An MBA qualification can widen your career prospects considerably. It also offers you a greater flexibility to switch jobs as desired. A full-time MBA at one of the top business schools in the world can cost as much as US$30,000 to US$200,000 – depending on the program length and the location of the school. Such a hefty investment requires diligent deliberation.
Most MBA programs are of two years. In the first year, students are taught various management subjects while in the second year, they move towards courses related to their specializations.
Finance and Marketing remain the two most popular MBA specializations that have always towered over the other specialized MBA offerings, such as Operations Management, Human Resources, Entrepreneurship, Information Technology, Global Management etc. General Management, Finance and Marketing are three fields that are considered to be the safest fields as they form the backbone of every industry and every business.
Here’s our case why think Marketing to be the ‘King’ of MBA specializations:
Gives You an Opportunity to Become CEO
A 2017 study by the American Marketing Association (AMA) revealed that 25% of CEOs had a marketing or sales background. The study was undertaken by Frank Germann from Notre Dame’s Mendoza College of Business, Stephen Anderson from Stanford and Rajesh Chandy from London Business School on 233 firms and 506 CEOs and it concluded that a third of CEOs with a marketing background was in largest companies.
42% of these CEOs were employed by B2B companies and about 49% of them held an MBA degree. The study also revealed that Marketing CEOs tend to gravitate toward CPG companies, which include retail, good, and wholesale trade sectors.
Great Career Opportunities Ahead
Marketing skills such as how to promote products and services, deal with customers, and design and execute marketing campaigns can be applied across marketing and sales roles in B2B and B2C companies of all sizes and types. They are centric to the creation, communication, and sustainability of value for an organization and hence, critical for its organic growth.
According to the US Bureau of Labor Statistics, the job prospects for advertising, promotions, and marketing managers are all set to grow by 10% from 2016 to 2016 – faster than average for all occupations.
MBA in Marketing allows students to gain a better understanding of how consumers use information and make their purchase decisions. The management assignment help provider, Sarah Lingdoh, shared, “MBA Marketing is all about branding, pricing, sales management, distribution channels, business marketing, direct and interactive marketing, global marketing, and return on marketing investment in general. Some MBA Marketing programs are industry-specific where students learn exactly how marketing processes apply to that particular sector (such as agribusiness, social enterprises, media and arts, retailing etc.)”
Some universities offer interesting industry-specific electives for MBA marketing students, such as technology marketing, entertainment, product management marketing, and luxury marketing.
Economic crises, social networks, and the onslaught of user-generated content are changing the consumption patterns, the way they interact with brands and companies, and the purchase decision-making processes of the consumers. In such a scenario, there are great opportunities opening up for marketing professionals who know how to navigate the choppy waters with confidence and new-age skills.
Finance Professionals are Unhappy
It might be surprising to know that Finance, the nearest competitor to Marketing as the top MBA specialization, may lose its lustre as an attractive career option after a while. The results of the QS Applicant Survey 2015 revealed that 94% finance professionals said that they would be interested in switching industries.
An ACCA (Association of Chartered Certified Accountants) survey also showed that 60% of finance professionals under the age of 36 said that they would like to change their job role sometime in the future and a whopping 81% said that they would like to start their own venture sometime in the future.
Another 2015 survey conducted by the Options Group, a New York-based executive search and consulting firm, found that 50% of the finance professionals were unhappy with their jobs, firms they worked for, their pay packs, as well as their career prospects.
So, you might want to be more aware of your choices when you are deciding upon which MBA field to specialize in.
Do you agree with us? Share your opinions with us in the Comments section below.