Earning a higher-level business degree is an important step toward advancing your career. You will graduate with a better understanding of business management, transferable skills that will benefit you across organizations and sectors and a diverse professional network. However important it is to gain a generalized understanding of business management, specializing your electives will give you a deeper understanding of one sector and a more competitive candidate for decision-making roles.Specializing your MBA is an effective way to distinguish yourself from your peers once you graduate and start competing for leadership roles in some of the world’s biggest organizations.
Every MBA graduate should gain a broad understanding of advanced business theory. Courses like the Lazaridis School of Business & Economics’ Integrated Core give students a well-rounded, holistic perspective on the business world. In conjunction with an applied business consultation project, students complete the degree with both advanced theoretical understanding and the knowledge to apply theory to real business opportunities and challenges.
A good program will also offer a wide variety of specializations, but which one should you choose? Below is an explanation of some of today’s most popular MBA specializations that employees are recruiting.
Accounting – Accounting has long been one of the most popular MBA specializations as the field requires specialized technical knowledge in financial accounting, tax planning and accounting theory. All of these should be covered in elective courses under an accounting specialization, although programs such as the Lazaridis MBA in Toronto also allow you to earn your degree in conjunction with preparing for your CPA exams.
Marketing – Typically, an MBA with a marketing specialization leads to the role of marketing manager, an increasingly in-demand role as in-house marketing departments take on digital marketing, social media and strategies for increasing online traffic.
Finance – A specialization in finance will prepare you for a career in investment banking and wealth management or any number of roles that require advanced technical knowledge. It’s the most popular option for MBA students who want a career on Bay Street or Wall Street.
Entrepreneurship – In the past, some notable businesspeople have advised would-be entrepreneurs against spending their time going back to school. However, the invention of programs like the Entrepreneurship MBA mean earning your degree can become part of launching your business(you can find more information at Lazaridismba.ca). It’s one thing to have a great idea, but it’s another to have the business knowledge to successfully launch, manage, pivot and scale an organization.
Supply Chain Management – SCM is one of the most in-demand MBA specializations right now, as manufacturing, retail, technology and consulting firms are dealing with ever more global, complicated supply chains and finding a lack of qualified people who understand their importance. The production, distribution and transportation of goods is a complicated process and frequently seen as the first place to look for savings when profits take a downturn. Competitive, qualified business leaders in supply chain management are hard to come by and are commanding higher salaries than ever.
MBA specialization is the right path for students who know which direction they want to take their career. If that describes you, apply to business schools that offer you a clear path to a successful future.