If one observes some of the high-paying jobs around the world, most have one thing in common-an MBA degree. May it be a CEO, a CFO, or a Manager, an MBA graduate acquires most of those high positions in any organization.
Now, this doesn’t necessarily mean everyone graduating from MBA will reach that point in an organization, but the chances of an MBA earning a higher position are marginally higher than any other post-graduation.
In MBA also, there are several categories on which the future of the candidate depends. It’s called specialization or an MBA in that major. Any MBA can take a subject as a major, which directly affects the kind of Job/position they are going to get in any organization. One can select from numerous options such as:
- General Management
- International Management
- Healthcare Management
- Innovation Management
- Human Resources
- Engineering Management
- Information Systems
- Operations Management
- Entrepreneurship, etc.
Every specialization has a significant application in administering a business. However, the output of the major one selects defines his/her future. Whether one has done MBA from a traditional university or have chosen an online global MBA, one thing is for sure: each specialization prepares an individual for real world. But some skills are more in demand than others and which helps fetch them a higher pay.
If any individual is looking to choose a major in MBA but doesn’t have any clear goals, these five specializations should be their priority:
*Number of Jobs included as per specialization is limited to being a manager in that specific specialization in Australia (Data from Indeed). One major can have multiple job options.
General MBAs make around AU$100,000 a year in Australia. Around 8300 General Manager jobs are listed on Indeed for Australia.
“General” is one of the reasons to choose “General MBA” rather than ‘one expertise’.
In General MBA, one gets to learn a little bit of everything. Basics of finance, operations, consulting, marketing, etc. are a part of this curriculum.
If one doesn’t have a clear idea of what’s better for them, choosing “General MBA” is a wise decision.
With General MBA, one can become an operations manager, Business development manager, Senior business analyst, even a CEO, or many others.
Finance MBAs earn around AU$96,000 per annum in Australia. Finance accounts for more than 22% of post-MBA careers. Around 4800 jobs for Finance Manager are listed on Indeed for Australia at the moment.
In Finance specialization, one gets to understand the financial behaviors of any organization. Finance is the most significant part of any organization, and being a finance MBA means to understand the economy and money to sustain a business and keep it profitable. It’s about learning the importance of assets and disguise of debt. It’s about developing a trait of being frugal.
With Finance, one has several career options. From investment banker, asset manager, or Management Accountant to a Chief Financial Officer or a VP of any organization, MBA in Finance can benefit.
MBA in Marketing guy/gal makes around AU$110,000 on average. Excellent marketing skills can grow a business in no time. A total of more than 7500 jobs are listed on Indeed currently for a Marketing Manager.
Marketing people play a crucial role in any organization. From attracting new customers to increase market share & revenue, marketers’ role in any business’ growth is above par. Basically, they understand what the customer wants and attract them with their skills.
Market research & analysis, competitor analysis, branding, advertising, and many such things are a part of an MBA in Marketing program.
Opportunities such as Marketing Manager, Media, Internet Marketer, Business Developer, etc. are the perks of having an MBA in Marketing.
4. Information Technology:
Again, an AU$100K per annum job. Without IT, this internet age will stop. Advancement in Information Technology is what’s keeping the internet alive. Total of more than 16,000 jobs for IT managers is listed on Indeed for Australia.
It is one of the most sought after curriculums for post-graduation.
Information Technology, as an MBA major, teaches one the management and business side of running an IT/Service business. The course covers System Analysis, Supply chain management, Network Security, etc. alongside the managerial-decisions to make.
With an MBA in Information Technology, one can become Information Technology (IT) Manager, Business Analyst, Project Manager(IT), Administrative assistant, etc. up to a CEO.
An MBA in Entrepreneurship can pay one around AU$114k. Though entrepreneurship doesn’t revolve around salary, there are jobs for this specialization.
The curriculum revolves around building a start-up. It develops strategic skills & business skills of any individual. It concentrates on networking, possible challenges & how to overcome them, and taking the right decisions. It teaches one to use their creativity as well as analytical skills to draw a business plan.
The career options for Entrepreneurship MBAs are such as Product Managers, Marketing Managers, Marketing Directors, etc.
Of course, one doesn’t take this course to get a job, but the options are there.
Getting an MBA (online or offline) is clearly a great way to a guaranteed high paying job(given one has obtained the skills and not just passing grades).
If one’s goals are clear before entering this post-graduation course, there’s no need to think about other alternatives as every option pays well.
However, if one is unclear about what they are after, choosing from the five specializations, mentioned earlier, will be a better option. General Management, Finance, Marketing, Information Technology, and Entrepreneurship, all have a positive impact on one’s career.
Not only jobs, one can start their own startup or business with their MBA knowledge. The practical learnings like networking, marketing, financial management, business planning, people handling, etc. can come in handy for any business.