Studying a Master of Business Administration (MBA) degree can open many doors for graduates - whether they want to learn more about strategy, leadership, marketing, accounting or data-driven decision-making.
But what if you want to delve further into a specialist area? How can a specialised MBA boost your career, and which MBA specialisation is right for you?
This guide will help you explore the top specialisations in MBA courses and discover the potential of MBA specialisations for your career.
Do I need a specialised MBA?
A general MBA course is a great place to start if you’re uncertain about your long-term career goals or aspire to general managerial roles. It will provide a well-rounded business education, covering a broad overview of finance, marketing, operations and human resources. You’ll also develop transferable skills like leadership, critical thinking and problem-solving.
On the other hand, MBA specialisations can provide a competitive edge in the job market, especially if you’re eyeing a specific industry or career path. They offer in-depth knowledge and skills and more industry-focused networking opportunities in a particular field. For example, an MBA in digital marketing gives you in-depth knowledge about online marketing strategies, SEO, SEM and social media marketing crucial for a career in digital marketing.
What types of MBA specialisations are there?
Some of the top MBA specialisations in Australia include:
Entrepreneurship and innovation
Equip yourself with the essential tools to launch and nurture successful ventures. Through practical and theoretical insights, it fosters a robust entrepreneurial mindset, strategic planning acumen and a keen understanding of market dynamics.
This MBA specialisation equips students with skills to interpret complex data and drive decision-making, ideal for individuals looking to leverage data in decision-making processes within their organisations.
Tackle real-world operational and strategic challenges within organisations. This specialisation embraces modern strategic management practices, promoting financial management, organisational sustainability, ethical conduct and robust workforce relations, preparing you to navigate a complex business world more effectively.
If you’re interested in modern marketing strategies, online advertising and social media management, or you’re entrepreneurially minded and want to understand how to market your business ideas and achieve more sales, this top MBA specialisation might be just what you’re looking for.
An MBA course specialising in healthcare management teaches you how to oversee the business side of healthcare, including planning, directing and coordinating medical and health services, adhering to laws and regulations, and managing finances, services and personnel.
Boost your knowledge of enhancing workplace learning, knowledge management, and change management within organisations. This specialisation is ideal for those looking to lead in HR or training and development sectors.
Discover what makes a great leader. Explore your unique leadership skills and style and learn how to steer an organisation through real-world challenges, ethical considerations and sustainable strategies in an evolving business landscape.
Learn how to manage technological innovations and IT teams in the face of rapidly accelerated technological change. Suited for those eyeing managerial positions in IT or tech-driven companies.
Take your skills to the world and become adept at cross-border business operations, international trade, cross-cultural management and global business strategy. This specialisation prepares you to pursue work as an international business manager, export manager or global strategy consultant.
A project management specialisation gives you the skills to perform a particular role rather than working in a specific industry. Covering project planning, execution, monitoring and controlling, risk management, budgeting and stakeholder communication, you’ll dive into project management’s strategic and operational aspects to ensure any project is completed on time, within scope and on budget.
There are over 100 MBA specialisations, so you’ll find a subject to match, no matter your interest. Here are just a few of your other options:
- Arts management
- Corporate administration
- Engineering management
- Enterprise and international business
- Facility management
- Futures studies
- Industrial relations
- Information technology management
- International management MBA
- International marketing
- Knowledge management
- Language and culture
- Local government
- Organisational behaviour
- Philanthropy and not-for-profit studies
- Property development
- Public administration
- Public relations
- Rural health
- Strategy and planning
- Supply chain management
Which MBA specialisation is right for me?
The right specialisation depends on your career goals and aspirations. Always thoroughly research the curriculum, faculty and opportunities a specialised MBA could unlock before deciding the perfect path for you.
Here are some things to consider:
Your career aspirations
How you see your future career unfolding should dictate how you choose a specialisation. A specialised MBA could fast-track your journey if you aim to climb the corporate ladder in a specific domain. For example, if you’re interested in technological advancements and their integration into business operations, an MBA in Technology Management would be an apt choice.
Some industries have a high demand for specialised skills. Healthcare, technology, and finance often prefer candidates with specialised MBAs as they bring domain-specific knowledge that’s highly beneficial when tackling the sectors’ unique challenges.
Specialised MBAs also offer better networking opportunities within a specific industry. You get to interact with faculty and peers who share the same interests and ambitions, which can benefit your career in the long run.
Cost and duration
Specialised MBAs can come with different price tags and durations when compared to general MBAs. Evaluating your return on investment and how it aligns with your goals is essential.
Access to industry experts
Consulting with industry experts and career advisors can also suggest the right path based on your career journey and market demands.
Consider the future
Evaluate the future scope and evolving market trends. For example, with the increasing importance of data in business, an MBA in Business Analytics is becoming increasingly relevant and well-paid.
MBA specialisations with UTS Online
With UTS Online’s Master of Business Administration, you can study a flexible MBA and take control of your study path. You’ll be able to select from a range of specialisations, including digital marketing, health, organisational learning, business analytics and technology management. Alternatively, you can “mix and match” electives relevant to you through the Flex stream.
All course content has been co-developed with instructional designers and content experts, giving you the highest quality learning experience and building the specialist skills you need to succeed.
Let’s take a closer look at what career prospects each offers, the projected demand for your skills after completing your study and the potential salaries you can expect.
Your job is to bridge the gap between IT and business operations, deciphering business needs into technical requirements. You’ll scrutinise your organisation’s business processes, identify areas for improvement, and create solutions to help it achieve its goals. You’ll extract actionable insights from data analysis to inform strategic decisions, liaise between stakeholders and technical teams, and ensure solutions align with business objectives.
In Australia, the demand for business analysts is on the rise, with a 23.2 per cent job growth projected over the next five years and an average salary of $115,000 per annum, according to Seek.
You’ll drive brand awareness and lead generation through various digital channels, developing, implementing, and managing marketing campaigns to reach your organisation’s target audience more effectively. You’ll ensure maximum ROI on marketing spend by analysing metrics and tweaking strategies.
The Australian digital marketing field is burgeoning, with a job growth projection of 11.4 per cent and continuous expansion anticipated over the next decade. The average salary for a Digital Marketing Manager is $115,000 per year.
In this role, you’ll oversee healthcare’s managerial and administrative side, ensuring efficient, high-quality healthcare delivery and optimal patient care. You’ll plan, direct, and coordinate medical and health services, adhering to laws and regulations while managing finances, services, and personnel.
The healthcare sector is Australia’s largest and fastest-growing industry. Aspiring Health Services Managers face a promising job outlook. Average Australian salaries for Health Managers are $120,000+ per annum, depending on your organisation’s size and job seniority.
This role focuses on enhancing a workforce’s knowledge base and skills. You’ll design, coordinate and evaluate educational programs to foster continuous development and adaptability. You’ll drive performance improvement and innovation by aligning learning initiatives with organisational goals.
Numerous job listings across platforms like Indeed, SEEK and LinkedIn indicate a significant demand for this role in Australia, with salaries averaging $130,000 annually.
As a Technology Manager, you’re pivotal in navigating digital transformation, ensuring system security, and optimising tech efficiency. You’ll also manage IT resources and align and integrate new technology initiatives with business goals.
Australia’s tech industry is evolving significantly, creating a promising job outlook for IT managers. In 2023, the tech industry is expected to continue dealing with issues around supply chains, workforce and innovation amid macroeconomic and global uncertainties, according to Deloitte.
A typical salary for a Technology Manager is $140,000 per annum. Rising the ranks to Chief Information Officer (CIO) or Chief Technology Officer (CTO) attracts an average salary of $240-265,000 per annum with a projected 17.7 per cent increase in job opportunities over the next five years.
Get ready for the business world of tomorrow
Whether you choose to tailor your MBA to a specialisation or study a general path, UTS Online Master of Business Administration will give you the relevant business skills to stand out as an expert.
Got questions about studying an MBA? Get in touch with our Student Enrolment Advisors today on 1300 477 423, or visit our website.