Thinking about pursuing one of the best business administration master’s degrees? You’ve come to the right place. This guide has all the information you need about business administration master’s degree programs, jobs, and average salaries.
Business administration professionals are a vital part of any company’s workforce. Their skills in project management and business analytics help businesses operate efficiently. A Master’s Degree in Business Administration is a great way to advance your career in this field. We’ve compiled a list of the best Master’s Degrees in Business Administration to help you get started.
What Is Business Administration?
Business administration is the organizing of personnel and resources to accomplish business objectives. It includes the management of human resources, operations, finances, and marketing processes. From healthcare management to sports management, business administrators are hired for their managerial skills and can work across a variety of industries.
Where Can I Get a Master’s Degree in Business Administration?
The best colleges where you can get a Master’s Degree in Business Administration are located all over the country. Many of these schools even offer online programs which can be completed from anywhere in the world. The best colleges will typically offer options for prospective students to enroll in both full-time and part-time programs.
What Schools Offer the Best Business Administration Master’s Degrees?
- Cornell University
- Duke University
- New York University
- Southern New Hampshire University
- University of Chicago
What Are the Admission Requirements for a Master’s Degree in Business Administration?
The admission requirements for a Master’s Degree in Business Administration include having an undergraduate degree in business or a related field, such as financial accounting or marketing management. The cumulative GPA of this undergraduate degree will play a role in your admission decision, and it typically needs to be 3.0 or higher.
Most schools also require letters of recommendation and a personal statement before making an admission decision. You will likely also need to provide your current academic and professional resume. The application process differs between educational institutions, so be sure to work closely with an admissions counselor if you have any questions, especially as you await your admission decision.
Business Administration Master’s Degree Admission Requirements
- Undergraduate degree in business or similar field
- Cumulative undergraduate GPA of 3.0 or higher
- Two to three letters of recommendation
- Personal statement describing achievements and goals
- Copy of current academic and professional resume
How to Get a Master’s Degree in Business Administration
You can get a business administration master’s degree by first earning an undergraduate degree in business or a similar field. For cost-effectiveness, we suggest looking into public schools, though private institutions work just as well. Once you enroll in an in-person or online master’s program, you’ll have to complete all of the core courses with good grades.
The best way to get a business administration master’s degree is to study hard and learn as much as possible about the business world, even outside of class. Whether you enroll in onsite or online courses, you will have to maintain a certain GPA to graduate. Taking time to study business outside of class gives you a competitive advantage in your program.
How Many Credits Do You Need for a Master’s Degree in Business Administration?
You need 50 to 60 credits for a Master’s Degree in Business Administration. These credits are earned through a combination of core courses and elective courses. These credits and courses are essential for learning business and management skills.
Business Administration Degree Requirements
- 30 core course credits
- 20 to 30 elective course credits
- Management and leadership courses
- Finance and accounting courses
- Capstone project or thesis paper
Best Business Administration Master’s Degree Programs and Schools: Overview
| School | Program | Accreditation |
|---|---|---|
| Arizona State University | Master of Business Administration | Higher Learning Commission |
| Cornell University | Master of Business Administration | Middle States Commission on Higher Education |
| Dartmouth College | Master of Business Administration | New England Commission of Higher Education |
| Drexel University | Master of Business Administration | Middle States Commission on Higher Education |
| Duke University | Master of Business Administration, Global Executive | Southern Association of Colleges and Schools Commission on Colleges |
| Emory University | Master of Business Administration | Southern Association of Colleges and Schools Commission on Colleges |
| New York University | Master of Business Administration | Middle States Commission on Higher Education |
| Northwestern University | Master of Business Administration | Higher Learning Commission |
| Ohio State University | Master of Business Administration | Higher Learning Commission |
| Oregon State University | Master of Business Administration | Northwest Commission on Colleges and Universities |
| Penn State World Campus | Master of Business Administration | Middle States Commission on Higher Education |
| Rice University | Master of Business Administration | Southern Association of Colleges and Universities Commission on Colleges |
| Southern New Hampshire University | Master of Business Administration | New England Commission of Higher Education |
| University of Chicago | Master of Business Administration | Higher Learning Commission |
| University of Virginia | Master of Business Administration | Southern Association of Colleges and Schools Commission on Colleges |
Best Schools for Business Administration: Top Business Administration Master’s Degree Programs
The best schools for business administration master’s degrees are located all over the country and even online. In fact, some of the best business administration master’s programs are available online.
Whatever your preferred learning style is, there is a program on this list for you. Below, we dive into the top business administration master’s degree programs, what they entail, how to get in, and how much tuition costs.
What Is a Business Administration Master’s Degree?
A Master’s Degree in Business Administration, or MBA, is a two-year graduate degree offered at most colleges. This degree gives students a theoretical and practical understanding of business management and investment.
An MBA program can have a general focus or a specific focus in areas such as accounting, finance, marketing, and project management. This degree allows you to access better job opportunities and can increase your earning potential.
How Important Is a Master’s Degree in Business Administration?
It is very important to have a Master’s Degree in Business Administration because it provides the education and professional experience necessary for most business leadership positions. For career paths in human resource management, supply chain management, or even healthcare management, this degree is essential.
Having an MBA also prepares you for working in a business environment. Even if your desired job position does not require a graduate degree, earning one will impress both business leaders and employers, as well as open the door to many jobs in the business industry.
What Types of Master’s Degree Can You Get in Business Administration?
You can get the following types of master’s degrees for business administration:
- Master of Business Administration (MBA)
- Master in Management (MiM)
- Master of Accounting (MAcc)
- Master of Supply Chain Management (MSCM)
- Master of Business Analytics (MBAn)
- Master of Business Information Technology (MBIT)
- Master of Marketing (MMkt)
Is It Better to Get a Master of Business Administration or Master in Management in Business Administration?
It is better to get a Master of Business Administration (MBA) because it is a bit more versatile than other master’s degrees for business administration. An MBA offers more job opportunities in various fields. You can even specialize in multiple areas, such as human resource management, supply chain management, or healthcare management.
The difference between a Master of Business Administration and a Master in Management is the type of skills learned. A Master in Management, or MiM, focuses on training and education specifically for those seeking out managerial roles. An MBA, on the other hand, teaches a more thorough and versatile range of skills for those seeking out leadership and higher-ranking positions in the business field.
What Is the Difference Between a Business Administration Master’s Degree and a Business Administration Certificate?
The main difference between a business administration master’s degree and a certificate in business administration is how long each takes to earn. Where an MBA will take roughly two to three years to complete, a certificate in business administration can be completed in just a few weeks or months.
You should get a business administration master’s degree instead of a certificate because it will greatly improve your employability. Business leaders in fields like supply chain management and healthcare management expect candidates to hold graduate degrees. Having one instead of, or even alongside, a certificate gives you a competitive advantage when job hunting.
How Much Does It Cost to Get a Master’s Degree in Business Administration?
A business administration master’s degree costs an average of $19,314 in tuition and fees, according to the National Center for Education Statistics. Private schools charge an average of $25,929. Tuition rates will vary depending on the school, location, and type of program.
Postgraduate business administration programs can be quite expensive, but colleges and universities usually provide students with a variety of funding options. These include grants, scholarships, loans, teaching positions, and financial aid. Make sure to reach out to your school of choice to find out about the different financing options they offer.
How Long Does It Take to Get a Business Administration Master’s Degree?
It takes two years to get a Master’s Degree in Business Administration. The time it takes to complete varies by school, program, and your personal study choices. Some can finish an MBA in as little as one year, while others take three years or more.
Master’s programs are typically completed in two years of full-time study. It is possible to finish the program sooner by taking more courses and credit hours, but this depends on your specific program and school.
How Hard Is It to Get a Master’s Degree in Business Administration?
A Master’s Degree in Business Administration is typically not very hard to get. Most of the required courses revolve around business practices and ethics, and do not tend to include challenging technical content. However, if you choose a specialization in healthcare management, the degree becomes a bit more challenging because you have to learn healthcare practices and terminology as well.
Why Should You Get a Business Administration Master’s Degree?
The benefits of getting a master’s degree in business administration are:
- Improved employability
- Increased starting salary
- A competitive advantage over job competition
- Preparation for work in any business environment
- Preparation for a doctoral degree
What Courses Do You Need to Take in a Master’s Degree Program in Business Administration?
The required courses for a business administration master’s degree tend to remain mostly the same from program to program. While you may see some variation, especially in concentrations and specializations, we can almost guarantee you will encounter these five courses.
Business Ethics
A very common mid-level business administration course for a master’s degree is Business Ethics. This course covers common business policies, practices, and strategies, and how and why they are considered ethical or unethical. The goal is to teach students how to run a business as ethically as they can.
Ethical Decision-Making
In Ethical Decision-Making, an important course for a business administration master’s degree, students take their knowledge of business ethics and apply it to making decisions. This covers every type of decision that someone in the field may be faced with, and how to determine what the most ethical choice is.
Corporate Finance
Corporate Finance is another business administration master’s degree program course. In this course, students look at financial practices and how to apply them to a corporate setting. Courses like this often build off of or lead to topics covered in microeconomics and macroeconomics.
Operations, Information, and Decisions
Another important course required for a business administration master’s degree is Operations, Information, and Decisions. This class focuses on the operation chain, how to best collect information and data about an organization, and how to use this new information to make informed decisions about business practices.
Financial Planning
The last class in a business administration master’s degree that you are likely to take is Financial Planning. This course is self-explanatory, and essentially teaches students how to plan and manage a business’s finances.
Continuing Education Paths for Business Administration Master’s Degree Graduates
The best path to take with a business administration master’s degree is directly into the workforce. Most business leaders only have MBAs, and many only hold undergraduate degrees. This means that after earning your MBA, you will be qualified to work in business. Gaining experience is important in this field, and should come before pursuing a doctorate.
Related Business Administration Degrees
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What to Look For in the Best Business Administration Master’s Degree Programs
The best business administration master’s degree programs have accreditation, good faculty, and multiple program options. When you are trying to decide which program to choose, keep the following five points in mind.
Accreditation
Accreditation is a credential that schools can be given by certain agencies. It signifies that the school and its programs meet predetermined criteria set forth by these agencies. This is important to look for because it ensures the education you receive meets or exceeds the national expectations.
Cost
Cost is not always just tuition. It also includes various fees, textbooks and materials, and housing. It is important to take into account the entire cost of a program before deciding if it’s the one for you. Determine if you will have to move out of town or state, what housing is like where you would live, and then work with an advisor to determine any other potential costs.
Faculty Credentials
Faculty credentials are proof of a faculty member’s expertise and experience in the subject they teach. We recommend finding a program with good faculty credentials, as it ensures that the education you receive is relevant to the actual industry.
Accelerated Options
Accelerated options allow you to adopt a different schedule than the typical program schedule in order to graduate faster. Many accelerated programs allow you to complete what is usually a two-to-three-year degree in as little as one year. This is great for working professionals hoping to quickly advance their careers.
Career Services
Career services are an awesome aspect of many university programs that assist graduates in finding a job after college. These are especially useful for MBA grads, as many schools often partner with big companies such as Google, and can help graduates make it onto the payroll of these esteemed businesses.
What Is the Most Affordable Business Administration Master’s Degree?
The most affordable Master’s Degrees in Business Administration are:
- Southern New Hampshire University’s MBA
- Oregon State University’s MBA
- Arizona State University’s MBA
- Penn State World Campus’s MBA
- Drexel University’s MBA
Salary and Job Outlook for Business Administration Master’s Degree Graduates
Now that you know all about different MBA programs, you’re probably wondering about the business administration jobs you can get with a master’s degree. In this section of our guide, we dive into business administration master’s degree jobs, important information about the best jobs, and the average Master’s in Business Administration salary.
How Hard Is It to Get a Job With a Business Administration Master’s Degree?
It can be difficult to get a job with a business administration master’s degree, but only because the market is so saturated. An MBA is one of the most popular graduate degrees to earn, so there will be a lot of competition for most jobs. However, adding a concentration or specialization to your degree can make getting a job much easier.
What’s the Average Business Administration Master’s Degree Salary?
The average salary for someone with a Master’s Degree in Business Administration is $85,000 per year, according to PayScale. Your master’s degree will equip you with the practical skills needed to succeed in a variety of industries. An MBA will greatly improve your management skills and equip you with a broad range of analytical skills.
What Types of Jobs Can You Get With a Business Administration Master’s Degree?
The jobs you can get with a business administration master’s degree are in high demand and in a variety of industries. These jobs tend to pay very well too, often earning graduates six-figure salaries.
Business Administration Degree Jobs
- Financial Manager
- Sales Manager
- Business Development Director
- Medical and Health Services Manager
- Investment Banker
Potential Careers With a Business Administration Degree
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How Much Money Can You Make With a Master’s Degree in Business Administration?
You can make between $70,000 and $135,000 with a Master’s Degree in Business Administration. The exact amount of money you make is dependent on a few things, including job title, experience, and location.
If you want to maximize your salary upon graduating, you can apply for job titles that pay more on average. You can also opt for as many internships and jobs related to your degree while studying, and even consider moving to one of the highest-paying states for that job.
Highest-Paying Business Administration Master’s Degree Jobs and Salaries: Overview
| Business Administration Master’s Degree Jobs | Average Salary |
|---|---|
| Financial Manager | $131,170 |
| Senior Product Manager | $128,503 |
| Sales Manager | $127,490 |
| Marketing Manager | $127,150 |
| Business Development Director | $109,374 |
| Medical and Health Services Manager | $101,340 |
| Investment Banker | $101,295 |
| Management Consultant | $90,495 |
| Information Technology Manager | $89,299 |
| Business Operations Manager | $79,655 |
Best Jobs for Business Administration Master’s Degree Grads
The best jobs for business administration master’s degree grads are high-paying and in high demand. The following list of jobs breaks down the top ten jobs for a Master’s in Business Administration holder, including the average salaries, job outlooks, number of jobs, and best states.
Best Jobs According to Your Major
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Is a Master’s Degree in Business Administration Worth It?
Yes, a Master’s Degree in Business Administration is worth it if you want to work in the business sector and earn a high salary. The most important benefits of an MBA are job security and a high salary. The average income for MBA graduates is significantly more than the average for a regular master’s degree holder.
An MBA from a reputable business school can help people break into certain highly competitive industries like Silicon Valley tech companies and Wall Street banks.
Additional Reading About Business Administration
[query_class_embed] https://careerkarma.com/blog/business-administration/ https://careerkarma.com/blog/business-administration-masters-degrees/ https://careerkarma.com/blog/business-administration-certificates/
Business Administration Master’s Degree FAQ
A Master’s Degree in Business Administration teaches graduates a deeper understanding of business management functions. There are two types of MBA degrees, those with a general focus and those with a more specific focus. Specific areas of focus include accounting, finance, business strategy, and marketing.
It takes at least two years to complete a Master’s Degree in Business Administration, and a part-time program can take closer to three years. However, some schools offer fast tracks, which means you can complete your MBA in as little as one year.
The most common specializations available with a Master’s Degree in Business Administration include finance, supply chain management, international business, data analysis, entrepreneurship, and marketing.
No, you usually cannot start your master’s before you finish your bachelor’s. A bachelor’s degree is generally the first step toward a master’s degree. However, students can earn credit towards a relevant master’s degree alongside their current bachelor’s degree with dual credit programs from certain schools.
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