Taking business at university can result in some of the highest post-graduation employment, salary, and job satisfaction rates of any degree. Whether a student decides to specialize in one of the ‘FAME’ subjects (finance, accountancy, marketing, and economics) or take a more generalized approach, a business master’s degree is statistically likely to be a rewarding investment.
Why a Master’s Degree Can Make All the Difference
Since business and management is globally the most popular undergraduate degree subject among students, choosing to study the subject at master’s level helps a candidate cut through the competition in a crowded job market. A master’s degree in business will show any employer a higher level of dedication, as well as an advanced skill set with knowledge that can be applied to almost any industry.
For those looking to get ahead in their chosen industry, a business master’s degree can prove invaluable. Undergraduate degrees are focused on providing a foundational understanding of the many different aspects of the business world, whereas a master’s degree offers a high level of specialization. This scope helps to build up an academic and practical framework; they are called master’s degrees as they allow students to develop a mastery of their chosen field. One of the most valuable characteristics of a master’s degree is how the course can work for the needs of the student. This is true in terms of academic needs, as well as practical needs, with prestigious institutions such as Victoria University offering VU online courses.
The Benefits of a Business Master’s Degree
Listed below are some of the major benefits of studying a business master’s degree:
1. It is Attractive to Employers
In an overly saturated, highly competitive job market, a master’s qualification helps an individual stand out in a sea of graduates. This is especially true of business master’s students who choose to specialize in the field in which they are hoping to build their career. A survey from the Graduate Management Association Council found that over 50% of employers in 2018 were looking to hire graduates who had studied specialized programs.
2. It Allows You to Build a Network
For any successful business career to flourish, a few specific personal qualities are needed: dedication, problem-solving and planning, and a strong network. A business master’s degree offers the perfect opportunity to build up a large and relevant network, both with students, alumni, professors, and through university networking events.
3. You Develop Transferable Skills
Business master’s degrees are not only extremely useful to individuals who have a clear idea of the industry they want to get into. Courses will also equip students with transferable skills that are relevant to almost any career path. Some of the skills to be gained from a business master’s degree include:
- Knowledge of the structure and workings of large organizations
- Strong verbal and written communication skills
- Problem-solving and decision-making
- Time management
- Critical and analytical thinking skills
- Presentation and report writing
- Project and resource management
- Strategic planning
- A clear understanding of how to interpret and utilize financial data
- Knowledge of economic fluctuations and market changes, as well as their effects on business
4. High Salary Potential
The salaries available to business master’s graduates are some of the highest of all graduates, coming in at twice the rate offered to those with just an undergraduate degree. A QS Jobs and Salary Report reveals the average salaries for business master’s graduates around the world in 2019:
- 102,100 USD/year in the United States
- 99,800 USD/year in Canada
- 82,700 USD/year in Singapore
- 82,700 USD/year in the United Kingdom
- 123,500 USD/year in Switzerland
- 86,400 USD/year in France
- 77,200 USD/year in Germany
These average salaries highlight the low-risk potential of investing in a business master’s degree, as two or three years of work will cover the cost of study.
Possible Careers Post-Degree
The different industries that find value from MBA students are vast, making the degree perfect for people looking for career paths in the following industries:
- Management consultancy
- Market research
- Business operations management
- Management analytics
- HR management
- Chartered accountancy
- Investment banking
- Retail and consumer products
- Bank management
- Public Relations
A business master’s degree can make a significant difference to one’s career progression, not only does it make landing that dream job much more likely, but it equips an individual with the skills and working knowledge to progress quickly up the career path.