Earning your MBA can be a smart business move. Whether you specialize with a concentration or enroll in a generalist’s program, an MBA can open the doors to more job opportunities and a potentially higher pay grade.

What Is an MBA?

MBA stands for “Master of Business Administration.”

• Graduates of MBA programs earn an average salary of $87,966.
• An MBA is a master’s level degree.
• You can earn a general MBA or specialize in a certain area of business.
• MBA programs can be completed in 1-2 years.

An MBA is, first and foremost, an academic degree that is meant to certify your knowledge of management and business tactics.

However, the training involved in getting an MBA is mostly trade-based. It is meant to impart specific practical expertise in business management, rather than economic theory or research.

The first MBA titles were granted by Harvard University and were meant to prove that a graduate had a standardized set of business-oriented skills and knowledge.

Nowadays, MBAs have developed into a category of degree offering a variety of specializations. Nevertheless, they largely keep to the same core group of subjects, in addition to a concentration.

What Is an MBA Equivalent to?

When judging an academic trajectory, an MBA is regarded as a type of Master’s degree. You’ll need a bachelor’s degree to apply for admission to an MBA program and can follow it with doctoral work if you choose to do so.

The specific requirements for graduating from an MBA program will vary on the institution and the type of program.

In the United States, this is usually equivalent to 40 to 60 academic credit hours, in addition to completing a thesis or a Master’s project. Completing these requirements usually takes one or two years, but the exact amount of time may vary for accelerated or executive programs.

Is it Better to Get a Master’s or an MBA?

For most people, the choice to continue their education beyond a Bachelor’s degree is seen mainly as an investment.

The cost and effort entailed are meant to open further doors in one’s career and to allow each professional to be able to access higher positions or to compete with others with similar work experience.

The choice of program and concentration needs to take into account each student’s specific goals and preferences. MBAs are usually considered a working degree, so if you want to pursue an academic position, such as a university lecturer or researcher, a master’s may better suit your needs.

Traditional master’s programs are mostly focused on research and advanced, specialized knowledge. On the other hand, most people who pursue an MBA are aiming at the corporate world, or wish to start their own business venture.

In these cases, the MBA will likely prove to be the superior investment, as it offers a more cohesive set of skills than those offered by a Master’s of Arts or Science.

What Do You Learn in an MBA Program?

Despite the large array of different concentrations and specializations now available, accreditation councils now ensure that all MBAs provide the same foundational skills.

Specialization classes may then offer the opportunity to build upon them or to offer special seminars targeted at specific niche industries.

The goal of any MBA program is to certify that any graduates will be ready to take on the responsibilities and decisions for leadership positions, either at the middle management level or above.

As business administration is a relatively flexible field, this will combine the fundamentals of marketing, human resource management, business law, and international trade logistics. These are often combined with accounting and financial knowledge, planning, and leadership tactics.

Traditional or online MBA degree programs usually strive to provide practical, hands-on training rather than classroom theory. This is why most programs usually focus their modules around real-life projects, mock companies, and the development or simulation of business ideas.

In this way, they can help you develop problem-solving skills and the ability to strategize and plan. This also provides an additional opportunity to cultivate soft skills, such as communication, coaching, or sales strategy.

What Are MBA Concentrations?

Just like there are many different types of business practices, there just as many MBA concentrations available. Most of them target specific skills or positions, but there are also many that were designed to address the specific knowledge required for niche industries.

For example, some of the most popular MBA concentrations related to specific processes include:

• Entrepreneurship
• Finance
• Human Resources
• Information Technology
• Innovation
• International Business
• Leadership
• Marketing
• Operations Management
• Strategy

For those who wish to look at an industry-specific MBAs, concentrations in Soil Explorations, Hospital Management, and Non-Profit Management are all worth considering.

Finally, the current economic and political climate has created a greater need for experts in Sustainable Development and Corporate Social Responsibility. Therefore, many schools are now adding these to their offer catalog.

It should be pointed out that choosing a concentration is not mandatory. Unlike with liberal arts degrees, the job market for MBA holders is surprisingly friendly towards generalists.

What Is an MBA Good For?

There are two main ways in which an MBA can create a concrete difference for anyone who is looking for a professional head start. First, an MBA can offer a more specialized set of skills for career sales agents and corporate workers who wish to advance within a company.

With a higher position comes higher responsibilities (as well as a higher salary), so these positions will naturally be filled by workers who are able to handle operations at a larger scale.

MBAs also help bridge the “employability gap” that affects many liberal arts and social studies majors. A degree in humanities proves an applicant is passionate and eager to learn, but current employers also need to know that their talented new hire can drive the company towards bigger profits.

But the business world is not made up solely of corporate employees. The global economy thrives on people who are willing to risk their own assets in order to create something of their own.

If you are looking at starting your own business, a degree may not appear as valuable. However, the evidence-based techniques imparted during it should nonetheless prove to be useful – as will the connections forged with classmates.

What Jobs Can I Get With an MBA Degree?

Because of the vast amount of content included in an MBA program, these degrees can open the gates for management and executive-level positions in a variety of industries. The jobs listed below, with median salary estimates from the Bureau of Labor Statistics, are just the 10 most popular MBA careers.

Besides your degree, the next most important factors in determining your salary are expertise, experience, industry, and location.

What Is Required for an MBA Degree?

Just like business is a competitive field, most MBA programs imbue their entire corporate culture with the same spirit. This makes being accepted into a program is no mean feat by itself.

Unlike most other degrees at a master’s level, an MBA will usually require at least 2 years of relevant job experience after completing a bachelor’s degree. Most schools will also require presenting recommendations or references, or request a portfolio of business-related achievements.

Some schools also request applicants to sit a standardized admissions exam (such as GMAT or GRE) as well as to submit academic transcripts for all prior degrees (especially at the Bachelor level). But there are a number of universities that offer online MBA programs no GMAT required.

It should be noted that Admissions procedures vary depending on the school and its philosophy. In general, academic results usually provide the first barrier for shortlisting. The final decision will most likely depend on an interview, a review of professional experience, or both.

What Does It Take to Complete an MBA Degree?

After admission, the next tasks in order to acquire an MBA degree are completing the coursework and paying for it.

The exact number of credits required for graduation will depend on how the program is structured. A requirement of 30 credits is fairly normal and such MBA programs are designed to take one or two years of full-time study.

However, many schools are now offering long-distance options, as well as accelerated or “executive programs.” These usually award extra credits for prior experience or offer more flexible and/or faster schedules meant to meet the needs of adult students.

As MBAs are eminently job-focused, they will often require completion of a personal business project rather than an academic dissertation.

The cost of tuition also varies greatly depending on the institution, and the body accrediting it, but the average cost of an MBA ranges between $55,727 and $161,810 (MBA Today).

The price may be higher for Ivy League Institutions. Student loans, personal loans, and employer-provided tuition reimbursement benefits can help cover this cost.

Is Getting an MBA Worth It?

Yes, an MBA is worth it for many students. The Bureau of Labor Statistics is projecting 5% job growth in business, financial, and management occupations over the next 10 years. Common careers in this field include management consultant, sales manager, and health services manager.

Make a long-term impact on your career by enrolling in the MBA program of your choice. Narrow down which field you’d like to specialize in and apply to a handful of the top schools offering that degree.

The post What Is an MBA? [2024 Ultimate Guide] appeared first on MyDegreeGuide.com.

Not all MBA concentrations are created equal. While a traditional or online MBA program can provide some basic training in these sub-fields, it’s usually best to choose a concentration that you have some prior experience with, even if it’s minimal.

Plus, some may require that experience before you can pursue a specific concentration. At the very least, this list can open your eyes to all the possibilities that are out there.

What Are the Best MBA Concentrations?

Choosing an MBA concentration in an area that sparks your interest and can train you to better solve business problems can help provide you with more specific job prospects upon completion of the course. But what type of career could you expect to find yourself in afterward, at what level of seniority, and with what type of salary?

Methodology: The Bureau of Labor Statistics provides the annual median salaries and job growth statistics for a wide-range of professions. The MBA concentrations included below are ranked from the highest median salaries to the lowest median salaries for the occupation listed as indicated by the Bureau of Labor Statistics.

These are all important questions to consider when choosing a concentration to ensure you make the best decision for your future.

1. Information Technology
2. Management Information Systems
3. Internet Marketing
4. Marketing
5. Agri-Business
6. Finance
7. Retail & Sales Management
8. International Business
9. Human Resources
10. Management
11. Economics
12. Healthcare Administration
13. Business Administration
14. Forensic Accounting
15. Business Analytics
16. Supply Chain and Logistics
17. Small Business
18. Project Management
19. Sports Management
20. Entrepreneurship
21. Accounting
22. Environmental Management
23. Nonprofit Management
24. Hospitality Management
25. Real Estate

Our ranking of the best MBA concentrations is based on the median annual salary of the selected occupations as indicated by the U.S. Bureau of Labor Statistics.

1. Information Technology

• Annual Median Salary: $161,210 per year
• Projected Job Growth: 10%

As well as working on core business skills, an MBA program in IT is designed to provide training in information security, technology management, and systems development.

This is a sector that is growing year on year, as more companies increase their online presence and transfer their business operations to computer systems.

If you have a strong technological background with a desire to help solve business problems and to advance your career in IT management, then an MBA with a concentration in information technology might be a good match for you.

Job prospects in this field include roles such as systems managers, IT managers, and chief technology officers.

2. Management Information Systems

• Annual Median Salary: $151,150 per year
• Projected Job Growth: 10%

An MBA program with a focus on management information systems is designed to give graduates an edge over their competition, with a practical skillset based on both experience and theory.

Course topics may include system analysis, resource management, corporate finance, and business strategies. This course can offer great versatility to MBA graduates, with potential careers in systems analysis, information and data analysis, and systems development.

If you have a strong foundation in IT that you can build on, an MBA in management information systems may work for you.

3. Internet Marketing

• Annual Median Salary: $149,480 per year
• Projected Job Growth: 6%

This course aims to develop skills in digital media marketing, strategic product placement, and online customer engagement.

Completion of an MBA with a concentration in internet marketing can help a graduate pursue a career in improving brand growth via online platforms.

Those with an MBA earn on average $30,000 a year (Bureau of Labor Statistics) more than those who only have a bachelor’s degree in marketing. Course topics may include social media optimization, customer relations, and online branding.

Career opportunities suited to this type of MBA include roles as social media manager, digital marketing manager, and marketing director.

4. Marketing

• Annual Median Salary: $142,170 per year
• Projected Job Growth: 7%

An MBA in marketing is designed to provide students with the core skills of business administration, as well as covering marketing topics in detail. Course modules may include digital content marketing, brand awareness, consumer behavior, consumer relationships, and marketing research methods.

Following completion, MBA graduates may secure positions such as marketing manager, communications officer, or brand manager.

This is a sector that is undergoing rapid expansion, with a growth in demand for employees with a strong knowledge of marketing and business practices.

This MBA may be a wise choice for anyone with an interest in brand or marketing management who wants to develop into a senior professional role.

5. Agri-Business

• Annual Median Salary: $139,840 per year
• Projected Job Growth: 3%

The agricultural industry is huge, so an MBA in agricultural business can help prepare you for a future career in farming, the food industry, or within the government.

Your roles may include agribusiness owner or manager, agricultural operations specialist, financial officer, or agricultural sales manager, to name a few.

An MBA with a focus on agri-business typically has a curriculum based around farm finances, leadership, food marketing, and best business practices. It may be well suited to anyone with an interest in food production who wants to gain a more agricultural specific skill set.

6. Finance

• Annual Median Salary: $134,180 per year
• Projected Job Growth: 15%

An MBA in finance focuses on budgeting, portfolio management, investment management, and financial best practices while still covering a broad business-based topic range.

This degree program is designed to give students the skill set they need to find senior-level careers in professional roles, including potential job titles such as financial manager, financial advisor, portfolio management specialist, investment management expert, and financial analyst.

As every business, big or small, relies on good financial practices to perform well, finance MBA graduates can pursue financial jobs in almost any sector. This type of MBA may appeal to those with a mathematical mind who enjoy problem-solving.

7. Retail & Sales Management

• Annual Median Salary: $132,290 per year
• Projected Job Growth: 4%

An MBA in retail and sales management may be a good option for those already in the retail and sales management sector who want to fast-track their career to a more senior level.

As well as covering the core subjects of business administration, this MBA focuses in detail on leadership in a retail environment, staff management and development, finance, budgeting, and customer relations.

Emphasis is placed on practical skills over theory, helping graduates move into managerial roles within retail.

8. International Business

• Annual Median Salary: $131,420 per year
• Projected Job Growth: 3-4%

MBAs with an international business concentration are designed to prepare students for professional careers on a global level.

Course modules typically focus on international finance, the global economy, international management, import and export regulations, the global finance market, as well as global supply chains. Practical skills are usually developed over theory, which can give graduates a step up into the world of international business and for addressing business problems on a global level.

Career opportunities following completion of an MBA with an international business concentration include roles in various sectors as global trade managers, international sales managers, and in global marketing.

9. Human Resources

• Annual Median Salary: $121,220 per year
• Projected Job Growth: 6%

An MBA in human resources may benefit those who want to fast-track their career to a senior level of human resources.

Modules in this program usually cover areas such as business ethics, operation management, and employee development, with an emphasis on practical business skills within the workplace.

After completing an MBA in human resources, graduates typically go on to take up roles as human resource managers, relationship managers, human resource consultants, and directors of human resources.

10. Management

• Annual Median Salary: $109,760 per year
• Projected Job Growth: 5%

If you are naturally drawn towards leadership roles and exhibit good people management qualities, you may be well-suited to an MBA with a concentration on management.

Similar to a one year executive MBA, this type of MBA can help you develop your leadership skills, hone staff management skills, and prepare you for practical life as a business manager or high-level executive.

Topics commonly covered are conflict management, building customer and employee relations, developing staff, and effective communication, among other things.

11. Economics

• Annual Median Salary: $108,350 per year
• Projected Job Growth: 14%

Economics programs teach business skills from a financial perspective, with modules concentrating on economic theory, economic principles, economic trends, and best practices.

You may learn about consumer behavior, pricing, supply and demand, local economies, public and private sectors, the global economy, and the global marketplace, as well as gain skills surrounding quantifying and analyzing data.

After accomplishing an MBA in economics, most people typically secure jobs in financial roles, such as a behavioral economist, a market research analyst, or a data scientist. Careers in this sector often carry attractive wages, with average salaries being over $100,000.

12. Healthcare Administration

• Annual Median Salary: $104,280 per year
• Projected Job Growth: 31%

More healthcare business managers are in demand since an aging population is causing an increase in medical occupations. Therefore, an MBA in healthcare administration may be a wise concentration choice if you want job security on completion of your degree program.

This course typically looks at business management from a healthcare perspective, incorporating modules on handling budgets, policies, and finance at hospitals, hospices, and residential healthcare facilities.

Upon completion of this MBA with a healthcare management concentration, you may land a career as a director of health services, a medical services manager, or a health services administrator.

13. Business Administration

• Annual Median Salary: $103,650 per year
• Projected Job Growth: 6%

A master’s in business administration it designed to give students a broad scope of knowledge to further establish themselves as serious business professionals.

Topics covered typically include financial analytics, strategic decision making, and leadership development. Career prospects for this MBA are wide-ranging, and after accomplishing this course, many graduates are fast-tracked to senior roles in their chosen sectors.

If you are looking for a prestigious degree to give you a good grasp of all areas of business administration, helping you further your professional career, then this may be a viable option. After completing this MBA, people typically go on to occupy roles in finance, analytics, or management.

As a non-sector-specific MBA, this degree program offers endless possibilities in terms of future careers.

14. Forensic Accounting

• Annual Median Salary: $100,840 per year
• Projected Job Growth: 4%

A career in forensic accounting involves investigating financial crimes, including money laundering, tax fraud, and online fraud.

With the rise in computer-related financial crimes on the rise, it’s no surprise to see that employees with expertise in forensic accounting are in high demand.

You may be drawn to forensic accounting if you have excellent attention to details, an inquisitive or suspicious nature, and an analytical thought process. An MBA in forensic accounting will also require you to have integrity, and a strong grasp on data and statistics processing.

Topics you are likely to cover in a forensic accounting MBA include information security, fraud detection, and business ethics.

15. Business Analytics

• Annual Median Salary: $98,230 per year
• Projected Job Growth: 8%

Business analytics is an attractive concentration for many MBA students because of how rapidly the market is expanding in this area, with job growth increasing at a projected rate of 8% each year.

This degree focuses on business skills and data analysis, teaching students how to effectively process and predict data. Other common topics of study are finance, leadership, and developing business in the global marketplace.

An MBA in business analytics can help you pursue a job in an analytical career, such as systems analyst, business analyst, solutions architect, and data processing.

This degree is often a good match for those with an analytical mind who enjoy working with data, IT systems, and number crunching.

16. Supply Chain and Logistics

• Annual Median Salary: $96,390 per year
• Projected Job Growth: 4%

As well as providing students with a solid foundation of business principles, an MBA in supply chain management and logistics focuses on manufacturing, marketing, logistics, purchasing, warehouse management, and quality control.

Potential careers to pursue after completing this course include supply chain manager, logistics engineer, warehouse manager, and logistics planner.

Those selecting an MBA in supply chain management and logistics need to have good organization skills, be good at problem-solving, and have a keen interest in the subject matter.

17. Small Business

• Annual Median Salary: $82,470
• Projected Job Growth: 6%

An MBA in small business is designed to equip students with the core essentials required in business administration, as well as help them develop their business knowledge from a small business perspective.

Common topics covered include small business finance, leadership, planning, marketing, and development strategies.

This is a course that typically suits those looking to invest in their own small businesses or start-ups, as well as those currently running small businesses who feel they would benefit from a specific improved skill set.

18. Project Management

• Annual Median Salary: $77,420 per year
• Projected Job Growth: 6%

An MBA with a concentration in project management is designed to help students develop a broad set of skills with an emphasis on practical project management.

The curriculum may include modules on finance management, project management strategies, and product development. It may suit a focused individual with good organizational skills and an interest in problem solving and leadership.

Typical job roles you might employ with an MBA in project management are project leader, project manager, and senior project manager.

19. Sports Management

• Annual Median Salary: $75,420 per year
• Projected Job Growth: 12%

An MBA in sports management approaches business concepts that are sports industry-specific, covering management skills and leadership, finance, marketing, and business strategy.

If you want to excel in the sports management industry, an MBA in this field can help give you the skills you need to increase the number of job prospects for you in this industry.

This course may be ideal for sports fans who want to work in a career with a sports management concentration.

20. Entrepreneurship

• Annual Median Salary: $75,190
• Projected Job Growth: 6%

This MBA program is designed to give proactive self-starters a foundation of knowledge from which they can go on to fulfilling careers in senior professional roles, or start up their own businesses.

Common course topics include leadership skills, financial management, statistics, business strategies, marketing, communication, innovation, and business planning.

This course may be suitable for those in business who want to work for themselves, or who wish to escalate up their professional ladder at an accelerated speed.

21. Accounting

• Annual Median Salary: $73,560 per year
• Projected Job Growth: 4%

An MBA in accounting is designed to cover a broad scope of business practices, but also focuses on the details of accounting and teaching students the skills they need to take on an accountancy-based employment role.

Unlike a master of science in accounting, an MBA in accounting covers a wider business topic range, which can help provide the student with more opportunities and job possibilities upon completion. Common topics covered include cost management, managerial accounting, leadership skills, and marketing.

Graduates of an MBA in accounting typically go on to occupy careers in bookkeeping and managerial accounting, or secure roles as financial analysts, business executives, or financial advisors.

You might want to consider an MBA with a concentration on accounting if you enjoy mathematics and statistics.

22. Environmental Management

• Annual Median Salary: $73,230 per year
• Projected Job Growth: 8%

With an increased awareness of climate change, businesses around the world are focusing on their environmental impact and policies, which is leading to a greater demand for employees with an environmental background.

Many with careers in this area find them to be significant and rewarding, both financially and personally. An environmental management MBA can help prepare students for careers in environmental science, environmental engineering, and sustainability roles.

Modules typically focus on environmental regulations and standards, sustainable business practices, and corporate responsibility. This degree may be well-suited to anyone conscious of climate change who wants to make a positive impact while also building themselves a potentially lucrative career.

23. Nonprofit Management

• Annual Median Salary: $69,600 per year
• Projected Job Growth: 17%

An MBA with a focus on nonprofit management focuses on preparing graduates for senior roles within the social sector, with a plethora of skills designed to implement strategies to increase productivity and maximize resources.

Just like businesses, non-profit organizations require knowledgeable professionals to navigate budgets, business strategies, and management.

With an MBA in nonprofit management, you can pursue opportunities to have a positive impact on social campaigns or social services, while also enjoying a potentially lucrative and rewarding career. Potential job roles include director of fundraising, NPO program organizer, and NPO executive director.

24. Hospitality Management

• Annual Median Salary: $65,470 per year
• Projected Job Growth: 6%

An MBA in hospitality management focuses on the practicalities of managing a hospitality service, including leadership, finances, and business operations.

As the travel and tourism industry is growing, careers in the hospitality sector are on the rise, making hospitality management a fairly safe choice in terms of future career prospects.

Upon completion of a hospitality management MBA, you might secure a position as a hotel manager, an events coordinator, or a travel agent.

25. Real Estate

• Annual Median Salary: $58,650 per year
• Projected Job Growth: 3%

An MBA in real estate is designed to equip the student with skills in leadership, communication, investment, finance, and risk management. If you have an interest in the business side of property, you might find this MBA appealing, with an increased likelihood of achieving a high earning career upon completion.

Other common topics that are taught in this program are negotiation techniques, property appraisal, and legal contracts.

The career outlook following an MBA in real estate can include job roles such as real estate agent, real estate broker, and real estate appraiser, though some positions may require additional licenses.

Does an MBA Have a Focus?

Yes, many MBAs do have a focus, concentrating on a specific subject or industry while also providing a foundation of the core principles of business administration. Popular MBA concentrations appeal to a broad spectrum of professionals.

What Is an MBA Concentration?

First, it would be best to answer what is an MBA.

An MBA is a Master’s in Business Administration degree whereas a concentration is a specialty area within the business field that most MBA programs either require or allow their students to choose based on their interests and future career plans. Because an MBA degree is so flexible in terms of career options after graduation, there are almost countless concentrations available to MBA students.

Depending on the MBA program, some programs offer 10 or more concentrations that their students can choose from in completing their degree, while some only offer a small handful of concentrations. Online programs offer a variety of popular MBA concentrations as well.

What Are the Different MBA Concentrations?

MBA concentrations include a range of topics, from skills-based subjects such as accounting or marketing, which could be applied to almost any industry, to more industry-specific concentrations such as nonprofit management and hospitality management.

Do MBA Concentrations Matter?

Yes, MBA concentrations do matter. The concentration you choose for your MBA can greatly impact the career path you follow on the completion of your MBA.

It can help prepare you for employment in your chosen field, and therefore should be considered carefully. Choose a concentration you are interested in, and that your personality is suited to. This can help you to thrive in your profession, and ensure that you enjoy it.

Choosing Your MBA Specialization

Choosing a concentration for your MBA program can help give you the edge in a sea of job applications and may help improve career prospects in a given field.

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