MBA specialisations to consider this year to future-proof your career
The decision to pursue an MBA is not an easy one. The journey involves a huge investment – both on your time and finances. Despite that, MBAs can add more ‘flavour’ to your resume in addition to beefing up your skills that can help you start your own business or equip yourself with the knowledge and skills that would help you take on senior management positions.
But if you’ve decided to embark on the journey, the next order of business would entail deciding if you should pursue a general one or go with an MBA specialisation.
Both have their pros and cons – for instance, choosing a specialised MBA can help you build a skillset in a particular area. This can be useful for professionals who need a targeted approach to their learning to help them progress in their industry, or it can help those looking to branch into a particular sector the tools to do so.
Conversely, general MBAs offer students in business schools a broader education. Broadly speaking, professionals who don’t necessarily have a specific sector of interest that they plan to go into but want to develop broad business skills will find this postgraduate degree useful.
If you’re interested in pursuing an MBA specialisation, these are some worth exploring:
Finance skills are highly in demand, according to the US Bureau of Labor Statistics.
For instance, it said: “Employment of financial managers is projected to grow 16 percent from 2018 to 2028, much faster than the average for all occupations. Several functions of financial managers, including cash management and risk management, are expected to be in high demand over the decade.”
This spells opportunity for those looking for a stable career in a role that is applicable across a range of industries, making it an excellent choice for professionals. An MBA with a finance specialisation may equip you with an arsenal of knowledge and skills in varying financial functions, from corporate to investments.
With climate change and issues relating to sustainability high on the political agenda, an increasing number of businesses are also looking into being more responsible towards the environment.
In a similar vein, professionals who work with NGOs and international organisations are also seeking business and management skills to apply in their work, reported the Financial Times. This helps fuel demand for an MBA specialisations that are sustainability-related.
Some universities that offer programmes in the field include the University of Wales’ online MBA Sustainability Leadership programme and the University of Vermont’s Sustainable Innovation MBA.
In 2018, Mark Weinberger, who, at the time, was the EY Global Chairman and CEO, said entrepreneurs can help meet society’s needs and lead us into the future with their innovation. They’re also essential to the economy as they help create jobs and drive economic growth.
Entrepreneurs play an indispensable role in society, so if you’re someone who wants to start your own business, an MBA with an entrepreneurship concentration might just be perfect for you. The programme can help equip you with the tools to lead effectively, learn how to turn an idea into a business, how to anticipate problems in business ventures, and the like.
Many universities offer MBAs with an entrepreneurship concentration, including the Wharton School of Business and Chicago Booth School of Business.
These represent only a handful of MBA specialisations; there are many others to choose from, from marketing to human resources and IT, to name a few. Think clearly about your career goals to help you decide if you should choose a general MBA or a specialised one to make it worth your time and effort.