Which MBA Is Best for Me?
Are you ready to discover your college program?
Deciding on a master of business administration (MBA) specialization can be a career-defining decision. By choosing a specialized MBA rather than a general MBA, you’ll get focused training in a specific area of business, such as consulting, project management, strategy, or finance.
MBA specializations allow graduates to build the knowledge and skills for specific careers. A specialization can also help professionals who don’t yet have relevant work experience.
This page explores how to choose an MBA specialization and presents data about the highest-paying and most in-demand MBA specializations.
Popular Online Programs
Learn about start dates, transferring credits, availability of financial aid, and more by contacting the universities below.
What Is an MBA?
An MBA program is a graduate-level course of study that provides a broad understanding of business principles, management strategies, and leadership skills. It covers various business disciplines such as finance, marketing, operations, and human resources.
MBA programs generally take two years on a full-time schedule and three years on a part-time schedule. Graduates often pursue careers in management, consulting, entrepreneurship, or other leadership positions across industries. MBA application requirements vary.
What Types of MBA Specializations Are There?
Business schools usually offer a variety of MBA specializations within an MBA program. This lets students focus on areas they like and steer their careers on certain trajectories. Depending on which MBA program you choose, students may even be able to select more than one concentration.
However, most programs cap their specialization options. Smaller programs, for example, may combine their small business and entrepreneurship concentrations. Other programs focus on a few core specializations rather than offering a dozen options.
The following are potential MBA specializations offered by business schools.
Most Common Types of MBA Specializations
- Accounting
- Business management
- Consulting
- Cybersecurity
- Engineering management
- Entrepreneurship
- Finance
- General management
- Healthcare management
- Human resource management
- Information systems and technology
- International business
- Logistics management
- Management consulting
- Marketing
- Nonprofit business
- Operations management
- Product management
- Project management
- Real estate
- Resources and environmental management
- Rural management
- Small business
- Startups
- Strategy
- Supply chain management
- Sustainability
Is an MBA With a Specialization Better?
Choosing an MBA specialization over a general MBA has its pros and cons.
MBA specializations give students in-depth knowledge and skills in a specific area, making them more competitive. For instance, an MBA in finance can increase the chances of getting hired by an investment bank. They also allow students to tailor their MBA to their desired industry or role.
But, a general MBA provides a broad understanding of business principles and practices. This knowledge can be crucial for leadership roles. A general MBA also increases career flexibility, allowing people to move between industries and roles more easily.
What Are the Highest-Paying MBA Specializations?
Entrepreneurship, finance, and business and marketing are the highest-paying MBA specializations, according to Payscale. Entrepreneurship grads reported an average salary of $110,000 as of 2024. The earning potential for some possible roles, such as executive director and vice president of operations, was over $200,000.
| Specialization | Average Salary |
|---|---|
| Entrepreneurship | $110,000 |
| Finance | $106,000 |
| Business and Marketing | $103,000 |
| International Business | $102,000 |
| Marketing | $99,000 |
What MBA Specializations Are in Demand?
In a 2023 survey of corporate recruiters, the Graduate Management Admission Council (GMAC) reported that interpersonal, communication, strategy, and innovation skills are the most in demand for MBA and business master’s graduates. MBA specializations that involve these skills more than others include marketing, entrepreneurship, management consulting, and information and technology management.
In-Demand MBA Specializations to Consider
Entrepreneurship Specialization
An MBA in entrepreneurship focuses on innovation, business planning, and funding. It also builds management and leadership skills. According to Payscale, graduates become entrepreneurs or venture capitalists, earning an average of $110,000.
Information Systems/Technology Specialization
An information systems MBA or IT MBA combines business and technology skills. It teaches grads to improve company efficiency and profitability using information systems. They also learn about security, intelligence, and communication tech. IT MBA grads earn an average salary of $103,000, Payscale data shows.
International Business Specialization
An international business MBA covers global business, trade, and supply chain management. Students learn strategy, negotiation, and economic development. Other key areas are finance and entrepreneurship. Payscale reports that international business MBAs earn an average of $102,000.
Project Management Specialization
An MBA in project management emphasizes leadership and strategy, especially in team settings. Project managers guide projects from the planning stages to completion while working toward organizational goals. According to Payscale, project management MBAs earn an average salary of $88,000.
Sustainability Specialization
An MBA in sustainability focuses on innovation and strategy from an environmental view. They study environmental challenges and find sustainable ways to innovate and gain a competitive edge. Graduates earn an average salary of $96,000, Payscale reports.
Which MBA Specialization Is Best for Me?
Your MBA specialization choice depends on your strengths, interests, and career goals. To narrow down your options, identify what specializations align with your aspirations.
Some industries offer higher salaries, while others provide opportunities to make meaningful contributions. You may thrive in data-driven business analytics, excel in healthcare management, or succeed in marketing.
You can also decide based on the specializations offered by top online MBA programs. These programs typically offer multiple specializations in high-demand areas. Ultimately, reflecting on which best suits your strengths and weaknesses will help you decide.
A Real MBA Grad on Choosing a Specialization
TBS sits down with MBA grad, Silvi Saxena, to discuss how she decided her MBA specialization.
What advice do you have for students who are deciding on a specialization?
Specialization is great if your industry has the special niche interests, but think about your industry and how relevant a specific specialization may be. Talk to those who are in those areas where you’d like to work and set up informational interviews for yourself to learn about the position and how different specialities could fit into those positions.
At what point in your career did you get your MBA, and why then?
I got my MBA six years after getting my first master’s, which was an MSW. Working in healthcare as an MSW had its limits, and an MBA plus my work experience would set me apart for certain job opportunities.
What advice do you have for someone pursuing an MBA?
Think about where you want to be and what will be the best fit for you. There are a lot of speciality programs that work in conjunction with businesses and within the MBA program. Talk to others who have gone through an MBA program, look at the bios of those in positions you’d like to be in, and consider all paths.
Silvi Saxena (preferred pronouns she/her) has worked as a medical social worker/clinician for 10 years doing home visits, hospice care, and hospital work. She has experience with patients of all ages with a wide variety of complex medical and psychosocial concerns. She has a dedicated passion for end-of-life care, palliative, and chronic care. She chooses to work with those who are the most vulnerable in the healthcare system.
Currently, Saxena works in a corporate education role at a national hospice company. Additionally, she has a special interest in and commitment to healthcare-related employee wellness and supporting direct care providers so they can provide the best care for their patients.
Saxena received her MBA from Quantic School of Business and Technology.
Frequently Asked Questions About MBA Specializations
Which MBA specialization is best for consulting?
MBA specializations in management consulting and strategic management are ideal for consulting professionals. They develop key skills in data analysis, decision-making, and client relationship management. Specializations in finance, marketing, or entrepreneurship are also beneficial for consultants.
What is the difference between MBA concentration and specialization?
What’s the difference between MBA specializations and concentrations? Well, there isn’t one. Specializations and concentrations both refer to focused curricula that train MBA students for particular fields. Regardless of whether a business school uses the term “specialization” or “concentration,” they both provide targeted skills for specific career paths.
Which type of MBA is in demand?
MBAs in marketing, entrepreneurship, management consulting, and information and technology management are in high demand, according to a 2023 corporate recruiter survey by GMAC. Employers value the interpersonal, communication, and strategy and innovation skills these specializations help students build.
Does your MBA specialization matter?
Yes. An MBA specialization offers focused training in a particular field, signaling to employers that a graduate can succeed in that business area. However, most programs also offer general MBAs without specializations, and employers look favorably upon those degrees, too.
What’s the most affordable MBA specialization?
A general MBA is often the most affordable MBA specialization because it requires the fewest credits. However, it’s a good idea to research whether your choice of specialization affects cost before enrolling in any MBA program.
