3 business master’s degree options to pursue in 2021
Businesses around the globe are facing unprecedented challenges, brought about by the recent pandemic. But they can still thrive with the right resources, tools, interventions, and of course with the education – such as a business master’s degree.
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An MBA programme is a business master’s degree that generally offers industry-oriented, application-based learning through innovative and practical subjects to maximise your potential to become an effective business leader.
A good MBA programme will help you develop your focus by providing you with real-world learning experiences to provide an arsenal of tools, knowledge, and opportunities to become a global business leader.
Full-time MBAs generally take two years to complete, but also offer fast-track options at a fraction of the time.
Choosing between a full-time or part-time MBA programme depends on your career goals and personal circumstances.
However, a strong MBA programme will ensure that you develop strong management and leadership capabilities to take you further in your career.
Just like its cousin, the Executive MBA or EMBA qualification is regarded as valuable assets by organisations especially at a time when the top skills needed by the global workforce continue to evolve.
According to the 2019 EMBAC Student Exit Survey conducted by the Executive MBA Council (EMBAC), Executive MBA graduates received a 13.5% increase in compensation after completing the programme. This compensation boost included both salary and bonuses.
The survey was conducted by Percept Research and involved 2,390 graduates enrolled in Executive MBA programmes in the United States.
The survey reported the average salary and bonus package at the beginning of the programme as $205,008 and upon completing the programme, the average salary and bonus package rose to $232,663.
Additionally, 40% of students who completed the survey reported receiving a promotion in their organisations during the programme.
Those who complete the programme also reportedly have better insight into economic factors impacting businesses today, as well as accounting and financial acuity.
A report published by PayScale found that Executive MBA holders fill some high paying and rewarding roles including Chief Executive Officer, Chief Financial Officer, Director of Operations, Marketing Director, Chief Operating Officer, Vice President of Operations, and Operations Manager.
This makes EMBAs the ideal qualification for mid-career individuals seeking a job promotion.
EMBA graduates are also sought after by some of the big names in technology and consulting. Among some of the top EMBA employers are Amazon.com Inc, Microsoft Corp, Accenture, General Electric Co (GE), and EY (Ernst & Young).
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Banking and finance
The banking and finance industry have both gone through major strides in technology, and those with a bachelor’s or even Master’s in Finance who graduated years ago may find themselves lacking in certain cutting-edge areas.
The US Bureau of Labor Statistics notes that the employment of business and financial operations occupations is projected to grow 7% from 2018 to 2028, faster than the average for all occupations, adding about 591,800 new jobs.
You may already have certain skills down pat, but with the advancement of technologies such as Artificial intelligence (AI), machine learning, and big data, there is surely something new you can learn and bring to the table that will make you a valuable employee and climb the career ladder in this field.
Additionally, if you are working towards leadership roles in finance, you must develop skills such as analytical thinking and problem-solving to make strategic decisions, all of which are supplied by a business master’s degree in banking and finance.
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A master’s in Economics is a business master’s degree that can provide you with the tools you need to take your career to the next level and can qualify you for a range of jobs in different industries, but it ultimately comes down to your career goals.
According to the U.S Bureau of Labor Statistics, then employment of economists is projected to grow 8% from 2018 to 2028, faster than the average for all occupations with the median annual wage for economists was $105,020 in May 2019.
It adds that job prospects should be best for those with a master’s degree or Ph.D., strong analytical skills, and experience using statistical analysis software.
If you have a background in economics and want to start your own company in this field or in a managerial role, then you can always take electives such as microeconomics or economic policy while pursuing your MBA, or choose an MBA programme with a specialisation in Business Economics.