Key Takeaways:
- MBA concentrations focus on specific fields within the MBA program and are essential for higher-paying job opportunities.
- Not all MBA concentrations are widely available, and factors like potential pay, demand, and competition should be considered.
- Earning an MBA can lead to higher job security, salary, and career success, especially in STEM sectors like engineering.
If you’re in a Master of Business Administration program, you’re looking for a career with more responsibility and higher pay. In some industries, even entry-level candidates are expected to have an MBA. But, not all MBA concentrations rake in the big bucks. Read on below to find out which area of concentration can prepare you for the highest-paying MBA jobs. Then put these positions on your job alerts radar!
What is an MBA Concentration?
Let’s get some basics out of the way first. In simple terms, a Concentration is the part of an MBA that is focused on a particular field, discipline, or industry. Concentration areas are chosen after a student has finished all their core or fundamental courses. They choose one area for a particular MBA they are pursuing. Specific course designs can vary between universities, but an MBA concentration area is typically worth 12 credit hours, or 4 courses.
Are All MBA Concentrations Widely Available?
In general, no. Some common concentration areas in MBA programs are Marketing, Human Resources, Management, and Finance. However, even the most prestigious Online MBA programs limit the number and variety of concentration areas they offer in specialized industries or skills.
An MBA concentration is offered based on the availability of faculty, a university’s range of areas of expertise, cost considerations, or the number of MBA students that will potentially choose it.
What are the Factors in Choosing A Good MBA Concentration?
First off, consider good potential pay and expected growth and demand. Your MBA is a form of investment, so choose a field that neither stagnant nor experiencing shrinkage. It is wise to avoid specializations that are highly saturated and where’s there’s too much competition. There are a number of free and good quality data sources that can help in terms of industry-specific statistics and expected future directions, such as the Occupational Outlook Handbook of the US Bureau of Labor Statistics.
Remember that choosing an MBA school is one thing. Deciding on your concentration is another. You may easily enroll in MBA programs online with no GMAT requirement, but think hard about your MBA concentration!
Skillsets are just as important! Sure, one concentration area may look attractive on a resume or may draw industry prospects, but making the jump to a foreign field may be jarring, if not extremely difficult. In this case, it may be good to look at concentration areas that are related to fields you were or are currently part of.
What Is An Executive MBA?
An Executive MBA (EMBA) is a special and exclusive MBA program that is open only to professionals who have significant experience in a particular industry or field, typically in the range of at least 10-15 years. EMBAs share a similar overall structure to a typical MBA, but take into account the advanced skill sets and deep levels of experience and insight that its students are expected to have.
The typical EMBA student will also likely have a large amount of prior commitments and busy schedules, which is why many EMBAs are also offered online to give its students a higher degree of flexibility and convenience, i.e. letting them take their coursework at their most convenient time. While the term “executive” is often associated with a premium price, you can find affordable online Executive MBA programs offered in top-rated MBA schools!
How Long Can MBA Students Expect To Finish the Program?
Like many other graduate degrees, MBAs have a typical completion time of around 2 years, provided that students are able to keep up with their normal coursework schedules. However, 2 years might be a bit too long for a number of students, either because of cost constraints, prior commitments, or simply because some students may be more capable of taking on increased coursework. This is where Accelerated MBAs come in.
The country’s top accelerated Online MBA programs feature a tighter time frame where students must complete courses more quickly than a traditional MBA format. Accelerated MBAs can be earned in as little as one year.
Business Concentrations for the Highest Paying MBA Jobs
Strategy Jobs
According to PayScale, MBA students who concentrate in Strategy make over $120,000 a year on average. A graduate’s exact pay will largely depend on his or her job title, though. This concentration can yield job search results such as:
- Management Consultant
- Chief Operating Officer
- Product Manager
- Management Analysts
- Business Consultant
- Business Development Director
The curriculum for a Strategy MBA is primarily aimed at helping students understand how businesses gain a competitive advantage. Unlike many MBA concentrations that focus on specific technical skills, an MBA in Strategy focuses on the big picture of business development and success, preparing them for some of the best MBA roles.
Finance Jobs
One of the most popular concentrations for MBA students, a specialization in Finance prepares students to take on leadership roles, including financial manager, within the large and growing financial sector of the business world. Graduate degree programs in business administration with a focus on finance or financial technology as a career path may qualify professionals to work in the following high-paying MBA jobs:
- Economists
- Chief Financial Officers (CFOs)
- Management Analysts
- Management Consultants
- Financial Managers
- Financial Analysts
Many occupations and career paths in finance are on the rise. For example, the BLS reports that jobs for financial managers and financial analysts are growing faster than average and are in demand amongst MBA recruiters.
In addition to promising job growth for financial managers, graduates of MBA programs in Finance can expect to earn right at six figures on average, according to PayScale.
Computer Science Jobs
Among the highest paying MBA concentrations available, a specialization in computer science is associated with average salaries of nearly $125,000, according to PayScale. This emphasis is flexible as well, opening up opportunities for MBA positions like:
- Database Administrator
- Computer Systems Analyst
- Chief Technology Officer (CTO)
- Information Systems Manager
- Network and Computer Systems Administrator
These MBA careers for business school graduates are in demand in certain industries, too. The Bureau of Labor Statistics (BLS) reports that job growth in the computer and information technology sector is currently faster than average and will increase by 11% between 2019 and 2029.
Coursework requirements for a Computer Science MBA can vary significantly depending on the business school offering such a degree plan. Still, some common topics of study include computer architecture, machine learning, data mining, and human-computer interaction.
Entrepreneurship Jobs
An MBA student with dreams of opening their own business may choose a Master of Business Administration degree plan with a concentration in Entrepreneurship. These programs often emphasize innovation and strive to give would-be entrepreneurs a competitive edge in the cut-throat business world. It typically works, too, if the pay is any indication. The mean annual wage for a professional with an MBA in Entrepreneurship is just over $100,000 per year, according to PayScale.
While most MBA in Entrepreneurship graduates will go on to open and manage their own businesses, others follow other (albeit related) career paths in many industries after graduating from business school. They may work for prestigious companies like the Boston Consulting Group, for example. Additional MBA job titles associated with this MBA concentration include:
- Management Analysts
- Financial Technology Specialists
- Management Consultants
- Product Managers
- Marketing Managers
- Marketing Directors
- Chief Operating Officers (COOs)
In addition to fulfilling MBA core coursework, those students who pursue an Entrepreneurship concentration via business schools may study additional topics like product design, investment banking, entrepreneurial marketing, venture capital, and more.
Marketing Jobs
Another tremendously popular option for MBA students, the Master of Business Administration in Marketing is a sought-after credential by MBA employers. According to the BLS, job growth for marketing managers is currently faster than average and is projected to increase by 7% by 2029.
Not all Marketing MBA grads become marketing managers, however. Other lucrative MBA jobs they’re qualified for include:
- Market Research Director
- Public Relations Specialist
- Sales Director
- Advertising and Promotions Manager
- Marketing Communications Director
- Chief Marketing Officer
- Market Research Analyst
The salaries for these occupations will vary, but many are among the highest paying mba jobs. However, PayScale reports the average annual wage for MBA-holders with a specialization in Marketing to be over $93,000 per year.
Business Analytics Jobs
In the age of big data, the demand for MBA-trained business professionals with business analytics skills has never been higher. According to the Bureau of Labor Statistics (BLS), data collection and analysis jobs are currently growing much faster than average.
With an MBA in Business Analytics, graduates of business schools are qualified for several different MBA roles and careers, including:
- Marketing Managers
- Financial Analysts
- Management Analysts
- Financial Advisors
- Logistics Analysts
- Financial Managers
These jobs are associated with above-average salaries. According to PayScale, MBA grads with a specialization in Business Analytics make over $78,000 a year on average.
To earn an MBA in Business Analytics, students must enroll in concentration-specific courses covering topics such as data mining, statistical analysis, data-driven decision making, and more. Many of these fields can lead you to some of the highest paying mba jobs.
Human Resources Jobs
According to the BLS, the employment of human resource managers is expected to grow by 6% over the next eight years. That’s faster than the average occupation. As companies grow and expand their staff, they will have a greater need for trained human resources professionals to manage employee benefits, scheduling, and labor laws, for instance.
Graduates of Human Resources MBA programs are well-prepared for a variety of different careers in the field, including MBA jobs like:
- Compensation and Benefits Manager
- Human Resources Manager
- Training and Development Managers
- Labor Relations Specialists
- Human Resources Specialists
- Job Analysis Specialists
Many of these positions are quite lucrative. For example, according to the BLS, the salaries for compensation and benefits managers and training and development managers are well over six figures. PayScale reports the average annual wage for professionals with an MBA in Human Resources Management degree to be just under $70,000. Businesses are always looking for people trained through a quality human resources degree.
Students pursuing an MBA credential with a specialization in Human Resources will take specialized courses in subjects such as personnel management, HR technology, organizational change and development, and trends in training and professional development, for example.
Technology Management Jobs
Business professionals with an acumen for technology may benefit from an MBA degree program with a specialization in Technology Management. This program emphasis will prepare business school graduates for high-demand positions in the growing field of computer and information sciences. According to the Bureau of Labor Statistics (BLS), this particular field is one of the fastest-growing compared to all other occupational categories.
Once they’ve completed the MBA in Technology Management program, business school graduates are eligible for a number of top positions in the corporate and tech worlds. Some of these jobs for MBA graduates include:
- Information Technology Manager
- Software Project Manager
- Information Systems Security Manager
- Management Analysts
- Chief Information Officer
- IT Director
An MBA in Technology Management is one of the most lucrative MBA specializations available. According to PayScale, jobs for MBA graduates with this credential pay over $115,000 per year on average.
The curriculum for this type of MBA will be comprised primarily of business and technology courses. Specific topics may include IT project management, strategic technology solutions, technology and innovation, cybersecurity, and more.
Healthcare Management Jobs
An increasingly popular MBA concentration, Healthcare Management combines the fast-growing fields of healthcare and business. According to the BLS, employment of medical and health services managers is projected to grow by an impressive 32% between 2019 and 2029.
There are different types of healthcare managers, and those professionals with an MBA in Healthcare Management would be prepared to take on specific roles in MBA positions such as:
- Clinical Managers
- Nursing Home Administrators
- Healthcare Executives
- Hospital Administrators
- Health Information Managers
These jobs for MBA graduates are very well-paid, too. The BLS reports that MBA employers pay medical and health services managers a median annual wage of nearly $105,000. There is the potential for these professionals to make nearly $200,000 per year.
Business school students enrolled in an MBA program with an emphasis in Healthcare Management may take courses in health information systems, healthcare finance, legal and ethical issues in healthcare, health operations, and more.
Project Management Jobs
One of the more versatile MBA concentrations, project management is a broad subfield of business administration. Graduates of a Master of Business Administration in Project Management will enjoy job opportunities in various industries, including engineering, construction, transportation, and more.
Though many business school graduates will take on positions as project managers after graduation from a degree plan of this kind, other occupational paths are available as well, including MBA roles such as:
- Project Analysts
- Executive Officer
- General Manager
- Management Analyst
- Director of Operations
- Program Manager
- Project Management Consultant
Many of these positions are associated with better-than-average salaries. PayScale reports the average salary for professionals who hold an MBA in Project Management to be more than $82,000 per year.
Curricula details for Project Management MBAs will vary by school and program, but some common themes include applied business statistics, cost estimation, risk assessment, leadership, and organizational planning.
Logistics and Supply Chain Management Jobs
