MBA Specializations: What Do They Pay?

An MBA degree program provides you with a comprehensive understanding of business operations, management skills, and leadership abilities.

There are several reasons why you should pursue an MBA degree. First of all, it can help you get high paying business jobs. Plus, it can provide you with a competitive advantage in the job market by building strong acumen in business principles. 

An MBA can help you advance your career by opening up opportunities for management and executive-level positions. Many MBA programs offer networking opportunities that can help you connect with industry professionals and build valuable contacts.

MBA specializations open doors to even more possibilities. With the increasing number of startups and innovative companies, recruiters are searching for candidates who can solve specific problems quickly and efficiently. Let’s dive in.

MBA specializations offer lucrative careers with high earning potential. Top tier companies look for candidates with subject-specific skills in far greater numbers than broad generalist MBA graduates.

With the right combination of skills, specialization, and experience, MBA graduates can improve their potential for significant earnings. High paying MBA specializations include HR, consulting, business analytics, entrepreneurship, marketing, and information security, among others. Let’s look into the required work background, job outlook and salary expectations for each of them.

1] MBA Human Resources

An HR MBA is widely popular among aspiring MBA graduates. You get to learn the various aspects of managing the human resources within an organization—particularly—onboarding, retaining and exit policies, labor relations, compensation and benefits, organizational behavior, talent acquisition, and employment law. 

You should possess excellent communication, interpersonal, and problem-solving skills. And be able to work effectively across a diverse group of people and handle sensitive or confidential information with discretion and professionalism. 

Courses:

• Organizational behavior
• Innovation management
• Talent management
• Business strategy
• Organizational change management

Job outlook:

Human Resources Manager

The Human Resources Manager is responsible for leading the daily functions of the HR department including interviewing, onboarding, administering salaries, leaves, benefits, performance reviews and company culture and policies.

Preferred background: 

• Bachelor’s degree in business administration or psychology
• MBA in human resources
• You should have relevant work experience in HR, business administration, or a related field.
• Certification in SHRM Certified Professional (SHRM-CP) or Senior Certified Professional (SHRM-SCP) is a plus.

Average salary: $115,778 (source: salary)

Compensation & Benefits Manager

A compensation and benefits manager works with the senior management and HR team to oversee the entire compensation program to attract, retain, and motivate employees and achieve organizational goals.

Preferred background:

• Bachelor’s degree in business administration, finance, human resources, and industrial relations
• MBA in human resources
• You should have relevant work experience in HR, finance, or related fields.
• Certification in Certified Compensation Professional (CCP) or Global Remuneration Professional (GRP) is a plus.

Average salary: $130,267 (source: salary)

Training & Development Manager

A training and development manager creates and implements learning programs to help employees acquire new skills and knowledge in their respective domains to improve performance and productivity.

Preferred background: 

• Bachelor’s degree in organizational psychology, education or instructional design, business administration
• MBA in human resources
• You should have work experience in human resources management, training and development, or a related field.
• It’s great if you have some familiarity with learning management systems, e-learning technologies, and multimedia authoring tools. 
• Certification in Certified Professional in Learning and Performance (CPLP) or the Certified Training and Development Professional (CTDP) is a plus.

Average salary: $132,631 (source: salary)

2] MBA Consulting

An MBA in consulting is one of the highly placed MBA specializations—in terms of salaries offered. In consulting, you provide strategic and operational advice to businesses of all sizes. You get to work with a wide range of clients and help them improve their business performance, solve challenges, identify opportunities for growth.

Once you graduate, you can either work for consulting firms or independently as a consultant providing services across market research, product strategy, financial analysis, organizational change management, mergers and acquisitions, and others.

Courses:

• Business economics
• Cost accounting
• Decision analysis
• Asset valuation
• Strategic marketing
• Supply chain management
• Organizational psychology
• Business law and ethics

Job outlook:

Business Consultant

Business consultants work with clients to overcome business hurdles, improve performance, and achieve their organizational goals. As a business consultant, you get to work across a wide range of industries and sectors, including healthcare, technology, finance, manufacturing, and non-profit organizations.

Preferred background:

• Bachelor’s degree in business administration, management or strategic management, economics or finance
• MBA in consulting
• You should have some work experience in business, economics, finance, or management.
• A strong analytical and problem-solving skill set helps with being a business consultant.
• You should hold a deep understanding of business strategy and operations.
• You must be able to work well under pressure and be highly adaptable to changing business environments and client needs.
• Certification in Certified Management Consultant (CMC) is a plus.

Average salary: $99,065 (source: Comparably)

Change Management Consultant

A change management consultant helps organizations manage and navigate transitions, such as, acquisition, restructuring, recovering from a disaster, or when a company is going public.

Preferred background:

• Bachelor’s degree in organizational psychology, business administration, industrial/organizational psychology
• MBA in consulting
• You should have extensive experience in business, management, psychology, or a related field.
• You should have a strong knowledge of change management methodologies and frameworks, as well as strong communication and interpersonal skills.
• You should be able to analyze and assess organizational readiness for change.
• You should know project management principles and tools.
• Certification in change management (e.g. Prosci, ACMP) is a plus.

Average salary: $133,883 (Source: salary)

Related: 13 Best Project Management Bootcamps In 2023

IT Business Consultant

An IT Business Consultant provides expert advice and guidance to businesses on using technology to achieve their business goals and objectives. As an IT business consultant, you get to work with clients across a wide range of industries and sectors, including healthcare, technology, finance, manufacturing, and non-profit organizations.

Preferred background:

• Bachelor’s degree in information systems/information technology management, computer science/software engineering, or data analytics/data science
• MBA in consulting
• You should have work experience in computer science, information technology, or a related field.
• You must hold a strong understanding of IT infrastructure, systems, and software, including knowledge of software development lifecycle (SDLC) and Agile methodologies.
• You must be familiar with business analysis and requirements gathering processes.
• Certification in relevant IT disciplines (e.g. ITIL, PMP) is a plus.

Average salary: $94,871 (source: salary)

3] MBA Business Analytics

An MBA in business analytics teaches you to use data to drive business decisions. You should be well versed in mathematical and statistical concepts and their computer applications to do well in this MBA specialization. 

This degree program integrates traditional business administration curriculum with advanced analytics and data science concepts. It aims to enhance your comprehension of business operations and equip you with the skills to devise more effective strategies for profitable organizational growth.

Related: Data Science vs. Data Analytics Bootcamps: What’s the Difference?

Courses:

• Managerial accounting
• Business analytics essentials
• Financial analysis and planning
• Marketing strategy and planning
• Managing people and organizations
• Business policy and strategy
• Data-driven decision making
• Big data analytics
• Process modeling and analysis
• Business intelligence strategy

Job outlook:

Management Analyst

A management analyst provides consulting services to businesses and organizations to help them improve their efficiency, productivity, and profitability. 

Preferred background:

• Bachelor’s degree in business administration, economics, operations management, or management information systems
• MBA in business analytics
• You should have wide experience in management, finance, or consulting.
• You often work on projects to manage resources, timelines, and budgets. 
• Certification in Certified Analytics Professional (CAP) or Certified Business Analysis Professional (CBAP) is a plus.

Average salary: $74,869 (source: indeed)

Supply Chain Analyst

A supply chain analyst specializes in optimizing the supply chain processes, ensuring that products are delivered efficiently and effectively while minimizing costs and maximizing consumer satisfaction.

Preferred background:

• Bachelor’s degree in logistics management, business administration, or operations management
• MBA in business analytics
• You should have work experience in logistics, supply chain management, business intelligence, or related fields.
• You should be able to manage end-consumer expectations.
• Certification in Certified Supply Chain Professional (CSCP) or Certified in Production and Inventory Management (CPIM) or Certified Professional in Supply Management (CPSM) is a plus.

Average salary: $109,739 (source: salary)

Financial Analyst

A financial analyst helps businesses and organizations make informed financial decisions by analyzing financial data and providing insights and recommendations. 

Preferred background:

• Bachelor’s degree in finance, accounting, economics, or business administration
• MBA in business analytics
• You should have work experience in finance, accounting, economics, statistics.
• You must be familiar with financial markets, including stocks, bonds, commodities, and currencies. 
• Certification in Chartered Financial Analyst (CFA), FINRA is a plus.

Average salary: $105,798 (source: indeed)

4] MBA Entrepreneurship

An MBA in entrepreneurship prepares you to start and run your own businesses, as well as bring innovation and vision to existing companies. This program provides a comprehensive understanding of the principles and practices of entrepreneurship, including business planning, financing, marketing, and management.

Courses:

• Product marketing
• Project management
• Marketing and sales
• Digital marketing
• Business turnaround strategies
• New venture management
• Sustainability management
• Innovation and change management
• E-commerce

Related: 13 Highest Paying Digital Marketing Jobs

Job outlook:

Founder, CEO

A founder / CEO establishes a new business venture and serves as the top executive responsible for the company’s success. As a founder, you drive the vision and mission of the company, and take risks to bring your ideas to life.

Preferred background:

• You should have a knack for innovation, creative ideas, and collective brainstorming.
• You should have surface-level understanding of all business departments so that you can collaborate effectively.
• You should be comfortable making decisions at pace in confidence with multiple stakeholders.
• You can choose to work at a small startup before entering the corporate world.

Average salary: $218,407 (source: comparably)

Venture Firm Partner

A venture firm partner is part of a venture capital firm and plays a key role in identifying, evaluating, and investing in new business ventures. You work closely with entrepreneurs and startup companies to help them grow and succeed.

Preferred background:

• You should hold an acute understanding of mathematical analysis, negotiation and investment tactics, deal-making and group networking, management, and foresight.
• It might be helpful for you to intern and gain work experience at business or finance-related positions, such as, investment banking institutions and consulting firms.

Average salary: $309,733 (source: comparably)

Sales Manager

A sales manager is responsible for leading a team of sales professionals to achieve the company’s revenue / sales targets. As a sales manager, you develop and implement sales strategies, manage the sales team’s performance, and build relationships with key customers and partners.

Preferred background:

• Bachelor’s degree in business administration, marketing, public relations, or psychology
• MBA in entrepreneurship
• You must hold some work experience in marketing and sales.
• You must have good analytical, communication, and interpersonal skills.
• Certification in Certified Professional Sales Leader (CPSL) or Certified Sales Executive (CSE) is a plus.

Average salary: $81,273 (source: indeed)

5] MBA in Marketing

An MBA in marketing helps you learn about consumer behavior, market research, product development, pricing strategies, and promotional techniques. You also learn about digital marketing, social media marketing, and content marketing. 

Courses:

• Business statistics
• Applied business finance
• Accounting and economics
• Behavioral marketing science
• Consumer behavior
• Marketing analysis
• Strategic brand management

Job outlook:

Marketing Director

Marketing director leads a team of marketing professionals and works across departments, including sales, product development, revenue operations, and finance. As a marketing director, you analyze market trends, consumer behavior, and competitor activity to identify opportunities for growth and differentiation. 

Preferred background:

• Bachelor’s degree in marketing, business administration, psychology, market research or analytics, or digital marketing
• MBA in marketing
• You should have moderate work experience in management and leadership roles.
• You must hold good interpersonal and communication skills, and align yourself with changing market trends and best practices.
• You should have a thorough understanding of web marketing fundamentals.
• Certification in Project Management Professional (PMP) or Chartered Institute of Marketing (CIM) is a plus.

Average salary: $181,945 (source: salary)

Brand Manager

Brand managers develop and implement branding strategies to promote a company’s brand and differentiate their company’s products or services from those of their competitors. 

Preferred background:

• Bachelor’s degree in business administration, marketing, communications, or advertising
• MBA in marketing
• You should have some work experience with brand and reputation management, press release, content marketing, and other related fields.
• You should possess excellent writing and speaking skills, and understand the nuances of tonality and grammar.
• Certification in Certified Brand Manager (CBM) is a plus.

Average salary: $77,933 (source: salary)

Senior Marketing Analyst

Senior marketing analysts collect and analyze large sets of data to identify patterns and trends that can inform marketing campaigns and initiatives. 

Preferred background:

• Bachelor’s degree in business administration, market research, statistics, or economics
• MBA in marketing
• You should have some hands-on experience with data engineering, data analysis, reporting, and visualization.
• You should know your way around customer segmentation and targeting.
• You must be able to understand and interpret business requirements and map them to marketing outcomes.

Average salary: $93,941 (source: Glassdoor)

6] MBA Information Security

An MBA in information security combines the core principles of business management with the technical expertise of cybersecurity and information security. It provides you with the knowledge and skills needed to manage and secure IT systems and networks in a business environment.

The program focuses on developing a deep understanding of the technical aspects of cybersecurity, including threat analysis, risk management, network security, and cryptography. It also covers the strategic and managerial aspects of information security, including policy development, compliance, and governance.

Courses:

• Information security fundamentals
• Managing system networks
• Information systems–strategy and leadership
• Computer forensics
• Microeconomics
• Data and security ethics and policy

Job outlook:

Information security analyst

An information security analyst is responsible for protecting an organization’s computer networks and systems from potential security threats such as cyber-attacks, hacking, and data breaches. 

Preferred background:

• Bachelor’s degree in cybersecurity, computer science, information technology, or forensic computing
• MBA in information security
• You should be able to oversee design, development, and implementation of corporate computer network systems.
• Certification in Certified Information Systems Security Professional (CISSP) or Certified Network Defense Architect (CNDA) is a plus.

Average salary: $88,292 (source: Indeed)

The Final Word

In conclusion, pursuing MBA specializations gives you a competitive edge in the job market by helping you acquire specialized skills and knowledge that are highly valued by top employers. 

With a deeper understanding of the concepts and principles relevant to your chosen field of practice, you will be better equipped to excel in your career and take on leadership roles much faster within your organization. 

The investment of time and resources in pursuing an MBA specialization is likely to result in significant long-term benefits, both in terms of job opportunities and earning potential.

In conclusion, pursuing MBA specializations gives you a competitive edge in the job market by helping you acquire specialized skills and knowledge that are highly valued by top employers. 

With a deeper understanding of the concepts and principles relevant to your chosen field of practice, you will be better equipped to excel in your career and take on leadership roles much faster within your organization. 

The investment of time and resources in pursuing an MBA specialization is likely to result in significant long-term benefits, both in terms of job opportunities and earning potential.