concentrations for mba

As Poets & Quants recommends, the best way to choose an optimal MBA degree concentration is to consider:

  • the projected salary difference of a higher degree in relation to tuition
  • the program’s success rates
  • personal specialization preferences

These are five of the best MBA concentrations to consider.

1. Strategy

Many large firms hire more MBAs today who specialize in strategy. They pay them well for their strategic skills. The average starting salary for this concentration is about $135,000. That number jumps about $10,000 more by the mid-career point. MBA strategists are valuable because of their ability to:

  • maximize a company’s income
  • improve client or vendor relationships
  • find ways to increase internal productivity

If there is a problem within the company, a strategy expert can find it and can often solve it.

2. Entrepreneurship

Most students who have spent any amount of time talking to advisers or peers in MBA programs have heard of this focus. However, many students dismiss it immediately after hearing that the average starting salary is less than $70,000 per year. The success rates for MBAs specializing in entrepreneurship are promising. This is why the mid-career average salary jumps considerably to nearly $140,000 per year. This is just $5,000 less than the mid-career salary for the best-paying MBA concentration, which makes it well worth considering. Also, entrepreneurs typically have income from stocks and equity. These are not factored in with salary numbers. Entrepreneurs help form, execute, grow and oversee new ideas and turn them into successful ventures.

3. General And Strategic Management

This job field has a projected growth of over 10 percent during the next decade. According to Forbes, job satisfaction ratings were 70 percent among professionals in this field. In addition to this, pay growth boasts more than a 75 percent average increase from the beginning through the middle of a career. MBAs who specialize in general and strategic management work for a variety of companies. However, their roles in any company will typically include:

  • setting goals
  • analyzing progress
  • taking steps to make improvements that align with goals

4. Corporate Finance

Corporate finance MBAs are responsible for every aspect of a company’s finances. They forecast where money will come from. They must keep track of every penny and they must help executives decide the best ways to spend money for maximum benefits. Although their jobs are complex, they can be very rewarding. This concentration is often understated because of its lower starting salary in the $75,000 range. However, corporate perks and bonuses given to MBAs in these positions are often favorable enough to make up for any reservations. Job growth is also good for this focus.

5. Marketing Management

For students who enjoy and embrace challenges, this is a good concentration to choose. MBAs who are marketing managers must:

  • study current marketing trends
  • analyze marketing plans
  • modify plans
  • measure the success of these plans

Since marketing trends are always changing, MBAs in this specialty enter a competitive business. However, it is very rewarding for passionate graduates. The average mid-career salary is about $135,000.

Computer science, operations management and economics are some additional concentrations that pay well and have other benefits. There are plenty of choices to consider. All students should take the time to pick the right program for their preferences and professional strengths. The first step is requesting more information about any desired MBA programs.

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