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.
Should you study an MBA concentration?
An MBA specialization can help you improve your career prospects and salary potential. Concentration courses focus on an area of business that can prepare you for specialized jobs.
However, gaining a specialization can have disadvantages. Because a general MBA develops broad, generally applicable skills, the degree prepares graduates to pursue a variety of careers in a variety of industries. More specialized paths such as real estate, healthcare, or information technology may limit you to career paths within that industry.
In MBA Entrepreneurship, doctoral students acquire skills in management, innovation and entrepreneurship. The program emphasizes topics such as starting a new business, obtaining financing, and expanding established businesses. Students explore venture capital, business development, financial principles and consulting. Although people without an MBA can start a business, the degree provides valuable training for entrepreneurs.