Many Master of Business Administration (MBA) degree programs offer their students the opportunity to choose a concentration, which can also be called a "specialization" or a "track." In Australia, some educators may refer to this as a "major."
While concentrating in any one aspect of business administration is not essential for career success, it can sometimes lead to higher paychecks and increased credibility in your area of specialization. Let's take a look at 3 of the concentrations that are currently resulting in some of the top-paying job opportunities for MBA graduates.
1. General and Strategic Management
In the USA, managers are consistently some of the best-paid professionals in all industries; and management is one of the best paying MBA concentrations a student could choose. Top executives earn US$183,270, on average. The highest paid top executives earn more than US$208,000 per year. Marketing managers in the USA earn US$129,380; and sales managers earn an average of US$121,060 per year.
In Sydney, Australia, senior managers typically earn average yearly salaries of AU$150,000, according to Glassdoor.com.
A management specialization can help you solve the conundrum of how to be hired as a business manager if you don't actually have any work experience supervising other employees. More importantly, this curriculum will give you the training necessary to manage others with confidence.
2. Technology Management
Technological expertise is becoming more critical for executives in every industry, so a specialization in technology management or a similar concentration can help to further virtually anyone's career. Extremely similar specializations include information and knowledge management and IT management.
With this degree in hand plus relevant work experience in the USA, you're likely to be able to land a job as an IT director; this role pays an average of US$147,000 per year, according to Monster.com. It's also possible to get hired as a vice president of IT, earning an impressive salary of US$177,000 per year. In Australia, Payscale.com reports that IT directors earn an average of AU$164,243.
In large part, strategy is such a financially rewarding focus of study in the United States because the most prestigious consulting firms are actively seeking candidates who have expertise in this specialization. So if consulting is a career path you'd be interested in pursuing, this might just be the right specialization for you.
In the USA, management consultants earn average annual salaries of around US$123,000 per year, according to Monster.com. Glassdoor reports that management consultants in Sydney, Australia earn AU$122,000 per year. Career website indeed.com reports a much lower but still totally respectable figure of AU$96,044 per year for management consultants in Sydney.
Their statistics suggest an average management consultant salary of AU$84,743 per year across all of Australia.
If the financial rewards are a top motivator for you to seek out an MBA degree, these are 3 of the top specializations you'll want to consider. All of these concentrations have the potential to reward you handsomely after successful graduation from your chosen MBA degree program.