When you earn an MBA, your career options are virtually limitless. Some people pursue a corner office at a major corporation. Others concentrate on entrepreneurship to build a business from the ground up. And some even take their business acumen into the nonprofit world.
With so many opportunities available, MBA students and graduates might be wondering how to choose a role and industry where they feel valuable and engaged. The goal — as English author Katharine Whithorn once put it — is to “find out what you like doing best, and get someone to pay you for it.”
PayScale says the average salary for a person who has earned an MBA is $88,648.*
Not sure what path to pursue? Here is an overview of the MBA concentrations offered by Florida Tech.
Accounting
Accounting is generally referred to as the language of business. By carefully reporting financial performance, accountants provide vital information that enables people to make timely and useful decisions.
At organizations large and small, accounting reports are used by managers and leaders to understand the effectiveness and efficiency of their operations. Professional accountants also help individuals prepare tax returns and other financial documents.
MBA students can expect to learn about financial reports, problem analysis, cost management, managerial accounting and related topics.
Cybersecurity
Cybersecurity professionals protect the hardware, software, data and networks that organizations need to function effectively today. The stakes are high in the cybersecurity field because breaches don’t just have legal and financial implications — they can also damage a company’s reputation.
MBA graduates who integrate cybersecurity issues into their MBA education can play an important role in aligning security needs with business operations.
Finance
Financial professionals help people and organizations determine how to best invest their money. For individuals, this may involve developing strategies for saving for retirement or preparing for major expenses. For companies, finance professionals can analyze projects to figure out which ones have the most promising return on investment.
MBA students concentrating on accounting will learn about concepts like risk analysis and the time value of money.
Finance and accounting are different disciplines, but there are some commonalities, so an MBA in Accounting & Finance is available.
Healthcare Management
MBA graduates with a concentration in healthcare management demonstrate business skills essential to provide quality care in the healthcare industry today. Without an understanding of business fundamentals and best practices, healthcare providers might not have the resources to continue operating.
Those wanting to combine healthcare management with an MBA will learn about healthcare policies, laws, marketing, organizational behavior, management and finance.
Management
Managers play a critical role at all organizations, regardless of size or industry. They orchestrate projects, oversee operations and allocate resources like money and people. Managers can be found in every part of a company, from front line supervisors to the CEO.
As activist and entrepreneur Paul Hawken once said, “Good management is the art of making problems so interesting and their solutions so constructive that everyone wants to get to work and deal with them.”
IT Management
Without technology, there is no business. That’s why MBA graduates who want to concentrate in IT management need to understand the intersection of technology and business, and how the two fields should work together to improve operational effectiveness.
MBA students seeking to succeed in a technology-related role should expect to learn how to align information systems with business strategy.
Marketing
Marketing professionals play an instrumental role in developing and distributing products and services, from ideation to delivery. Marketing has traditionally focused on the 4 P’s — product, promotion, price and placement — but now encompasses even more dimensions, such as people and processes.
MBA students with an interest in marketing can expect to learn about qualitative and quantitative approaches to analysis, planning, strategy development and understanding consumer behavior.
Project Management
It takes a lot of effort to transform business ideas into reality. It’s the job of project management professionals to plan and execute these important undertakings. Success relies on many factors, including the ability to set deadlines, manage scope and establish budgets at all stages of the project lifecycle.
MBA students who want to concentrate on project management in their careers should expect to learn about real-world scenarios through case studies, and develop practical skills for using leading technology tools.
Those interested in project management and who want to concentrate primarily on technology can choose a concentration in IT project management.
*Review of Master of Business Administration (MBA) Degree. PayScale. Retrieved October 8, 2020, from payscale.com/research/US/Degree=Master_of_Business_Administration_(MBA)/Salary
