Management is an immensely broad subject with so many aspects to it. As a prospective Master of Science in management, you need to be willing to hone your expertise in a specific field. Examining academics will be looking for innovative new takes on a subject, and generally speaking, these are very hard to come by if you don’t focus on a specific area. Your choice of specialism is important and should be considered in depth. It can make a huge difference to the kind of career you can pursue after your studies are over. Generally speaking, it is wise to have a plan – even if it is only a vague plan – for your career path by the time you get to your postgraduate level studies. Here are some of the specialization pathways that Management MSc students can follow.
Innovation Management
Innovation management is a field dedicated to turning innovative ideas into actionable plans. This, as you can imagine, is an extremely complex process. Innovation may not be a benefit to a working business if it is abstract and intangible. An innovation manager needs to conduct market research to make an idea into a reality that is financially and practically beneficial to an organization, as well as appealing to potential customers. Then, they work with inventors, designers, market researchers, and data scientists to actualize projects.
If you are interested in entering this field, you can always take a course specifically designed to foster successful careers in it. For example, MSc innovation and management courses ditch generalized study in favor of high-quality laser sharp focus on the management of innovative ideas. In addition, some universities offer online courses that you can complete while working on your resume.
Agribusiness
Agribusiness is an umbrella term encompassing any business management and innovation to do with agriculture. The agricultural industry is immensely important and constantly mutating. Technology management and supply chain innovation have a huge impact on the financial success of an agricultural business. Specializing in agribusiness during your management MSc will allow you to use your business acumen to develop new, efficient, and environmentally friendly food production and management methods. Agrarianism was developed by humans around 23,000 years ago – but it still hasn’t been completely mastered. Innovative new methods of growing food are propelling agribusiness forwards. Vertical farming, for instance, is beginning to see a huge amount of use in countries with very little arable land.
Engineering Management
Graduates that find jobs as engineering managers are well paid, highly skilled, and invaluable to any company looking to implement engineering and technological solutions to their problems and goals. Specializing in engineering management during your management MSc, you will be challenged to apply scientific disciplines to your managerial practice. Some experience in engineering, physics, or architectural planning is necessary if you want to successfully study in this field. Many of the world’s top CTOs and CEOs are experienced, engineering managers.
Transport Management
Specializing in transport management as part of your management MSc can open up a great many opportunities within international trade, retail logistics, public transportation, and infrastructure fields. Transport management requires a great deal of problem-solving acumen and the ability to coordinate a complex workforce and an ever-changing environmental paradigm. In addition, transport managers have a new role to play in a global society: the development of environmentally friendly logistical infrastructures.
Finance
If you want to have a career in financial services, fintech (financial technology), or banking, specializing in finance is the way. Financial laws, structures, and risk systems are immensely complex. You’ll need to delve deep into your chosen field to get anything out of it. You’ll need to focus on getting the most out of teams with diverse skills working in very competitive and fractious organizations in terms of management skills. Developing a knowledge of the latest trends in big data analysis and forecasting is immensely helpful. More and more financial management students are conducting research projects on the impact of unregulated cryptocurrency markets. There is always a new path to pursue in financial management research.
Entrepreneurship
Entrepreneurial management is a field dedicated to the realization of innovative solutions to specific problems to generate profit and growth. Entrepreneurial managers are especially useful to start-ups – as in-house executives or as third-party consultants. Specializing in entrepreneurship during a management MSc is a great way of breaking into the world of entrepreneurial management. You’ll need to be a confident and innovative problem solver who can merge market research and technical know-how to guide a company. Working closely with product designers, strategists, and financial planners, you will need to be confident at analyzing specific consumer needs.
Healthcare Administration
The healthcare industry is big, complex, and tied up with national governance and political paradigms. Management specialists in the healthcare administration fields are expected to develop a knowledge of the immensely complex and challenging task of delivering health services. Although there are entire courses dedicated to healthcare administration, you can also specialize in the subject during business and management postgraduate courses. Running clinics, hospitals, staff teams, and pharmaceutical organizations all necessarily involve an in-depth knowledge of healthcare administration.
Human Resource Management
Human resource managers are tasked with the fostering of the greatest asset that a company can muster people. Specializing in HR management will allow you to take a deep dive into the structural and interpersonal mechanisms that keep a company operating at maximum efficiency and innovative power. Large organizations pay HR consultants extremely well for their services. If your ultimate goal is to work as an HR consultant, then specializing in this field during your management course is a great idea.
Human resources management is a great deal more complex than just organizing the payroll and roster of a company. HR management roles involve the development and trial of new HR technologies, the scouring of the workforce marketplace and the creation of new roles that benefit the long term strategic aims. HR managers and consultants will always be in high demand.
