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Master of Business
Administration (MBA)
An MBA is,
by its very nature, designed to give you a certain level of expertise within
the world of business. As you may have already discovered, people who earn MBAs
can have a definite advantage when it comes to higher salaries and
opportunities for advancement. Plus, some industries, such as securities and
commodities, require this advanced degree if you want to achieve higher-level positions.
All MBA
programs can provide you with some core competencies, including a solid
foundation of business knowledge. Typically, you will study accounting,
finance, marketing, advertising, management, and business operations, as well
as ethics and law related to business. You can also learn how to:
- Develop strategic business plans
- Use advanced research techniques to generate
solutions
- Maintain meaningful communications
- Use your budgeting and planning skills to ensure
fiscal stability
- Adhere to government regulations
So, why
are more and more schools offering a diverse range of specializations? And,
more importantly, what will your chosen area of concentration mean for your
future career? To help clarify, here are some of the most common
specializations, and their benefits.
Health Care
Administration
Generally designed for professionals already
working in the health care field, this specialization can prepare you to
advance into an administrative role. Your program will most likely focus on
health services administration, health care law, and public administration. You
can also learn how to apply your knowledge of policy development and strategic
planning to various health systems.
Management
As with other specialities, including marketing
and finance, the basics will be covered in a general MBA program. However, by
specializing in one of the core areas, you can deepen your knowledge, and delve
into different job-specific aspects. For example, a concentration in management
could help you develop expertise in analytics, organizational relations, and
strategic management. You can also learn concrete strategies for effectively
managing change.
International Business
As the landscape of business changes from
localized markets to global ones, the demand for professionals trained in
global economics, international trade, and international management expands as
well. This specialty can allow you to develop essential cross-cultural
knowledge. For example, did you know that while asking somebody what they do
for a living is perfectly acceptable in America , it is often seen as an
offensive question in other countries? Clearly, knowledge of cultural norms is
vital to a successful career in international business.
Entrepreneurship
This specialty is particularly popular right
now. With a concentration in entrepreneurship, you can learn how to turn your
great ideas into tangible results. While acquiring integral small business
knowledge, you can also gain experience in identifying investors, and
developing business plans. Plus, you can use your entrepreneurial skills to
make your own business a success, or to contribute to new business development
within an existing company.
Some other examples of MBA specializations
include:
- Information
Technology
- Project
Management
- Human Resource
Management
- Organizational
Psychology and Development
- E-business and
E-commerce
The Key
How do you ensure you get the most out of your
chosen specialty? Pick a program that will give you plenty of opportunities to
put your theoretical knowledge into practice. Look for:
- Professors who
have experience in your field
- Case studies
and projects that expose you to real-world business practices
- Thesis or
capstone projects that allow you to practice meeting real business
challenges
Finally, make sure you get a solid grounding in
the basics before moving on to a specialization. For example, if you don't have
a business degree, then a two-year MBA program that allows you to gain a
general business education the first year, before choosing a specialization in
your second year, is probably your best bet. A broader education also enables
you to move out of your chosen specialty if the market hits a downturn.
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