Pursuing a Master’s Degree in Business

Among the many types of degrees there are, it can be confusing trying to choose which level of education would be most appropriate for your desired career path. While researching online or elsewhere, you may be asking yourself, "what is a master's degree?"
 
A master's degree is a two to four-year program designed for those who wish to work in management or higher-level positions within a chosen field. Those with master's degrees will learn advanced and in-depth skills that put them above the competition in the job market.
 
For individuals seeking to pursue a career in business, a master’s degree in business administration (MBA) or a Master of Management degree can offer specialized education in the business field of your choice. Other common types of specialized master's degree are:
  • master's degree in education
  • master's degree in nursing
  • master's degree in psychology
  • master's degree in social work.
In addition to traditional college or university programs, students can choose to enroll in online master's degree programs, an especially convenient choice for those who need flexibility to maintain a family and work life. For example, if you are a teacher and wish to earn an online master's degree in education, you can earn the degree while still teaching.

A Master’s Degree in Business Administration

A MBA can be coupled with specializations in many different areas of business, including:
  • accounting
  • corporate strategy
  • decision science
  • economics
  • entrepreneurship
  • finance
  • human resources
  • international business
  • marketing
  • operations management
  • project management.

A Master’s Degree in Management

A Master of Management degree program enhances management skills and synthesizes business concepts and practices. The degree program also focuses on solutions to specific management situations. Individuals studying for a Master of Management degree typically focus on the following areas:
  • fostering creativity
  • human capital
  • implementation of organizational initiatives
  • innovation through organizational design
  • managing conflict.

What to Expect in Graduate School

In a two-year master’s degree program, the first year is usually spent covering academic courses required for the degree. The workload is heavier than in college, but the course topics are more specific to your specialization. Usually, students are paired with advisors who can help them develop a plan to follow throughout the program. A professor in your field will usually serve as your supervisor.
 
During the second year of most Master's programs, you will take more courses, but you will also find a research focus and direct your time towards that. Most students need anywhere from a semester to the whole year to complete their theses. Your thesis will demonstrate your mastery in the field.

Application Materials for Graduate Work in Business

To obtain an advanced business degree within the U.S., you must submit the following materials to the schools of your choice:
  • essays
  • GMAT (Graduate Management Admissions Test) scores
  • reference letters
  • transcripts
  • work experience.
Many schools also require an interview as part of the application process.

Funding your Business Education

Many businesses will assist their employees in funding a MBA while they are working for the company. An employee can attend a program part-time while still working full-time. This is a great way to help pay for graduate school and to further your education, making you more valuable in your field.

Resources

The Princeton Review (n.d.). Master’s and Doctoral Degrees Explained. Retrieved March 22, 2008, from The Princeton Review Web site: http://www.princetonreview.com/
grad/research/articles/decide/degrees.asp.