Guest post by Mathew Jade.
Since bottoming out in the 2008-9 financial crisis, the world economy has generated significant growth. Businesses that have focused on innovation and branding have done particularly well. The continuous and rapid introduction of new technologies into the market has created a huge demand for multi-talented people who can quickly make and implement data-driven decisions.
These individuals must have solid general knowledge of multiple fields so they can steer the company in the right direction, view problems from various angles, and develop holistic solutions that can work on many levels.
As a result, the market has seen a huge demand for MBA degree holders, and it is only projected to grow in the future.
Changes That Will Keep MBAs in Demand in 2020
There are many changes occurring in local markets as well as the global market that should help ensure that an MBA is in demand well into the future. Whether you physically attend a university to pursue your MBA or you opt for a reputable online MBA degree, you will find that there are employment opportunities everywhere for those with business management degrees. Among the reasons are:
Digital technology has advanced dramatically over the past two decades. We’ve seen dramatic advances communications, automation, and measurement technologies.
Because of these developments, the concept of local markets are quickly becoming obsolete in many sectors. While they will still exist, particularly for service businesses, local markets for many offerings are now coming together and forming a global market where anyone can order anything from anywhere.
A citizen of India can access a store in America and have their product shipped to their home without stepping out the door. In industries with global markets, every business is now competing on a worldwide level, and they need employees and managers who can keep up with the developments in manufacturing, transportation, marketing, and finance.
Since MBA holders are taught to maneuver through various disciplines, they are at an advantage in assisting businesses in a worldwide arena.
Growth in Multiple Sectors
Growth is occurring across industries. Within healthcare, tourism, IT, finance, pharmaceuticals, and many other sectors, there is growth both within existing businesses as well as a growth in the number of companies being founded to meet increasing and evolving demand.
Companies of all size, from startup and small to midsize enterprises (SMEs) to global conglomerates, are experiencing growth. As an MBA degree holder, you’ll be well-positioned to take on a range of roles in companies in various fields.
The technology sector has seen the most growth. The last decade has seen this sector grow exponentially and show unprecedented promise.
The Start-up Buzz
Another reason why an MBA is in such demand is the increase in the number of startups, particularly in the technology sector. Thousands of entrepreneurs around the globe have visions of becoming the next Steve Jobs or Mark Zuckerberg.
Startups need motivated and knowledgeable leaders who can spearhead the business model and build it on solid ground. They should be able to analyze and understand the financial and economic environment and build strategies accordingly.
You can obtain a degree either by physically attending classes or through and MBA online program in multiple fields: traditional fields like marketing and finance, as well as upcoming new and in-demand fields like Hospital Management, Tourism, Hospitality, IT, and more. Here is why doing your MBA in one of these fields may be beneficial for you.
- MBA in Hospital Management:
The importance of the healthcare industry is growing at an unprecedented rate. Hospitals are not easy to manage, and MBA’s in hospital management (or MHA degrees–masters in healthcare administration) are highly sought after for what they can bring to the table.
With private hospitals, clinics assisted living facilities, and other healthcare institutes growing in number, there is a need of not only doctors and nurses but also managers and administrators. Your job will be to keep the hospital healthy, balancing the requirements of patients and payers. It can be a very high-paying and rewarding profession.
- MBA in Communications & Public Relations:
As in the healthcare industry, there are benefits to attaining an MBA in Communication and PR. With this type of MBA, you can find opportunities in media companies, advertising agencies, amd public relation firms, as well as in digital marketing and advertising agencies.
With your knowledge and skills in multiple fields, you can grow in this industry and build your personal brand. Communication is one of the most important elements of any business and companies need people who can manage all aspects of communications, internal and external, and present the company’s image professionally and consistently.
- MBA in Entrepreneurship:
Demand for this MBA has been growing ever since it was introduced. Today, entrepreneurship is a hot topic, as increasing numbers of smart, creative individuals are trying to launch their startups and provide innovative solutions to a specific problems.
With an MBA in entrepreneurship, you will be highly sought after by not only entrepreneurs, but also investors, venture capitalists, and individuals who have an idea for a business but don’t know what to do with it. As MBAs know various fields, they are well equipped to lead startups with a focus on achieving short term as well as long term goals.
The days of building a rewarding, long-term career one on specific skill area are disappearing. With more and more routine functions being automated—not just in factories and warehouses, but in white-collar professions like accounting and marketing—being collaborative and possessing multiple skills is becoming mandatory.
Most people learn these skills while on the job. When you pursue an MBA, you learn a firm strategic understanding of skills like leadership, communication, interpersonal interaction, strategic thinking, problem analysis, and more that almost all employers will be looking to hire in 2020 and beyond.
Just do your research and choose a specialization that both matches your interests and is in demand, and you will be on your way to fame and fortune.
Mathew Jade is a business, finance and technology blogger who spends his entire day writing quality blogs. He is a passionate reader and loves to share quality content prevalent on the web with his friends and followers and keeping a keen eye on latest trends and news in those industries. For more updates, follow him on Twitter @Mathew_Jade.