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The Master of Business Administration (MBA) degree is one of the most sought-after degrees in the world. MBA programs attract students from almost every professional background. It develops the knowledge and skills needed for management and leadership roles in every type of business.
When it comes to the MBA, students can pursue or combine many disciplines to create a “winning combination” of skills, tools and techniques to advance their careers. A degree focus is not required for MBA programs, but it can shape the trajectory of a career, according to the “U.S.News and World Report.” Combining a concentration with internships and professional associations can boost a resume and help graduates stand out from the crowd.
Choosing a specialty can cause some anxiety, so business school deans and career counselors advise students to do their homework before making a decision. They encourage students to consider prior work experience, passions and interests. They also encourage them to be bold and willing to embrace change. With that said, here are three MBA concentrations that are most in demand today.
Finance
The Master of Business Administration in Finance is one of the most lucrative programs in business school. According to the Bureau of Labor Statistics (BLS), business and financial occupations are expected to grow faster than average for other professions.
As more companies look to manage their money and investments, the demand for financial managers with an MBA degree will also grow. Most courses in this concentration focus on the legal and managerial aspects of investing, but many also look into accounting, marketing and economics.
Marketing
The Master of Business Administration in Marketing is another in-demand MBA concentration. This program provides the skills needed for executive careers in retail, customer relations, database marketing and the pharmaceutical industry.
“The customer is always right” is a common business truism, and graduates with a marketing MBA know this. However, they also have the ability to present products and services to the right customers in order to make a sale. The coursework for this specialization includes customer behavior, purchasing trends, and new marketing innovations.
Health Care Management
Rising health care costs, new government reforms and aging populations have made health care the career industry of the future. The Master of Business Administration in health care management gives professionals the management and technical skills they need to lead health care into the twenty-first century.
Whether graduates want start a health services business, manage insurance providers or run a hospital, a health care MBA can give them the right tools. The coursework for this program focuses on various health care-related subjects including the legal and corporate structures of health care systems.
Something to Consider
As with other advanced degrees, not all MBA programs are created equal. The most in-demand concentrations are not necessarily the most popular ones. Some students prefer not to specialize, and a general MBA degree is perfectly acceptable without a concentration. However, a degree focus can make a big difference when it comes to changing or advancing careers. A little forethought now can help students choose the right path for their future.
