What is the Best MBA Specialization for Entrepreneurs?
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Should entrepreneurs get an MBA? The short answer is most definitely yes. While adding a top business school to your resume might not mean much if you’re an entrepreneur, that’s the least important part of the whole endeavor. The tangible skills and resources you acquire during an MBA program are vital to starting a business and keeping that business going successfully.
Forget the stereotype of startup heroes dropping out and making it big. The data doesn’t back it up. MBA programs, on the other hand, are the dynamos of entrepreneurship. Entrepreneurs from just 12 MBA programs founded over 5,500 companies between 2006 and 2018, with 72 of those companies valued at over a billion dollars. Plenty more are on their way. Recent startups from MBA students and graduates include Branch, Plenty, and Rivigo, each of which has already raised over $200 million in funding.
MBA graduates get a lot more than a boost to their CV: they learn strategic thinking, gain a global mindset, and analyze dozens of business cases that explore how a business can fail or succeed. They also gain a network of support, which is handy whether recruiting for an executive team or just brainstorming new projects. For entrepreneurs, business schools are mini-incubators, and the connections made there can lead to VC introductions or the next great idea. Compared to the solo dropout with a great idea, there’s not much of a contest.
As an entrepreneur, the question isn’t whether or not to get your MBA; it’s which MBA to get. A specialization puts a graduate into an area where they’re the expert. Knowing which one is right for you as an entrepreneur may take a little soul-searching, but there are very few wrong answers.
To get a look at the best MBA specializations for entrepreneurs, read on.
MBA in Entrepreneurship
There’s a simple reason why American business schools are offering more MBA in entrepreneurship programs: there’s been a remarkable rise in people who want to become entrepreneurs, and it’s largely centered in the US. This is the age of the startup, and business schools are leaning in by crafting curriculums that focus on VC funding, global markets, and the logistics of innovation.
Entrepreneurs in these programs won’t just learn how to manage an existing business, they’ll learn how to build one from the ground up, and sustain it successfully over time.
UNC’s Kenan-Flagler Business School
UNC’s Kenan-Flagler Business School has an online MBA program where students can specialize in entrepreneurship. Entrepreneurially minded professionals who aspire to find their own businesses, lead innovation within existing corporate structures, or fund others’ ventures are the perfect fit for this program. This concentration positions them for long-term success.
In addition to core courses in business strategy, students take electives in areas such as innovation and entrepreneurship in developing economies; new venture discovery; managing innovation; and technology strategy and business innovation. The curriculum comprises 62-credits. Alumni include the founder of Hulu, and early executives at Uber, Cisco, and Goldman Sachs.
- Location: Chapel Hill, NC
- Accreditation: Association to Advance Collegiate Schools of Business (AACSB International); Southern Association of Colleges and Schools Commission on Colleges (SACSCOC)
- Expected Time to Completion: 18 to 36 months
- Estimated Tuition: $133,691.58
Utica University’s online 30-credit MBA specializing in entrepreneurship is ideal for early to mid-career professionals motivated at bringing a business idea to fruition. Students in this program will be introduced to the fundamental concepts that support contemporary business models. They will learn to examine the critical components necessary for growing and launching a new business, such as diverse revenue streams, audience and market analysis, prototype development, and user engagement and experience.
The curriculum of concentration will provide students with the skills needed for excelling in the small business world. Through ten business foundation courses and twelve credits of electives in entrepreneurship, graduates will be ready to start their own ventures or help other organizations succeed.
Some of the courses in the curriculum include small business innovation; digital marketing; small business funding; venture implementation; principles and practices of leadership; financial fluency; data-driven decision-making; the global consumer, markets, and logistics; and human resources management.
- Location: Utica, NY
- Accreditation: Accreditation Council for Business Schools and Programs (ACBSP); Middle States Commission on Higher Education (MSCHE)
- Expected Time to Completion: 24 months
- Estimated Tuition: $700 per credit
MBA in High Technology Management
Practically every successful startup comes from an original concept powered by high technology and then put into an accessible package. For entrepreneurs, the concept and the packaging may come easily, but high-tech know-how can often seem out of bounds. But how can you lead a tech startup without any tech background? For many entrepreneurs, the answer is an MBA in high technology management.
Campbellsville University offers an online MBA with a concentration in information technology, allowing students to explore the knowledge, tools, techniques, and skills related to IT security, such as wireless security, threat management, accountability, legal and ethical issues, security frameworks, risk diagnosis, and encryption.
The program’s core courses consist of 36 credits, including marketing management; managerial accounting; organizational theory; business strategy; and management information systems. Courses in the IT specialization include information systems security; information systems infrastructure; and project management.
Graduates will be ready for positions such as information technology managers, project managers, systems analysts, and IT directors.
- Location: Campbellsville, KY
- Accreditation: International Accreditation Council for Business Education (IACBE); Southern Association of Colleges and Schools Commission on Colleges (SACSCOC)
- Expected Time to Completion: 24 months
- Estimated Tuition: $499 per credit
Rivier University’s online MBA in information technology management provides students with a solid foundation in business functions while also providing a concentrated study on the approaches and strategies of managing information technology.
Comprising 36 credits, the program’s core courses include marketing and new product development; accounting for managers; global finance for managers; economic analysis; strategies of innovation; and risk management and decision-making. IT management concentration includes courses such as computer security; leading projects through virtual environments; data mining; and database management systems.
Graduates can take up roles such as desktop security managers, IT directors, help desk managers, business systems analysts, computer systems managers, IT security managers and specialists, and resource managers.
- Location: Nashua, NH
- Accreditation: Accreditation Council for Business Schools and Programs (ACBSP); New England Commission of Higher Education (NECHE)
- Expected Time to Completion: 12 to 24 months
- Estimated Tuition: $648 per credit
MBA in Data Analytics and Business Intelligence
Big Data is super fuel for entrepreneurs. It was the topic of Stanford Business School’s 2012 Conference on Entrepreneurship, and it’s only grown in importance since then. There are several key trends at work: a shift away from traditional tools like Hadoop and towards faster-moving databases like MemSQL; the introduction of Data-as-a-Service cloud solutions; the increased emphasis on predictive analytics; and the growing potential of deep learning to power it all.
For entrepreneurs looking to take advantage of those trends, an MBA in data analytics and business intelligence is the perfect fit.
Syracuse University’s Whitman School of Management offers an online MBA specializing in business analytics. Students in this specialization will be provided with the flexibility of fulfilling different career goals and will be offered a wide range of electives from the Whitman School of Management, School of Information Studies, and College of Engineering and Computer Science. While most of the coursework is available online, students must attend three in-person residencies throughout this 54-credit program.
Core classes include microeconomics; data analysis and decision-making; legal and ethical environment of business; and managerial finance, among others. The business analytics specialization includes courses such as principles of management science; big data analytics; and accounting analytics. Applicants must have at least one year of professional work experience and a minimum 3.0 GPA in previous schooling. GMAT scores are not required for admission.
- Location: Syracuse, NY
- Accreditation: Association to Advance Collegiate Schools of Business (AACSB International); Middle States Commission on Higher Education (MSCHE)
- Expected Time to Completion: 24 months
- Estimated Tuition: $1,872 per credit
Ohio University’s College of Business offers an online MBA with a concentration in business analytics, preparing students to process, analyze, and manage data for addressing many business opportunities and challenges. The program’s faculty includes industry experts committed to supporting students in the growth of their business and analytics careers. Through Ohio University’s unique Leadership Development Conference, students will engage with their peers in person. During this weekend in Athens, Ohio, students will learn from experienced world-class speakers, connect with classmates, and meet the faculty they’ve learned from.
Consisting of 35 credits, the program includes core courses such as descriptive analytics; accounting for executives; organizational behavior and human resource management; managerial finance; operations management; and applied business experience. The business analytics concentration includes three required classes: prescriptive analytics; business intelligence; and predictive analytics.
- Location: Athens, OH
- Accreditation: Association to Advance Collegiate Schools of Business (AACSB International); Higher Learning Commission (HLC)
- Expected Time to Completion: 24 months
- Estimated Tuition: Ohio resident ($1,031 per credit), non-Ohio resident ($1,051 per credit)
MBA in Insurance & Risk Management
Insurtech, an umbrella term for innovations that focus on applying technical solutions to the insurance industry, is one of the hottest entrepreneur tickets of the moment. Technological advancements like blockchain, AI, and IoT are allowing insurers to underwrite and process claims more effectively.
According to Accenture, insurance companies over 300 years old are now forced to compete with startups less than 300 days old for their piece of one of the biggest markets in the world. Entrepreneurs interested in joining the rise of insurance may seek an MBA in insurance and risk management.
Husson University’s online MBA with a concentration in risk management prepares students to analyze, identify, and evaluate potential risks in nearly every type of organization. Students in this program will explore the specialized principles required for addressing risks and will gain the qualifications, knowledge, and skills to secure central positions at businesses across multiple industries.
The program comprises 36 credits and includes core courses such as managerial accounting; managerial economics; global strategic management; management communications; financial management; and marketing management. The risk management concentration includes courses such as fundamentals of risk management; corporate risk management; strategic selling; and crisis management.
- Location: Bangor, ME
- Accreditation: International Accreditation Council for Business Education (IACBE); New England Commission of Higher Education
- Expected Time to Completion: 24 months
- Estimated Tuition: $548 per credit
St. John’s University’s Tobin College of Business offers an online MBA with a concentration in risk management and insurance. This specialization allows students to build upon the program’s business education and provides them with an in-depth study of managing risk, an insurance firm’s finances, or product design.
Students take 24 credits of required courses such as global financial & managerial reporting; business analytics; industrial economics; financial management; managing for global success; decisions in marketing management; and risk management. In addition to core courses, students take nine credits of concentration courses in management of risk; foundations of enterprise risk management; and risk management. Students will be required to take a three-credit seminar in business policy to complete the program.
- Location: Queens, NY
- Accreditation: Association to Advance Collegiate Schools of Business (AACSB International); Middle States Commission on Higher Education (MSCHE)
- Expected Time to Completion: 18 months
- Estimated Tuition: $1,485 per credit
MBA in Finance
Companies like Stripe, Square, and SoFi have rocketed into the financial industry by marrying finance and tech. But fintech, as a term, is young, and there’s still plenty of room for disruption. According to a three-part report from Deloitte on the state of fintech, nimble startups in the financial industry are primed to go on the offensive and take market share in capital markets, banking, real estate, and investment management.
For entrepreneurs that want a solid entry point into fintech—or for those who simply wish to understand the core concept of finance in business—an MBA in finance is a wise investment.
University of Maryland’s Robert H. Smith School of Business
The University of Maryland’s Robert H. Smith School of Business has an online MBA program where students can specialize in finance to explore the intricacies of corporate finance, financial restructuring, and investing. Ranked as one of the best online MBA programs in the US, the Smith MBA encourages an atmosphere of entrepreneurship, where innovation is the focus both in the curriculum and in a real-world application.
This 54-credit program includes core courses such as data analysis; decision modeling; operations management; organizational change; strategic management; entrepreneurship; and financial accounting. Courses in the finance concentration include commercial bank management; financial restructuring; and applied equity analysis. Students will also be required to take four credits of residency courses.
- Location: College Park, MD
- Accreditation: Association to Advance Collegiate Schools of Business (AACSB International); Middle States Commission on Higher Education (MSCHE)
- Expected Time to Completion: 24 months
- Estimated Tuition: $1,805 per credit
University of North Carolina’s Kenan-Flagler Business School offers several online MBA programs, including one with a concentration in finance. Working professionals in this concentration will be prepared to pursue careers in the fast-paced, growing financial sector. They may excel in many financial service arenas, including financial analysis, accounting and auditing, taxation, private equity, and investment banking.
This 62-credit program includes courses such as analytical tools; business strategy; business communication; leading and managing; and financial accounting. The finance specialization courses include financial statement analysis; derivatives; mergers and acquisitions; information for product and customer strategy; taxes and business strategy; corporate financial strategy; and global finance and emerging markets.
Graduates will be ready for roles such as chief financial officers, budget analysts, financial managers, and finance directors.
- Location: Chapel Hill, NC
- Accreditation: Association to Advance Collegiate Schools of Business (AACSB International); Southern Association of Colleges and Schools Commission on Colleges (SACSCOC)
- Expected Time to Completion: 18 to 36 months
- Estimated Tuition: $133,691.58
MBA in Cybersecurity
As more and more companies are powered by online transactions, and more and more connected devices come online, defending sensitive data from outside attacks is big business. There are already several cybersecurity unicorns (startup companies valued at over a billion dollars), but this industry revolves around constant disruption and product evolution. The global cybersecurity market is forecast to grow to just under $538.6 billion by 2030, according to Statista, with a key area being the increased number of Cybersecurity-as-a-Service offerings.
Even if cybersecurity isn’t their primary focus, entrepreneurs would be ill-advised to ignore the subject altogether. An MBA in cybersecurity allows graduates to cover all the bases.
Maryville University’s John E. Simon School of Business has an online MBA with a cybersecurity focus that’s more in-depth and affordable than many of its rivals. Students will spend a third of their time on purely cybersecurity issues.
Students enrolled in this cybersecurity concentration learn hands-on skills like forensic examination and penetration testing. They can gain analytical and theoretical information like the legal aspects of privacy and compliance. Creating strong defensive cyber systems is the main emphasis of this program.
This 39-credit program includes core MBA courses such as organizational behavior and development; legal environment of business; strategic marketing; global business; business economics; accounting for managers; and corporate financial policies. Courses in the concentration include controls for effective cyber defense; ethical hacking; cybersecurity incident response and examination; and legal aspects of privacy and compliance.
- Location: St. Louis, MO
- Accreditation: Accreditation Council for Business Schools and Programs (ACBSP); Higher Learning Commission (HLC)
- Expected Time to Completion: 14 months
- Estimated Tuition: $749 per credit
Grand Canyon University’s online MBA with an emphasis on cybersecurity blends studies in business management with cybersecurity and prepares students to meet the diverse challenges of the modern workplace. Graduates will be able to design cybersecurity programs for correcting and preventing security weaknesses effectively.
The program comprises 54 credits and includes classes such as managerial accounting; marketing management; leadership and organizations; operations management; cyber warfare and applications; strategic management; quantitative methods; and enterprise security infrastructure design.
Graduates will be ready to take up roles such as administrative services managers, operations managers, chief information security officers, senior project managers, implementation managers, and chief information officers.
- Location: Phoenix, AZ
- Accreditation: Accreditation Council for Business Schools and Programs (ACBSP); Higher Learning Commission (HLC)
- Expected Time to Completion: 24 months
- Estimated Tuition: $640 per credit
