The master of business administration (MBA) is still an incredibly popular option for pursuing a postgraduate degree. It is because an MBA degree offers a professional advantage for administrative jobs.
MBA courses offer various specializations, and it can be confusing to choose among them. MBA degree specialization will not only determine what to study but also significantly impact one’s ambitions and future career. So, it is essential to consider what you want to achieve before choosing a preferred MBA specialization.
Listed below are the top 5 MBA specializations that have a greater scope in 2020.
Top 5 MBA Specializations to Be Considered in 2020
The MBA program becomes obligatory for top-level management and executives to hold. This degree provides several advantages for working professionals who hold a UG degree. It can uplift career and professional objectives amidst changing trends and challenging environments. The accumulated skill set empowers one to lead a team, division, or the entire organization fearlessly in the right way.
So, whether to expand business knowledge or use it as a step in one’s career path, the MBA program proves advantageous. The reasons for choosing each of the top MBA degree specializations are explained below.
1. MBA in Human Resource Management
MBA in human resource (HR) management specialization enables students to get thoroughly inculcated with the managing principles of human resource. The right workforce is responsible for the critical functioning of any organization. The HR Management department handles sourcing and managing them. They are the essential link between the top management and the employees.
This MBA specialization helps students land jobs in the HR department of an organization. These are some of the job positions available for qualified professionals:
- HR Generalist
- Technical Recruiter
- Employee Relations Manager
- Compensation Manager
- Staffing Director
- Director of HR Training & Development
The median salary for HR managers is approximately $100,000 per annum. For compensation managers, it can be up to $151,000 annually, and it also significantly open doors to increased salary, improved job satisfaction, and more excellent job stability. Plus, they can change the lives of individuals who are searching for a job.
2. MBA in Finance
Money is the lifeblood of every organization to execute its operations. Cost is involved in every activity and time spent in running the organization. Thus, handling money matters is imperative. It includes study in economics, statistics, finance, strategy, leadership, and marketing aspects. Expertise in these areas lets students work in several positions in the financial segment.
Accounts and finance are traditional choices, but this area will continuously thrive despite the variations in technology and personnel. There are several specializations to select from, like accountancy, global, or managerial economics. Each has its merits and the most repaying jobs. Financial knowledge and the right skill set can land career opportunities in corporate finance or investment banking. Some of the famous positions are:
- Chief Financial Officer
- Corporate Controller
- Financial Analyst
- Finance Officers and Treasurer
- Insurance and Risk Manager
- Finance Consultant
- Investment Banking Associate
- Cash Manager
- Investing Sales Trader and Associate
Finance is also a high-paying MBA specialization making $103,000 per year.
3. MBA in Marketing
Marketing is allied with almost every product or service in the industry. The chief objective of any business is to reach out to its services to the right target audience in a market. For this, marketing know-how is vital. This professional marketing degree incorporates marketing tactics like relationship-building skills, sales promotions, consumer and market trends, market strategies, and public relations.
Like finance, marketing is also a universal choice of MBA specialization. It is a creative opportunity to influence marketing on any business’s success. It is not only about promoting sales but also about creating a brand image and customer experiences. It helps to understand the product or service and use data analytics to propose forecasts and track market trends.
The career opportunities after pursuing an MBA in marketing are enormous. The graduates are in demand for the following job positions:
- Marketing Manager
- Market Research Analyst
- Digital Marketing Manager
- Sales Manager
- Corporate Sales
- Media Planner
- Brand manager
- Product Manager
- Asset Management
4. MBA in Project Management
An MBA course in project management helps students learn the basics of critical project planning and structure a reliable project schedule. In addition to planning, they also are made aware of execution, project launch, and handling multiple projects seamlessly. The business environment demands explicit planning and multi-tasking skills.
This MBA specialization helps graduates learn about the various processes involved while handling the project. The quality of the project and meeting the requirements and completion at the stipulated time frame are also essential. It is a valuable skill set for any business. Most of the job opportunities are in IT, construction, and consultation segments.
Some of the jobs available are:
- Project Manager
- Project Analyst
- Risk Manager
- Project Quality Manager
- Project Leader
- Engineer Director
- Team Leader
Project manager salary statistics in 2019 states an approximate of $90,139, which can increase depending on the years of experience.
5. MBA in Strategic Management
This MBA program provides extensive and intense knowledge of this specialization in various business disciplines. The students are prepared for the executive level of work to strategize and measure the success rate. It helps them make management decisions and effectively implement and improve the overall performance of the organization.
Specializing in strategy is an in-demand MBA specialization. It is widely transferrable and applicable in almost all sectors. It provides a competitive benefit in the job market. The top jobs are:
- Strategy Consultant
- Chief Operating Officer
- Senior Marketing Manager
- Business Consultant
- Vice President of Strategy
- General Manager of Strategy
- Director of Business development
- Director of Operations
PayScale’s median early career salary of a strategic management consultant is $96,000, and the mid-level would be $149,000 per year.
Part-Time and Online Ways for Pursuing MBA Specializations
Enrolling for an online or part-time MBA degree is very flexible and convenient for working professionals. It helps them advance in their careers while handling work and managing other responsibilities. With the current COVID-19 situation, online programs are considered as the best option. These online MBA programs have structured classes, live, and archived material to suit one’s needs. Thus, one can effortlessly adapt and learn despite hectic schedules. It is beneficial for working people who cannot spend time on full-time MBA courses.
Universities like Texila American University in Zambia offer part-time and online MBA courses for the convenience of working people to upgrade their educational qualifications. Graduates with a bachelor’s degree from an accredited university are eligible to take up this MBA course. Besides, there are plenty of MBA specializations, and it is mostly a two-year program.
Why the Online Master of Business Administration Program Is Good for Working People?
At one point in time, the managerial ladder demands an MBA degree. However, leaving a job and pursuing a degree wouldn’t be possible for many working people. In such a case, an online part-time MBA course would be the right choice. Moreover, it has the following benefits:
- A professional degree at your convenient time and own pace
- Enhanced and tested learning methodology
- Accessibility to live classes and personalized sessions
- Extended guidance from experienced faculty and specialists in that field
- Online exams and internationally accredited MBA degree
- Opportunity to network and interact with students and faculty globally
Career Benefits of Pursuing an MBA Specialization
If you aspire to take up an executive leadership in a reputed organization, one of the above-said, in-demand MBA specializations is necessary. These specializations are gaining prominence in African countries as the business world emerging at a faster pace that leaves greater scope for MBA graduates.
Top MBA states that MBA professionals’ average earnings are between $62,500 and $75,900 annually. The site also states that job growth and recruitment for MBA graduates are expected to increase. Business administration professionals’ salaries in Zambia in education sector values for 10,800 ZMK per month. The average salary varies between 5,740 ZMK and 16,500 ZMK.
PwC predicts that by 2040, Africa will possess the most extensive labor force compared with India and China. So, the scope is getting broader, and it is the right time for taking up an MBA degree specialization.
An MBA program, combined with your brilliance, can result in fetching the highest-paying job comparatively. Each concentration has its benefit and salary package. So, it is best to choose one that sparks interest.