Who would’ve thought that the 21st century would see a pandemic, right? With advanced healthcare, increased life spans and an overall advancement in technology, it’s surprising that a tiny virus could cause such global chaos. However, on this dark cloud, there’s a faint silver lining for MBA students. GMAC’s recent corporate survey states that 89% of employers are planning to hire MBA graduates. This number dipped to 77% during the second wave of the lockdown, scaring off a lot of potential students. So now you know that an MBA is still very much in demand, and pursuing one right now will definitely give you an edge.
The real question is, what kind of MBA should you pick? Glad you asked! There are two broad buckets that MBA’s can be divided into; a general MBA vs a specialized MBA. In this blog, we will analyze the pros and cons of each type and help you get to an answer for the looming question above.
- The General MBA.
- The Specialized MBA
Through a general MBA, you can develop a broader knowledge base. You will learn the fundamentals of almost everything business-related, and the skills developed here can be used across various industries. Also, you will have the chance to acquire relevant soft skills such as critical thinking, communication and creativity. And the demand for these all-rounders is pretty high.
The drawbacks are that you might not get a chance to work in your dream industry (if you have one). Another major concern is the fact that MBA’s require both monetary and time investment, so it’s important to figure out beforehand if you can afford to spend it. A general MBA is ideal if you’re looking for a career change, or have no particular role or industry in mind.
Here, there are two more types, a specialized MBA and an MBA with a specialization. The primary difference between these two is that the former only teaches you about one particular domain and often lasts for about a year. However, an MBA with a specialization usually takes longer, and here you will not only focus on a particular domain but learn the ropes of everything that’s covered in a general MBA too. This is a perfect choice if you have a particular role or a specific industry in mind.
Here’s some more information about the most in-demand MBA specializations and the answer to the age-old question, which MBA specialization is best paid!
- Finance–Say you are an engineer who’s interested in the stock market, pursuing a specialization in finance will get you to your dream career as a financial analyst, or an investment banker. This is one of the top paid MBA specializations, with starting salaries of $70,000.
- Marketing – What use is a product that no one knows about? A marketing specialization requires dynamic and flexible leaders. They operate at the front end and are usually the direct link between a company and its target customers.
- Operations – A business can only run properly if everything works in a system. The operations team handles this aspect of a company. Here the career options are endless, and you can get into supply chain management, strategy consulting, logistics, quality control and more. The early career pay is about $80,000.
- Human Resource – HRs are leaders who are capable of finding and managing talent. It’s also one of the most vital components of any company because it deals with employee well-being. A GMAC survey states that the requirement for HRs will go up by 9% in the next 3 years and the average salaries are in the $60,000 range.
- Entrepreneurship – This program is designed specifically for those who want to pursue entrepreneurship, either as a founder, manager or investor. There are a ton of ideas that are put into action every day, and all these companies need professionals to help it reach its full potential. Here you will focus on business strategies, risk analysis, risk management and other domains.
In the context of which is the best MBA specialization for the future, or which type is most beneficial in the post-COVID world, we would say go with what you really want. A business is made up of many things, and all these specializations work together to build the best brand possible. While the demand for certain MBA specializations may fluctuate due to exogenous factors, employability largely remains stable in the long term. So the question you should really ask yourself is whether you want to be a jack of all trades or a scholar in one.
What we’ve discussed is but a handful of specializations and to keep up with the current world’s requirements, several unconventional concentrations have come to light. Some examples are information technology, corporate social responsibility (CSR) and healthcare. So do your research and pick out the one that best suits you. If you aren’t too sure or need a little help, book a free session with our counsellors. They’ll be sure to support you in carving a path to your dream career, like they have helped the thousands of students before you.