While many individuals pursue a Master of Business Administration (MBA) degree to grow their career, not all of them share the same career aspirations.
Some students may want to gain the skills to pursue leadership roles. Others may want to develop their expertise in a particular area of business to expand their knowledge, skill set and network. Depending on their professional goals, they can choose to either study a general or specialised MBA in their preferred field.
In this article, we discuss what an MBA specialisation entails, specialisations offered in Australian MBA courses and what factors to keep in mind when choosing an MBA specialisation.
What is an MBA specialisation?
Many universities in Australia allow students to specialise in particular fields with their MBA course. In these courses, students are given the option to take a selection of themed units to tailor their MBA programs to fit their career goals better. These specialisation units focus on industry-specific skills to help students further their knowledge in particular business areas. If they choose to take non-specialisation electives, they will graduate with a general MBA degree.
Students can also find MBA courses that focus completely on specific specialisations. These programs usually have pre-determined units and electives may not be offered. An example of this type of MBA is Torrens University Australia’s MBA in Innovation and Leadership. The online MBA requires you to complete 12 core units.
You can find many types of specialisations offered in various MBA courses. Some institutions even provide a dual specialisation option which allows you to complete your MBA course while specialising in two different areas. Specialisations may also be subject to availability based on the program format. For example, Southern Cross University’s online MBA course only offers a specialisation in health services management.
Different types of MBA specialisations
Discover some of the common MBA specialisations in Australia along with examples of MBA units students may study in their course:
General MBA
An MBA without a specialisation typically covers a broad overview of vital business areas such as marketing, finance, human resources and more. These topics are designed to develop valuable and transferable skills to manage a business successfully like leadership, strategic thinking and problem-solving. This MBA is suitable for those aiming for managerial roles without a specific industry in mind.
Units:
- Accounting for Decision Making
- Strategy and Innovation Management
- Corporate Governance
- Economics for Managers
- Leadership in Contemporary Organisations
Griffith University's MBA program covers various business facets, such as change management, strategy and innovation, finance, sustainability and people management. You can develop the knowledge and skills needed to step into senior leadership roles across diverse sectors.
Learn how to make bold decisions, inspire high-impact teams and drive positive change.
Finance
A specialised MBA in finance equips students with advanced skills in finance management and analysis. These skills allow you to examine an organisation’s financial health as well as make informed business decisions and investments. This specialisation prepares you for a leadership role in corporate finance, investment banking, financial consulting and other sectors of finance.
Units:
- New Venture Finance and Private Equity
- International Business Finance and Banking
- Capital Markets
- Corporate Financial Management
- Derivatives and Risk Management
The specialised MBA in finance offered by Victoria University includes 12 units consisting of eight core business units and four specialist units. You can hone your financial acumen by learning about accounting and financial management as well as analysing financial data.
Capitalise your ambition, turning your business acumen into your most valuable asset.
Accounting
You can develop your accounting expertise by studying a specialised MBA in accounting. Besides learning about financial regulatory standards, you can gain technical skills from these specialisation units like financial reporting, auditing and taxation. These skills can help you improve a business’s financial performance and profitability. As a graduate, you can explore various leadership roles in finance, such as auditing manager, finance manager and chief financial officer.
Units:
- Business Accounting
- Professional Auditing
- Taxation Law and Practice
- Company and Financial Reporting
- Accounting Information Systems and Processes
You can specialise in accounting when you enrol in Deakin University's MBA program. The units in this specialisation can help you gain an understanding of accounting for management, principles of income tax law and corporate auditing.
Gain important skills and experience in your chosen field through this award-winning course.
Healthcare management
By studying a specialised MBA in healthcare management, you can learn how to manage and lead a workforce in the healthcare industry. You can gain a deep understanding of current developments, policies and challenges faced by this sector. This MBA degree can help you secure managerial role opportunities in healthcare organisations, including private and public hospitals, clinics and pharmaceutical companies.
Units:
- Health Law and Ethics
- Leadership in Healthcare
- Health Informatics
- Health and Aged Care Systems and Policy
- Systems in Australian Healthcare
The University of Adelaide’s MBA specialisation in health management can give you the skills and confidence to elevate your career in the healthcare sector. Some industry-relevant units that you will learn include Management Challenges in Health and Doing Business in Health.
Co-designed by esteemed business, economics and health experts to provide a flexible pathway to transformational growth.
Project management
The units in a specialised MBA in project management are designed to help students understand how to manage the planning and implementation of projects. You can gain the skills to allocate resources effectively, identify risks and ensure operations run smoothly. Obtaining this MBA degree can improve your career prospects in project management roles working in various industries.
Units:
- Strategic Project Management
- Project Initiation, Planning and Execution
- Project Risk, Finance and Monitoring
- Project Governance and Resource Management
- Operations Management
The MBA course from CQUniversity features a four-unit specialisation in project management. You will learn fundamental project management concepts, how to lead lean projects and acquire resources to achieve project goals.
Develop your management expertise beyond the fundamentals of running organisations, focusing on leading and managing people with integrity and effective change management.
Business analytics
Students can learn the skills to understand and interpret data by specialising in business analytics in their MBA studies. These skills can help you evaluate business processes, identify areas for improvement and make data-driven decisions as a business professional. Possible careers for graduates in this specialised MBA include business consultant, research analyst and business analyst.
Units:
- Analysing Business Data
- Data Analysis for Decision-Making
- Predictive Analytics
- Artificial Intelligence and Insights
- Cloud Enterprise Systems and Analytics
The International Master of Business Administration (Business Analytics) provided by the University of South Australia (UniSA) offers you a solid understanding of various business analytics techniques and concepts, allowing you to progress further as a business professional in a global context. Learn about data visualisation and communication, machine learning and enterprise analytics.
Equip yourself with the knowledge and skills to become a data-driven decision maker working in an international business context.
Marketing
A specialised MBA in marketing allows you to gain proficiency in various marketing tools and techniques. Units in this specialisation can cover different marketing areas, such as digital marketing, search engine optimisation (SEO), market research and more. Developing expertise in these fields allows you to plan and execute effective marketing campaigns that can contribute to organisational success. As a graduate, you can find employment in businesses across various sectors that require marketing functions.
Units:
- Consumer Behaviour
- Researching Markets
- Digital Marketing and Analytics
- Integrated Marketing Communications
- Brand Development and Marketing
One of the specialisations in Charles Sturt University's MBA is marketing. The units are designed to give you marketing knowledge that can complement your business acumen. You will learn about marketing value propositions, segmentation, effective marketing mix and more.
Develop advanced business skills, including marketing strategies for managers and the principles of business economics.
International business
If you have aspirations to lead a global organisation, consider pursuing a specialised MBA in international business. You can learn various business topics in the international context, such as international trade, government regulations and global business strategies. This specialisation helps you prepare for a leadership career on a global scale.
Units:
- International Marketing and Export Management
- International Business in the Asia Pacific Region
- International Trade and Investment
- Global Marketing Strategy and Planning
- Managing Human Resources in International Organisations
Flinders University offers an MBA specialisation in international business that covers diverse current business issues in a global context. You can further your expertise in international business strategy, marketing, management and finance.
Acquire a solid foundation of business knowledge, skills and attitudes to effectively support ethical and global management of organisations, including private sector businesses, non-profit organisations and public entities.
Entrepreneurship
Gain the tools and skills you need to start your own business by specialising in entrepreneurship in your MBA program. The units in this specialisation can help you develop an entrepreneurial mindset that can bring business ideas to life or become an innovative leader in business organisations.
Units:
- Small Business Administration
- Venture Planning
- Growth Management
- Opportunity Discovery
- Project Management for Entrepreneurial Ventures
Kaplan Business School's MBA course includes a specialisation in entrepreneurship, where you can learn how to incorporate entrepreneurial activities within your current organisation or obtain the skills needed to start your own business.
Expanding your professional network can lead to higher earning potential and help you develop your leadership skills.
Supply chain management
A specialised MBA in supply chain management allows you to expand your knowledge of the theories, principles and frameworks involved in the operation of a supply chain. You can gain the competencies required to manage various aspects of a supply chain effectively, which includes logistics, distribution and production. As a graduate, you may explore a variety of careers in this sector, such as procurement manager, purchasing manager and inventory control manager.
Units:
- Supply Chain Management
- Logistics Management
- Operations Management
- Strategic Procurement
- Managing Sustainable Value Chains
The units in Swinburne University of Technology's MBA specialisation in supply chain innovation are designed in consultation with industry partners and combine supply chain management, data analytics and design thinking. Upon completion of this course, you have the opportunity to add a Six Sigma Green Belt to your qualifications.
Equips students with the capacity to start new ventures and initiate organisational improvements.
Hospitality management
MBA students who specialise in hospitality management can expect to gain industry-relevant skills that can help them become leaders in the hospitality sector. You can learn about the management of staff members in a hospitality business, customer service and operational challenges affecting the industry. Acquiring this specialised MBA qualification can boost your career prospects to work in leadership roles in hotels, resorts, travel agencies and other tourism and hospitality establishments.
Units:
- Global Hospitality Operations Management
- Business Events Management
- Destination and Visitor Management
- Managing in Service-based Industries
- Strategy and Leadership in Tourism and Hospitality
Edith Cowan University offers a hospitality management specialisation in its MBA course. It equips you with the knowledge and skills required to pursue a career in senior hospitality management. The topics covered in this specialisation include hospitality enterprise management, operational and strategic challenges within the industry as well as staff and customer management.
Develops problem-solving abilities and effective skills in interpersonal relationships, emphasizing both personal and professional growth.
Human resource management
Specialising in human resource (HR) management can give you the skills to create a healthy and dynamic workplace culture. You can learn how to manage teams, resolve conflicts and build inclusive work environments. These specialised units can also shed light on contemporary HR issues faced by businesses. Acquiring this MBA degree with this specialisation can help you thrive as a business-driven HR professional or in any people management role.
Units:
- Enabling Diversity and Inclusion
- Performance Management and Rewards
- Advanced Recruitment and Selection
- Employee Relations
- Human Capital Analytics
The human resource management specialisation in the University of Newcastle's MBA includes units that can advance your understanding of various human resource areas, such as employment relations, conflict resolution and organisational development.
Designed to challenge and build your capacity for business excellence through advanced skills in business leadership and management.
Leadership
A specialised MBA in leadership can help refine your capabilities to lead teams and organisations. This specialisation allows you to understand the principles of good leadership as well as the challenges you may face as a leader. Learning these units can help you determine your own leadership style and what works best for your organisation. This MBA specialisation is suitable for anyone aiming to enter more senior leadership positions.
Units:
- Leading and Facilitating Teams
- Leadership in Crisis and Recovery
- Responsible Leadership
- Managerial Effectiveness
- Organisational Change and Transformation
In Curtin University’s MBA, you learn about the current and future challengers that leaders face. The units will give you a better understanding of leadership concepts and styles, with topics such as organisational behaviour, working with teams and strategic management.
Advance your career by becoming a confident leader with an MBA that emphasizes the principles and practices of globally responsible business.
Social impact
Aspiring and existing leaders who want to lead positive transformational change within their organisation can specialise in social impact during their MBA studies. In this specialisation, you can gain skills and knowledge to drive social good while striving to achieve business objectives. This course is for professionals and leaders who want to make sustainable business decisions that drive systemic progress in the industry and community.
Units:
- Collaboration for Social Impact
- Corporate Responsibility and Accountability
- Creating Shared Value
- Design for Social Innovation
- Social Impact Investment
The University of New South Wales's MBA course allows you to specialise in social impact, which can help you cultivate business leadership skills to foster social progress within your organisation and beyond.
Gain a solid understanding of corporate strategy, leadership, finance and more and learn how to apply your newfound knowledge to your professional endeavours.
How to choose an MBA specialisation
Choosing the right MBA specialisation is important to help you achieve your professional goals. You should consider various factors to make an informed decision, such as:
- Personal interests: Consider your personal strengths and interests. If you like dealing with numbers, you can look into specialising in accounting or finance in your MBA program.
- Professional objectives: Establish your long-term career aspirations. This can help you determine which MBA specialisation aligns with the role you’re aiming for.
- Industry trends: Deciding which industry you want to work in can help narrow down your options. You should also examine the market demand and job prospects for various specialisations to ensure your MBA degree gives you better job security if this is important to you.
- Networking opportunities: Studying an MBA program allows you to make valuable professional connections with your peers, faculty members and industry professionals. Choosing the right specialisation helps you to network with relevant people who can help advance your career.
- Program flexibility: Some specialisations are only available in on-campus MBA programs. If you’re looking for more flexibility to pursue your studies while working, you should consider MBA specialisations that are available online.
- Return of investment (ROI): MBA programs can be a costly commitment for many. Consider the expected ROI of your desired specialisation to decide if it’s worth pursuing to elevate your career.
Specialise in your best interest
An MBA degree can help you go further in your career. If you have a specific career path or industry in mind, you can choose to study an MBA program that offers a specialisation in that particular area.
Still undecided? Check out various MBA courses offered by leading universities in Australia to help you determine which program aligns with your professional ambitions.