Businesses today realize the benefits of hiring specialized employees: educational expertise in an area can land you a high-paying job. The market growth shows no signs of stopping, so the demand for individuals skilled in management and administration never seems to be fulfilled. Consequently, many pursue an MBA degree.
A degree in Master’s of Business administration has a number of benefits for entrepreneurs to managers alike, building skills from creativity to critical thinking and problem-solving. Business schools around the world have introduced programs with multiple MBA concentrations to choose from to let individuals tailor their education to their goals.
How Specialized Masters Differ from General Programs
A general MBA is a broad degree suitable for individuals who may want greater flexibility in their careers. In contrast, an MBA with a concentration focuses more on your specialization. For example, an MBA concentrated on marketing will give more course time to marketing-specific skills. If you are sure of your career path, a specialized MBA is better for you.
Benefits of Opting for a Specialized MBA Program
If you’re wondering whether an MBA with a concentration is the right choice for you, ask yourself how sure you are about your career path and how interested you are in learning the nuances of various branches of an MBA. If you’re sure you want to dedicate your education and career to one specific aspect, a specialized master’s program can put you in an advantageous position in several ways:
1. Targeted Knowledge
A concentration lets you hone your skills in your chosen area. Choosing a specialization saves you time and effort that would’ve been spent on learning skills you won’t require. The in-depth, industry-specific knowledge you obtain will be invaluable when contrasted with generic knowledge covering broader aspects.
2. Competitive Edge
Specializations land you a competitive edge in your chosen career. They let businesses know that you have tailored your education around one particular field, so you will be perceived as a more fitting candidate for the job compared to someone who has done a general master’s degree. However, do note that you will have less flexible career options.
3. Shorter Programs
Many specialized MBA programs are one year long, and you can manage them easily. They will also cost you less as compared to spending money for two years on tuition. A feasible timeline can let you work while you study, so you’ll be optimizing your time to the max. Additionally, one-year programs are easier to manage if your undergraduate education is in a different field, like engineering.
4. Higher Salaries
In general, average MBA salaries are hefty, but they vary per specialization. The right concentration can get you a considerably higher salary than a general MBA degree.
Choosing the right degree to complement your career path is an investment that generates substantial returns and secures your future. You should carefully consider if you’re prone to changing a career path or not. If you are, then a general master’s degree would fulfill your needs by giving you a broad set of flexible skills. However, if you are sure of the skills you want to learn and want to optimize your time and efforts, a specialized master’s education is better and may have better chances of landing you the job you prefer.