Landing your dream job is no simple task. For many people out there, getting to that point takes a lot of hard work, time, an education, and experience in the field. And even with all of that under your belt, there are still many steps you'll likely need to take in order to get within arm’s reach of your dream job.
For those who have made the choice to pursue an MBA, clearly you are thinking of the future and what kind of education would give you the skillset needed to succeed. But did you know that you can actually choose different concentrations or areas of focus for your MBA program? This gives you a more specialized education, which in turn can make you that much more employable once you graduate.
But what exactly are the different MBA concentrations and which is best suited for you? Let’s examine some of the most common MBA concentrations there are, giving you and in-depth look at what to expect.
Finance Concentration
Among one of the most in-demand concentrations is the finance concentration. If you think about how many jobs exist in this field, it's easy to see why this one would be good to pursue. Every business out there needs to be aware of its finances, and how to plan for a profitable and successful framework. It doesn’t matter what industry the business is in; finances will be a big part of the company.
When companies look to bring in the financial experts and hire them, they expect that individual to be prepared. This means being able to look at a company's current financial position and figure out how to better it and move it forward. You'll need to know the specific methods, tools, and strategies to achieve this.
Some of the more common jobs you could get with an MBA finance degree include a financial analyst or a financial manager. Both of these are very much in-demand, which means you’ve got a good chance of being hired. Keep in mind that just because the field is growing, doesn’t mean you won’t still be faced with competition. Finding ways to stand out from other applicants can be essential in getting the job you want.
The U.S. Bureau of Labor Statistics (BLS) states that the financial analyst job growth is faster than average, coming in at 5% over the next 10 years. The median pay for this position is $81,590. Typically, you'll work in an office environment, and it will be up to you to give your company advice when it comes to investment decisions. On the flip side, you may choose to work with individuals looking to invest.
In terms of a financial manager, this position is growing at a much faster rate, increasing by 15% over the next 10 years. Also, the median pay is higher at $129,890 according to the BLS. You'll have a bit more variety with the work environment as a financial manager as you could work for an insurance company, at a bank, in an investment firm, and more. Judging by the rate of growth, now is the time to break into this field.
Accounting Concentration
While this particular concentration also deals with numbers, it's different than the financial concentration. With the accounting concentration, the emphasis is on accounting principles that will help you to become an auditor or accountant that can address the needs of the ever-expanding economy.
The good news here is that the BLS once again predicts a fast rate of job growth, with 10% growth expected between now and 2029. It's always nice to be looking at a field that has job openings and is growing, rather than shrinking and getting more competitive by the minute.
So, why get an MBA when all that is required is a bachelor’s degree to become an accountant? It's about the long-term goals that you have. Having that MBA will once again give you the leg up on competition, and you can expect to make a higher salary. Overall, this helps to propel you to your career goals that much faster.
When you learn about accounting principles through an MBA program, it covers all the necessary skills that for-profit and non-profit companies require. You can click here to learn more about what this concentration focuses on. As for the typical jobs you can expect once you graduate, they include budget analysis, management accounting, and government accounting (at all levels).
Business Intelligence
Then we have an entirely different concentration that addresses today's tech-dependent world. Pretty much every industry across the board has become obsessed with collecting data that can then be analyzed and used to make various business decisions.
Here's the thing, collecting all the data has proven to be the quick and easy part. Making sense of that data and then applying it to that particular business isn't so quick and easy. This is where jobs like data and business analysts, application developers, consultants, project managers, and more have blossomed from.
These professionals are able to take that data and use it to shape such things as the marketing plan, what products to release, product pricing, customer research, market research, and so forth. Every big business decision, in fact, hinges on the data that is now being collected.
By choosing the business intelligence concentration, you will learn how to manage and analyze the large quantity of data coming in, you will learn how to actually design databases, and then how to apply your knowledge to the company you work for. It’s giving you actual real-world skills that are in-demand.
An MBA Concentration Allows You to Specialize
By choosing one of these concentrations, you are in fact able to become a specialist, honing your skills, expertise, and knowledge in a particular stream. This is highly attractive to potential employers as you will bring a wealth of skills to the team that helps the company to realize its own goals and successes. It’s just a question of which concentration speaks to you.
