What Different Types of Master’s in Business Degrees are Available?
Many students think that they need to complete an MBA after finishing college, but there are several different Master's in Business degrees now available. While the number of MBA students continues rising each year, schools now offer programs designed for students interested in other aspects of the business world. Many of these programs let you complete your studies in less than two years, and most schools offer special programs for students working in the field, including programs that meet on weekends or at night.
Master of Business Administration
The Master of Business Administration is one of the more popular types of advanced degrees. According to Business Week, the average salary for an MBA holder increased from $64,000 to $92,000 in just two years. Spender also found that the number of students enrolled in MBA programs increased to more than 130,000. Students entering these programs know that finishing an MBA can help them seek a promotion at work, apply for higher paying jobs and skip some of the lower levels of the corporate ladder. Students can often choose a concentration in these programs as well, including concentrations in international business, marketing or management.
Master in Management
The different Master's in Business degrees now available include a Master of Management program. Though not available through all schools, this is usually a one-year program that students can complete in lieu of an MBA. Managing employees is an important part of running your own business or working in a large company. This program will teach you the leadership skills that you need to organize and manage those groups, but you'll also learn how to work with human resources departments and make yourself stand out in job interviews.
Master of Finance
A Master of Finance, sometimes called a Master of Science in Finance, is another one-year program designed for those hoping to climb the corporate ladder. Students typically need to finish an undergraduate degree in business or a degree in another field with a minor in business. You learn more about how to operate and run a business, including how to look for trends in the market and analyze market conditions. These programs often cover topics relating to investment portfolios, banking, securities and the laws surrounding financial transactions. Some colleges offer a more advanced finance program that takes place over the course of two years.
Master of Accountancy
Out of all the different Master's in Business degrees, the Master of Accountancy is the only program that requires students sit for a professional board exam as part of their studies. The Certified Public Accountant examination is offered in each state, and once you pass the test, you can apply for jobs working as a CPA. When you enroll in a Master of Accountancy graduate program, you agree to sit for that board examination prior to graduating from the program. Courses found in these programs often look at taxation laws, tax preparation, different types of accounting software and how to work for both for-profit companies and non-profit organizations.
MBA programs still rank as one of the most popular graduate programs, but those interested in the business world can study other topics. The different Master's in Business degrees available through colleges today include program devoted to management, accountancy and finance, and the program you choose can help you start your career immediately after graduation.