This is a sponsored article from Southern Cross University.
The demand for leaders with industry-specific knowledge has never been greater. Learn how a specialised MBA can give you a competitive advantage.
Why should you specialise your MBA?
For professionals looking to take the next step in their career, completing a Master of Business Administration offers many benefits.
Whether you’re looking to land a leadership position at your current organisation, make a career change or even start your own business, an MBA can equip you with the in-demand skills you need to excel in the ever-changing business world.
MBA graduates are in high demand across the globe, with the Corporate Recruiters Survey Report 2018 indicating that 81 per cent of organisations planned to hire MBA graduates in 2018. The survey also shows that US companies offer a median starting base salary of $105,000 to graduates of the program. Paired with the fact that many MBAs provide a choice to study online, the qualification is an appealing option for senior-level executives looking to enhance their leadership skill set.
While studying an MBA isn’t newsworthy, the recent demand for leaders with industry-specific knowledge has given rise to the ‘specialised MBA’. In contrast to a more generalist MBA, its specialised counterpart provides students with the opportunity to gain in-depth skills in a specific industry, such as IT or accounting. Some universities across the globe even offer niche concentrations in areas like arts and design, luxury management and aviation.
What are some of the benefits to a specialised MBA?
It equips you with in-depth skills
When you specialise your MBA, your education is targeted towards your chosen industry or profession. Studying a specialised MBA enables you to factor in your own goals, interests and areas you wish to improve on, allowing you to tailor your course to your desired career outcomes.
It communicates interest and expertise to recruiters
Graduating with a specialisation in your MBA sends a clear message to recruiters when you return to the job market. As well as demonstrating your level of expertise in a specific field, having a specialisation shows recruiters and potential employers that you’re serious about your industry and career.
Because you’re already equipped with the precise skillset required by your chosen profession, there’s a higher likelihood of you being viewed as a competitive candidate in comparison to those who come from a generalist background.
It offers you a head start in your chosen industry
Rather than the traditional ‘hamper package’ MBA, which has tools that you can unpack and apply to any industry, a specialised MBA gives you a head start with an education relevant to your desired industry.
Alternatively, if you’re already employed in your sector of interest, a specialised MBA provides you with the opportunity to upskill and increase the likelihood of landing a leadership position.
It can lead to a higher salary
As well as giving you a competitive edge in the job market, having a specialisation under your belt can also increase your potential to land a higher starting salary in your industry of expertise.
Findings from the 2017 Corporate Recruiters Survey show that employers will pay a salary premium for graduates with a specialised MBA. As of 2018, the highest-paying specialisations were in strategy, technology management, entrepreneurship and finance.
It allows for flexibility
Specialising your MBA doesn’t mean you’re locked into one career path for life. An MBA is a versatile course that furthers your prospects in almost any field of business – a specialisation just gives you a boost within a specific industry. Both specialist and generalist MBAs help you develop a wide range of highly sought-after soft skills, such as leadership, critical thinking, teamwork and communication, all of which are transferable across any career path.
Where can a specialised MBA take you?
A general MBA can lead to a range of roles, with graduates often finding work as account executives, business consultants, entrepreneurs, general managers, operations managers or product managers. However, a specialised MBA opens doors to a myriad of other industries, such as health services management, information and knowledge management, accounting, marketing, HR, finance leadership, strategy and international management.
Whether you’re choosing to specialise or wanting to study a general MBA, these are some of the roles that benefit.
This is a sponsored article from Southern Cross University.
