Written by Abhyank Srinet from MiM-Essay
After completing an undergraduate degree, most students will be faced with the same difficult question.
'Is a master’s degree worth it?'
Considering the huge benefits and growth potential that most master's students experience after graduating, the answer is more often than not, yes! Let’s take a look at some of the benefits of studying a master's degree:
Increased career opportunities
A master’s degree will help students unlock the door to opportunities they would've never imagined were in reach beforehand. This is because many of today's employers are not satisfied with an undergraduate degree alone. Owing to their increased experience and knowledge in their field, master's graduates tend to hold a competitive edge in the job market.
Specialized understanding of a subject
A master’s degree gives you the chance to specialize in the subject area of your choice and gain a greater understanding of your field of interest. For instance, if you are interested in entrepreneurship, you can choose a master’s degree with a sustained focus on entrepreneurial practices. In the long term, this will aid you in creating a more concise resume, highlighting your strengths in a specific area.
The stats don't lie: people with a master’s degree generally earn higher salaries than their undergraduate counterparts. If you held a postgraduate qualification on top of your bachelor’s degree and were pursuing a career in management, for example, you could expect to earn 18% more than those who don't.
Now that you’re familiar with some of the advantages of embarking on a few more years of higher education, let’s check out five types of master’s degrees that will help take your career in business to the next level.
1. Master's in Business Analytics
A Master's in Business Analytics will equip students with the necessary skills to make crucial decisions in the business world. Business analytics encompasses elements of mathematics, statistics and computation to offer a broad framework to go to creating solutions to the business problems that fall within their specific purview.
Those who graduate with this master's degree will find themselves in high demand on the job market, and can expect to work in a variety of fields, including but not limited to:
- Product development
- Project management
- Quality assurance
- Software development
2. Master's in Accounting
A Master’s in Accounting will familiarize students with the most effective methods of calculating, summarizing and communicating important financial information.
All business strive to make money, and regardless of industry, companies will require accounting and financial specialists in their day-to-day running. Generally, accounting degrees will cover a variety of business-related subjects and serve as great pathways to entry-level positions.
Some career roles a graduate may pursue include:
- Public accountant
- Budget analyst
- Financial manager
3. Master's in Finance
Those who complete a Master's in Finance will graduate having gained a strong understanding of both the economic and financial principles of business. Program content is likely to draw upon examples of corporate and public finance, consolidating a valuable knowledge of how markets work. You will also gain knowledge of practical methods for investment, risk management, appraisal and pricing of financial instruments.
Having attained such a broad understanding, finance postgraduates can start careers in a variety of different fields, and some career titles may include:
- Personal financial adviser
- Financial analyst
- Budget analyst
4. Master's in Business Economics
A Master of Business Economics will emphasize the problem-solving skills needed to tackle and manage many of the challenges that a growing company might have. The program will serve as a valuable tool to those who feel that their adaptability and problem-solving capabilities should be honed, and students who wish to be international in their outlook will benefit from the incorporation of global political, societal and economic discussions into their studies.
Successful graduates have the potential to go on to serve in a number of public and private sector organizations as:
- Resource economists
- Policy advisers
5. Master's in Project Management
Students enrolled on a Master's in Project Management can expect to graduate from their program well versed in skills that are essential to success in the business world. Students will become effective leaders and learn organizational skills like how to manage time, delegate tasks, and initiate and finalize projects.
While most project management students will strive to go on to become project managers, this isn't the only career path open to them. They will attain a diverse skill-set that will make them suitable for a variety of roles in industries like logistics, engineering, or supply chain management, including:
- Project manager
- General manager
- Chief Operations Officer
Now that I’ve discussed what the best degrees for higher education, I’m hoping that this will push some people towards the right trajectory and help them find exactly what they need. I wish you all the very best and have a wonderful master’s journey!
About the author
Abhyank Srinet holds a Masters in Management from ESCP Europe & has an engineering degree with a specialization in Instrumentation & Control. His interest in the digital landscape motivated him to create an online startup for Masters in Management application consulting (MiM-Essay), focused on spreading quality information about the MiM degree and performing application consulting services for clients. He is the chief consultant of the company and takes care of Business Development and Digital Marketing side of the company. He is very passionate about writing and marketing.