The Explosion and Future of Specialized Programs

The two-year MBA has long been considered an ace in the hole for advancing a career.
The average MBA graduate sees a 50% salary increase upon completing the program, and after five years, this percentage can jump to 80% (Forbes, 2014). If this were not motivation enough, there’s also the unspoken status rise
that accompanies the MBA. This type of degree has been the standard route for anyone ready to move up in the business world…but is this still the case?

MBA programs mushroomed to an unprecedented extent between 2008 and 2012 as individuals sought ways to advance their careers through the declining economy.
Gradually the financial climate has stabilized, and now the market is flooded with MBA grads. The stand-out status is clearly fading. However, a newcomer has risen to take the place of the MBA: the specialized MS degree.

Out with the General, in with the Specialized

Students are searching for a new way to distinguish themselves, and the specialized master’s degree has afforded the opportunity. The MBA is a broad degree that touches on numerous areas of expertise – but it doesn’t dive too deeply into any of them. In other words, it’s flexible, but not focused.

A specialized MS zeroes in on a specific area of study – typically one of rapid industry growth such as accounting,
business analytics or finance. The purpose of these programs is to create high-level industry experts, not necessarily broadbased business executives. So while an MS may be less versatile, it allows students to carve out a niche and fill roles in high-demand fields.

MBAs also suffer the disadvantages of requiring significant work experience and taking longer to achieve. A prospective MBA student needs around three years of business experience to even be accepted into most programs, and the degree itself takes two years to complete. A specialized MS, on the other hand, can take anywhere from 6 to 24 months and doesn’t require such prior training. For an increasingly financially minded student body, this makes a huge difference.

The sooner a student can complete a degree and launch a solid, well-paying career, the better. This prevailing mentality has helped spur the movement toward specialized MS programs – and schools need to be ready to accommodate for this growth.

Shaping Experts by Being Experts

The name of the game is expertise. Students need it, and the specialized MS is how they plan to obtain it. Thus, schools need to be ready to both develop and market their own areas of expertise.

Institutions that do not offer specialization would benefit from establishing these degree programs around booming industries. Financial engineering, supply chain management, analytics, accounting and management are all rapidly expanding fields that need knowledgeable individuals, and colleges that create tailor-made programs can groom students to fill these needs.

That said, schools cannot educate leaders without first being leaders themselves. Publishing student success stories and interviews with professors are absolutely critical to elevating an institution’s authoritative image. This type of content marketing, combined with a strong social media presence on professional platforms like LinkedIn, will speak to those potential students seeking an established and reputable institution.

Another big marketing emphasis point will be the value of specialized degrees in these expanding fields. Some of the main draws to these programs are shortened completion time and resulting high-paying careers, so schools need to appeal to these factors. Prospectives want to know that their education will provide for their future. Share information through your social platforms on growing industries and career opportunities, and show how a related MS degree can be a fast track to advancement. This will convey the cost-benefit ratio to students who may be on the fence about pursuing an advanced degree.

Specialize In Student Success

As industry growth and educational priorities continue to merge, the best way to remain relevant will be to keep a finger on the pulse of expanding fields. Your institution’s own reputation as a leader, innovator and authority is the key to reaching those students who need guidance in pursuing their goals. With the careful development of tailored programs and accompanying thought leadership, institutions stand to gain both graduate enrollments – and a reputation for excellence.