly, while an MBA in Marketing helps you to build your expertise in the given segment, it also prepares you to consider such career routes as Consulting and Entrepreneurial Management. However, if you desire a career in Marketing, you must possess a well-rounded skill-set including precise quantitative and analytical skills as well as communication and networking skills. Further, well acquaintance with consumer behavior, understanding of financial trends, and ability to conduct intensive research into marketing prospects are necessary skills that any professional will have to hone to be able to make a successful career in the Marketing domain.
Post-MBA, you can look for such designations as Marketing Manager, Chief Marketing Officer, Marketing Director, or in the realm of Innovation Management, Internet Marketing, Business Marketing Management. Forbes in 2016 suggested that Procter and Gamble, Coca-Cola, Pepsi Co, Starbucks, Amazon, General Mills, Apple, American Express, Google, Unilever are the top recruiters of professionals in Marketing. According to PayScale, the average salary earned by MBAs with specialization in Marketing figures at USD 93,000.
What does a concentration in Marketing cover?
Top-ranked B-schools offering MBA in Marketing
According to U.S. News Best Business School Ranking, 2020, the following are the top-ranked B-schools that offer an MBA with major in Marketing:
Although an MBA with specialization in Non-Profit or Social Enterprise may sound unglamorous, it is a widely opted for specialization. An MBA with specialization in Non-Profit allows you to contribute to the social sector. You may wonder about the difference in salary package from that of the other MBA specializations. Besides, the concern of paying off the education loan post-MBA may also keep you from dedicating your skills to the development of the social sector. However, B-schools that provide for specialization in Non-Profit have, more often than not, extended requisite help to its students selecting the discipline. For instance, Harvard is said to have given a grant of USD 50,000, after graduation, to each of its 19 students who opted for a specialization in Non-Profit. Even Duke and Stanford Universities are said to extend similar benefits to its students. Besides, you can always try for scholarships to reduce the burden of education debt.
Importantly, with the compulsory inclusion of the UN Handbook on Non-Profit Institutions for NGOs, by 16 countries, the NGOs have risen to prominence. Today, even the NGOs are responsible for adding to a country’s GDP. Thus, the need for business strategy, project management, economic strategy, and financial planning for an NGO is more than ever. NGOs are reportedly employing almost 10% of the workforce nowadays in such designations as Director of Strategy, Corporate Governance Analyst, Portfolio Manager, Director of Corporate Relations, Director of Operations, and Business Development Manager.
What does a concentration in Non-Profit cover?
Top-ranked B-schools offering MBA in Non-Profit
According to U.S. News Best Business School Ranking, 2020, the following are the top-ranked B-schools that offer an MBA with major in Non-Profit:
Businesses need proper strategizing right from the conceptualization, creation, and supplying of products. While MBAs in most disciplines will help professionals to contribute to the whole gamut of business management, MBA with specialization in Operations will help students manage production and distribution of products and services. Pursuing an MBA with specialization in Operations will empower you to head a chain of retail stores or even manage operations at a production unit.
Post completion of an MBA with specialization in Operations, you may be designated as an Inventory Control Manager, Operations Consultant, Supply Chain Manager, Logistics Manager. Reportedly, the designation of that of an Operations Manager figures among US News Top 10 Best Paying Jobs.
What does a concentration in Operations cover?
Top-ranked B-schools offering MBA in Operations
According to U.S. News Best Business School Ranking, 2020, the following are the top-ranked B-schools that offer an MBA with major in Operations:
An MBA with specialization in Strategy seeks to empower the students in the art of combining knowledge across the disciplines of finance, marketing, economics, operations, etc., to design a firm’s holistic and strategic growth. The intent is to channelize the student’s quantitative, analytical, problem-solving, decision-making, planning and forecasting, and leadership skills to facilitate a firm’s growth and success in the competitive market. Thus, an MBA with specialization in Strategy will educate you to consider the firm as a whole and determine the avenues and the strategies that will provide the firm leverage over the competitive market.
Pursuing MBA with specialization in Strategy will land you with either of the following designations:
Strategic Developer, Project Developer, Research and Development Manager, Strategic Programming Manager, Business Consultant in Strategic Management, etc.
What does a concentration in Strategy cover?
Top-ranked B-schools offering MBA in Strategy
According to QS Global 200 Business Schools Report, the following are the top-ranked B-schools that offer an MBA with major in Strategy:
An MBA with specialization in Supply Chain Management will prepare you for a career that will require you to foresee and plan business operation strategies, manage distribution of products and services, coordinate across all product and service supply change to streamline processes or implement necessary changes. In sum, a Supply Chain Management requires you to apply your knowledge of operations, business management, and logistics and supply, including material procurement, product pricing, and market in tandem with your communication, networking, coordination, and leadership skills to manage the supply chain.
To be able to deliver in the realm of Supply Chain Management, you must also develop your knowledge in using optimization tools to resolve business problems and project system fundamentals, including ERPS. Completing the Lean Six Sigma DMAIC process may also help you in consolidating grasp over the basics of Supply Chain Management.
Possible career options post-completion of an MBA with specialization in Supply Chain Management includes the following:
Operations Manager, Cost Estimator, Transportation, Storage, and Distribution Manager, Purchasing Manager, Logistics Manager, System Support Manager, Warehouse Operations Manager, Vendor Managed Inventory Manager, Inventory Control Manager, International Logistics Manager, Analyst, Consultant.
What does a concentration in Supply Chain Management cover?
Top-ranked B-schools offering MBA in Supply Chain Management
According to U.S. News Best Business School Ranking, 2020, the following are the top-ranked B-schools that offer an MBA with major in Supply Chain Management:
An MBA with specialization in Healthcare Management will allow you to sync your understanding of business fundamentals across the realms of finance and cost-control, operations and system optimization, organizational management and consumer behavior to create a holistic strategy meant to maximize services to patients while ensuring judicious growth of the organization. Typically, a background in healthcare domain, an understanding of government institutions and their relativity to the healthcare sector, and an ability to promptly resolve crises will help you succeed as an MBA with specialization in Healthcare Management.
Once you complete your MBA with specialization in Healthcare Management, you may consider the following career options: Hospital Administrator, Talent Acquisition Consultant, Healthcare Planner, Health Director, Hospital CEO and CFO. Broadly, you will be employed in the following sectors: Public Health Department, Hospitals, Universities, and Research Centres, Healthcare Associations, Health Insurance Organizations, Clinics, and Consulting Firms.
What does a concentration in Healthcare Management cover?
Top-ranked B-schools offering MBA in Healthcare Management
Following are the top-ranked B-schools that offer an MBA with major in Healthcare Management:
Managing and marketing luxury brand products calls for efficient strategizing, customer relationship building, and understanding the dynamics of the international luxury brand sector. An MBA with specialization in Luxury Brand Management equips the student to smartly and strategically handle the international luxury brands. To succeed in the realm of Luxury Brand Management, a professional must possess adequate understanding of the semiotics of luxury brands, excellent networking and communication skills, and quantitative proficiency.
Needless to say, an MBA with specialization in Luxury Brand Management will enable you to opt for a high-end career as Brand Manager, Business Development Consultant, Marketing Manager, Buyer/Project Manager, Store Manager, Travel Retail Area Manager, Communication Manager, with high-end brands such as Louis Vuitton, Chanel, etc.
What does a concentration in Luxury Brand Management cover?
Top-ranked B-schools offering MBA in Luxury Brand Management
The following are the top-ranked B-schools that offer an MBA with major in Luxury Management:
An MBA with specialization in Real Estate Management is the perfect program for professionals seeking to advance their career or initiate their career in the realm of Real Estate. This program enables you to combine the knowledge of accounting, global finance and economics, and management strategies to understand the real estate sector. Career opportunities in this sector are aplenty and some of the popular career options are in the realm of Lending and Financing, Real Estate Advisory Services, Economic Development, Public Policy. The specific designations that you stand to earn post-completion of this program include Investment Analyzer, Community Association Manager, Real Estate Developer, Real Estate Manager, Administrative Service Manager, Financier, Property/Corporate Asset Manager, Real Estate Appraiser.
What does a concentration in Real Estate Management cover?
Top-ranked B-schools offering MBA in Real Estate Management
The following are the top-ranked B-schools that offer an MBA with major in Real Estate Management:
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