The MBA is finally back at the forefront and is solidifying its importance for entrepreneurs and executives. Those with this qualification will position themselves to fill all sorts of roles, and in fields not always directly related to business.
Analytical minds are needed more than ever. There is more need for an in-depth understanding of advanced supply chain management and new management methodologies. Let’s take a look at 7 MBA concentrations with excellent prospects for the future.
This one is set to be red hot in the future. The healthcare system is and will continue to face challenges in the years to come. Healthcare executives and administrators will be needed to ensure that patients receive proper care and find ways to improve internal processes and efficiency continually.
In a healthcare MBA, you will learn about things such as global health management and healthcare innovations. Once it’s completed, you’ll be able to start looking at positions as a health service manager.
The requirement for pharmaceutical and health services managers is expected to grow by 32% by 2029. This makes it one of the fastest-growing fields in the country. The centre salary for health assistance managers is $100,980, which works out at $48.55 per hour.
2. Business Management
Good business managers are also very much needed right now. The business management MBA is close to a general MBA, which can be both an advantage and a disadvantage. On the one hand, you won’t be limited to a specific position with this degree. However, you might not be the first candidate for positions that require a more specialized set of skills.
This is only one reason why choosing the right concentration is so important when picking an MBA. If you need to understand more, check out this link. There, you’ll find more information on the MBA in general and some more concentrations you could consider.
Still, you should become no problem finding a position with a business management MBA. The employment rate for graduates is around 95%. Not only that, but the average graduate can stand to make over $95,000, which is nearly double as much as those who only hold an undergraduate degree.
MBAs in finance will also be needed in the future. A finance MBA will prepare you to handle the highest responsibilities in a financial organization. With a finance MBA, you can work as a financial manager, budget analyst, or CFO.
In addition to getting business and management classes, you’ll also learn about things such as accounting, financial derivatives, and financial law, among other things.
Once you finish your studies, you could get an entry-level position as a financial examiner and start building from there. The median pay for financial examiners is around $81,090 per year.
4. Information Systems
Those with an IT MBA will be some of the most sought-after graduates in the next coming years. That is the cause of the absolute number of positions you can fill with these qualifications.
You could work as a Chief Technology Officer, for instance, or you could get an entry-level profession as a machine and information systems manager. No jobs are expected to grow by 10% in this sector, leading to 2029, but they are paid quite handsomely. They can make as much as $146,360 per year, which is pretty impressive.
This is also an excellent MBA for anyone thinking of becoming an entrepreneur. Most new startups are tech-oriented or have a heavy tech component.
This means that MBAs with an IT background will be able to work actively on every aspect of the company. You’ll also have a hands-on approach to cybersecurity and be better equipped to prevent or react to attacks and breaches.
If your first goal is to become an entrepreneur, then going for an entrepreneurship MBA would be a natural choice.
Here, you’ll learn all the strategies needed to start a venture right. Another great thing about these degrees is that they often have more of an incubator component to them. The program also attracts motivated individuals and is a great place to start networking of finding partners.
Besides learning how to build a startup, you’ll learn about things like advanced market analysis, business planning, and business forecasting. Others also place a lot of importance on planning and feasibility assessments. These are vital tools that will help you tell the probabilities of a venture being successful or not.
Your salary will, of course, depend on how successful your business is. However, know that those with an MBA in entrepreneurship can still land executive positions or work with consulting firms.
This may not be the most exciting concentration on this list, but it’s still one of the most valuable. Here is an attractive choice for those who are looking for advancement.
There is no better way to move from the company accountant to Chief Financial Officer than an MBA. You can also expect a significant pay bump, with the average CFO earning more than $110,000 per year.
7. International Business
The world and business are more interconnected than ever, and those who have an MBA in international business will have a significant advantage over the next years.
Companies require people who can handle business across countries and continents. They want people who can navigate between markets without missing a beat and have a good understanding of the business climate in various places in the world.
International business MBAs are also those who can find new markets for expansion. They play an essential role in business and will continue to see a lot of demand. Someone with an international business MBA can expect to make more than $100,000 per year on average.
So, if you are looking for an MBA that will allow you to find a job fast with an excellent salary in the new economy, these are all top choices. Make sure, however, that you go for the one you feel genuinely interested in and have the aptitudes for.
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