So, you’ve decided to pursue an MBA, well it goes without saying that it will turn out to be the best decision of your life. An MBA can set you up for success in your career. But with so many specialisations to choose from, how do you know which one is the best fit for you?
One of the most important factors to consider is earning potential. The right specialisation can lead to significantly higher earnings over the course of your career.
To help you make the right decision, we’ve researched the highest-paying MBA specialisations. Read on to learn more.
Introduction to MBA Specializations
Before you invest in an MBA, it’s important to do your research and figure out which specialisation is right for you. Each one offers different benefits and opportunities, so it’s crucial to know what you want out of your education.
There are a few things to consider when making your decision. First, think about your career goals. What industry do you want to work in? What functions do you want to specialise in? Once you have a general idea, you can start looking at the different MBA specialisations that match your interests.
Each specialisation has its own unique curriculum, and many programs allow you to choose a concentration or specialisation within that field. You’ll also want to consider the school’s reputation and the job market for that specialisation.
The bottom line: doing your research is essential if you want to make the most of your MBA education.
Business Analytics: A Rising Economy with Many Opportunities
Data is probably the most essential component of a business today. 94% of companies say data and analytics are vital to their business growth strategies. This is why going for a Business Analytics specialisation is the best option to equip yourself with essential management skills and data literacy. As a business analyst, you will provide recommendations based on business data to your employer, acting as the middleman between information technology and business.
It has been observed that 94% of graduates accept a job offer within three months of graduation while the salary for graduates from the program was around $150,000 within three years of graduating.
Business analytics is an emerging field which is expected to grow to 684.12 billion by 2030. The Bureau of Labor Statistics expects growth for business analytics skills to jump 10.9% outpacing the national growth average of 5.2% for all jobs, from 2018 to 2028.
Popular Jobs for MBA in Business Analytics Graduates
- Business Strategist Analyst ($83,070)
- Business Application Analyst ($90,762)
- Business & Data Analyst ($102,778)
- Healthcare Business Analyst ($94,341)
- Business Intelligence Manager ($135,000)
Artificial Intelligence: Keeping Up with the Technological Revolution
Businesses are increasingly learning about data-driven decision-making, automation, and digital transformation that will prepare you for a future workforce where many jobs currently done by humans will be deemed obsolete, as well as learning about neural networks and machine learning and how they can be applied in a business context for success.
Companies use input from machine learning and AI-powered reporting platforms to make everyday business decisions based on input from machine learning tools and many business operations are automated and carried out by AI services.
The MBA in Artificial Intelligence salary is very appealing, you can up to $150,000 in the USA.
Popular Jobs MBA in Artificial Intelligence Graduate
- Data Scientist ($119,313)
- Data Mining and Analysis ($93,044)
- Big Data Analyst ($133,442)
- Technical Service Manager ($93,490)
- Lead Network Manager ($115,262)
Information Technology: Build Your Technological Career
Technology has become a big part of the world we live in today, the industry needs not only skills to develop it but to plan, sell and manage the business of technology. This is where the MBA specialisation in Information Technology comes in.
An MBA in Information Technology equips students with skills that are necessary to manage IT systems and human resources. It is a combination of traditional business knowledge of an MBA with a special focus on topics like information security, telecommunications, IT project management etc.
Jobs for MBA in Information Technology are expected to see a rise of 13% by 2030, with an addition of more than 667,000 new jobs according to the data presented by the Bureau of Labor Statistics. The average base salary of a graduate is around $112,000.
Popular Jobs for MBA in Information Technology Graduates
- Information Technology Manager ($131,558)
- IT Services Managers ($96,401)
- Senior IT Business Analyst ($98,000)
- Solution Architect Senior (132,686)
- IT Senior Associate ($91,133)
Entrepreneurship: Becoming Your Own Boss
If you’re dreaming of starting a business and becoming your own boss or moving up the ranks of an existing one, then entrepreneurship is the specialisation for you. In this field, you’ll learn how to steer a company to success with your valuable skills.
If you opt for this specialisation, you will set yourself apart by having the know-how of how to create an effective business plan, raise capital, develop and launch new products and most importantly how to keep a business together and afloat. Additionally, you will be equipped with multiple soft skills that will help you climb the ladder much faster than your average MBA specialisation.
You can expect to earn a salary of at least $100,00 per year on average and according to the Bureau of Labor Statistics, entrepreneurs can earn an estimated salary of $145,000 annually.
Popular Job for MBA Entrepreneurship
- Management Consultant ($91,595)
- Senior Product Manager ($134,333)
- Business Intelligence Manager ($104,683)
Financial Services and Investment Banking as one of the Highest Paying MBA Specialization
When it comes to the highest-paying MBA specialisations, financial services and investment banking reign supreme. In fact, graduates working in these industries can expect to earn an average annual salary of up to $131,360 to $139,000.
What exactly do these industries entail? Financial services include activities like investment banking, wealth management, and insurance. Investment bankers are responsible for issuing and selling securities, such as stocks and bonds. They also provide advice to clients on mergers, acquisitions, and initial public offerings.
If you’re interested in pursuing a career in finance, it’s important to have a strong foundation in economics and accounting. A finance MBA can give you the skills you need to succeed in this competitive industry.
Scope: The jobs in the finance sector are expected to grow by 18% by 2030 which is faster than average, according to The Bureau of Labor Statistics (BLS).
Popular job for MBA in Finance
- Finance Analyst ($94,800)
- Manager – Finance Integration & Separation ($97,226)
- Financial Manager ($103,115)
- Portfolio Manager ($99,688)
- Investment Analyst ($100,000)
In short, if you want to maximise your earnings potential with an MBA, you need to research the highest-paying MBA specialisations. With the right specialisation, you can set yourself up for success in a variety of industries. Don’t choose a specialisation simply because it’s the most popular—choose one that will help you achieve your long-term career goals.