How to Choose a Master of Business Concentration

As in the world of business, strategic decision making must be applied when exploring your options for a master's in business.

There are various subspecialties under the umbrella of Master of Business, the most common being the MBA. It has its own set of concentrations, with marketing, strategy, human resources and supply chain management amongst the more popular ones. However, the list of general business master's degrees is extensive and includes specializations in international business, accounting and finance, and human resources just to name a few.

When choosing which Master of Business program to apply, think about the following:

• Determine which degree is most pertinent to your current career or the career you plan on building.
• Speak to your boss, co-workers, advisors and/or business mentors for advice and guidance.
• Explore best-fit options regarding full-time, part-time, online or on-campus programs (see below).
• What will your job and salary prospects be once you obtain your degree?
• What can you afford to invest in this degree when it comes to time and money? Make sure to take advantage of scholarship opportunities and employer tuition reimbursements. Creating a realistic budget is important when making sure that this investment is manageable.
• Once you've determined which Master of Business degree is best for you, it's time to start searching for universities with programs that meet your criteria.
• Where do your interests lie? After an investment like this in both time and money, you'll presumably be working in that field for several years to come. Make sure it's something you will enjoy.

The Master of Business specialty program you pursue may depend on the ways you can obtain it.

If you're already working in your field of interest, you may want to consider getting your master's on a part-time basis. This will allow you to continue working, bringing valuable real-world experience to your program, and avoid an extensive time gap at your job where you might lose a professional advantage.

There are also financial costs to be considered. Attending your program part time allows you to continue to earn an income, and your employer may offer a tuition reimbursement program that will certainly help alleviate some or all that financial burden.

This option is best for a recent undergrad who plans to go straight into graduate school for an M.S. in business, or someone who has the flexibility to be away from the workforce for an extended period to pursue a graduate degree. It's important to note that if you want to pursue an MBA, most programs require at least two years of work experience.

You may feel that your job prospects with just a bachelor's degree are too limited, or your specific field of choice requires a graduate degree. Accounting or human resources are examples of fields where this may apply. Take advantage of internship opportunities during undergrad to improve your acceptance chances for grad school.

Prior to the COVID-19 pandemic, online degrees were purely an opportunistic choice based on one's lifestyle. Today, while many campuses have opened their doors once again, online options are more readily available at previously on-campus only universities. But the personal reasons for getting a degree online still exist. If you're working full time and getting to a campus is difficult with your schedule, this may be a more convenient option for you. If you've chosen a program that's geographically distant and moving isn't an option, then this option allows you to explore programs farther away than you would be able to travel.

There are many advantages to completing your graduate degree on an actual campus. Getting to know your professors, fellow students and alumni can provide invaluable interaction and collaborative opportunities as you work toward your degree. You may have work-study opportunities that you otherwise wouldn't have online, which could reduce your financial burden.

Growing in popularity, these graduate business programs offer a combination of online and in-person sessions that many students are finding appealing to their situations.

Carefully evaluating and comparing business master's programs using available resources can help you determine which specialized program best matches your interests and goals.