MBA: A Necessity of the 21st Century
They say you’re getting old when your belt buckles but your knees won’t. But perhaps it’s good to stick to the way your body works as a measure of your age. If you, however, peer into the accomplishments and education of your average millennial then you’d think it’s time to log yourself into an old-age home.
The MBA is slowly but surely becoming the most popular specialization for your average worker, with Fortune.com stating that over 190,000 people graduated from U.S. schools with advanced degrees in business, with 25% of these degrees being master’s degrees. The growth of MBA is largely due to how accepted this degree is in the modern workforce amongst employers far and wide. An MBA is a mark of stability and ability on part of the candidate as most MBA programmes are grueling 12 to 24 months of study which encompass all of the necessary knowledge and skill (even soft skills) that you need to advance in your career.
The Specializations within an MBA and their Respective Advantages
It’s a pretty well-known fact that getting into a solid MBA programme is pretty tough, with thousands of applicants and an acceptance rate of 10%-20%; however, once you’re in you’d have to select between the different specializations that a B-School offers. Listed below are the most common MBA concentrations; the ball is in your court.
This is probably the most common MBA specialization, it’s specifically aimed at students who seek career advancements in MNC’s, SME’s in sectors which are affected by international pressures or students who are into global issues and the roles they can help fill in organizations. This specialization consists of diversely ranging topics in areas related to marketing, communication, HR and technology, there’s even light shed on Economics. Other than providing you with knowledge in all of the fields of business it gives you the opportunity to venture into endless job opportunities as you now hold knowledge regarding the multi-faceted world of business.
Life after the world-wide economic collapse exposed a lot of issues with the way banks, investment houses and other players operate in the finance industry and it seemed like people who understood how money moved became the hottest commodity on the market. An article by Washington Post stated that “The job market is hot for graduates of master of finance and master of science in finance programs. In 2015, 78 percent of employers planned to match or exceed their hiring of finance graduates compared to 2014”. This specialization is a lucrative one too; the average salary increase is that of “43% to 65%.” This concentration of MBA will teach you how to deal with money, sources of funding and capital structure of corporations.
Supply Chain Management affects the flow of your products and services, how they get from A to B- simply put problems in your supply chain can have your brand reputation destroyed, so it’s obviously no easy task to find employees capable enough to be trusted with such an important part of the business! An MBA in Supply Chain gives you the end-to-end supply chain knowledge meaning you can deliver your products and services from any place in the world TO any place in the world in the most efficient possible manner.
It’s obviously no secret that the way businesses promote themselves has drastically changed over the last few years, with the rise of technology and the internet connecting people world-wide; online marketing seems to be the way to go, in fact recent research has proved that “78% of internet users conduct product research online” . This fact points to only one thing, people who know how to spread awareness of their business online are being actively picked up by huge corporations. An MBA in E-marketing will equip individuals to maximize your brand’s online presence in search engines, social media and mobile platforms. You will also learn how to use the internet to help you hit and even exceed your business goals!
When you think of Business Consultants you think of high profile men and women in suits, making big deals, shaking hands and driving luxury cars. The good news is, you can become the person you imagine with this MBA concentration. An MBA in consulting will give you business problem solving skills along with communications skills across industries, platforms and media while giving you the knowledge of analysis of business issues and how to solve these issues.
Acquiring a specialization in Human Capital Management would mean that you are the mastermind behind getting the most out of the people you have employed. Strategically, you are an expert at workforce planning, performance management, compensation planning and strategy and Organization Visualization! You are also in charge of reporting and analytics of the workforce.
A degree in International Tourism Management gives you the authority on the mammoth Tourism industry; according to a recent marketing research published by Transparency Market Research– the global hotel market was valued at USD534 Billion in 2014 and was expected to grow to over US$700 Billion by 2020. And this is just the hotel industry. To put that into context this is JUST the Hotel Market, try and think about the Tourism Industry as a whole. The degree you would be earning will teach you specific competencies for tourism business and knowledge that can be applied to an international dimension.