Best MBA Specialization for Aspiring CEOs

Becoming a chief executive officer (CEO) is often the top career aspiration for people earning a business degree, and a Master of Business Administration (MBA) is considered table stakes for the role in the modern business landscape.

Because multiple recognized MBA specializations are offered by accredited schools, it can be confusing to decide which specialization will be best to achieve your goal of becoming a CEO.

What Is An MBA?

An MBA is a Master of Business Administration, a degree with a deeper focus on business than a bachelor's degree.

An MBA is usually completed after a bachelor's degree, with some including a work experience requirement before admissions. Most MBA programs will take about 10-24 months to complete, depending on factors like full-time status and whether the MBA program is accelerated or traditional.

Do You Need an MBA To Become a CEO?

Although it is not impossible to become a CEO without an MBA, having an MBA is required by an overwhelming majority of CEO positions, especially for larger companies. Earning an MBA isn't exclusively about the education that comes with the degree, it also shows future employers your commitment and eagerness to learn.

8 Best MBA Specializations for CEOs

There are many specializations for MBA programs offered through accredited business programs, but some might be better for an aspiring CEO. If your goal is to become a CEO at a specialized business like an investment firm or marketing agency, having an MBA in finance or marketing will be preferable.

1. General Management

General management covers many of the other MBA specializations in less depth, but graduates with this MBA are prepared well for interacting with the executives of multiple departments. Because of the diversity in business education that is the nature of this degree, a general management specialty is ideal for preparing future CEOs.

2. Marketing

Understanding the principles of marketing and how a business is perceived by the public at large is an essential skill for a CEO. Although an MBA in marketing is more focused, especially when compared to general management, this specialization can help a future CEO understand the importance of public relations and other marketing-related sides of business.

3. Human Resources

Although a CEO, especially in larger companies, might not have much direct interaction with frontline employees and even middle management, there are still advantages that come with understanding how people work together and how to establish benefit programs and incentives to promote a positive work environment for employees of all levels.

4. Business Analytics

As businesses continue to focus on key performance indicators and other success metrics, having CEOs with the background to analyze these pieces of data is a big advantage. A business analytics MBA prepares a future CEO for using data to make informed decisions across all business segments.

5. Finance

An MBA in finance gives graduates a better understanding of the money side of business, and when it comes to high-level decision making this is often an invaluable skill. When it comes to financial forecasting and budget approval, a CEO with a background in finance will have advantages over just about every other MBA specialization.

6. Entrepreneurship

Even though many CEOs aren't running start-ups, keeping an entrepreneurial mindset, even in fully realized corporations, can have advantages. Many companies benefit from the growth mindset and knowing about beneficial market disruption, building the right team to keep your company strong, and other valuable skills that will prevent corporate stagnation.

7. International Business

For companies doing business in multiple countries, a CEO with an MBA in international business could have an edge when it comes to hiring. International business degree programs include a focus on cross-cultural management and a better understanding of how business is conducted around the world. Even if a company doesn't currently work internationally, there is always the chance that they use multinational vendors and suppliers that might have different cultural and business norms than your country.

8. Healthcare Management

For MBA students looking to work in hospitals, research centers, or other healthcare organizations, a specialization in healthcare management will help. Healthcare, compared to other industries, is a unique industry with different needs and demands for those at the highest level of management. Although this specialization might not help with hiring at all companies, or any healthcare-related profession, this degree will be in demand.

MBA Degree Programs

Although MBA programs are offered at a variety of schools, some offer more opportunities in terms of specializations.

Some schools with diverse MBA offerings include:

• Northwestern University
• Duke University
• University of Texas at Arlington
• Purdue Global
• Arizona State University

FAQS About MBA Specialties

Because there are so many options for specialties, MBA students commonly have questions before enrolling in a degree program.

Can I Earn an MBA Online?

Yes, there are multiple fully online MBA programs offered by accredited universities. Schools like Purdue Global and other online campuses offer MBA degree programs, but traditional schools also offer online and hybrid MBA programs.

Do Employers Prefer One Specialty Over Others?

In most CEO job descriptions, the education requirement will often stop at an MBA, but having a certain specialty will make you a more appealing candidate in certain industries. For example, for someone applying for a CEO position at a hospital, a healthcare management specialty will be viewed more favorably than some other specialties might.

Can I Become A CEO without an MBA?

Yes, it is possible to become a CEO without an MBA, but it is less likely. Even some Fortune 100 companies have CEOs who never earned an MBA, but they are far fewer than the companies that do have a CEO who has an MBA.

Do Companies Pay for MBA Degrees?

Because an MBA is a great way to advance a person's career, some companies include tuition reimbursements in their benefits programs. Tuition support often comes with added requirements, but it can be a good way to reduce costs associated with your MBA.