The Best MBA Programs  by Industry

The best way to think about choosing an industry is to think about it like this: you’re choosing what types of world-sized problems you want to solve. While function determines your day-to-day work, industry determines how you’re going to impact the planet. All companies are focused on increasing profits. That’s a given. But if you look at what they are providing to their customers and specifically how they generate profits, you’ll start to find that you prefer one approach to another.  

For instance, the types of problems you’ll solve in Healthcare vary dramatically from the types of problems you would be solving in the Retail industry. At a high level, the Healthcare industry is focused on improving people’s lives through pharmaceutical products, medical devices, and healthcare services that can prolong or improve quality of life. The Consumer Goods industry, on the other hand, is focused on improving people’s lives by creating better products that solve their day-to-day problems and needs, or provide a more enjoyable or customized shopping experience. Ultimately, you will want to choose an industry that excites you. When someone asks you about your work, what would you be excited to talk about?  

Another thing to note is that while functions tend to be industry-agnostic (for instance, marketing or operations), the industry you choose will narrow down your expertise. Once you’ve developed a few years of industry expertise, it can be harder to switch industries than to switch functions within the same industry. Moving from finance to strategy in Oil & Gas is easier than moving from Oil & Gas finance to Tech finance. This is because you develop very specific human capital (knowledge, skills, and networks) that applies specifically to your industry and doesn’t necessarily translate well to a different one. This makes it a bit more important to choose the right industry early on.  

There’s one exception to this rule. If you choose an industry like Consulting or Financial Services (such as Investment Banking), where you actually get to work across a number of different industries based on your project or deal, then your mobility is greater. Consulting and Financial Services tend to be feeders into all sorts of other industries, so if you’re not quite sure what industry you want to work in, you might choose one of those two industries post-MBA, rather than risk committing to an industry too early.    

While it’s generally true that most schools place students in all industries, looking closely at placement stats will give you a sense of the opportunities available by school, especially if you’re set on working in a less common industry like Media & Entertainment or Oil & Gas. These numbers can also help you figure out how likely you’ll be to source your job on campus versus via an off-campus job search.