Let’s say you’ve been working for a company since you graduated from college, feel stagnant in your position and want to advance. If you want to start climbing up the ladder, consider getting an online Master’s degree in Business.
What Is a Business Master’s Degree?
These days, business is increasingly complex. Global influences, supply chain management, data analytics, information systems, and other factors impact the way business is conducted. These were mostly unheard of terms just 20 years ago. Successful companies in today’s market rely on highly educated individuals with a Master of Science in Business or Master of Business Administration. This ranking includes both. An advanced degree in business allows for greater flexibility in your career, will enhance your skill level, as well as expand your employment possibilities.
An MBA degree will help you stand out in the crowded business field and expand your business network and contacts. MBA studies prepare you for strategic management, oversight of a company’s finances and budgets, conducting negotiations and developing contracts, or roles serving as a Chief Executive Officer, Chief Budgetary Office, Chief Operating Officer, etc.
How Much Can You Earn with a Master’s Degree in Business?
No doubt, a graduate-level business degree can significantly increase your salary and benefits potential. Depending on the business or industry you’re in, an MBA can increase your salary by nearly 30%. The Bureau of Labor Statistics reports the median annual salary for top executives to be $100,930. General managers and operational managers earn a median ranging from $72,890-$138,520. PayScale drills down a bit further and publishes CEO salaries averaging $157,550, CFOs at $132,318, and COOs at $141,994 per year. These estimates don’t include sign-on bonuses, profit sharing, commissions, retirement packages, etc.
Employment for MBA prepared executives is growing at 6%, which is about average across all careers, according to the BLS. Depending on your interests, you can find work in government, healthcare, finance, industry, manufacturing, retail, etc.
What Is Required for a Master’s Degree in Business?
Most graduate programs in business will prefer it if you have an undergraduate degree in business, but don’t worry if you don’t. Schools will admit students with degrees in other disciplines based on GMAT/GRE scores, work experience or by taking prerequisites. You can expect to begin your graduate work with core courses in finance, accounting, marketing, human resources, organizational management, etc.
You’ll be able to tailor a majority of these programs according to your needs by taking additional courses in a concentration. Examples of concentrations could be global supply chain management, healthcare, data analytics, sport and recreation management, human resources, etc.
What Are the Best Online Master’s in Business Degrees?
OSR uses six data points: three school-wide and three program specific. For school-wide, OSR uses Student Satisfaction, Admission Rates, and the number of programs the school offers online. For program-specific, OSR checks the Median Debt of graduates from that program, how many degrees are offered within that program’s umbrella department, and what percentage of students at that school graduated from that department.
The six statistics are displayed by each school. The sliding bar under each statistic represents how that school compares to other US institutions. “Not reported” means a school did not release that information to the US Department of Education. A more detailed description of the OSR process can be found on the methodology page.