MBA Specializations
https://www.aringo.com/MBA_specializations.htmThe MBA is known as a general management degree, educating students in overall management skills so that they can understand the function of a business as a whole.
There is more than just one type of MBA available. In addition to a general Business Administration program, there are MBA specializations available in a number of business sectors that graduates can pursue.
A specialized MBA is often an indication of a faculty or institutional strength; however, many business schools offering general MBA programs may be just as strong or stronger in a particular field, despite not offering a formal MBA concentration. But within virtually all MBA programs there are what are called the ‘core specializations’ and most business schools will feature these heavily in their syllabus.
MBA Specialization Types
An MBA is typically a two-year program that aims to make the student proficient in various subjects of management and an expert for one. In the first year of an MBA the main focus is on giving students a brief idea about various subjects of management. Towards the end of the first year students are introduced to the specialized areas.
In the second year of an MBA, students have to choose one specialization from the variety of specializations available. This is not applicable if students have gained admission to a specialized course. Choosing a specialization can be a difficult process for students. It is very important for student to consider their career goals and professional development before choosing a specialization.
Students have the opportunity to either pursue a general management program or complete a specialization as part of the MBA program. Specializations are a matter of choice, not a prerequisite, and all students receive the same MBA education regardless of whether or not they complete a specialization. Students should consider their career goals and professional development in settling on a specialization.
Listed below are the most common MBA specializations:Finance
An MBA in finance is the oldest form of MBA specialization and probably one of the most popular. In the US, the finance department has become a battleground for business school supremacy. With the high profile of Wall Street amongst MBA recruiters, finance is one of the most eminent disciplines. An MBA in finance prepares you in various subjects, such as costing, management accounting and control, budgeting, international finance, banking, privatization, capital management, etc. The course will emphasize various aspects of financial theories, identification of best managerial practices in the area. After studying these subjects, the graduate becomes specialized in financial management, enabling him or her to work in the finance department of any organization. One becomes eligible for exciting careers in banks, financial consulting firms and financial institutions. One can get involved in consumer and investment banking, institutional finance, merchant banking, corporate finance and international finance.
Marketing
An MBA in marketing is very dynamic and competitive. An MBA in marketing will help enhance one's skills & knowledge in the field of marketing, advertising, public relations, etc. One needs to have excellent communication skills and resource mobilization skills, and an undying zeal to excel in marketing. This specialization can help accelerate entry and progress in some of the most competitive fields: marketing, advertising and public relations.
Entrepreneurship
This is a controversial one because many claim that entrepreneurship is not something that can be taught. These criticisms miss the point that this MBA is really about business administration strategies that engender the same innovation that makes entrepreneurs so successful.
General Management
The General Business Management MBA program is considered most popular MBA program as it offers comprehensive insight into the core elements of business including accounting, management, finance and marketing. MBA in General Management trains candidates in management and strategy for running business for organizations. The main aim of MBA in General Management is to train candidates in monitoring the general operations of the company. This program is designed for individuals wanting a broad, yet in-depth overview of business topics, enabling them to enter into any number of management roles. Usually, companies prefer candidates with solid job experience in general management before offering jobs pertaining to this field. Individuals looking to have a variety of career opportunities available to them upon graduation should consider pursuing a general management MBA. This path may also be suitable for business majors unsure of what specialization to pursue.
International Business
With the relentless pace of globalization, organizations need professionals who know how to conduct business around the globe. That need has increased the demand - even at US-based companies - for graduates with degrees in international business. This MBA specialization provides an in-depth understanding of the organizational capabilities required for international operations, including specialized functions such as international marketing, finance etc. The degree may be thought of as an MBA with a particular focus on multinational corporations.
Operations
Operations management is the corporate area in charge of designing, managing and tracking different processes. These processes are made up of interrelated, sequential activities through which the components and actors required (raw materials, labor, capital, information, the client, etc.) are transformed into products. The key is the value added through the process as perceived by the customer, i.e. the end product has a greater value than the elements pre-process. Companies now need a new kind of supply chain/logistics/operations manager and this need has led to the creation of an MBA in supply chain management or logistics & operations. An MBA in operations teaches the student how to deal with production management or shop floor management. One learns how to maintain process flows and to develop vendor and inter-departmental relationships. Most candidates with engineering backgrounds go for an MBA in operations, as it gives them an edge over their peers in product development and designing and in process optimization.
Information Technology
In this technologically advanced world, no business can run without solid IT support. An MBA in IT is designed to educate & develop managers who can effectively manage the planning, design, selection, implementation, usage and administration of emerging and converging information and communications technologies.
IT graduates play essential roles on the business team, typically designing and implementing hardware and software solutions to business problems. They hold professional positions in areas such as client/server or web applications development, systems analysis and network administration.
Health Care Management
The pharmaceuticals industry is a key player in the worldwide economy as more and more MBA graduates are opting for this trendy field. An MBA in healthcare covers core business skills and practices. However, it focuses on the specific issues managers may encounter in roles such as hospital administrators, medical practice managers, insurance-company executives and a wide variety of other roles. This is a specialization that can prepare graduates for management positions in health care facilities, pharmaceutical companies, insurance agencies, facilities for elderly care, and public health agencies. It’s a growing industry, and thus is becoming an increasingly popular MBA.
As is the case in many key industries, MBA graduates tend to be recruited by the pharmaceutical sector as much for their potential as for any specific previous experience, although academic training in the sciences or a background in such areas as sales or marketing can sometimes prove to be an advantage. There are huge opportunities for MBA graduates in the health care field, and most of them pay very well. With an MBA in healthcare, one can find a good, well-paying position in a biomedical startup, e-health, consulting or pharmaceutical and medical device R&D.
Accounting
Getting into an MBA program in this field of specialization offers in-depth knowledge thatcan help one find a senior level or management positions in different sectors.
An accounting MBA readies students for the CPA exam and jobs in business accounting administration. Students gain skills to become accountants, financial managers, auditors, and more.
Human Resources
An MBA in HR management is for those wanting to develop a management career in HR and strategy. This includes labor markets, international leadership, recruiting, training, team building, performance updates, employee policy, salary, benefits and increments, employee health and safety as well as staff amenities. If one has good communication skills and a charismatic personality, and is dependable and confident, an MBA in HR can be just the thing. This MBA can lead to a key role managing a company’s most important asset – its people.
Supply Chain Management
An MBA in supply chain management is a unique and exciting opportunity in the field of business management. It includes inventory management, warehousing and transportation of various materials as required by a client or a company. Supply chain management can be done by graduates of any stream.
Media/Communication
This one-of–a kind MBA is geared to professionals already working in media or to students looking at jobs in media, advertising, journalism, and public relations. It was specifically designed to provide graduates with the foundation, skills, and competencies required to both understand and function within the complex legal, ethical, economic, and social dimensions of media management. Admission to this program usually requires entering students to have prior media, art or media related business expertise. MBA degrees in these fields are not as widespread as they are in finance, and they can give a real competitive edge in advancing to mid- to upper-level management positions.
Telecommunications
An MBA in this particular field equips students with a global vision of the business convergence process currently taking place and poised to form one of the major industries of the 21st century. It is oriented to innovative professionals of any background who want to plan a career path in the digital economy, either as a key player in a leading multinational or as an entrepreneur.
Telecommunications have made huge leaps forward in the past two decades. It is one of the fastest growing industries in the world. The emphasis is on the value added services, such as e-mail, cellular phones, WAP etc in developed countries and in improving basic telephone availability in developing countries. This sector plays a key role in encouraging growth in the industrial and services sector.
How to Choose an MBA Specialization
MBA programs come in all shapes and sizes, but most prospective students play it safe and go for finance, marketing, or management. One of the main reasons for this is that they do not fully investigate the diversity of specializations out there. This is a great shame, because only once a student knows the full range of MBA options available, can they select the one that best fits their career goals.
As more and more universities offer MBA programs, it is becoming ever more difficult for candidates to decide on which business school offers the most suitable MBA program to meet their requirements. Many business schools are deviating from the ‘generalist’ system, which has been the typical MBA model for the last thirty years. Today one can choose from a wide range of MBA specializations, ranging from an MBA in financial studies, as well as insurance and risk management accountancy and finance, to an MBA in sports management, or even an MBA in technology.
The standard specializations are marketing, finance, human resources, IT/IS, operations and entrepreneurship; but these are rapidly being joined by more specific subjects, such as corporate social responsibility, wine management, football industries, luxury brand management, hotel management, etc.
How should students go about deciding which specialization is best for them? There are a number of ways that individuals can easily make that decision and get on the road to earning a specialized MBA that pays off in the long run. Here are some things to consider:
School ranking - Make sure that the school is well ranked for that specialization (see above). Different specializations will have different rankings, so do the research – prospective employers will certainly do theirs.
Program length - Both one-year and two-year programs are available. A two-year course allows you to be a generalist in year one, and move to specialist in year two. On the other hand, a one-year specialist MBA is really a branding exercise as there is not enough time to cover both standard MBA topics and the specialization within the limited time available.
Personal strengths - If you prefer working alone or consider yourself a leader, a specialization in entrepreneurship might help you in your quest to start your own business. Do you find health care intriguing? A specialization in health care management might be your best option. Take an honest inventory of your strengths and weaknesses.
Personal interests - Which classes interested you most in your undergraduate studies? If you shied away from math but loved international relations, you might want to consider an international program over finance. It may also be wise to look at your grades from those courses, to determine which fields stimulate you intellectually. The biggest tip any individual can get is more of a general education tip, but it still applies to MBA hopefuls looking into specializations: If you are considering going back to school for an MBA, then do it first for your own benefit, and select a specialization that interests you in addition to being useful towards achieving your goals.
Career goals - Do you want to create your own business, or run part of an established franchise? Would you like to travel, or will you be happy settling down with a long-established corporation in a big city? Knowing where you want to be in five years will help you determine where you should begin looking now. Do you want to stay in your current industry or are you interested in a career change? Those working in the field of finance and looking to advance in their field would be well advised to choose a finance specialization to help open doors to upper level management. However, if you have reached a glass ceiling and see no potential for growth in that field, you should consider a career change. A new specialization might be necessary. The most important thing is to match up career experience and future potential in that field when considering a specialization.
After considering the above factors, start researching MBA programs and specializations. While new fields are arising, most schools have several standard specializations. Look at notable programs with lists of specializations that interest you. Most universities will include a list of their MBA specializations, or concentrations, on their websites. Ask for information from schools that interest you. In some cases, you may ask to meet with the professors who teach the specialization that interests you, which may help you in your decision to choose a certain field or university. Schedule an appointment with your university department or program advisor, if you are currently enrolled. Your advisor may be able to offer some insight on your options based on your strengths and weaknesses.
Summary - MBA Specializations by School
- Harvard MBA Specializations: General Management, Nonprofit
- Stanford MBA Specializations: Entrepreneurship, General Management
- Wharton MBA Specializations: Finance, Entrepreneurship
- Columbia MBA Specializations: Finance, International Management
- Chicago MBA Specializations: Finance, Economics
- Kellogg MBA Specializations: Marketing, General Management
- MIT MBA Specializations: Information Systems, Entrepreneurship
- Berkeley MBA Specializations: Technology, Corporate social responsibility
- Tuck MBA Specializations: General Management, Corporate Strategy
MBA Specialization Rankings
Harvard MBA Specialization Rankings:1st - US MBA in General Management rankings (US News, 2012)
1st - US MBA in General Management rankings (US News, 2010)
1st - US MBA in General Management rankings (US News, 2009)
1st - Global MBA in General Management rankings (Financial Times, 2012)
1st - Global MBA in General Management rankings (Financial Times, 2009)
1st - Global MBA in Corporate Strategy rankings (Financial Times, 2012)
2nd - Global MBA in General Management rankings (Financial Times, 2010)
2nd - Global MBA in Corporate Strategy rankings (Financial Times, 2009)
3rd - US MBA in Entrepreneurship rankings (US News, 2012)
3rd - US MBA in Entrepreneurship rankings (US News, 2009)
3rd - US MBA in Nonprofit rankings (US News, 2012)
4th - US MBA in Entrepreneurship rankings (US News, 2010)
5th - US MBA in International Management rankings (US News, 2010)
5th - US MBA in Nonprofit rankings (US News, 2010)
5th - US MBA in Marketing rankings (US News, 2010)
Stanford MBA Specialization Rankings:1st - Global MBA in Entrepreneurship rankings (Financial Times, 2012)
1st - Global MBA in Entrepreneurship rankings (Financial Times, 2009)
2nd - US MBA in General Management rankings (US News, 2012)
2nd - US MBA in General Management rankings (US News, 2011)
2nd - US MBA in General Management rankings (US News, 2010)
2nd - US MBA in General Management rankings (US News, 2009)
2nd - Global MBA in Entrepreneurship rankings (Financial Times, 2011)
2nd - Global MBA in Entrepreneurship rankings (Financial Times, 2010)
2nd - Global MBA in Entrepreneurship rankings (Financial Times, 2008)
2nd - US MBA in Entrepreneurship rankings (US News, 2011)
2nd - US MBA in Entrepreneurship rankings (US News, 2010)
2nd - US MBA in Entrepreneurship rankings (US News, 2009)
4th - US MBA in Finance rankings (US News, 2011)
4th - US MBA in Marketing rankings (US News, 2012)
5th - US MBA in Finance rankings (US News, 2010)
5th - US MBA in Finance rankings (US News, 2009)
6th - US MBA in Finance rankings (US News, 2012)
6th - Global MBA in General Management rankings (Financial Times, 2012)
Wharton MBA Specialization Rankings:1st - Global MBA in Finance rankings (Financial Times, 2009)
1st - US MBA in Finance rankings (US News, 2012)
1st - US MBA in Finance rankings (US News, 2011)
1st - US MBA in Finance rankings (US News, 2010)
1st - US MBA in Finance rankings (US News, 2009)
2nd - US MBA in Accounting rankings (US News, 2011)
2nd - US MBA in Accounting rankings (US News, 2010)
2nd - US MBA in Marketing rankings (US News, 2012)
2nd - US MBA in Marketing rankings (US News, 2011)
2nd - US MBA in Marketing rankings (US News, 2010)
2nd - US MBA in International Management rankings (US News, 2012)
2nd - US MBA in International Management rankings (US News, 2010)
3rd - US MBA in General Management rankings (US News, 2012)
3rd - US MBA in International Management rankings (US News, 2011)
3rd - Global MBA in Finance rankings (Financial Times, 2011)
3rd - Global MBA in Finance rankings (Financial Times, 2010)
3rd - US MBA in Accounting rankings (US News, 2012)
3rd-4th - US MBA in Entrepreneurship rankings (US News, 2009)
4th - Global MBA in Finance rankings (Financial Times, 2012)
4th - US MBA in General Management rankings (US News, 2011)
4th - US MBA in General Management rankings (US News, 2010)
5th - US MBA in Entrepreneurship rankings (US News, 2012)
5th - US MBA in Entrepreneurship rankings (US News, 2011)
5th - US MBA in Entrepreneurship rankings (US News, 2010)
5th - Global MBA in Accounting rankings (Financial Times, 2012)
7th - Global MBA in Accounting rankings (Financial Times, 2011)
8th - Global MBA in Marketing rankings (Financial Times, 2011)
8th - Global MBA in Accounting rankings (Financial Times, 2010)
Chicago MBA Specialization Rankings:1st - Global MBA in Economics rankings (Financial Times, 2010)
1st - Global MBA in Economics rankings (Financial Times, 2009)
1st - Global MBA in Finance rankings (Financial Times, 2010)
2nd - Global MBA in Finance rankings (Financial Times, 2011)
2nd - Global MBA in Finance rankings (Financial Times, 2008)
2nd - US MBA in Finance rankings (US News, 2012)
2nd - US MBA in Finance rankings (US News, 2011)
2nd - US MBA in Finance rankings (US News, 2010)
2nd - US MBA in Finance rankings (US News, 2009)
2nd - US MBA in Finance rankings (US News, 2008)
2nd - US MBA in Accounting rankings (US News, 2012)
2nd - Global MBA in Accounting rankings (Financial Times, 2010)
2nd - Global MBA in Accounting rankings (Financial Times, 2008)
3rd - US MBA in Accounting rankings (US News, 2011)
3rd - US MBA in Accounting rankings (US News, 2010)
5th - Global MBA in Finance rankings (Financial Times, 2012)
5th - Global MBA in Accounting rankings (Financial Times, 2011)
6th - Global MBA in Accounting rankings (Financial Times, 2012)
7th - US MBA in Marketing rankings (US News, 2012)
7th - US MBA in Marketing rankings (US News, 2011)
Columbia MBA Specialization Rankings:2nd - Global MBA in Finance rankings (Financial Times, 2012)
4th - US MBA in Finance rankings (US News, 2012)
4th - US MBA in Finance rankings (US News, 2010)
4th - US MBA in Finance rankings (US News, 2008)
4th - Global MBA in Finance rankings (Financial Times, 2011)
5th - US MBA in Finance rankings (US News, 2011)
5th - Global MBA in Finance rankings (Financial Times, 2008)
5th - US MBA in International Management rankings (US News, 2012)
5th - US MBA in International Management rankings (US News, 2009)
6th - US MBA in Marketing rankings (US News, 2010)
6th - US MBA in Finance rankings (US News, 2009)
6th - US MBA in International Management rankings (US News, 2010)
6th - US MBA in Marketing rankings (US News, 2008)
7th - Global MBA in Finance rankings (Financial Times, 2010)
8th - US MBA in Marketing rankings (US News, 2009)
8th - US MBA in Nonprofit rankings (US News, 2009)
9th - US MBA in Nonprofit rankings (US News, 2010)
9th - US MBA in Marketing rankings (US News, 2012)
Kellogg MBA Specialization Rankings:1st - US MBA in Marketing rankings (US News, 2012)
1st - US MBA in Marketing rankings (US News, 2011)
1st - US MBA in Marketing rankings (US News, 2010)
1st - US MBA in Marketing rankings (US News, 2009)
1st - Global MBA in Marketing rankings (Financial Times, 2012)
1st - Global MBA in Marketing rankings (Financial Times, 2011)
1st - Global MBA in Marketing rankings (Financial Times, 2010)
1st - Global MBA in Marketing rankings (Financial Times, 2009)
3rd - US MBA in General Management rankings (US News, 2011)
3rd - US MBA in General Management rankings (US News, 2010)
4th - US MBA in Nonprofit rankings (US News, 2009)
4th - US MBA in General Management rankings (US News, 2012)
4th - US MBA in Nonprofit rankings (US News, 2010)
4th - US MBA in Production/Operations rankings (US News, 2010)
5th - US MBA in Production/Operations rankings (US News, 2012)
5th - US MBA in Nonprofit rankings (US News, 2012)
5th - US MBA in Nonprofit rankings (US News, 2011)
7th - Global MBA in General Management rankings (Financial Times, 2012)
7th - US MBA in Production/Operations rankings (US News, 2009)
8th - Global MBA in General Management rankings (Financial Times, 2011)
8th - Global MBA in General Management rankings (Financial Times, 2010)
9th - US MBA in Supply Chain/Logistics rankings (US News, 2011)
9th - US MBA in Supply Chain/Logistics rankings (US News, 2010)
10th - US MBA in Finance rankings (US News, 2011)
10th - US MBA in Finance rankings (US News, 2010)
The updated article (with additional programs) is here:
https://www.aringo.com/MBA_specializations.htm
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Updated on: 19 Dec 2013, 09:21
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