An online master’s in business (MBA) can pave the way for a rewarding and prosperous career in business management. According to the National Association of College and Employers, those with an MBA make more than 38 percent more than those with a bachelor’s degree in business when it comes to entry-level salary.
Some MBA programs offer concentrations, others require that students pick an area of specialization, according to U.S. News and World Report. Choosing a specific educational track can be the best way for students to fine-tune their studies and ensure that their MBA curriculum aligns with their overall career goals and professional interests.
The Ohio University online MBA program offers students eight concentrations, including finance, health care, and supply chain management.
“Electives are extremely important,” Gareth Howells, MBA program director at London Business School, told The Independent. “They are an opportunity for students to tailor their course personally, with more in-depth, specialist knowledge which will have a long-term impact on their career.”
Decide on a Concentration
Selecting an area of concentration is especially helpful to students who do not have as much experience in a particular field or are starting a new career in a particular subject area.
- Finance: This is one of the most popular MBA concentrations in demand, according to Princeton Review. Finance concentrations help prepare MBA students for careers in corporate finance, banking and risk management, and financial services. Finance concentrations tend to focus on global and business financial investments and management, IPO operations, and individual client money management.
The world of finance is highly competitive. Carving out a niche in economic affairs can help students stand out from their peers and succeed on the job. On average, financial managers make $125,080 as of 2017, according to the Bureau of Labor Statistics (BLS). Ambitious students who focus on finance may enjoy successful, lucrative careers.
- Analytics: In today’s technology-driven world, big data is everywhere. Companies need management analysts whose understanding of data can help the organization operate in a more product manner. Management analysts, according to the BLS, made an average annual salary of $82,450 in 2017.
- Supply Chain: This concentration is a popular option in a new and rapidly growing field. Students who follow this track can see how companies boost their productivity and performance in business and manufacturing. Supply chain managers make an average of $74,590 annually, according to BLS figures.Graduates can help companies efficiently manage daily business operations between the company and its suppliers, manufacturers, wholesalers and other business partners. Job responsibilities include overseeing logistics, accounting, and organizational management within the company.
- Accounting: Accounting is typically a separate degree but it can be a specialty within an MBA program. The MBA benefits for accounting include a more diverse education, including exposure to proper management styles and practices, as well as conventional methods for handling money.Accountants may prepare financial records and manage the day-to-day finances of a company or organization. Learning auditing, information technology, quantitative analysis and other relevant topics can help MBA students tailor their degree. In 2017, the BLS reported that accountants earn an average yearly salary of $69,350.
- Sales: Students aspiring to become sales managers can refine their knowledge with a concentration in sales. Skills in this curriculum include troubleshooting technical or procedural issues, managing employees, addressing customer complaints and problems, reviewing and approving budgets, handling conflict resolution and dealing with organizational management.The degree offers a healthy understanding of business practices and how to marry them with effective sales management. According to the BLS, sales managers made an average of $121,060 in 2017.
- Healthcare: Healthcare management is one of the top MBA specializations and offers a wide variety of administrative skills. Graduates of a healthcare MBA program can work as healthcare executives in hospitals, government agencies, biotech, nursing homes and other healthcare facilities. The skills learned in a healthcare MBA program can transfer seamlessly from the online classroom to the workplace.Medical and health services managers made an average of $98,350 in 2017, according to the BLS. People in such positions manage a department or group of individuals within a healthcare setting.
- Executive Management: The Princeton Review ranks executive management as one of the most attractive MBA tracks for students. In any area of business, top-notch management skills are imperative. Companies seek executives who can effectively manage a team of employees, financial budgets, and workloads. This versatile concentration offers students a well-rounded understanding of effective business management proficiencies.Top executives made an average salary of $104,700 in 2017, according to the BLS. These highly-regarded team members help develop and implement new strategies for businesses of all sizes.
Ohio University’s Master of Business Administration Degree
Recognized by U.S. News & World Report as a “Best Online MBA” program, Ohio University’s online master’s in business takes advantage of the latest in online classroom technology to bring students an engaging and academically rigorous experience that can benefit them throughout their careers.
The Ohio University online MBA program offers concentrations in finance, health care, executive management, and business analytics. To learn more, call or contact Ohio University today.
Salary Survey: Starting Salary Projections For Class of 2018 New College Graduates Data Reported By Employers – National Association of College and Employers
Why MBA Applicants Should Research Concentrations – U.S. News and World Report
Tailored to your needs: The niche modules for MBA students who want to specialise – The Independent
5 Most Popular MBA Concentrations – Princeton Review
What Is An MBA Concentration? – Find MBA
Financial Managers – Bureau of Labor Statistics
Management Analysts – Bureau of Labor Statistics
Logisticians – Bureau of Labor Statistics