If you’ve just started looking at an MBA, then the number of specializations might be dizzying. You might want to go for one based on what you heard from other students or people around you. Or, you may want to go into a field you’ve always dreamed of entering.
However, it’s also important that you look at the market and see what employers are going to be looking for in 1, 5, or 10 years from now. You want what you learned to stay relevant and allow people you’re working with to tackle challenges presented by new market conditions. Let’s take a look at some MBA specializations that are in demand now and for the future.
Business intelligence will be one of the hottest concentrations for the next coming years. Having a diploma in business intelligence will allow you to work as a management analyst. The demand for management analysts is expected to grow by 11% leading from 2019 to 2029, which is way higher than the national average.
This is a great job if you like to crunch numbers and really want to get into the technical aspect of business. Not to mention that the business world will continue to digitize itself and demand for people who can compile, analyze, and act upon data using predictive models and algorithms will be through the roof. If you want to learn more about some of the benefits of getting a business intelligence degree, we suggest you check out this article.
Human Resource Management
If you’d rather deal with people than numbers, then know that there will still be a lot of demand for HR managers. Demand for HR managers is expected to grow by 6% leading into 2029, which is also above the national average.
Human resource managers play a crucial role in not only recruiting, but crafting benefits packages, instituting culture within an organization, training, onboarding, and managing conflict. They’re also paid very well with the median pay for HR managers being at around $116,720.
HR managers will also be responsible for making the transition to an increasingly mobile, remote, and flexible workforce. This is one of the reasons why their role will be so crucial and demand is expected to remain high.
This is another great choice if you want to work with people. Consultants will be in high demand over the next years as businesses will need to adapt to new methodologies and a fast transforming workforce. While virtually anyone with an MBA can be a consultant, this one will give you a better chance if your main goal is to work as one. These will concentrate more on the core aspects of being a consultant, like business problem solving, communication skills, business analysis, and corporate strategy skills.
Marketing was always at the top of the list for most students and is high with employers as well. There will always be a demand for good marketing managers. The demand is expected to grow by 6% from 2019 to 2019, and the median pay is around $134,000 per year.
Marketing managers are very needed in a time when competition is at an all-time high. There’s a constant and increasing pressure to differentiate your products and marketing efforts while building a brand in often very crowded niches.
Students who decide to specialize in marketing will learn things like advanced market research, consumer behavior, business ethics, brand and product management, e-commerce, and digital marketing among others. This is a well-rounded degree and one that could be extremely useful to you if you ever decide to become an entrepreneur at some point.
Finance is another very popular specialization, and over 20% of all MBA graduates end up working in a finance position. One of the reasons for this is the great pay packets offered in finance-related jobs. Specializing in finance will give you the tools needed to understand various financial theories, how the world of finance works, and how you can apply these principles in business.
One thing that is great about having an MBA in finance is the vast number of positions you can fill. You could work as a hedge fund manager, for instance, or in an asset management firm. You could decide to work in private equity or venture capital. You even have non-financial firms that would have a finance department in-house where you could work.
This is probably one of the best MBAs to have in the next coming years. Those with an MBA in IT will have a unique set of skills that will allow them to manage both the information systems in a company and its employees. These will play an invaluable role in tech companies and might often be the only ones qualified to fill those roles.
As a matter of fact, this is one of the reasons why so many non-MBAs are CEOs at the moment. Having technical knowledge is becoming more important than simply having business knowledge in many fields and firms can afford to have leaders who don’t understand the technology they’re working with. They also play an important role in companies where cybersecurity is a priority.
Someone with an MBA in IT will be better able to identify possible breaches and issues within a company’s infrastructure. Having someone like this will dramatically reduce the chances of having attacks, and they’ll be better prepared in case of one. They will be able to mold a company’s culture and processes to limit the chances of incidents and make sure that both systems and people are accounted for.
This is also a great option for someone who has an IT background and wants to get into the world of business. This includes those who want to become entrepreneurs themselves.
All of these are great options if you want to differentiate yourself and have something that will allow you to get a great position for years to come. Look into each of these in detail and don’t hesitate to ask for a second opinion from someone who has been there.