The labor market is more competitive than ever. If you’re interested in a career in business, you’re certainly not alone. According to the Bureau of Labor Statistics, employment in the business sector is expected to increase by 5% between 2019 and 2029. At the same time, more and more students are completing their bachelor’s degree in business administration. The best way to stand out from the crowd of business graduates is to study for an MBA.
An MBA or Masters in Business Administration prepares you for a career in management. You will develop invaluable skills such as strategic thinking and people management. But as valuable as an MBA is, you can further enhance your professional career by earning an MBA specializing in a specific business area. Here are seven MBA specializations to consider.
Post Graduate Diploma vs MBA
Post Graduate Diploma is a course offered by colleges that are not affiliated to recognized universities. In contrast, an MBA is only affiliated with recognized universities or colleges. The MBA course is more theoretical, while the PGDM focuses on the technical aspects and provides insight into real business situations, new changes and trends in business management.
The main subjects in both courses ie. MBA and PGDM are quite similar. However, an MBA program focuses more on technical and theoretical aspects. On the other hand, PGDM courses focus more on experiential learning in the industry. The MBA program develops the skills required in today’s market and the PGDM course is more useful for students to develop practical marketing skills from an industry perspective.
The MBA program is quite rigid and has no concern as per industry requirements, while PGDM is responsive to the changing needs of the industry which leads to more flexibility in the program. Hence, they are aligned with trends in the corporate world and candidates are much more apt to prepare for the industry.
Which MBA program is best for the future in post-pandemic times?
The labor market has not been at its best for 3-4 years, even before the pandemic came into existence in early 2020. The labor market has not been very favorable for engineering and MBA graduates in recent times.
Students and professionals who have lost their jobs need to understand the demands of our ever-changing industry. The formula for success that worked 20 years ago will do little to help us succeed today. And the MBA or engineering are not as lucrative as they were in the early 2000s.
What: The goal of an MBA in General Management is for graduates to be able to? managing general business operations. Students deal with topics such as leadership, management communication, and organizational behavior. This is one of the most general options for an MBA specialization. Earning Potential: $80,000 – $170,000 Career Prospects: As this is the most open of all the MBA specializations, your career prospects are also very open. It depends on the area you will enter after graduation. Possible careers: General management of small and large companies, international management and also work in the financial sector. With an MBA in management, the options are wide open.
As our understanding develops, so does the need for more specialization. Learn more about specialization to find sub-specialties that you can benefit from.
Now that you know how to choose the right program for you, here are some of the main specializations to choose from: