For the longest time, MBA degrees only had a couple of distinct specializations. The creative lot went into marketing, the ones good in numbers pursued finance, and those who loved networking specialized in supply chain. Today, MBA programs have evolved and diversified to a great degree.
Those seeking jobs are clearer on which MBA specialization to pursue because they know about the market demands and the type of job they want to get. However, those who want to equip themselves with the knowledge to start their own business or are going for an MBA to ensure their business’ success are bound to get confused. They don’t know which program could be most beneficial for them and their business.
If you are an entrepreneur or an aspiring one, you are in luck. We have outlined everything there is to know about the different MBA specializations. We also briefly introduce 7 MBA specializations that you can choose from.
Why Pursue A Specialized MBA?
MBA remains a gold standard for professionals across different industries interested in management positions. But why are there so many MBA specializations available?
The truth is that those with a specialized MBA have a likelihood of earning higher than average starting salaries. This is because these candidates have specialized knowledge and are expected to add more value to a role. But for business owners, pursuing a specialized online MBA means:
• Gaining an understanding of the evolving business landscape
• Unlocking more networking opportunities
• Making better decisions
Those are a lot of advantages for business professionals!
7 Top MBA Specializations To Consider
There is a plethora of MBA specializations available today. Here, we discuss briefly seven of these specializations for you to get an understanding of what each one entails. After this, we have compiled a set of questions that you can ask yourself to choose the best MBA specialization for your business success.
1. Online MBA – Generic
A generic online MBA is quite useful for entrepreneurs who want to get a gist of the business world. During this degree, the student will:
• Study different leadership theories and work on case studies – to become a better leader for your employees.
• Explore different financial options available – to make better financial decisions for your business.
• Study the marketing basics – to understand everything from pricing to branding.
• Understand the basics of supply chain management – to manage supply chain relations and costs.
2. Online MBA In Accounting
An MBA in accounting is probably best for entrepreneurs with a business in the accounting sector. Entrepreneurs with an online MBA in accounting can add significant value to these businesses:
• Accounting Firms
Traditional accounting firms that offer auditing services can greatly benefit from entrepreneurs with specialized knowledge in accounting.
• Forensic Accounting Firms
An entrepreneur with a business that investigates financial discrepancies and fraud can benefit from an accounting-focused MBA.
• Tax Consulting Firms
Businesses offering tax consulting services often require in-depth knowledge of tax codes, making an accounting-focused MBA advantageous.
• Financial Advisory Services
Companies offering financial advice, especially those dealing with investments, can benefit from an accounting-focused MBA.
• Startups In Finance Or Accounting Technology
Entrepreneurial ventures developing accounting software, fintech, or financial services can benefit from the expertise of an entrepreneur with an MBA specialized in accounting.
3. Online MBA in Business Analytics
With data being at the back of every decision, entrepreneurs can greatly benefit from an online MBA in business analytics. Here are some ways an entrepreneur with an MBA in Business Analytics can ensure business success:
• They can use data analytics to inform and guide every business decision – leading to better outcomes.
• Through data analytics, they can gain deeper insights into their target audience’s preferences, behaviors, and needs – leading to better product offerings.
• Data analytics knowledge can help the entrepreneur segment their target market more effectively – leading to more effective marketing.
• Entrepreneurs who know how to use business analytics tools can forecast future trends, demand, and potential challenges – leading to better business decision-making.
• Business analytics knowledge can help an entrepreneur optimize internal processes, identify inefficiencies, and reduce operational costs – leading to higher profitability.
• A business analyst entrepreneur can make use of the competitors' data to gain insights into their strategies and market positioning – leading to strategies that can break competitors.
4. Online MBA In Finance
An online MBA in finance can be relevant for entrepreneurs with a knack for finance who want to launch a business related to financial services. However, it might also be relevant for business owners who want to make effective financial decisions for their businesses.
5. Online MBA In Healthcare Administration
An entrepreneur can benefit from an online MBA in healthcare administration if they plan on offering services to healthcare providers. Examples of such services include:
• Healthcare Consulting Services
• Revenue Cycle Management Services – manage claims, coding, billing, and reimbursement processes.
• Health Information Management (HIM) Services
• Compliance and Regulatory Services
• Telehealth and Remote Care Services
• Patient Experience and Satisfaction Enhancement Services
• Marketing and Branding Services for Healthcare Providers
• Home Healthcare Services
6. Online MBA in International Business
An MBA in international business can be quite valuable for business owners in any industry aiming to expand their services or export their products internationally.
7. Online MBA In Management
An MBA in management is perfect for solopreneurs wanting to hire employees. The knowledge and skills that this MBA degree can develop in business owners can help them become better leaders. These leaders can help their employees reach their full potential, which is, in turn, beneficial for the business.
Questions To Ask For Choosing An MBA Specialization
For an entrepreneur considering an MBA, it is helpful to first ask yourself some questions about how an MBA can contribute to your business goals. Here is a starting point for you:
• Is there an MBA program specific to my business industry?
• How will an MBA benefit my current business or future entrepreneurial endeavors?
• Am I seeking to gain new skills or expand my existing knowledge with these MBAs?
• Can an MBA help me to connect with professionals in my industry?
Final Words On Top Types Of MBAs
Specialized MBA programs are not only valuable for people seeking professional careers but also for those who wish to establish and grow their businesses. This article presents valuable information for entrepreneurs wishing to pursue a master’s degree to improve their skill set and the possibilities of business success.
