MBA Concentration in a NutShell

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MBA Concentration in a NutShell[1]
Dear all,

Recently, we had a few of inquires on the MBA concentration - though most of the schools would not treat the concentration in your application forms so seriously, it is really a neat idea to match your essay/interview with the concentration/career path.

I hope that the following information would help you to at least have a general idea.
Please be aware that MBA concentration keeps changing - for example, this series doesn''t cover the new one like "supply chain management", etc.

I will post all the information in 3 seperate posts.

Joy,
Andy

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1. Accounting

What do accountants do?

Accountants offer a wide array of business and accounting services including public, management, and government accounting, as well as internal auditing. In each of these major fields, accountants and auditors prepare, analyze, and verify financial documents in order to provide information to clients.

Public Accountants: Public accountants perform a broad range of accounting, auditing, tax, and consulting activities for their clients, who may be corporations, governments, nonprofit organizations, or individuals.

Consultants: Consultants offer advice in areas such as compensation or employee health care benefits; the design of accounting and data processing systems; and the selection of controls to safeguard assets.

Forensic Accountants: Forensic accountants investigate and interpret bankruptcies and other complex financial transactions.

Management Accountants: Management accountants record and analyze a corporation''''s financial information in addition to budgeting, performance evaluation, cost management, and asset management.

Public Sector Accountants: Government accountants and auditors maintain and examine the records of government agencies and audit private businesses and individuals whose activities are subject to government regulations or taxation.

What degree options are available in accounting?

Undergraduates can earn a bachelor’s degree in accounting or take accounting classes as part of a business degree. MBA students can choose concentrations in accounting, and some schools offer master1s degree in accountancy (MAcc).

What''''s the difference between a master''''s in accounting and an MBA with an accounting concentration?

While both an MBA with a focus on accounting and a Master of Accounting (MAcc) degree will prepare you to assume managerial positions within the field of accounting, the MBA degree will provide you with more general skills that are transferable to other areas. The MAcc will provide you with greater accounting expertise and will prepare candidates for the Certified Public Accountant (CPA) exam, but fewer transferable skills. Some MBA programs provide candidates with sufficient credit hours required to sit for the CPA exam. The MBA degree''''s broad curriculum also helps accountants with client management and other strategic issues in performing their jobs, especially in management advisory services.

What will I study?

The MAcc curriculum generally includes preparation for the CPA exam, and the Certified Management Accountant (CMA) examination, in addition to courses in financial and managerial accounting, research, business valuation, cost management, information systems, auditing, policy, taxation, and consulting services. MBA curriculum with an accounting concentration emphasizes general management and business coursework as well as in depth accounting applications and concepts.

What skills are necessary to work in the field of accounting?

Certification and licensure in accounting and auditing are standard requirements for employment in this field. Successful accountants and auditors are generally detail-oriented, highly motivated researchers, and knowledgeable about U.S. and international tax laws, economics and money markets. In addition to self-confidence, maturity, and the ability to work independently, candidates for accounting positions need a broad range of skills including:
Excellent mathematical and computer skills
Excellent analytic and problem solving skills
Excellent oral and written communication skills
Strong interpersonal skills

What career paths do MBA or MAcc graduates follow?

Many graduates enter into the profession as financial analysts or internal auditors in such areas as financial planning, resource allocation, and management information systems. Beginning public accountants usually start by assisting with work for several clients. Those who excel may become supervisors, managers, partners, open their own public accounting firms, or transfer to executive positions in management accounting or internal auditing in private firms. Management accountants often start as cost accountants, junior internal auditors, or as trainees for other accounting positions. As they rise through the organization, they may advance to accounting manager, chief cost accountant, budget director, or manager of internal auditing. Some become controllers, treasurers, financial vice presidents, chief financial officers, or corporation presidents. In general, there is a large degree of mobility among public accountants, management accountants, and internal auditors. Practitioners often shift into management accounting or internal auditing from public accounting, or between internal auditing and management accounting.
What certification or training is necessary for a career in accounting?
Professional recognition through certification or licensure provides a distinct advantage in the job market. All CPAs must have a certificate and the partners in their firm must have licenses issued by a State Board of Accountancy. The vast majority of States require CPA candidates to be college graduates, but a few States substitute a number of years of public accounting experience for the college degree. Nearly all States require CPAs and other public accountants to complete a certain number of hours of continuing professional education before their licenses can be renewed. Voluntary certification can attest to professional competence in a specialized field of accounting and auditing. Graduates from accredited colleges and universities who have worked for 2 years as internal auditors and have passed a four-part examination may earn the designation Certified Internal Auditor (CIA) from the Institute of Internal Auditors.

What''''s the overall career outlook for accountants?

According to the US Bureau of Labor Statistics, employment of accountants and auditors is expected to grow about 10 to 20 percent through the year 2008. As the economy grows, more accountants and auditors will be needed to set up books, prepare taxes, and provide management advice. In response to market demand, these accounting professionals will offer more management and consulting services as they take on a greater advisory role and develop more sophisticated and flexible accounting systems. Also, internal auditors will increasingly be needed to discover and eliminate waste and fraud. Competition is keen for the most prestigious jobs in major accounting and business firms, but graduates with a master''''s degree in accounting or a master''''s in business administration will have a distinct advantage in the job market.

2.  e-commerce

What do employees in e-Commerce fields do?

Students with backgrounds in e-Commerce typically work in Information Technology (IT) fields, often as the managers of IT infrastructures. They can also oversee the development and marketing of Internet web sites as project managers. Graduates of e-Commerce programs leave school prepared to fill positions in the technical staffs of corporations.

I do not have a background in Computer Science. Will an e-Commerce MBA be too technical for me?

While a Master’s in e-Commerce might require greater familiarity with IT concepts, most e-Commerce and e-Business programs are designed for traditional MBA students in addition to those with IT experience.

What degree options are available in this area?

Undergraduates can earn a Bachelor’s in e-Commerce or e-Business. Graduate students can earn a Master of Science in e-Commerce or an MBA with an e-Commerce or e-Business concentration.

What is the difference between a Master’s Degree in e-Commerce and an MBA with a concentration in e-Commerce?

The basic difference between these two options is that the master’s degree is highly specialized and will allow you to focus almost exclusively on computer science and business administration. In contrast, an MBA program will permit you to develop a general set of management skills as well as e-Commerce knowledge. There are advantages to each: a master’s program will enable you to delve into e-Commerce issues in greater depth; an MBA program will allow you to spend your first year developing a set of skills that can be transferred to other areas.
While both a master’s degree and an MBA concentration will prepare you to hold management positions within the field of e-Commerce, master’s programs are designed to help you become a leader in technology management and integration. In contrast, an MBA degree may also qualify you to hold management positions in other fields, should you become interested in a different career.

What subjects will I study?

As an e-Commerce student, you will study traditional business topics like finance, accounting and marketing, but your coursework will emphasize Information and Communication Technology (ICT). Your studies will probably include classes on e-management, electronic marketing marketing, online business strategies, MIS, web site development and IT applications. Students with IT backgrounds may take advanced computer science courses as well.

What careers do e-Commerce students pursue?

e-Commerce graduates can assume management roles in e-Business and e-Commerce fields, including operations, marketing, technical support and administration. Many become consultants for large corporations that want to incorporate internet business into their strategic plans. Companies may need you to improve B2B online transactions, vitalize internet product sales, or research e-Commerce competition.

What’s the overall career outlook for this field?

e-Commerce has suffered setbacks since the failure of many startup dot-coms, but the overall demand for business managers with information technology backgrounds should not decrease in the long run. The marketplace has changed dramatically with the introduction of companies like ebay and Amazon.com; most companies now recognize that they must develop and maintain e-Business programs in order to remain competitive. Consequently, the need for employers with e-Commerce skills remains. E-Commerce opens up entirely new business opportunities around the world; as old market practices incorporate new technologies, the field will increase in importance.

3. Entrepreneurship

What do entrepreneurs do?

Entrepreneurs have many options: they can be business owners and managers, venture capitalists, or small business consultants. In addition, some become intrapreneurs within established companies.

What is intrapreneurship?

Intrapreneurs work within corporations to develop new products, increase innovation, and build employee morale. Intrapreneurship appeals to some because it allows them to pursue creative business ideas with the support of a large company’s resources.

What degree options are available in this area?

Some schools offer undergraduate degrees in Entrepreneurship. In addition, graduate students can earn an MBA with an entrepreneurship concentration.

What subjects will I study?

Entrepreneurship MBAs are encouraged to draw upon their creative potential as they learn to build ventures. They are prepared to manage different stages of growth for business enterprises. Entrepreneurship programs allow you to focus on the specific business skills needed to bring an early stage company or small business to life. In addition to the core MBA course, you may take classes in entrepreneurial management, growth strategies, venture financing, cash flow management, and market research.

Many MBA programs offer students chances to work with small businesses; some also give top MBA students opportunities to launch their own ventures in the second year of study.

What skills will I need?

In addition to an overall comprehension of business administration, entrepreneurs should have:

Business savvy: You must understand business theories and practices to build a successful venture. Although some entrepreneurs have not attended graduate school, others believe that an MBA provides small business managers with invaluable administration skills.

Innovation and creativity: Creativity is imperative to entrepreneurs. How will your business stand out from its competition? Your venture may benefit from the introduction of new products, public relations techniques, or even new management practices. It will be up to you to determine what is best for your business.
People skills: As an entrepreneur, you will be the one who pitches products to potential investors or assists customers during sales. Understanding the needs of clients is crucial to your success, as is the ability to communicate with your partners and supporters.

The ability to multitask: Even if you start a business with other partners, you will probably have to tackle a range of tasks in different areas before the venture returns enough capital to hire additional employees. You may meet with potential clients in the morning, then design advertisements at the office during the evening.
The ability to take risks: Starting your own venture always entails uncertainty. You will put your own business reputation on the line, donating personal time and effort to build a customer base. Moreover, a new business requires sizeable financial investments – a start-up is not easy, but the opportunity to manage business operations is probably worth the risk.

What’s the overall career outlook for this field?

Entrepreneurs have always been the backbone of the American economy. Today’s corporate conglomerates were started by men and women with innovative – even outlandish – ideas who had the dedication to make their new ventures thrive. As an entrepreneur, you will be a leader in the business community, whether you take over the family business, purchase or start your own venture, or work within a larger company to revitalize its practices.

4. Finance

What do finance professionals do?

A tremendous range of opportunities for finance professionals can be found in the private, public and non-profit sectors. Most in the financial services industry are employed in such areas as commercial banking, corporate finance, financial planning, investment banking, money managing, insurance, and real estate. Also, almost every firm, government agency, and organization have financial managers who oversee the preparation of financial reports, direct investment activities, and implement cash management strategies.

Commercial Banking: A career in commercial banking offers opportunities in financial management, accountancy and auditing, securities, commodities, and financial services sales, as well as in financial and credit analysis.

Corporate Finance: Employees working in corporate finance find the money to run the business, grow the business, make acquisitions, plan for it''''s financial future and manage any cash on hand.

Financial Planning: Financial planners help individuals plan their financial futures.

Insurance: Jobs in insurance involve helping individuals and business manage risk to protect themselves from catastrophic losses and to anticipate potential risk problems. A variety of areas in insurance include work as an underwriter, a sales representative, an asset manager, or an actuary.

Investment Banking: Investment bankers help companies and governments issue securities, help investors purchase securities, manage financial assets, trade securities and provide financial advice.

Money Management: Money managers hold stocks and bonds for institutional clients.

Real Estate: In the real estate fields many are employed such areas as title insurance, construction, mortgage banking, property management, real estate appraisals, brokerage and leasing, and real estate development.

What degree options are available in finance?

Undergraduates can earn a bachelor1s degree in finance or take finance classes as part of a business degree. MBA students can choose concentrations in finance, and some schools offer master’s degrees in finance or PhD programs.

What''''s the difference between a master''''s in finance and an MBA with a finance concentration?

The basic difference between these two options is that a master’s in finance is a highly specialized degree that will allow you to focus almost exclusively on issues related to finance. In contrast, an MBA program will allow you to develop a general set of management skills in addition to specific finance knowledge. There are advantages to each: a master1s program will enable you to delve into finance issues in greater depth; an MBA program is will allow you to spend your first year developing a set of skills that can be transferred to other areas. While both a master1s degree and an MBA concentration will prepare you to hold management positions within the field of finance at some point in your career, an MBA degree may also qualify you to hold management positions in other fields, should you become interested in a different career.

What will I study?

Coursework generally covers statistics, economics, accounting policies and procedures, corporate budgeting, and financial analysis methods. Advanced courses in options pricing or bond valuation and knowledge of risk management are often covered. Courses in investments, taxes, estate planning, and risk management also are helpful.

What skills are necessary to work in the field of finance?

Financial professionals must be detail-oriented, highly motivated researchers, and knowledgeable about U.S. and international tax laws, economics and money markets. In addition to self-confidence, maturity, and the ability to work independently, candidates for financial industry positions need a broad range of skills including:
Excellent mathematical and computer skills
Excellent analytic and problem solving skills
Excellent oral and written communication skills
Strong interpersonal skills

What certification or licensing is necessary?

A college degree, and in most cases an MBA, is recommended for a career in the finance industry. A license is not required to work as a personal financial advisor, but advisors who sell stocks, bonds, mutual funds, insurance, or real estate, may need licenses to perform these additional services. Certification, although not required for financial analysts or personal financial advisors to practice, can enhance professional standing and is strongly recommended by many financial companies. Financial analysts may receive the title Chartered Financial Analyst (CFA) and personal financial advisors may obtain a Certified Financial Planner (CFP) or Chartered Financial Consultant (ChFC) designation. Both titles demonstrate to potential customers that a planner has extensive training and competency in the area of financial planning.

As an MBA graduate what career options will I have in finance?

The financial field offers many possibilities to MBAs, but the most sought after jobs are within corporate finance, investment banking, and securities firms. Finance MBAs often go into the corporate world as Financial Analysts or Investment Banking Associates. Other careers for MBAs are in asset management, equities research, and private client services. Many MBAs become management consultants with expertise in cash management, restructuring and workouts, emerging markets, or strategy. MBAs on the corporate side may aspire to careers that lead to corporate treasury, and ultimately the Chief Financial Officer (CFO) role in the corporation. Financial analysts may advance by becoming portfolio managers or financial managers, directing the investment policies of their companies or those of clients. Personal financial advisors who work in firms also may move into managerial positions, but most advisors advance by accumulating clients and managing more assets.

What''''s the overall career outlook in finance?

According to the U.S. Bureau of Labor statistics, increased investment by businesses and individuals is expected to result in faster-than-average employment growth of finance professionals through 2010. However, competition is expected to be keen for these highly lucrative positions. The majority of salaried advisors and analysts work for security and commodity brokers, exchanges, and investment services firms. Candidates with a master''''s degree should have the best job opportunities. Familiarity with computer financial software packages also should enhance a jobseeker''''s employment prospects.

MBA Concentration in a NutShell[2]
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5. General Management

What do general managers do?

General managers and top executives plan, organize, direct, control, and coordinate the operations of an organization and its major departments or programs. Although they have a wide range of titles such as chief executive officer, president, executive vice president, owner, partner--- all formulate policies and direct the operations of businesses and corporations. The nature of high level executives'''' responsibilities depends upon the size of the organization. In large organizations, their duties are highly specialized. In smaller organizations, such as independent retail stores or small manufacturers, a partner, owner, or general manager is often also responsible for purchasing, hiring, training, quality control, and day-to-day supervisory duties.

What degree options are available in general managment?

Undergraduates can earn a bachelor1s degree in management or take courses in management as part of a business degree. MBA students can choose a concentration in management, and some schools offer master1s degrees and PhDs in general management.

What1s the difference between a Master of General Management and an MBA with a general management concentration?

While both an MBA with a focus on management and a Master of General Management degree will prepare you to assume managerial positions within the business world, the MBA degree will provide you with more general skills that are transferable to other areas. The master''''s in management will provide you with greater management expertise, but will provide you with fewer transferable skills. The MBA degree''''s broad curriculum also helps managers integrate the different functions within a company.

What will I study?

Students in MBA programs with a management concentration will most likely study everything from marketing, international economics, entrepreneurship, information systems, microeconomics, finance, in addition to managerial accounting, human resources management, leadership, statistics and management science.
What skills are necessary to work in the field of general management?
Managers with strong leadership qualities and the ability to improve the efficiency or competitive position of an organization are most successful. An analytical mind able to quickly assess large amounts of information and data is very important, as is the ability to consider and evaluate the interrelationships of numerous factors. General managers and top executives must also be able to communicate clearly and persuasively. Other qualities critical for managerial success include leadership, self-confidence, motivation, decisiveness, flexibility, sound business judgment, and determination.

What is a typical career path for an General Management-MBA graduate?

General managers often have experience in a particular field, such as accounting or engineering and are promoted to general management positions as their skills progress. Many general manager and top executive positions are filled by promoting experienced, lower level managers when an opening occurs, and many are promoted from within the organization. Advancement may be accelerated by participating in company training programs that focus on company policy and operations.
General managers may advance to top executive positions, such as executive vice president, in their own firm or they may take a corresponding position in another firm. They may even advance to peak corporate positions such as chief operating officer or chief executive officer. Chief executive officers often become members of the board of directors of one or more firms, typically as a director of their own firm and often as chair of its board of directors. Some top executives establish their own firms or become independent consultants.

What''''s the overall career outlook for general management?

According to the US Bureau of Labor Statistics, projected employment growth of top executives varies by industry, however, keen competition is expected for top executive positions because the prestige and high pay attract a large number of qualified applicants. Many openings occur each year as executives transfer to other positions, start their own businesses, or retire. Salaries vary substantially by type and level of responsibilities and by industry. According to a salary survey done by Executive Compensation Reports, a division of Harcourt Brace & Company, the median salary for CEOs of public companies from the fiscal year 1998 Fortune 500 list was approximately $800,000. Three quarters of CEOs in the nonprofit sector made under $100,000 in 1998, according to a survey by Abbott, Langer, & Associates.

6. Human Resource Management

What do employees in human resource management do?

Human Resource managers play critical roles not only in the selection, training, and evaluation of employees, but also in the establishment of organizational structures (for example, through the development of managerial hierarchies). They may develop compensation packages or handle questions about workforce laws and regulations.
HR managers can manage employees in private and public sectors. They can also work within a company or as private contractors to advise corporations on anticipated organizational change.

What degree options are available in this area?

Undergraduates can earn a Bachelor’s in HR Management. Graduate students can earn a Master’s Degree in HR Management or an MBA with a concentration in HR Management

What is the difference between a Master’s Degree in HR Management and an MBA with a concentration in HR Management?

The basic difference between these two options is that the master’s degree is highly specialized and will allow you to focus almost exclusively on human resource management. In contrast, an MBA program will permit you to develop a general set of management skills in other areas while you learn about human resource practices. There are advantages to each: a master’s program will enable you to delve into human resource issues in greater depth; an MBA program will allow you to spend your first year developing a set of skills that can be transferred to other areas.
While both a master’s degree and an MBA concentration will prepare you to hold management positions, master’s programs are designed to help you become a leader in human resources. In contrast, an MBA degree may also qualify you to hold management positions in other fields, should you become interested in a different career.

What subjects will I study?

MBA programs in human resource management focus on the skills that are required to be effective organizational managers. Traditionally, students learned about managing human resources; now, however, emphasis is also placed upon organizational behavior and information systems management.
As an HR MBA, you might study human resource development, the legal aspects of management, and strategic human resource management. You will also become familiar with the social, cultural, and economic factors that influence employee relations. Furthermore, you will learn how to assess and improve essential components of company operations, including compensation, benefits, salary negotiations and safety standards.

What skills will I need?

In addition to an overall comprehension of business administration, HR MBAs should have:

Legal knowledge: HR managers have to deal with complex aspects of company business, including layoffs, salary adjustments and labor disputes. All HR managers need to understand laws and regulations, like the Age Discrimination in Employment Act, that affect the workforce. Companies cannot risk violating these laws and rely on HR departments to keep up-to-date with any regulatory changes.
People skills: Tact is an essential HR trait: you must be able to have forthright discussions with employees about earnings, job performance, and future opportunities. If you are involved with labor or salary negotiations, you must be a strong mediator who can find common ground between diverse points of view. Understanding employee needs is crucial to your success, as is the ability to make difficult, well-planned decisions.

Communication skills: Since you may oversee the development of human resource policies, you should be a proficient speaker and writer. Clarity is fundamental in the HR field.

What careers do HR MBAs pursue?

HR MBAs have many career choices. According to the GMAC, graduates with significant business experience fill management positions in strategic operations, while most MBAs accept roles in diverse HR fields. The GMAC notes that some popular
careers include:
Recruiters: Recruiters are an essential part of a company’s human resource team. As a recruiter, you may research prospective candidate pools, conduct interviews, and evaluate potential employees.
Compensation managers: A position as a compensation manager may appeal to you if you enjoy accounting and finance. You will manage the company’s compensation plan, researching industry trends and regulations to be sure that your salaries remain competitive.
International HR managers: An international HR position enables you to work with company personnel in a multinational corporation. You may start out in a domestic position before moving to a higher level job in another country. Some international managers oversee employee relations in several branch offices worldwide, each of which has its own HR manager on site.

What kinds of firms employ HR MBAs?

It is difficult to find a company that does not have at least one human resource position. Above all, large corporations need HR managers to maintain relationships between executives and entry-level workers and to prevent fallouts during labor disputes. Smaller corporations also need individuals with advanced HR degrees to manage salary and hiring processes.

What’s the overall career outlook for this field?

HR is a highly competitive field comprised of individuals from a variety of educational and occupational backgrounds. The GMAC estimates that employment will grow in the upcoming years as the workplace becomes increasingly diverse. Employers will have to respond to new regulations or to stricter versions of existing labor, health, and safety laws, which will open up new positions for HR MBAs. The salaries vary based upon the job position and size of the company; other important factors include your previous experience and level of education.

7.  International Business

What do employees in international business fields do?

International business graduates may work in domestic or international positions with private companies, governments or other organizations. As a international business major, you will be prepared to work in international finance, marketing, management, importing/exporting or sales.
Global professions are the future of business. Unlimited career opportunities await individuals who can bring international perspectives to business firms.

What degree options are available in this area?

Undergraduates can earn a Bachelor’s in International Business, but most upper-level international management positions require an MBA or Master’s Degree. MBA students can specialize in international business/management.
Find Schools with International Business Programs

What is the difference between a Master’s Degree in International Business and an MBA with a concentration in international business?

The basic difference between these two options is that the master’s degree is highly specialized and will allow you to focus almost exclusively on issues related to international business. In contrast, an MBA program will permit you to develop a general set of management skills in addition to specific multinational knowledge. There are advantages to each: a master’s program will enable you to delve into international issues in greater depth; an MBA program is will allow you to spend your first year developing a set of skills that can be transferred to other areas. While both a master’s degree and an MBA concentration will prepare you to hold management positions within the field of international business, an MBA degree may also qualify you to hold management positions in other fields, should you become interested in a different career.

What subjects will I study?

MBA programs in international business can be general or specialized programs, but most cover basic aspects of business administration like accounting, finance, management and marketing. The main focus is on topics like international governmental policies, international financial services, cross-cultural management, unique customs and attitudes, and other factors that affect multinational operations management.

You will study the major laws and organizations that affect global business and trade (the European Union, NAFTA, the Latin American Common Markets, etc). Students also study international strategy: a successful product in Thailand may flounder in Laos. Foreign language proficiency is generally required in order to make you an efficient communicator. Furthermore, study abroad programs are highly recommended, as are internships with multinational corporations.

What skills will I need?

In addition to an overall comprehension of business administration, international business students should have:

Cultural Sensitivity: Even well-known corporate giants have erred unintentionally when they fail to research cultural beliefs and traditions in new markets. You must be able to speak more than one language and should be well versed in the practices of the country where you work; a simple blunder, like an improper business card exchange, can offend potential clients.
Patience and flexibility: Do not expect to start work in Paris or Hong Kong. Most international business women and men begin their careers in domestic operations and advance to positions abroad after demonstrating prowess at home. When new markets open to your company, opportunities may arise in countries that you never considered. If you long to be an international executive, be willing to accept a position in Eastern Europe. Your achievements there might help you secure the job of your dreams in Latin America.
People skills: Whether you pitch products to upper-level executives or assist customers during sales, you need to know how to work with diverse groups of individuals who come from very different cultural backgrounds. Understanding the needs of clients is crucial to your success, as is the ability to perform as part of a multinational team.
Communication skills: To excel in business, you must be able to convey your ideas effectively and efficiently. You should be a proficient speaker and writer. Take time to research which languages are most important in your field. For finance careers, Asian and Latin American languages are useful. If you are interested in information systems management, consider Russian or the languages of developing nations.
Creativity: Turn your ideas into marketing tools and you will become a valued employee. Creativity is vital to multinational corporations, which must sell their products to a variety of customers. If your concept successfully redesigns a popular American product for sales in New Zealand, it may propel you into a management position.
The ability to work under pressure: The launch of a new ad campaign or product is extremely intense; unforeseen cultural issues and trade barriers can arise at the last minute. You will be at a competitive advantage if you can meet impending deadlines quickly.

What kinds of firms employ international business students?

The list is extensive, but frequent employers include banks, import/export corporations, multinational manufacturers, consulting firms, international nongovernmental organizations (NGOs), electronics companies and transportation industries like shipping and airlines.
What careers do international business students pursue?
The international business profession is expanding rapidly as an increasing number of companies conduct multinational transactions. Your specific field may be in accounting, finance, marketing, management, purchasing or production, but you will focus on global and cultural business issues. Common job titles include Import/Export Agent, Foreign Currency Investment Advisor, Foreign Sales Representative and International Management Consultant.

What’s the overall career outlook for this field?

International business is influenced by numerous socio-cultural, political and legal factors, but overall employment is expected to rise as young organizations like the European Union expand and recruit new economic partners.
Salaries depend upon the size and location of the company, as well as your own related experience, level of education and cultural skills. Entry-level earnings can range from $24,000 to $40,000, and these numbers will increase significantly if you have earned an MBA or Master’s degree.

8.  Marketing

What do employees in marketing fields do?

As a marketing graduate, you will have access to a wide variety of career options. With an MBA in marketing, you''''ll be prepared to enter fields like product development, advertising, PR, retail, and sales. You''''ll be prepared not only to perform detailed analyses of customer attitudes, market trends, and profit-and-loss margins, but to develop sophisticated product development and promotional campaigns based on this information.

Students in marketing have the potential to earn high salaries. Your job may require you to travel frequently and to work extended hours, but you will be part of an exciting discipline that continues to change. A business degree and relevant experience will help you enter this highly competitive, rewarding field.

What degree options are available in this area?

Undergraduates can earn a Bachelor’s Degree in Marketing or take marketing classes as part of a business degree. MBA students can choose concentrations in marketing, and some schools offer Master’s of Science in Marketing or PhD programs.
Find Schools with Marketing Programs

What is the difference between a Master’s Degree in Marketing and an MBA with a concentration in marketing?

The basic difference between these two options is that a Master’s Degree in Marketing is a highly specialized degree that will allow you to focus almost exclusively on issues related to marketing. In contrast, an MBA program will allow you to develop a general set of management skills in addition to specific marketing knowledge. There are advantages to each: a master’s program will enable you to delve into marketing issues in greater depth; an MBA program is will allow you to spend your first year developing a set of skills that can be transferred to other areas. While both a master’s degree and an MBA concentration will prepare you to hold management positions within the field of marketing at some point in your career, an MBA degree may also qualify you to hold management positions in other fields, should you become interested in a different career.

What subjects will I study?

In addition to your core MBA courses, you will be able to select a series of classes that lead to a marketing concentration. Initial classes usually include a course in marketing management that introduces students to the role of marketing in past and current business practices. Classes in marketing methods, advertising, research and strategy are also recommended. Other areas of emphasis might include non-profit marketing, consumer behavior, sales research and management, entrepreneurial marketing, logistics and physical distribution, or multinational management and marketing.

Bachelor’s degree students can expect to study similar topics, although the concepts will not be geared towards individuals who have previous business experience. Undergraduate students will also take courses in economics, accounting and other business areas.

What skills will I need?

In addition to familiarity with business practices and strong analytical skills, marketing employees should have:

People skills: Whether you pitch products to upper-level executives or assist customers during sales, you need to know how to work with diverse groups of individuals. Understanding the needs of clients is crucial to your success, as is the ability to perform as part of a team.
Communication skills: As a marketer, you must be able to convey your ideas effectively and efficiently. You should be a proficient speaker and writer.
Creativity: Turn your ideas into marketing tools and you will become a valued employee. Creativity is one of the best pathways to success in marketing fields; if you can create a successful concept to sell a product, it may propel you into a position with greater responsibility.
The ability to work under pressure: Launching a new ad campaign or product can be extremely intense; unforeseen issues can arise at the last minute. You will be at a competitive advantage if you can meet impending deadlines quickly.

What careers do marketing students pursue?

Marketing MBAs have many career choices. According to the GMAC, some of the most prevalent include Market Research Analyst, Product Manager, Marketing Manager, Sales/Territory Manager and PR Manager. If you have strong finance skills, you can embark on a career in strategic planning. There are also countless opportunities in other fields, including communications, advertising and public relations. Finally, consulting firms may have positions in customer service management and new market development. Some popular career options include:

PR/Advertising: The rapidly-growing sectors of PR and advertising appeal to many new marketing MBA grads. As an employee in this field, you may have the opportunity to change how a product is depicted in advertisements. You could also work to improve perception of products by supervising how they are rolled out to the public. Your job title might be Creative Writer, Director of Advertising, or Production Manager. Creativity, composure under deadlines, and people skills are crucial to a successful PR or Advertising manager.
Market Research: Market research requires strong analytical skills and familiarity with cutting edge statistics programs. Through focus groups, surveys and product tests, you will analyze consumers’ buying habits and preferences in order to make your company’s products successful. Market researchers can work as consultants or within corporations and firms.
Non-Profit: In smaller non-profit organizations, you may receive greater levels of responsibility early in your career, which enables you to gain significant marketing experience. Creativity, the ability to multitask, the desire to make a positive difference, and strong communication skills are imperative to any non-profit marketer. Flexibility is also essential: hours fluctuate to accommodate important after-hours fundraisers and public meetings. Non-profit marketing MBAs might design newsletters and pamphlets, organize events, or plan fundraisers.
Product Management: Product managers must be savvy, experienced business professionals with tactical skills. You are responsible for a product’s development and marketing, from its package to its web ads. This position carries tremendous accountability, since the product manager’s choices can influence the entire company’s progress. Senior product managers may oversee several managers in other countries as they promote the product. Experience, comfort with computer programs and strong statistical analysis skills are required, and a Master’s degree is generally compulsory.

What’s the overall career outlook for this field?

Many experienced business professionals want to become marketing managers; as a result, the field is extremely competitive. Fortunately for recent graduates, employment of marketing, public relations and advertising managers is expected to increase over upcoming years. Corporations must compete on domestic and international levels, and they need marketing managers to increase customer interest. Prospective employers will pursue consultants and workers who are familiar with interactive marketing and media skills.

A 1999 survey by the National Association of Colleges and Employers found the average starting salary of marketing majors to be approximately $31,900. Advertising majors made slightly less, averaging $26,600. Salary tends to be calculated based on a number of factors, including your education level, previous related experience, and amount of responsibility. The size of the firm and its industry type also make a difference: according to the GMAC, marketing, public relations and advertising managers in manufacturing firms tend to make more than their counterparts in other industries.

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9.  Health Care Management

What do health care managers do?

Health care managers play essential roles in keeping the business of health care running smoothly. They plan, direct, coordinate and supervise the delivery of health care.

In large facilities, health care managers may work with several assistant administrators to direct activities in specific clinical departments such as nursing, surgery or therapy. These managers may have more specific responsibilities and training or experience in a clinical area. They establish and implement policies, objectives and procedures for their departments; evaluate personnel and work; develop reports and budgets and coordinate activities with other managers.

Some health care managers may oversee the activities of a number of facilities in health systems. Such systems may include both inpatient and outpatient facilities and offer a wide range of patient services.

Managers in smaller facilities may handle more of the details of daily operations - personnel, finance, facility operations and resident care. In group practices, a health care manager may work closely with physicians and advise on business strategies and coordinate day-to-day business. The responsibilities of managers in managed care settings may extend to areas of community outreach and preventative care.

What degree options are available in health care managment?

Undergraduates can earn a bachelor’s in health care management. Graduate students can earn a master’s degree in health care management or an MBA with a concentration in health care management.

What''s the difference between a master''s in health care management and an MBA with a health care management concentration?

The basic difference between these two options is that the master’s degree is highly specialized and will allow you to focus almost exclusively on health care management. In contrast, an MBA program is designed to develop a general set of management skills in a variety of areas while you learn about health care management practices through specialized elective courses.
There are advantages to each: a master’s program will enable you to delve into health care management issues in greater depth; an MBA program will allow you to spend your first year developing a set of skills that can be transferred to other areas and your second year specializing in health care management.

While both a master’s degree and an MBA concentration will prepare you to hold management positions, master’s programs are designed to help you become a leader in the specific field. In contrast, an MBA degree may also qualify you to hold management positions in other fields, should you become interested in a different career.

What will I study?

An MBA with a health care management concentration generally consists of core courses in management fundamentals during the first year and a selection of elective courses specific to health care during the second year. Core courses may include accounting, economics, finance, information systems, marketing, operations management, organizational behavior, quantitative methods and strategic planning. The concentration may include courses that apply the general management knowledge to the context of health care systems – for example, health economics, health care finance, health care marketing – as well as explore areas such as the legal aspects of health care management, managed health care, long-term care administration, health care reform and epidemiology for managers.
What career paths do health care management graduates follow?
Graduates in health care management pursue executive positions in a wide variety of health care organizations. Positions range from associate manager to assistant director to chief administrator in organizations such as hospitals, HMOs, health insurance and pharmaceutical companies in the private sector to health departments, academic medical centers, mental health agencies, regulatory agencies and various community-based agencies in the public sector. Graduates are also finding opportunities in long-term care - in nursing homes, home-health care, secondary or sub-acute care, senior and retirement centers, as well as various other agencies which care for chronically ill individuals.

What''s the overall career outlook for health care management?

According to the Bureau of Labor Statistics, employment in the field of health care management is expected to grow faster than average through 2010 as the health services industry expands and diversifies. Opportunities should be especially good in home health care, long-term care and non-traditional health organizations such as managed care operations and consulting firms.
Hospitals will continue to employ the most managers, but jobs will become increasingly competitive as hospitals consolidate, centralize and diversify functions. Employment is expected to grow the fastest in residential care facilities and practitioners’ offices and clinics as services previously provided in hospitals shift more to those sectors. Demand in medical group practice management is also expected to grow as those practices become larger and more complex. Opportunities will also come from health care management companies who provide services to hospitals and other organizations, as well as specific departments such as emergency, information management systems, managed care contract negotiations and physician recruiting.

Ultimately, managers with strong business and management skills acquired through a master’s program as well as work experience in the health care field – particularly specialized experience - will have the best opportunities

10.  Management Information Systems

What do management information systems professionals do?

Management Information Systems focuses on designing computer systems to help people and organizations function more effectively. Computer and information systems managers play a vital role in the technological direction of their organizations because they do everything from constructing the business plan to overseeing network and Internet operations. MIS professionals not only apply their broad knowledge of information technologies and business issues, but their vision of where technology can take organizations.

What degree options are available in MIS?

Undergraduates can earn a bachelor1s degree in or take information systems or information technology classes as part of a business degree. MBA students can choose concentrations in IS/IT, and some schools offer master1s degrees and PhDs in MIS/IT.

What''s the difference between a master''s in MIS and an MBA with a MIS
concentration?

While both an MBA with a focus on information systems/technology and a Master of Information Systems degree will prepare you to assume managerial positions within the field of MIS, the MBA degree will provide you with more general skills that are transferable to other areas. The master''s will provide you with greater information systems expertise, but fewer transferable skills. The MBA degree''s broad curriculum also helps MIS professionals with client management and other strategic issues in performing their jobs, especially in management advisory services.

What will I study?

The MIS profession is inherently interdisciplinary, requiring aspects of computer science, cognitive science, psychology and sociology, economics, business, law, library/information studies, and communications. Students in MBA programs with an emphasis on MIS will most likely study everything from computer science/programming, program design and data structures, database management, microeconomics, human resources management, finance, managerial accounting, policy, calculus, statistics and management science.

What skills are necessary to work in the information systems field?

Information systems managers need a broad range of skills-- a keen understanding of people, processes, and customer''s needs. In addition to technical skills, employers need managers with strong business savvy. Most importantly, MIS professionals should possess excellent communication skills and enjoy working with people - talking about projects and solving problems in teams. They should also be able to:
understand how to organize information analyze user information needs
design or evaluate information systems that allow for efficient and effective user interaction
provide and assure the quality and value of information to decision makers
understand the economic and social environment in which their organization functions
be familiar with relevant issues in law, economics, ethics, and management

What is a typical career path for an MIS-MBA graduate?

The typical career path within the IS field begins as a Systems Analyst or a Systems Consultant leading to the Chief Information Officer (CIO) or Chief Technology Officer (CTO) positions. An IS or IT professional may have large number of MIS job titles and positions during his/her career such as: Systems Analyst, Database Administrator, Computer Systems Auditor, Information Systems Manager, Computer and Software Marketing Manager, Office Automation Specialist, Computer Consultant, and Network Administrator.

What''s the overall career outlook for MIS?

According to the US Bureau of Labor Statistics, career opportunities for MIS professionals are expanding rapidly and will continue to do so for the foreseeable future due to the growth of the e-commerce and telecommunications industries. Opportunities for obtaining a management position will be best for workers possessing an MBA with technology as a core component, advanced technical knowledge, and strong communication and administrative skills.
****** Half International Consulting, found that the average starting salaries in 2001 for high-level information technology managers ranged from $92,250 to $152,500. A 2001 survey by the National Association of Colleges and Employers, stated that starting salary offers for those with an MBA, a technical undergraduate degree, and 1 year or less of experience averaged $61,196; for those with a master''s degree in management information systems/business data processing, $57,225.

11. Operations Management

What do operations managers do?

Operations managers plan, direct, or coordinate the operations of a company or an organization. They decide how a company''s facilities should be laid out, formulate policies, control inventory and distribution, and create employee schedules, among other duties. In some organizations, the duties of an operations manager may overlap the duties of chief executive officer.

What degree options are available in operations managment?

Undergraduates can earn a bachelor1s degree in operations management or take courses in operations management as part of a business degree. MBA students can choose a concentration in operations management, and some schools offer master1s degrees and PhDs in operations management.

What1s the difference between a Master of Operations Management and an MBA with an operations management concentration?

While both an MBA with a focus on management and a Master of Operations Management degree will prepare you to assume managerial positions within the business world, the MBA degree will provide you with more general skills that are transferable to other areas. The master''s in operations management will provide you with greater management expertise, but with fewer transferable skills. The MBA degree''s broad curriculum also helps operations managers integrate the different functions within a company.

What will I study?

Students in MBA programs with an emphasis on operations management will most likely study everything from information systems, administrative theory, supply chain management, microeconomics, human resources management, finance, managerial accounting, policy, calculus, statistics, project management, and management science.

What skills are necessary to work in the field of operations management?

Operations managers need a broad range of skills-- a keen understanding of people and processes. Most importantly, operations managers should enjoy working with people - talking about projects and solving problems in teams. They should also possess:
Strong leadership ability
Strong analytical and problem-solving skills
Strong interpersonal communication skills
What is a typical career path for an Operations Management-MBA graduate?
Entry-level titles include operations manager, operations consultant, manager of business process improvement and project manager. Operations management specialists typically begin their careers in areas such as quality management, production control, service delivery management and logistics. Such specialists have opportunities to work in cross-functional teams involved in process reengineering, strategy development, product design, and technology planning.

What''s the overall career outlook for operations management?

Operations management is a growing and rapidly evolving area of employment being shaped by international competition.  If resources, including people, money, machinery, facilities, material and information, are to be used wisely, operations management personnel must be familiar with computer technology, quantitative methods, and planning and problem-solving techniques useful in analyzing business systems. According to the US Bureau of Labor Statistics, projected employment growth for top level operations managers varies by industry, however, keen competition is expected for these positions because the prestige and high pay attract a large number of qualified applicants.