And if your career plans push you toward developing as a business professional, you have certainly pondered all the pros and cons of studying in a business master’s programme.
How Can a Business Master's Help My Career?
Realistically speaking, a postgraduate degree in business is a smart move today, regardless of whether you’re planning to pursue a career in finance, accounting, management or any other business-related field. Having that postgraduate business diploma is one of the successful ways to differentiate yourself from the pool of job applicants and stand out in the crowd of almost equally qualified candidates.
Demand for Business Master's Graduates is Increasing.
According to the latest Corporate Recruiters Survey carried out by GMAC, 50% of the employers surveyed in 2014 plan to hire graduates from Master in Management programmes (up from 18% in 2009 and 45% in 2013). The survey further reports that more employers are seeking Master of Accounting graduates in 2014 – 45%, which is an increase from 36% in 2013. And last but not least, demand is also increased for Master of Finance candidates (44% in 2014, up from 39% in 2013).
Master’s in Business vs. MBA – Is One Better than the Other?
When it comes to postgraduate business education, a common topic of discussion is whether an MBA or a Master’s is more worthy. Objectively speaking, comparing the two degrees is not really possible or fair as they are suitable for different periods of a professional’s careers. Candidates often wonder whether the Master’s can give them as much as an MBA and vice versa. In reality, the Master’s degree is most appropriate for people at the beginning of their professional path who want to kick-start their careers. The MBA, on the other hand, is most suitable for, and in most cases only available to, people with at least three years of professional experience, who are already focused on climbing up to managerial roles within their organisations or elsewhere.
Hiring Growth Trends Deliver Good News to Business Master's Graduates
GMAC’s Corporate Recruiters Survey additionally reveals that the greatest hiring growth in 2014 will be seen among non-MBA business Master’s candidates. Even though the following numbers are region-specific, the global statistics are in sync with that trend. Sixteen percent more companies in Asia-Pacific plan to hire Master in Management graduates in 2014 (68%, up from 52% in 2013). Furthermore, 14% more employers plan to hire Master of Accounting graduates (53%, up from 39% a year ago); and 17% more companies intend to hire Master of Finance graduates in 2014 (57%, up from 40% in 2013).
All in all, the Master’s in Business is a good idea and a smart professional move for you if you are at the beginning of your career and want to establish yourself as a successful professional in the business world. Remuneration trends reported by GMAC may further convince you that studying in a Business Master’s is a good idea: median base salaries for specialised Business Master’s recipients in 2014 range from USD 63,000 (Master of Accounting) to USD 73,000 (Master of Finance), markedly higher than the median base bachelor-level salaries.