Every year, numerous students and professionals study for their master’s degree in business administration. Those who pursue this higher-level degree will build upon their bachelor’s degree studies and learn how workers, organizations, and resources achieve success in the modern workplace. A master of business administration (MBA) degree will teach students how managers and employees build and sustain thriving businesses and corporations. An MBA will cover a handful of basic business topics, such as managerial and financial accounting, business policies, marketing concepts, information systems, management planning, and control systems. A master’s degree in this subject is much more in-depth than an associate degree or bachelor’s degree in business administration, so students should keep that in mind when weighing their degree options.
Why a Master’s Degree?
The business world is constantly evolving and changing; to keep up with all the exciting innovation and change, students often invest in higher education. A master’s degree is quickly becoming one of the most efficient tools to help professionals move up and progress in their careers. There are any number of careers an individual could pursue with an MBA, such as human resource management, management analysis, and financial analysis. According to the U.S. Bureau of Labor Statistics (BLS), individuals who become human resource managers usually have at least a bachelor’s degree. However, an increasing number of management and executive positions are requiring candidates to have an MBA or related degree.
Getting Into a Master’s Degree Program
The admission requirements to business administration degree programs fluctuate, as per the school in question. Here are some common criteria applicants are expected to have:
- Bachelor’s degree in business administration or related subject
- Appropriate undergraduate GPA
- Passing GMAT or GRE scores
- Relevant work experience
- Academic and/or professional recommendations
Inside a Business Administration Master’s Degree Program
Depending on whether a student is part-time or full-time, it usually takes about two to three years for students to complete their MBA. The majority of MBA programs require students to enroll in classes that discuss topics in accounting, economics, management, organizational behavior, and a handful of other subjects. Colleges and universities often encourage students to accept part-time business internships to help round out their educational experience. Attending guest lectures and MBA functions might also be a part of a master’s curriculum.
As distance education continues to grow and improve, more and more students are choosing to obtain their MBA online. An online master of business administration is unique in that it allows students to complete their degree studies at their own pace over a course of time from any location with a stable internet connection. Because of this flexibility, many students prefer online MBA programs over traditional brick-and-mortar ones. While completing their MBA program, students will have access to well-educated business professors to help them with any questions, concerns, or inquiries they may have.
What’s Next for Business Administration Master’s Degree Holders?
With an MBA, students may eventually be on the road toward a high-level business career. Human resource management is one of the common positions MBA graduates end up accepting. According to the BLS, this position earns nearly $100,000 every year. Another common career MBA graduates pursue is in financial analysis. Both of these jobs are predicted to experience a sizable growth; financial analysts by 23% and human resource managers by 13%, which are both close to the average predicted growth rates of U.S. jobs.
For those who are interested in academia, research, and teaching, there is the option to obtain a Ph.D. in business administration. A doctorate degree will teach graduate students how to guide business students in college-level classrooms. Doctoral students may also publish their findings that contribute toward their dissertation, leaving their personal mark on the academic world.