The Specializations Boom
MBA
programs come in all shapes and sizes, but most prospective students play it
safe and plump for one of the stalwarts of finance, marketing, or management.
One of the main reasons for this is that they do not fully investigate the
diversity of specializations out there, and that’s a great shame because only
once a student knows the full range of MBA options can they select the one that
best fits their career goals.
The
standard specializations are: Marketing, Finance, Human Resources, IT/Systems,
Operations, and Entrepreneurship, but these are rapidly being joined by more
specific subjects, such as Corporate Social Responsibility, Wine Management,
Football Industries, Luxury Brand Management, Hotel Management etc.
Are Specializations Credible?
All
MBAs hold certain core attributes that are valued by employers seeking to hire
the managers of the future, and general MBAs teach their students to think
strategically and analytically. However, if you add to this a specialization
that matches with future career goals then the combination can fast track a
candidate to senior management.
Some
people think that prospective employers are reluctant to hire people from such
specialized programs because they lack credibility. After all does Taj Hotels
really need to hire an MBA in Hotel Management rather than an MBA generalist
from a top school? The answer is not a simple one, and it all comes down to the
credibility of the course in question. Students should be wary of small
universities that are just using marketing skills to promote “hot topic”
courses without having the depth to deliver a high quality course.
The Two Most Important Factors in Selecting
a Specialization
If
you decide to take the specialization route then you need to make sure that the
school is well ranked for that specialization
Different
specializations will have different rankings, so do your research – prospective
employers will certainly do theirs.
Another
factor is the one-year versus two-year course selection. A two-year course
allows the student to be generalist in year one, and move to specialist in year
two. On the other hand, a one-year specialist MBA is really a branding exercise
as there is not enough time to cover both standard MBA topics and the
specialization within the limited term time.
Example MBA
Specializations
Marketing MBA
Specialization
This
specialization can help accelerate your entry and progress in some of the most
competitive fields: marketing, advertising and public relations.
Hospitality &
Tourism MBA Specialization
For
those that want to work in management roles in hotels, restaurants and the
tourism sector this MBA can equip you with the management techniques needed to
rise to a senior position.
Human Resources MBA
Specialization
This
MBA can lead to a key role managing a company’s most important asset – its
people. You will learn about best practices in hiring and training.
Health Care Management
MBA Specialization
This
is a specialization that could prepare you for management positions in health
care facilities, pharmaceuticals, insurance, care facilities for the elderly,
and public health agencies. It’s a growing industry, which is seeing this
become an increasingly popular MBA.
Communication MBA
Specialization
This
is for students looking at jobs in media, advertising, journalism, and public
relations. MBAs are not widespread in these fields in the same way that they
are in finance, and they can give a real competitive edge in advancing to mid-
to upper-level management positions.
Entrepreneurship MBA
Specialization
This
is a controversial one because many claim that entrepreneurship is not
something that can be taught. These criticisms miss the point that this MBA is
really about business administration strategies that engender the same
innovation that makes entrepreneurs so successful.
Concluding Thoughts
Specialized
MBA programs are certainly spreading, from investment management, through to
arts administration, real estate, and biosciences. But are these just branding
exercises for smaller schools, rather than truly useful courses that benefit students
However,
for students who take a specialized MBA not only are they accelerating their
progress within that specialty, but also they are limiting their opportunity to
work outside it. That can be problematic when your sector is hit by an economic
downturn.
Another
factor is that since these programs are new they often require a lower score,
which means that you can possibly use them to enter a better school than would
otherwise be possible.
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