While the MBA may be the first degree that comes to mind when you think of graduate business school, there are actually several different types of master's degrees in business offered around the world and the list is constantly growing. In general, earning a graduate business degree is an excellent investment for business professionals attempting to enhance leadership skills with the aim of progressing into positions with added responsibilities, according to the GMAT Website. If you are ready to transform your career in the business world and position yourself for executive roles, read on to learn about the four most popular types of Master's in Business degrees that can get you there.
Master of Business Administration (MBA)
As one of the most popular graduate programs in any field, the Master of Business Administration (MBA) is designed to develop the leadership, communication, decision-making, and organizational skills that are required for upper-level management positions. Most MBAs build upon a broad-based major business core to allow students to tailor their curriculum with a concentration in a specialized business discipline. Traditional MBAs require two years of graduate studies beyond the baccalaureate level, but there are now many different optios available for earning an Accelerated MBA, Online MBA, or even an Executive MBA.
Master of Accountancy (MAcc)
After earning an undergraduate degree in accounting, many students choose to enroll in a Master of Accountancy (MAcc) program to fulfill the 150-hour requirement in most states to pursue credentials as a Certified Public Accountant (CPA). MAcc programs are specialized master's degrees that focus on the knowledge and skills needed to create financial reports in the accounting profession, according to Business Week. Typically, the one-year program will include coursework related to auditing, accounting information systems, corporate governance, taxation, monetary policy, financial reporting, risk management, securities law, and financial management.
Master of Science in Finance (MSF)
The Master of Science in Finance (MSF) is another specialized master's degree in business that has been designed to train graduate students for working as financial analysts or managers with their expertise in analyzing market conditions. Most MSF programs take between one to two years of full-time graduate studies to prepare graduates for meeting the financial modeling, planning, and forecasting needs of diverse clients. Students enrolling in an accredited MSF program should expect to have plenty of coursework devoted to actuarial science, derivatives, investments, banking, portfolio management, statistical analysis, and business valuation.
Master in Management (MIM)
Last but certainly not least, the Master in Management (MIM) is a popular one-year master's degree in business that is traditionally a practical step for current professionals or career changers seeking to enter managerial positions in the business world. In preparation for management, MIM degree programs are structured to cover topics in ethical decision making, business law, global business, workplace security, corporate crime, business culture, entrepreneurship, human resource management, employee motivation, and marketing. Also, many accredited MIM programs include a required internship for obtaining valuable hands-on experience working with company executives.
Overall, there are a multitude of business-focused degree options available at the master's level for graduates who are seeking to advance their skills for unlocking leadership positions in their chosen area of expertise. In addition to these popular different types of master's degrees in business, there are also many opportunities available to specialize in other areas like real estate development, healthcare management, entrepreneurship, human resources, sustainability, information systems, marketing, and much more.