The master of business administration (MBA) has always an incredibly popular choice for pursuing a postgraduate degree. It is because an MBA degree offers candidates a professional advantage for administrative jobs. Online master’s in business has become a popular option for working professionals due to their flexible nature.
MBA courses offer various specializations, and it cannot be evident to choose among them. MBA degree specialization will not only determine what to study but also significantly impact one’s ambitions and future career and If ever wondered on how to choose an online MBA program, you have come to the right place. But, it is essential to consider what you want to achieve before choosing a preferred MBA specialization.
Listed below are the specializations available in the online Master of Business Administration (MBA) Program.
MBA Specializations to be Considered in 2020
The MBA program becomes essential for candidates to reach top-level management roles. This degree also provides several advantages for working professionals who hold a UG degree. It can uplift career and professional aspirations amidst changing trends and challenging environments. The acquired skill set empowers MBA graduates to lead a team, division, or the entire organization fearlessly in the right way.
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Whether to expand business knowledge or use it to step up one’s career path, the MBA program proves advantageous in any situation. Listed below are the reasons for choosing each of the top MBA degree specializations.
1. MBA in Human Resource Management
MBA in human resource (HR) management specialization enables students to get thoroughly inculcated with the managing principles of human resources. The right workforce is responsible for the critical functioning of any organization. The HR Management department handles sourcing and managing them. They are the essential link between the top management and the employees.
This MBA specialization helps students land jobs in the HR department of an organization. These are some of the job positions available for qualified professionals:
- HR Generalist
- Technical Recruiter
- Employee Relations Manager
- Compensation Manager
- Staffing Director
- Director of HR Training & Development
The median salary for HR managers is approximately 1,100,000 JMD. Those who got bonuses reported rates ranging from 4% to 5% of their annual salary according to salary explorer. It also significantly opened doors to increased pay, improved job satisfaction, and more excellent job stability. Plus, they can change the lives of individuals who are searching for a job.
2. MBA in Finance
Money is the lifeblood of every organization to execute its operations. Cost is involved in every activity and time spent in running the organization. Thus, handling money matters is imperative. It includes study in economics, statistics, finance, strategy, leadership, and marketing aspects. Expertise in these areas lets students work in several positions in the financial segment.
Accounts and finance are traditional choices, but this area will continuously thrive despite the variations in technology and personnel. There are several specializations to select from, like accountancy, global, or managerial economics. Each has its merits and the most repaying jobs. Financial knowledge and the right skill set can land career opportunities in corporate finance or investment banking. Some of the famous positions are:
- Chief Financial Officer
- Corporate Controller
- Financial Analyst
- Finance Officers and Treasurer
- Insurance and Risk Manager
- Finance Consultant
- Investment Banking Associate
- Cash Manager
- Investing Sales Trader and Associate
Finance is also a high-paying MBA specialization with graduates making 745,000 JMD per year As payroll supervisors according to salary explorer.
3. MBA in Marketing
Marketing is allied with almost every product or service in the industry. The chief objective of any business is to reach out to its services to the right target audience in a market. For this, marketing know-how is vital. This professional marketing degree incorporates marketing tactics like relationship-building skills, sales promotions, consumer and market trends, market strategies, and public relations.
Like finance, marketing is also a universal choice of MBA specialization. It is a creative opportunity to influence marketing on any business’s success. It is not only about promoting sales but also about creating a brand image and customer experiences. It helps to understand the product or service and use data analytics to propose forecasts and track market trends.
The career opportunities after pursuing an MBA in marketing are enormous. The graduates are in demand for the following job positions:
- Marketing Manager
- Market Research Analyst
- Digital Marketing Manager
- Sales Manager
- Corporate Sales
- Media Planner
- Brand manager
- Product Manager
- Asset Management
Marketing is also a high-paying MBA specialization with graduates making 2,772 JMD per year in marketing roles according to Paylabs.
4. MBA in Project Management
An MBA course in project management helps students learn the basics of critical project planning and structure a reliable project schedule. In addition to planning, they also are made aware of execution, project launch, and handling multiple projects seamlessly. The business environment demands explicit planning and multi-tasking skills.
This MBA specialization helps graduates learn about the various processes involved while handling the project. The quality of the project and meeting the requirements and completion at the stipulated timeframe are also essential. It is a valuable skill set for any business. Most of the job opportunities are in IT, construction, and consultation segments.
Some of the jobs available are:
- Project Manager
- Project Analyst
- Risk Manager
- Project Quality Manager
- Project Leader
- Engineer Director
- Team Leader
Project managers make around 4,152 JMD per year according to PayLabs.
5. MBA in Strategic Management
This MBA program provides extensive and intense knowledge of this specialization in various business disciplines. The students are prepared for the executive level of work to strategize and measure the success rate. It helps them make management decisions and effectively implement and improve the overall performance of the organization.
Specializing in strategy is an in-demand MBA specialization. It is widely transferrable and applicable in almost all sectors. It provides a competitive benefit in the job market. The top jobs are:
- Strategy Consultant
- Chief Operating Officer
- Senior Marketing Manager
- Business Consultant
- Vice President of Strategy
- General Manager of Strategy
- Director of Business development
- Director of Operations
Strategic Management and business development roles, on average, pay 1,970,000 JMD graduates annually, according to SalaryExplorer.
Part-Time and Online Ways for Pursuing MBA Specializations
Enrolling for an online or part-time/Online MBA degree is very flexible and convenient for working professionals. It helps them advance in their careers while handling work and managing other responsibilities. With the current COVID-19 situation, online programs are considered as the best option. These online MBA programs have structured classes, live, and archived material to suit one’s needs. Thus, one can effortlessly adapt and learn despite hectic schedules. It is beneficial for working people who cannot spend time on full-time MBA courses.
Students learn many key elements such as business strategy which is an essential aspect of MBA, and many MBA students during their degree program or online learning utilize case studies to understand, learn, and formulate solutions in great detail without the traditional classroom methods.
Universities like Texila American University in Guyana offer part-time and online MBA courses for the convenience of working people to upgrade their educational qualifications. Graduates with a bachelor’s degree from an accredited university are eligible to take up this MBA course. Besides, there are plenty of MBA specializations, and it is mostly a two-year program.
Why the Online Master of Business Administration Program Is Good for Working People?
At one point in time, the managerial ladder demands an MBA degree. However, leaving a job and pursuing a degree wouldn’t be possible for many working people. In such a case, an online part-time MBA course would be the right choice. Moreover, it has the following benefits:
- A professional degree at your convenient time and own pace
- Enhanced and tested learning methodology
- Accessibility to live classes and personalized sessions
- Extended guidance from experienced faculty and specialists in that field
- Online exams and internationally accredited MBA degree
- Opportunity to network and interact with students and faculty globally
Career Benefits of Pursuing an MBA Specialization
The experience level is the most crucial factor in determining salary—naturally, the more years of experience, the higher your wage. We broke down the Business Development Manager’s salaries by experience level, and this is what we found.
According to SalaryExplorer, a Business Development Manager with less than two years of experience earns approximately 1,030,000 JMD annually while someone with two and five years earns 1,380,000 JMD per year, which is 34% more than someone with less than two years’ experience in the field.
Moving forward, an experience level between five and ten years lands a salary of 2,030,000 JMD per year, 48% more than someone with two to five years of experience.
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An MBA program, combined with your brilliance, can result in fetching the highest-paying job comparatively. Each concentration has its benefit and salary package. So, it is best to choose one that sparks interest.