Types of Business Master’s Degrees: Deciding on Graduate Programs That Match Your Goals
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Introduction to Master’s in Business Degrees
If you want to make a swift entry into the business industry, you should consider earning a master’s in business.
There are several types of master’s degrees in business, each having its own unique focus and potential career pathways. For instance, a master’s in business management gives you the essential skills and knowledge needed to succeed in management roles. It helps you think strategically, lead effectively, and understand the industry better, making you a strong candidate for top jobs and advancing your career.
With so many options available, how do you decide which is right?
When considering a business master’s degree, align your choices with your career goals. We will have a quick rundown of the most common types of business master’s programs to help you make an informed decision.
Types of Master of Business Degrees
The most commonly pursued types of master’s in business degrees found in a business school:
- Master of Business Administration
- Masters in Business Management
- Master in Finance
- Master in Marketing
- Master of Accounting
- Master of Science in Supply Chain Management
- Master of International Business
- Master of Business Analytics
These programs are vast and varied. Each school will have a different curriculum and approach to teaching master’s degree programs, but generally, these degrees cater to different career goals and industries. Here’s a brief overview of each type:
Master of Business Administration
The Master of Business Administration (MBA) is, globally, the most sought-after business degree worldwide. The latest Graduate Management Admission Council report shows over 44% of the total business school candidates in 2023 are eyeing an MBA. The GMAC data also show MBA grads make up almost 40% of C-suite executives.
MBA programs are vast. While mainly focusing on management, business, and entrepreneurship, students can also pursue finance, risk management, supply chain management, and more specializations.
The MBA, however, is one of the most difficult business master’s degrees. Here are the top business schools offering the best Master of Business Administration degree programs in the country:
| Business School | Format | Tuition Per Year |
| Stanford University | On-campus | $79,860 |
| University of Pennsylvania (Wharton) | On-campus | $84,830 |
| Northwestern University (Kellogg) | On-campus | $83,610 |
| Indiana University Bloomington (Kelley) | Online | $29,573 |
| Carnegie Mellon University | Online | $39,181 |
Masters in Business Management
The Master’s Degree in Business Management and the MBA have overlapping elements, particularly in their focus on management principles and leadership skills. However, they also have distinct differences in their objectives and target audiences.
This program usually has a more focused curriculum centered on management principles and practices. It is designed to provide in-depth knowledge of management theories, organizational behavior, and strategic planning.
The program is typically less broad than an MBA and may not offer the same level of specialization, and it’s usually pursued by individuals early in their careers.
Here are some of the top masters in business management schools:
| Business School | Format | Tuition Per Year |
| University of Southern California (Marshall) | On-campus | $63,000 |
| University of Miami | On-campus | $22,770 |
| University of Illinois (Gies) | Online | Under $12,500 |
| University of Alabama | Online | $14,000 |
| University of Florida (Warrington) | Online | $16,983 |
Master in Finance
A Master of Finance (MF) degree is ideal for students focused on finance. It offers comprehensive courses in financial theory, mathematics, quantitative finance, and related areas.
MF programs typically do not require prior work experience, making them popular among younger students. However, graduates of these programs are known to earn less than MBA graduates.
If you want to enter the world of finance swiftly, consider enrolling in the top business schools for an MF degree. These schools are known for their intensive curriculum and network that helps students access career opportunities and industry connections.
| Business School | Format | Tuition /Year |
| Harvard Extension | Online/On-campus | $3,340/ course |
| University of Texas – Dallas | On-campus | $35,000 |
| MIT (Sloan) | On-campus | $91,250 |
| Johns Hopkins University (Carey) | On-campus | $81,935 |
| Penn State World Campus | Online | $25,356 |
Master in Marketing
While a master’s degree isn’t usually required for marketing jobs, having one can make graduates stand out as more qualified and knowledgeable candidates.
A master’s degree in marketing focuses on consumer behavior, market research, and strategies for digital messaging.
These programs usually offer specializations, including online marketing technology, business sustainability, contemporary marketing practice, customer insight, digital landscape, innovation and new product development, marketing consultancy, marketing strategy, and relationship marketing.
Here are some of the top schools for business graduate degree programs in marketing:
| Business School | Format | Tuition Per Year |
| National University | Online/On-campus | $1,989 Quarter Unit Course |
| New York University (Stern) | On-campus | $15,450 |
| University of Illinois Chicago | Online | $9,430 |
| Columbia University | On-campus | $64,320 |
Master of Accounting
A Master of Accounting (MAcc) degree is tailored for those aiming to advance their careers in accounting or attain CPA certification. This program provides in-depth knowledge of accounting principles, auditing, taxation, and financial reporting.
It often includes preparation for the CPA exams and is suited for individuals looking to specialize in accounting without pursuing a broader management role.
The MAcc is a highly specialized degree, usually pursued by those already in the accounting field or with a strong undergraduate background in accounting. Here are some leading institutions offering top Master of Accounting programs:
| Business School | Format | Tuition/Year |
| University of Texas – Austin (McCombs) | On-campus | $39,240 |
| University of Southern California (Marshall) | On-campus | $73,542 |
| University of Michigan (Ross) | On-campus | $45,000 |
| University of Florida (Warrington) | Online | $21,370 |
| University of Illinois (Gies) | Online | $16,000 |
Master of Science in Supply Chain Management
Those who want to focus on the strategies, logistics, and technologies involved in the global supply chain should consider pursuing a Master of Science in Supply Chain Management. It covers areas such as procurement, operations, and supply chain analytics.
This program is designed for individuals looking to enter or advance in logistics, operations management, and supply chain optimization roles.
Top programs offer rigorous coursework combined with practical, hands-on experience. Here are some of the top schools offering an MS in Supply Chain Management:
| Business School | Format | Tuition Per Year |
| Michigan State University | On-campus | $41,000 |
| Arizona State University (W.P. Carey) | On-campus | $35,000 |
| University of Tennessee | On-campus | $37,000 |
| Purdue University | Online | $19,000 |
| University of Maryland (Smith) | Online | $26,400 |
Master of International Business
A Master of International Business (MIB) covers international trade, global marketing, cross-cultural management, and international finance, preparing students for careers that require an understanding of international markets and global business strategies.
The MIB is ideal for individuals who aim to work in multinational companies or organizations with a global footprint. Here are some of the top programs for a Master of International Business:
| Business School | Format | Tuition Per Year |
| Georgetown University (McDonough) | On-campus | $62,000 |
| University of South Carolina (Moore) | On-campus | $33,490 |
| Florida International University | Online | $27,000 |
| University of San Francisco | Online | $26,000 |
Master of Business Analytics
With the growing importance of data in business strategy, the Master of Business Analytics (MSBA) has become a very in-demand degree. The MSBA allows students to focus on data analysis, statistical methods, and data-driven decision-making in business contexts.
The program equips students with practical skills in data mining, predictive modeling, and data visualization, preparing them to leverage data to solve complex business problems in the real world.
Here are some of the top schools offering a Master of Business Analytics:
| Business School | Format | Tuition Per Year |
| Columbia University | On-campus | $71,556 |
| University of California, Berkeley (Haas) | On-campus | $71,456 |
| University of Chicago (Booth) | On-campus | $73,440 |
| University of Texas – Austin (McCombs) | Online | $40,000 |
| Northeastern University | Online | $27,500 |
Choosing the Master’s of Business Degree For Your Goals
Each master’s degree in business is valuable; however, the value and return on investment will still vary depending on the individual’s interests and goals.
For instance, someone pursuing finance may not find the same value in a Master of Marketing as someone aiming to work in the marketing industry. The key is to align your choice with your career objectives and how each program’s unique offerings match your professional aspirations.
Here are quick considerations when choosing a master’s degree in business:
- Master of Business Administration: For aspiring leaders, entrepreneurs, or those seeking to switch careers into management roles.
- Masters in Business Management: For early-career professionals or those seeking specialized management skills.
- Master in Finance: For individuals passionate about financial markets and investment strategies.
- Master in Marketing: For those interested in consumer behavior and strategic marketing.
- Master of Accounting: For individuals seeking advanced knowledge in accounting and CPA certification.
- Master of Science – Supply Chain Management: For those focused on logistics, procurement, and supply chain optimization.
- Master of International Business: For those interested in global markets and cross-cultural management.
- Master of Business Analytics: For those passionate about data-driven decision-making, analysis, information technology, and how it can be applied to the business industry.
Beyond career goals and industry fit, you must consider the program’s networking opportunities.
Have you ever heard the saying, “In business, it’s not about what you know; it’s who you know?” While a college degree is valuable, a vast network and strong connections can significantly enhance your career prospects.
When choosing a master’s degree in business, considering the reputation of the program and the networking opportunities it offers is crucial for leveraging these advantages.
Master’s in business degrees are important to climb the corporate ladder. Take it from these successful graduates.
- “My MBA from Harvard Business School was pivotal in my career. The rigorous training in organizational dynamics enabled me to effectively leverage the power of large companies like Google and Facebook. It transformed my initial desire to make a tangible impact into a reality, allowing me to drive significant change at major tech companies and beyond.” — Sheryl Sandberg
- “Graduating with an MBA from Duke University gave me the foundation to excel in the corporate world, but my leap of faith in joining Apple truly defined my career. The decision to move from Compaq to Apple wasn’t purely logical, but a vision of potential and innovation guided it. That intuition paid off as we turned Apple into one of the most successful companies in the world.” — Tim Cook
- “My MBA from American University’s Kogod School of Business was instrumental in my transition from banking to global development. It gave me the strategic and management skills to lead impactful initiatives. At Save the Children, I’ve applied these skills to help reach millions of children worldwide, proving that with the right tools, you can make a profound difference.” — Carlos Carrazana.
Key Takeaways
A business degree can significantly advance your career by giving you important skills and connections. However, its value depends on how well it matches your career goals. You cannot feel successful by earning an MBA in general business if your main aim is to succeed as a CPA.
When deciding which master’s in business degree to pursue, always consider your career goals. Ask yourself these two questions:
- What specific skills and knowledge do I need to achieve my career objectives?
- What career opportunities and connections does this program provide?
Reflecting on these questions can help you choose a business degree that truly supports your ambitions and will set you up for long-term success.
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