At the end of 2016, the Graduate Management Admission Council released the results of a survey reflecting 2016 MBA hiring outcomes as well as a 2017 employment forecast. According to surveyed employers, 68% hired applicants with an MBA and 79% are projected to hire candidates with an MBA. In brief, earning a Master of Business Administration provides a strong chance of employment, especially if the graduate chooses a specialization.
There are a variety of MBA specializations that prepare graduates for more specific career paths. Most commonly, students can choose which specialization to follow in their second year of graduate school. The choice can be stressful for those who are unsure of what employment opportunities they want to pursue, but simple for those students with a specific goal in mind.
Specializations are associated with precise skills that will be used within distinct careers of the MBA field. Following are some of those specializations and job opportunities, along with the 2015 median salary of those jobs collected from the Bureau of Labor Statistics.
MBA in Finance
As one of the most popular and oldest specializations, an MBA in finance actually offers multiple career opportunities in almost any organization. It promotes the skills crucial for oversight of cash, investment management, implementing financial procedures, and achieving budget objectives for almost any type of company.
One example of a career path is that of financial manager. This position earns a median annual salary of $117,990. An MBA in Finance is perfect for someone passionate about money and mastering the way a company handles it.
MBA in Marketing
Known as one of the more competitive specializations, an MBA in marketing develops skills associated with advertising and public relations. Skills includes discovering new market opportunities, finding new customers, creating relevant campaigns that reflect a job or service and increase overall sales.
Marketing managers earn a median annual salary of $124,850 and the position can be found within multiple types of companies. A marketing specialization is best for people with superb communication skills, creativity, and a passion for recruiting customers through a vision.
MBA in Health Care
Health care is an ever-growing, unique industry in need of MBA graduates who can hit the ground running upon employment. This specialization is for those who desire a health care career that offers upward mobility or a wider range of job choices.
Health care MBAs prepare people in positions such as a health services manager to solve problems that occur within the industry. The average annual salary of a health care MBA is $94,500. It is an optimum position for people who are passionate about health care administration.
MBA in Information Systems Management
Today’s companies rely on expert information technology (IT) support, and a specialization in information systems can lead to a lucrative IT position. If someone is interested in a position like computer and information systems manager, they must learn to design and implement computer solutions to business problems.
Skills and abilities also include working as part of the business team, and maintaining company Internet sites and internal networks. MBAs in information systems management can make a median salary of $131,600. People who are excited to continually learn and grow as part of their job should pursue this role.
MBA in International Management
Globalization has allowed business to be conducted worldwide, and international business management requires specific knowledge and skills to master. This specialization teaches graduates comprehensive, multinational capabilities in order to improve company infrastructures, communications, and establish organizational goals.
Jobs ranging from a management analyst to a chief executive officer may be attained by those who hold an international management specialization. The median salaries for MBAs in international management range from $81,320 to $175,110.
MBA in Nonprofit
Graduates who desire a career that offers mid- to high-level earnings plus the satisfaction of working for a nonprofit organization should pursue this specialization. It helps them utilize their business savvy and their character-driven principles to benefit society and positively impact communities.
Project managers within nonprofits earn a median salary of $79,385, according to a 2017 report by Salary.com. This career is a niche specialization, but can lead to a rewarding future.
MBA in Supply Chain Management
A company’s ability to efficiently move products or services is directly related to its success. A specialization in this unique area of operations is meant for graduates who want to streamline transportation and inventory.
Graduates are prepared to pursue careers as logisticians, who manage the transportation of goods or services from beginning to end. MBAs in supply chain management make a median salary of $74,260 and may be hired by any company that has tangible goods or services to offer.
MBA in Accounting
This is a popular specialization for those who want to be an accountant or auditor. It focuses on skills such as preparing financial records. Opportunities for advancement may lead to senior-level positions or beyond.
Accountants earn a median salary of $67,190 annually, and have the opportunity to work in almost any industry or as a consultant to multiple companies.
Students who pursue an MBA are already going ‘above and beyond’ to educate themselves for greater career opportunities. Choosing a specialization increases their chances of employment even more, and enables them to more easily enter the field they are passionate about. Companies are projected to higher more MBA graduates, and those candidates who have a specialization frequently have an edge over the competition.
Our online MBA program at New Jersey Institute of Technology is designed to prepare motivated, tech-savvy management professionals with the business expertise and technical knowledge vital for success in today’s rapidly evolving global business landscape.