Every year, numerous students and professionals study for their master's in business administration. Those who pursue this higher-level degree will build upon their bachelor's and learn how workers, organizations, and resources achieve success in the modern workplace. The master of business administration (MBA) will teach students how managers and employees build and sustain thriving businesses and corporations. The degree also covers 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 in this subject is much more in-depth than an associate or bachelor's in business administration, so students should keep that in mind when weighing their degree options.
Why a Master’s Degree?
A master’s is quickly becoming one of the most efficient tools to help professionals move up and progress in their careers. There are a 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.
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. Such a program is unique in that it allows students to complete their degree 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, 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, as of May 2014, this position earns an average annual wage of $114,140. Another common career MBA graduates pursue is in financial analysts. Both of these jobs are predicted to experience a sizable growth; financial analysts by 12% and human resource managers by 9%, which are both slightly above 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 will teach graduate students how to guide business students in college-level classrooms. Doctoral students can also publish their findings that contribute toward their dissertation, leaving their personal mark on the academic world.