Pursuing a Master of Business Administration (MBA) is a strategic career move and a significant investment in your future. MBA graduates are likely to earn up to 20% more than what they would with a bachelor’s degree alone, according to recent salary projections. In addition to the increased earnings potential, MBA programs allow for specialized studies that can enhance the value of your degree.
Choosing an MBA concentration based on your career aspirations can help hone your expertise and propel you into the job you want.
What Is an MBA Concentration?
An MBA concentration, sometimes called an MBA specialization, is a focused area of study within the broader Master of Business Administration curriculum. Examples of popular concentrations include finance, management, and marketing. Although choosing a specialization may not be required, it can be beneficial for gaining more advanced skills for a certain role.
What Is the Highest Paying MBA Concentration?
Potential earnings will vary depending on many factors like an individual’s skills and experience, industry demand, and the overall economy. Therefore, it is not possible to say with certainty what the highest-paying MBA concentrations are. However, current job market data can lend insight into the roles and specializations that pay higher-than-average salaries or those that project particularly fast growth.
Best MBA Specializations to Choose From
The following are five possible concentrations within a Master of Business Administration degree that uniquely prepare you for in-demand roles in lucrative industries. Each one represents a distinctive blend of coursework and practical experience designed to help accelerate your entry into respective professional arenas.
Finance
A finance concentration can be a step toward a career as a finance manager, investment banker, or chief financial officer. The specialized MBA curriculum will develop your mathematical and financial management skills, preparing you to enter a competitive job market with higher-than-average growth. According to the Bureau of Labor Statistics (BLS), the median salary for financial managers is $131,710 and jobs are projected to grow 17% from 2021 to 2031.
Marketing
A marketing MBA concentration emphasizes skills in market research, marketing data analysis, and consumer behavior — expertise that applies to almost any industry. Graduates may find management roles in promotions, sales, or advertising in a variety of markets. The BLS states that marketing managers earn a median salary of $133,380 and jobs are projected to grow 10% from 2021 to 2031.
Management Information Systems
Management Information Systems (MIS) is the combination of business strategy with information technology (IT), focusing on managing IT for business growth. The MIS concentration features coursework that a dedicated Master of Science in MIS program would include, thus integrating disciplines like data science, information security, and web analytics into business administration.
Opportunities for MBA graduates who specialize in MIS include careers like systems consultant, IT strategist, or chief information officer. In the current tech-driven economic environment, these kinds of jobs are in especially high demand. According to the BLS, computer and information systems managers earn $159,010 as the median salary, and jobs are expected to grow 16% from 2021 to 2023.
Business Analytics
Business analytics is the scientific discipline of optimizing business activities through data-driven decisions. An MBA with a concentration in business analytics is beneficial for learning statistical methods, predictive modeling, and machine learning as they relate to business administration.
The business analytics MBA concentration may lead to a career as a management analyst, chief data officer, or management consultant. According to the Bureau of Labor Statistics, roles for business analysts pay a median of $93,000 per year and are projected to grow 11% from 2021 to 2023.
Health Services
An MBA with a Health Services concentration opens the door into the fastest-growing sector of the U.S. economy. This concentration prepares you to tackle the complexities of hospital and health systems management, with potential careers in hospital administration, pharmaceutical product management, or hospital management. The BLS predicts that jobs for medical and health services managers will grow 28% from 2021 to 2023, and these jobs pay a median salary of $101,340 per year.
Is It Necessary to Choose an MBA Concentration?
Pursuing a specialized MBA may be the right choice for those who are set on the particular management field they wish to enter, but a concentration is not required in completing a Master’s of Business Administration.
You can also choose a general MBA, which will help you gain the necessary skills for leadership in either the public or private sphere. This degree offers the essential analytical skills to make better business decisions as a management consultant, logistics director, chief customer officer, or another career in this wide field of opportunity.
How to Choose a Concentration for an MBA Degree
Selecting an MBA concentration should be a choice balanced between personal interests, professional aspirations, and realistic market projections. Understanding all of your MBA options is essential for making a decision, and a discussion with an academic advisor can help.
In choosing a program, it is also important to anticipate the commitments in terms of time, expenses, and scheduling. Fortunately, all of these concentrations are available as part of online MBA programs, which can offer additional advantages in flexibility and cost savings that might allow you to complete your MBA while working or fulfilling other obligations.
Regardless of which concentration you choose, in an online program, you can prepare for your career with rigorous, 100% remote coursework. Learn more from the online MBA program at UAB Collat School of Business.
Sources:
Pearson Pathways, “Average salary for the MBA graduate”
U.S. Bureau of Labor Statistics, “Financial Managers: Occupational Outlook Handbook”
U.S. Bureau of Labor Statistics, “Management Analysts: Occupational Outlook Handbook”