MBA: The Why, The Whats & The Hows

The 10 Best Paying MBA Specializations in 2024

Author_Image
Yocket Editorial Team
112.7k views

For many students and professionals, an MBA is often seen as the next logical step to advance their career. An MBA not only equips them with the skills that help a company succeed, but also helps them grow professionally and personally. In the ever-evolving business landscape, choosing the right MBA specialization can be a game-changer for your career trajectory. While a general MBA provides a solid foundation, pursuing a specialization allows you to develop in-depth expertise in a particular area, opening doors to lucrative job opportunities and higher earning potential. 

This comprehensive guide delves into the highest-paying MBA specializations, offering invaluable insights into the most sought-after fields, job prospects, and expected salaries. Whether your aspirations lie in business analytics, finance, marketing, or emerging domains like data analytics and innovation management, this blog will empower you to make an informed decision that aligns with your goals and maximise your return on investment.

If you want to learn more about how to gain admission to the best MBA specializations at the top-ranked universities across the globe, explore Yocket Premium. Our counselors, with over 15 years of experience, will guide you through the entire process - from personalised advice to comprehensive support. The team at Yocket ensures you gain a competitive edge in securing admission to top-ranked MBA programs worldwide.

Table of Contents

Why do you Need an MBA Specialization?

While a general MBA provides a broad understanding of business administration principles, pursuing a specialised MBA can significantly enhance your prospects for a rewarding career. A general MBA covers foundational topics in business administration, offering a broad knowledge base. On the other hand, a specialized MBA delves deeper into a specific industry or field, providing in-depth insights and expertise.

For instance, opting for an MBA in Business Analytics allows you to focus on the application of analytics within business management. You'll gain proficiency in areas such as data management, predictive analytics, data visualisation, and quantitative methods. While a general MBA can broaden your job opportunities, a specialised MBA often leads to higher-paying positions in top companies.

How to Choose Your MBA Specialization?

When choosing your MBA specialization, it's essential to consider various factors beyond just your strengths and career goals.

Factors to consider include:

  • Salary Potential
  • Scope and demand in the job market
  • Projected job growth
  • Social prestige associated with the specialization
  • Quality of faculty
  • Availability of internships and placement opportunities
  • Research resources and infrastructure
  • Tuition costs and return on investment (ROI)

While the demand and earning potential for different specializations can vary by location, certain MBA specializations remain popular worldwide.

Which is the Best MBA specialization in India?

Here are the top 5 MBA specializations in India:

  • Business Analytics
  • Information Technology
  • Finance
  • Marketing
  • Economics

These fields are renowned for their high demand and lucrative career prospects, lest be told they are also very high-paying. As an aspiring MBA candidate, it's crucial to thoroughly research each specialization. Understanding key details such as the core curriculum, tuition fees, and notable faculty members is essential.

Furthermore, delving into the top job opportunities and average salaries associated with each specialization can aid in making an informed decision about your academic and professional path.

10 Highest Paying MBA specialization in 2024

Here are the 10 highest-paying MBA specializations in 2024:

  • Business Analytics
  • Information Technology
  • Finance
  • Marketing
  • Economics
  • Entrepreneurship
  • Data Analytics
  • International Business
  • Investment Management
  • Innovation Management

Now that you know which MBA course has the highest return on investment and scope for future, let us dive deeper into the top-paying MBA specialisation:

1. Business Analytics

Business Analytics is the highest-paying MBA specialization in 2024. An MBA in Business Analytics is all about systematic analysis of data to reach valid conclusions and decisions. The data here is generated through business operations or statistical sources to evaluate efficiency, cost, and results. Pursuing this specialization enhances your leadership, technical, and analytics 

Scope: The Bureau of Labour Statistics (BLS) expects growth for business analytics skills to jump 10.9 percent, outpacing the national growth average of 5.2 percent for all jobs, from 2018 to 2028.

Jobs & Average Salary For MBA in Business Analytics Graduates

Job Title

Average Salary Per Year (in USD)

Business Systems Analyst

$60,000 (INR 49,73,480) - $70,000 (INR 58,02,400)

Business Strategist Analyst

$50,000 (INR 41,44,570) - $96,000 (INR 79,57,580)

Business Application Analyst

$70,000 (INR 58,02,400) - $100,000 (INR 82,89,140)

Business & Data Analyst

$40,000 (INR 33,15,660) - $90,000 (INR 74,60,230)

Healthcare Business Analyst

$80,000 (INR 66,31,310) - $100,000 (INR 82,89,140)

Best universities for an MBA in Business Analytics

Do you know around 18,965 Yocketers have preferred Business Analytics courses abroad in the last 1 year? Do you also wish to pursue your dream courses abroad? Join Yocket Premium right away!

2. Information Technology

Information Technology is the second highest-paid MBA specialization in the world. An IT specialization equips you with the skills necessary to manage IT systems and human resources. It combines the traditional business knowledge of an MBA with a prime focus on topics like information security, IT project management, telecommunications, etc. An MBA in IT is a great choice to have an edge in today’s tech-savvy work environment.

Scope: According to data from the Bureau of Labor Statistics (BLS), jobs for MBA in Information Technology are expected to rise by 13 percent from 2020 to 2030, with an addition of more than 667,600 new jobs.

Jobs & Average Salary For MBA in Information Technology Graduates

Job Title

Average Salary Per Year (in USD)

Information Technology Manager

$45,000 (INR 37,30,110) - $95,000 (INR 78,74,690) 

IT Services Manager

$50,000 (INR 41,44,570) - $90,000 (INR 74,60,230)

Senior IT Business Analyst

$30,000 (INR 24,86,740) - $70,000 (INR 58,02,400)

Solutions Architect Senior Manager

$80,000 (INR 66,31,310) - $95,000 (INR 78,74,690)

IT Senior Associate

$40,000 (INR 33,15,660) - $75,000 (INR 62,16,860)

Best Universities for an MBA in Information Technolgy

Suggested: What is the Cost of Studying MBA Abroad?

3. Finance

Another popular and most-paid MBA specialisation is Finance. A major in finance for an MBA paves the way for rewarding careers in some major sectors of the economy like insurance, taxation, international finance, wealth management, tax planning, etc. You may also serve as financial advisors and planners for renowned organisations. Finance indeed occupies an important place in all sectors of economics, business, and management.

Scope: The Bureau of Labour Statistics (BLS) expects jobs in the finance sector to grow 18% by 2030, which is much faster than average. Over the decade, approximately 6,900 openings for financial examiners are projected each year.

Jobs & Average Salary For MBA in Finance Graduates

Job Title

Average Salary Per Year (in USD)

Finance Analyst

$35,000 (INR 29,01,200) - $65,000 (INR 53,87,940)

Finance Consulting Manager

$55,000 (INR 45,59,030) - $90,000 (INR 74,60,230)

Leveraged Finance Associate

$50,000 (INR 41,44,570) - $80,000 (INR 66,31,310)

Financial Management Associate

$68,000 (INR 56,36,620) - $100,000 (INR 82,89,140)

Manager- Finance Integration & Separation

$55,000 (INR 45,59,030) - $90,000 (INR 74,60,230)

Best Universities for an MBA in Finance

Suggested: Jobs and Salary after MBA Abroad

4. Marketing

An MBA in Marketing is designed to offer business knowledge by carefully grasping the marketing side of it. As marketing students, you will learn to examine consumer behaviour thoroughly and come up with products that people most likely want to purchase. This best-paying MBA specialisation offers expert knowledge on how to create, communicate, and deliver a certain value to fulfil the targeted market and earn profits.

Scope: The Bureau of Labor Statistics (BLS) states that marketing managers earn an estimated annual salary of $145,00 (INR 12,01,930). The job outlook is expected to grow by as much as 10% from 2020 to 2030, which is considerably faster than average.

Jobs & Average Salary For MBA in Marketing Graduates

Job Title

Average Salary Per Year (in USD)

Equity Portfolio Specialist

$50,000 (INR 41,44,570) - $75,000 (INR 62,16,860)

Business Intelligence Manager

$60,000 (INR 49,73,490) - $75,000 (INR 62,16,860)

Field Marketing Manager

$50,000 (INR 41,44,570) - $80,000 (INR 66,31,310)

Client Success Specialist

$50,000 (INR 41,44,570) - $80,000 (INR 66,31,310)

P&L Controller

$70,000 (INR 58,02,400) - $85,000 (INR 70,45,770)

Best Universities for an MBA in Marketing

Suggested: Educational Loan for MBA Abroad

5. Economics

The next MBA specialisation with the highest salary is Economics. The role of economists is to collect and analyse data, research trends, and evaluate economic issues for resources, goods, and services. It offers you the eligibility to work as a specialist in areas like business intelligence, operations research, information sciences, econometrics, and so on.

Scope: About 1,600 openings for economists are projected each year, on average, over the decade, according to data by the Bureau of Labour Statistics (BLS). It expects jobs in the economics sector to grow by 13% from 2020 to 2030.

Jobs & Average Salary For MBA in Economics Graduates

Job Title

Average Salary Per Year (in USD)

Economic Development Analyst

$45,000 (INR 37,30,110) - $70,000 (INR 58,02,400)

Policy Analyst

$65,000 (INR 5,38,794) - $105,000 (INR 87,03,600)

Research Economist

$75,000 (INR 62,16,860) - $100,000 (INR 82,89,140)

Healthcare Economists & Trend Analyst

$45,000 (INR 37,30,110) - $90,000 (INR 74,60,230)

Economic Analyst

$60,000 (INR 49,73,480) - $80,000 (INR 66,31,310)

Best Universities for an MBA in Economics

Suggested: Jobs and Salary After MBA in the USA

6. Entrepreneurship

This particular MBA specialisation is one of the top-paying MBA specialisations. The MBA Entrepreneurship focuses on developing competencies, and innovation for both large and small scale businesses. Students learn the fundamentals of business development, market analysis, innovation, corporate strategy, etc.

Scope: The Bureau of Labor Statistics (BLS) states that entrepreneurs earn an estimated annual salary of $145,00 (INR 12,01,930).

Jobs & Average Salary for MBA in Entrepreneurship Graduates

Job Title

Average Salary Per Year (in USD)

Management Consultant

$55,000 (INR 45,59,030) - $70,000 (INR 58,02,400)

Senior Product Manager

$85,000 (INR 70,45,770) - $105,000 (INR 87,03,600)

Business Intelligence Manager

$60,000 (INR 49,73,480) - $75,000 (INR 62,16,860)

Client Success Specialist

$50,000 (INR 41,44,570) - $80,000 (INR 66,31,310)

Best Universities for an MBA in Entrepreneurship

Suggested: STEM MBA in the USA

7. Data Analytics

Standing tall on the list for the highest-paying specialisation, data analytics involves processing data efficiently. Highly preferred by computer science engineering graduates, an MBA in Data Analytics rewards engineers with huge ROI, and industrial exposure. The role is similar to business analysis, with the main difference being how you use data.

Scope: The Bureau of Labor Statistics (BLS) states that data analysts earn an estimated annual salary of $82,360 (INR 68,26,940) per year. And the job outlook is estimated to be 25% within 2020-2030. 

Jobs & Average Salary for MBA in Data Analytics Graduates

Job Title

Average Salary Per Year (in USD)

Research Analyst

$80,000 (INR 66,31,310)

Data Analyst

$85,000 (INR 70,45,770) - $105,000 (INR 87,03,600)

Operations Research Analyst

$85,000 (INR 70,45,770) - $105,000 (INR 87,03,600)

Business & Data Analyst

$40,000 (INR 33,15,660) - $90,000 (INR 74,60,230)

Best Universities for an MBA in Data Analytics

Suggested: What is the difference between an MBA and an EMBA?

8. International Business

Another top-paying MBA specialisation is international business. This specialisation focuses on a global viewpoint of business and teaches students to interact and network with professionals coming from culturally diverse regions. An MBA in International Business is an outcome of the forever-recurring globalisation of the world. 

Scope: The Bureau of Labor Statistics (BLS) states that the Director of Global Business earns an estimated annual salary of $100,360 (INR 83,18,980) per annum. And, the job outlook is estimated to be 14% within 2020-2030.

Jobs & Average Salary for MBA in International Business Graduates

Job Title

Average Salary Per Year (in USD)

Research Analyst

$80,000 (INR 66,31,310)

Data Analyst

$85,000 (INR 70,45,770) - $105,000 (INR 87,03,600)

Risk Manager

$95,000 (INR 78,74,690) - $105,000 (INR 87,03,600)

Director of Global Business

$100,000 (INR 82,89,140)

Management Analyst

$80,000 (INR 66,31,310) - 90,000 (INR 74,60,230)

The Best Universities for an MBA in International Business

Suggested: Cost of Studying MBA in the UK

9. Investment Management

An MBA in investment management is highly preferred across the globe because of its extremely valued degree and great ROI. Investment managers closely work with their clients to build their company’s portfolios, analysing market trends and investment policies.

Scope: The Bureau of Labor Statistics (BLS) states that financial managers earn an estimated annual salary of $131,360 (INR 108,88,620) per year. And, the job outlook is estimated to be 17% within 2020-2030, which is much faster than average fields.

Jobs & Average Salary for MBA in Investment Management Graduates

Job Title

Average Salary Per Year (in USD)

Senior Accountant

$80,000 (INR 66,31,310)

Investment Analyst

$80,000 (INR 66,31,310)

Risk Manager

$95,000 (INR 78,74,690) - $105,000 (INR 87,03,600)

Portfolio Manager

$85,000 (INR 70,45,770)

Financial Manager

$100,000 (INR 82,89,140)

The Best Universities for an MBA in Investment Management

Suggested: What is the Difference between MIM and MBA?

10. Innovation Management

An MBA in Innovation Management is a very diverse degree, wherein students learn to understand a business’s strengths and weaknesses, and thereby build innovative solutions for them. This particularly highest paying MBA specialisation requires students to work closely with multiple sections in the economy.

Scope: The Bureau of Labor Statistics (BLS) states that consultants earn an estimated annual salary of $145,00 (INR 12,01,930).

Jobs & Average Salary for MBA in Innovation Management Graduates

Job Title

Average Salary Per Year (in USD)

Management Consultant

$55,000 (INR 45,59,030) - $70,000 (INR 58,02,400)

Senior Product Manager

$85,000 (INR 70,45,770) - $105,000 (INR 87,03,600)

Senior Business Consultant

$80,000 (INR 66,31,310)

Business Intelligence Manager

$60,000 (INR 49,73,480) - $75,000 (INR 62,16,860)

Best Universities for an MBA in Innovation Management

Suggested: All about an MBA ROI Abroad

Which MBA specialization is best paid in India?

Some of the best paid MBA specializations in India include:

  • MBA in Business analytics
  • MBA in Marketing
  • MBA in Finance

What is Average Salary of an MBA Graduate?

The salary of an MBA graduate from abroad can range anywhere between 70,000 USD to 90,000 USD or 60,00,000 INR to 90,00,000 INR per annum

Now that you know which MBA has highest salary, let’s have a look at the top recruiters of graduates from best MBA colleges abroad:

Top MBA Recruiters Abroad

A discussion on which MBA specialization is best paid abroad is incomplete without looking at the top recruiters. One of the vital factors that go into choosing the highest paid  MBA specialization in the world is the available career opportunities after completion of the course.

Here are some of the top recruiters that MBA graduates:

  • Amazon
  • Google
  • Microsoft
  • Apple
  • Deloitte
  • Nike
  • McKinsey & Company
  • EY
  • Bank of America
  • PwC

Suggested: Is Work Experience Necessary to Pursue an MBA abroad?

So that was all about choosing the right MBA specialisation, available career opportunities, and top recruiters for the same. We hope this blog can serve its purpose of providing insights into which MBA specialisation is best paid abroad. For more guidance and assistance to ease your study abroad journey, our counselors at Yocket are always at your service.

From the Desk of Yocket

Choosing the right MBA specialisation is crucial for a successful career path. Understanding the demand, scope, and salary potential of various specialisations can guide individuals toward making informed decisions. Whether it's Business Analytics, Information Technology, Finance, Marketing, or Economics, each specialisation offers unique opportunities for professional growth and financial success. By thoroughly researching and considering personal interests and goals, aspiring MBA students can pave the way for a rewarding journey in the dynamic world of business.

Gain valuable insights into the top-paying MBA specialisations with Yocket Premium! Our expert counsellors provide comprehensive guidance, helping you navigate the dynamic landscape of MBA programs. From salary potentials to job prospects, unlock the key to a successful MBA journey with Yocket Premium today.

Frequently Asked Question about Best Paying MBA Specialization

How much does an MBA salary increase?

Which MBA Course is Best?

How much does an MBA in Healthcare Management pay?

Which MBA specialization is best paid?

Articles you might like