How To Choose An MBA Program
Are you ready to discover your college program?
With so many master of business administration (MBA) specializations, narrowing down your options can be challenging. We can help with that.
An MBA equips students with in-demand business skills and expertise and can give them a substantial return on investment. A 2023 Graduate Management Admission Council study found MBA graduates earn the highest salaries among business school degrees.
MBA graduates typically secure management-level roles, which are booming. The Bureau of Labor Statistics (BLS) projects management job openings will grow faster than average from 2022-2032, with 1.1 million new openings each year and a median annual salary of $116,880 as of May 2023.
Choosing the right program, however, can present challenges. To help with the process, the following information explores MBA programs in detail, including some of the best specialization options available and application considerations to keep in mind.
Popular Online Programs
Learn about start dates, transferring credits, availability of financial aid, and more by contacting the universities below.
MBA Specializations
Many MBA programs provide a broad business education and help propel graduates toward career advancement. But, to land a specific position, students may want to choose an MBA specialization, focusing their training and potentially boosting their employability.
For example, international management MBAs provide business training in a global context, preparing graduates to work with multinational organizations, while an MBA in marketing equips graduates with the skills to develop marketing campaigns and lead promotional teams.
General Management
Not to be confused with a general MBA program, an MBA in general management typically focuses on leadership principles and strategies. Learners take courses in corporate strategy and negotiation tactics to sharpen their managerial skills. This specialization is sometimes called an MBA in organizational leadership.
In this specialization, students often take on assignments that delve into project management and organizational design. Projects and courses typically use a broad scope, ensuring students can apply their training to various fields after graduation. Common employment opportunities for this specialization include general manager and human resources manager.
International Business
An MBA in international business provides students with the standard MBA training and skills but within an international context. Students study international finance, operations, and human resources, exploring foreign markets, cultures, and imports and exports.
Courses and projects cover global strategies, international supply chains, and emerging economies. In addition to management and leadership positions in multinational organizations, an MBA in international business can lead to careers in management consulting and business development.
Strategy
An MBA with a specialization in strategy or strategic management typically focuses on an organization’s overall performance, including its environment, goals, and operations. Students learn how to evaluate an organization’s market, establish goals, and create and implement realistic strategies to meet those goals.
Within these programs, enrollees take courses in managing alliances, global business strategies, and e-business management. They often take on real-world problems and attempt to develop solutions for them. After graduation, strategic management students can apply their skills to management consulting, project management, and management analysis.
Consulting
An MBA in consulting emphasizes analyzing organizational problems and developing achievable solutions. Students learn to apply modern problem-solving techniques to operational, supply chain, or administration issues. They also acquire communication and interpersonal skills, which help them deliver solutions and consultations.
Courses in this specialization cover project management, operations, and innovation. They include case studies and practical training. Graduates can pursue careers in management consulting, analysis, or executive positions.
Finance
An MBA in finance program teaches students about corporate finance and how it functions within high-level organizations. Students acquire skills in accounting, marketing, logistics, and operations. They also learn how to responsibly and profitably manage the capital invested by shareholders.
The courses available in this specialization vary considerably by program and student interest, but common options include managing short and long-term capital, enterprise valuation, capital markets, and financial innovations. Depending on their training, graduates can find careers as financial managers, controllers, and chief financial officers.
Entrepreneurship
In an MBA in entrepreneurship program, students learn how to prepare a start-up investment and maintain strong operations. They learn to evaluate and manage risk, develop business plans, work with investors, and assess future ventures.
Common courses include entrepreneurial finance, market opportunity analysis, and innovation and technology. Students in this specialty also examine real start-ups to prepare them for practical situations. MBA graduates in entrepreneurship can start their own businesses or work in consulting, finance, or marketing.
Marketing
An MBA in marketing focuses on tools and techniques used by modern professionals to understand and capitalize on markets. These programs focus on digital marketing, analytics, social media, and contemporary consumer behavior. Students learn to assess markets, develop advertising strategies, and adapt to market changes.
Some typical classes include forecasting and modeling, product branding, and sales management. Many courses in this field ask enrollees to tackle integrative consulting projects and create their own marketing campaigns. Graduates with an MBA in marketing can explore careers in marketing management, sales management, and project management.
Project Management
With an MBA in project management, students gain the skills to oversee projects of varying sizes and control technical elements like schedules, budgets, and reports. They also examine sociocultural factors, such as leadership tactics, office politics, and interpersonal relationships.
Common courses include management principles, dynamic leadership, and improving business performance. Some assignments may ask students to create sustainable business practices and develop training exercises for staff members. This specialization can often lead to careers in project, financial, or general management.
Operations Management
An MBA in operations management gives students the skills and knowledge to oversee an organization’s entire operations. These programs often focus on decision-making processes and using statistical and economic indicators to solve efficiency problems. A similar specialization is an MBA in supply chain management.
Throughout an MBA in operations, students take courses in supply chain management, performance analysis, and logistics. Students use an array of tools and models to analyze the effectiveness of current operations and develop possible improvements. Potential careers include general management, management analysis, and management consulting.
IT, Technology, or Information Systems Management
An MBA in information technology (IT) involves learning how to manage an organization’s information systems department. Students acquire the skills to evaluate operations, assess and manage risk, develop optimized solutions, and implement changes to a working system.
Common courses include leadership, strategic solutions for IT, financial management, and project management. Projects typically emphasize practical settings and real case studies. Possible careers include chief technology officer, information systems manager, and project manager.
Accounting
In an MBA in accounting program, students focus on an organization’s financial operations. They acquire skills in complex accounting and an understanding of the legal and regulatory frameworks that govern the profession. Some programs may also emphasize international components or government applications.
In this program, learners typically take courses in financial reporting and analysis, auditing standards, and advanced tax strategies. They may also encounter more specialized courses, such as international tax issues or corporate investments. Careers for graduates include management accounting, financial management, and project management.
Healthcare Management
An MBA in healthcare management examines how managers can effectively run the planning, evaluation, and operations of healthcare systems and organizations. These programs focus on the realities and limitations of the healthcare industry while inspiring students to find solutions to improve health outcomes.
Students take courses in population health, funding, and ethics. They also study real cases and visit healthcare settings. Graduates can work in health services, consulting, or finance management.
Sustainability
An MBA in sustainability emphasizes organizational innovations that prioritize the health of the environment and the population, exploring entrepreneurial and problem-solving techniques that help graduates usher companies into the future. Students learn to analyze and assess traditional practices, look for modern solutions, and implement operational changes.
Courses cover management ethics, sustainable practices, and business strategies. Students develop their own sustainable operational plans or critique contemporary case studies. Graduates can work in general management, project management, or consulting.
Real Estate
An MBA in real estate teaches entrepreneurial thinking, infrastructure, and financial aspects of property ownership. It covers valuation techniques, legalities, and regulations. Students learn about project life cycles, development transactions, and economic factors. They complete projects in leadership and prototype development. Graduates often work in financial management, consulting, and investment.
What to Consider
When choosing a major, students need to consider various factors to ensure they make the best decision for them. Below are a few of these considerations, including cost, location, and program details. Degree-seekers should also consider school specifics, such as class sizes, faculty credentials, and research interests.
Cost
Paying for an education is often the biggest challenge students face. While the most well-known MBA programs may have cachet that can improve employment chances, they also cost more.
Similarly, private colleges and universities often have much higher tuition rates than public schools with access to government funding. For many students, the ideal program balances cost and quality.
Location
School location affects costs, experience, and employability. Out-of-state schools are often pricier, and making professional connections is easier if you pursue an MBA in the city where you plan to work. Online programs save travel costs and offer more school choices, but limit local networking.
Program
The format and curriculum of a program can impact a student’s learning experience. For example, if MBA learners need to maintain employment during their studies, they may prefer a part-time program or a full-time program with flexible hours. Enrollees should also consider program length and how quickly they can complete requirements to graduate.
Delivery methods can also impact the educational experience. Online and hybrid programs enable working professionals to study more conveniently and graduate faster, but on-campus programs provide more structure. Degree-seekers should also explore a program’s graduation and job placement rates.
Academic and Work Performance
MBA programs have minimum GPA and GMAT score requirements. Research schools that match your scores to avoid wasting time and money. Work experience is often required, and professional references can enhance your application.
Accreditation
Accreditation can influence a student’s financial aid and employment opportunities, so it is crucial to choose an accredited school. Look for institutional accreditation to ensure that your chosen school meets educational standards.
Some organizations that accredit MBA programs include the Association to Advance Collegiate Schools of Business (AACSB), the International Accreditation Council for Business Education (IACBE), and the Accreditation Council for Business Schools and Programs (ACBSP).
How to Evaluate a Program
Choosing the right MBA program depends on your interests, cost, and program length. Research schools that excel in your desired specialization. Location also matters, as it affects studies, costs, and job opportunities. Visit schools, meet with advisors, and review graduation and placement rates to make an informed decision.
MBA students should tap into a school’s student body and alumni network during the evaluation process. Talk to current students and recent graduates about their personal experiences — some schools even pair applicants with graduates to help them make informed decisions.
Ask an MBA Graduate
Esther Magna received her MBA and MPH degrees from UCLA’s Anderson School of Management. For over 12 years, Esther has guided MBA applicants in her work as Principal with Stacy Blackman Consulting (SBC), a leading MBA admissions consulting firm. At SBC, Esther provides initial assessment for 900+ applicants annually; these applicants aspire to top MBA programs in the U.S. and around the world, including joint degree, executive, and college senior MBA programs. Esther’s schools of expertise span Harvard University, Stanford University, the Wharton School of the University of Pennsylvania, the Kellogg School of Management at Northwestern University, INSEAD, and more.
Q: Where did you get your MBA?
UCLA Anderson School of Management.
Q: At what point in your career did you get your MBA, and why then?
I decided to apply for the MBA when I was four years into my career and while I was working in healthcare project management at Kaiser Permanente. My role was to spearhead patient safety initiatives across the organization of hospitals and physicians.
I was at a crossroads in my professional path. I knew I wanted the rigorous education and analytical exposure that an MBA education offers; the grad degree was essential to advancing my career to the next level from the project management function.
Also, four years of work tenure was the recommended average for MBA applicants, and I wanted to ensure I was optimizing my admit success with work tenure that was in line with the admissions process.
Finally, I wanted to attain my grad degree before my focus pivoted to family life. I was newly married before applying to the MBA and wanted to attain the MBA admit and start the program well before starting a family.
Q: What did you specialize in, if anything? (What were your concentrations?)
Yes, I opted for a healthcare specialization and added a second grad degree, the MPH, to my education.
I chose healthcare because it reflects my career interests and has a double-bottom-line mission, where I could advocate for a company’s business priorities and also for impact (e.g., the greater community good of effective healthcare).
The foundation coursework of the MBA degree covered essential business principles — such as strategy, operations, marketing, economics — while the healthcare electives had an entirely different paradigm focus around community and societal priorities.
Q: What do you do for your career now?
For the last 12 years in my role as principal for Stacy Blackman Consulting, I have dedicated my career to supporting young professionals, domestic and international, in advancing their own MBA aspirations.
I advise about 900 applicants each year on ways to increase their MBA admissions chances to the top MBA programs, U.S. and international, and also specialized programs, such as deferred admission (college senior 2+2), joint degree, and executive MBA programs.
I also work closely with our company’s founder, Stacy Blackman; leaders within the top MBA programs; and industry influencers across MBA-focused media sites to identify and disseminate key trends on higher education and MBA admissions.
Q: What advice do you have for someone considering pursuing an MBA?
I’d advise MBA-aspiring professionals to meet with career mentors and research online about the value of the MBA to ascertain their conviction for the business education and rough ideas for short- and long-term career goals. That research upfront, even if plans may change in the future, will help a young professional to not only get admitted to MBA programs but also to ensure that the student will get the most of the education from the start.
It’s OK to not have all the answers; career paths are constantly in flux even for those who think they are certain about their path ahead. Go easy on yourself.
A recent Stanford MBA admit, who we guided through our MBA admissions consultant services, shared with me, “I think I am just most drawn to the personal development I’ll get out of the degree. As with many type-A students and high-achievers, we never stop to evaluate the reason why we work so hard. The MBA program will be a great time to reflect on my sense of purpose and motivation for why I do things. Hopefully, that will also help me refine longer-term career goals.”
Similarly, I had no idea that I would fall into my current career of MBA admissions when I attended my MBA program. Be open to what lies ahead!
Q: What were your biggest considerations when selecting an MBA program?
The MBA program brand and location were the two factors for me. I wanted to remain in Los Angeles because I was newly married with extended family nearby, and my significant other needed to stay local. I knew that post-MBA career opportunities would be best coming from UCLA Anderson because the networks would be shifted to the West Coast, where I intended to live long term.
Q: If you could apply all over again, what would you do differently?
I would have tried to apply to the top seven MBA programs inclusive of Harvard, Stanford, and Wharton, just so I had the opportunity to know whether I would have been accepted.
Also, I would have tried to negotiate scholarship from UCLA Anderson; I did not know asking for scholarship was an option for me, but I now know through my MBA admissions work that it is quite possible, especially as I could have leveraged the full-ride scholarship offer I did receive (and declined) from USC Marshall.
I had multiple blindspots in the MBA admissions process that I could have resolved through hiring a consultant or searching for the information.
Q: Does it matter where people get their MBA?
Yes, the brand of the degree usually predicts the type of student peer group, recruiting opportunities, and overall return on the investment, inclusive of salary potential and MBA networks.
At the same time, this absolutely varies by MBA student. The MBA’s worth depends on the candidate’s professional profile, career aspirations, and what [they do] once in the program. Fit with and performance at the program are essential.
Q: What’s most important when selecting an MBA program?
Brand/reputation is the most important, followed closely by location preferences. MBA brand predicts rigor of student peer group, enhanced legitimacy of the degree, and long-term professional networks. Brand and reputation can change over time, often driven by year-on-year patterns of ranking by the major institutions.
MBA applicants tend to underestimate the value of location, which often predicts regional recruiting, because applicants tend to instead hyperfocus on brand. Both location and brand are important.
We have scrutinized career placement data for all the top programs and always see a heavy skew toward the local regional area for employment recruiting. Post-MBA career preferences should drive MBA program selection. For example, a professional who wants to work in the US should focus on US MBA programs. Likewise, an applicant interested in the EU for post-MBA work should look into INSEAD and LBS.
Q: What were ways that your MBA program was more or less rigorous than you expected?
I remember feeling overwhelmed by the analytical expectations because my pre-MBA career path wasn’t numbers-driven or traditional (not finance or consulting). I felt that so many of my MBA student peers had already been exposed to number-heavy business frameworks and case studies before arriving at the business program.
I did enroll in a basic Excel and math workshop at UCLA Anderson just before I started the program, but I don’t think those mini workshops were enough to give me a comfort level with some of the case studies and class discussions within the MBA program. I wish I had been exposed to more of that in my professional years beforehand or that I took a more robust ‘Math for Management’ course before the MBA degree.
Much of the MBA experience is team-driven though, so I relied heavily on my peers to compensate for my gaps. I think I would have learned even more if I hadn’t dodged the topics and areas that were hard for me to grasp!
Frequently Asked Questions About MBAs
An MBA provides high-level general business training, emphasizing managerial and leadership qualities. The degree builds on the comprehensive training of an undergraduate business program but delves into more advanced technical skills and processes. Learners often pursue an MBA to develop their business acumen and advance their careers.
