As a prospective online MBA student, it is important to add value to your degree by developing knowledge in a concentrated focus area. Types of MBA specializations often align to particular industries which largely depends on your strengths, interests and career goals. Aston University’s Online MBA in Canada allows you to embark on the career path for you by choosing from a variety of types of MBA concentrations including, entrepreneurship, finance, global business, and organizational development in order to tailor your degree to your professional goals.
By choosing an MBA specialization you will be better in a better position to shape the trajectory of your career and bolster your credentials at the highest level of your chosen industry. In order to help you choose, we’ve developed a list of 5 types of MBA concentrations that would make excellent career options for future students.
1. Finance MBA Specializations
As a vital function throughout the business world and one of the most popular MBA specializations, finance is an invaluable pathway to explore. An online MBA in finance gives students the foundational knowledge and tools to improve their understanding of how financial markets operate while exploring the complexity of financial decision making, capital allocation, corporate finance, portfolio management, and investment banking. It combines the disciplines of business, management, and administration to prepare students for roles in executive and senior management positions. Common jobs with an online MBA in finance include financial managers, financial controllers, chief financial officers (CFO) and senior financial analyst roles. With this specialization salaries average at C$82,000 with professionals often pertaining to a graduate-level degree.
Students who chose to go into this field must have capable skills in mathematics, economic analysis and accounting. If you are pursuing a career within the financial services industry in a specialized area such as corporate and commercial banking, hedge fund management or investments, then an MBA with a specialization in finance is often critical.
2. Strategic Management MBA Specializations
In order for organizations to navigate through the ever-changing business environment to succeed and prosper, they require effective strategic leaders who understand big-picture organizational performance. MBA specializations in strategic management focus on teaching students how to become better managers by improving strategies and setting direction to attain better performance and competitive advantage. The strategic management professional needs to have complete knowledge and analysis of the company and the general competitive environment so that accurate decision can be made maximizing the opportunities for achieving business objectives. They also need to possess the business savviness by examining an organization’s overall competencies, strengths and weaknesses to identify potential areas of improvement to improve the bottom line. Students will learn key skills structured around business strategy, tactical thinking, project management and implementing solutions to name a few.
This specialization prepares students for upper-level management occupations including, Chief Operations Officer (COO), Department Supervisor or Senior Business Analyst. The average salary for individuals with this degree is C$94,000. Typically professionals who work within strategic management or business development roles have a master’s degree to complement their experience. Professionals who choose to earn their master’s degree in strategic management will be ready to work in a variety of management-level positions across a variety of industries.
3. Entrepreneurship MBA Specializations
MBA specializations in entrepreneurship are designed for those who are ambitious and want full control of their future. Aston University’s MBA prepares future entrepreneurs on how to implement their own business venture by teaching them skill sets in building a professional network, seeking venture capital, product design, and marketing. Becoming an entrepreneur is a daunting endeavor but having an MBA education from specializing in entrepreneurship can give you the skills, tools, and confidence to succeed in the marketplace. An entrepreneurship specialization will help you develop and shape your business but perhaps more importantly develop your soft skills that are essential in leading a team, connecting with people and managing time-sensitive obstacles. While roles can be broad within this concentration common ones include project manager, marketing manager, and product development manager. The average salary for an online MBA in entrepreneurship is C$85,000.
4. Marketing MBA Specializations
With the rise of digital and online marketing, marketing MBA specializations have grown in recent years as skilled marketers are in high demand in the always-changing technological landscape of the business world. This specialization is best suited for people who are creative, work well in a team, possess an analytical caliber and are good communicators. Prospective students will explore a number of subjects including promotion management, consumer behavior, forecasting, brand management, and selling strategies. Achieving an MBA in marketing allows professionals to advance to positions such as sales and marketing managers, marketing directors or product managers. The average salary for a professional who pursues an online MBA in marketing is C$82,000. In order to progress into a more well-paying career in marketing, obtaining an MBA is widely recommended. The skills learned to apply to many different fields in the workplace, making a marketing specialization MBA graduate a candidate for countless high-earning roles.
5. Global Business MBA Specializations
Students who have international business aspirations may find global business MBA specializations to be exactly what they are looking for. An MBA in Global business prepares students to operate, conduct and plan business activities across international markets. They will gain further knowledge of foreign trade practices, export and import regulations and international market and legal frameworks. Courses and programs tend to cover all other subject areas like finance, economics, marketing and human resources with an international management focus. This specialization prepares graduates for a broad variety of careers from a management consultant to an international trader or business development manager to name a few. Generally, global roles prefer an advanced graduate-level degree. Salary expectations for a student who holds an online MBA in global business is C$81,000.
With an increasingly globalized world, many companies have operations overseas and are actively seeking qualified MBA graduates who possess cross-cultural business knowledge and understanding to compete on the world stage. A specialization in global business enables students to be well-positioned and hold countless opportunities in advancing their careers worldwide.
When contemplating a specialization, it is important to consider which types of MBA concentrations will best empower you to achieve your long-term goals. As you take the next steps toward obtaining your online MBA think about your industry and what would be the most valuable for you.