What Are the Types of Business Master’s Degrees and How to Choose?

Earning a business master’s degree may help you level up your career. Still, it’s essential to explore the various options, including the diverse concentrations, program types, and delivery methods available. Choosing the right program requires carefully weighing your goals against each degree program's demands and potential payoffs. 

Modern programs differentiate themselves through various specializations, and you may find the best fit for you by exploring a wide range of business master’s degrees, including online or in-person options. You should also consider a school’s stature or accreditations and the opportunities a particular program presents for future jobs or internships. To choose the right program, you should evaluate many factors, considering your ambition, schedule, budget, and interest.

Read more: MBA vs. MS: Choosing Which Is Better for You

What is a master’s degree in business? 

A master’s degree in business is a post-graduate degree designed to prepare you for your career in this diverse, dynamic field. Examples of business master’s degrees include the more general Master of Business Administration (MBA) and specialized options like a master’s degree in finance, marketing, or management.  

While the MBA may be among the best-known business master’s degrees, you can also choose from many other programs that allow you to specialize in a field that aligns with your career interests. These programs offer generalized degrees in traditional business disciplines, such as accounting or marketing, and niche options focusing on sports business, cybersecurity, or social media marketing. 

How many institutions offer master's degrees in business?

If you’re considering applying to a post-graduate program to boost your salary, accelerate your career progression, or land a new job, you have more choices than ever. About 50 years ago, United States institutions granted roughly 26,000 master’s degrees in business. As of 2023, that number was more than 205,000 [1].

Types of business master’s degrees 

Two main business master’s degrees exist: MBAs and specialized programs (Master of Science and Master of Arts). The program you choose can guide you to specific business master’s degree jobs after you graduate.

Both degree types deliver high-level information for advanced students. MBAs typically provide a broader education that spans disciplines (even when they include concentrations) and tend to take longer to complete. A niche degree program offers a well-defined career path, helping you prepare for a career in a more specific business area. MBAs provide an excellent option if you’re interested in managing people across various disciplines, building your own company, or advancing to the C-suite. If you’re interested in turbocharging your career path in a specific domain, a non-MBA master’s degree can help. 

Before applying for a graduate program, you should evaluate the available business master’s programs. One way to determine if you should specialize or generalize is to consider the career you want. Then, find out the educational paths people typically take to get to that position. 

Consider your talents: Are you highly interested or talented in a single realm, such as finance or analytics, or do you prefer knowing a little about everything? A specialized business master’s degree typically provides a focused education, while an MBA can yield more varied job options but a less specific path. 

MBA

Median starting salary for MBA graduates (US): $120,000 [3]

MBAs offer a generalized education on crucial business topics to prepare you for the business world. Today’s MBA degrees also typically come with specializations that allow you to focus your education on a particular area. These concentrations often mirror traditional undergraduate offerings, such as finance and management, but can also include options such as entrepreneurship, emerging technology, or industry-specific niches. 

MBAs offer an expansive education for students who wish to reach the highest levels of corporations, create their own companies, or oversee various workers. They typically take more time to complete and often have the highest costs of all business master’s degrees, but they may also pay off quickly. According to Payscale, the base salary for MBA graduates in the US averages $98,000 [2].

Finance

Average base salary for MSFin holders (US): $81,000 [4]

A Master of Finance (MFin) or Master of Science in Finance (MSF) delivers a more focused education than an MBA degree. It can prepare you for finance-specific roles at large corporations or to work within the financial industry itself. 

MFin degrees are typically one-year or 18-month programs requiring students to attend classes full-time. A master’s degree in finance can prepare you for work in a wide variety of fields. After graduating, you may pursue various careers, including:

• Financial analyst

• Investment banker

• Personal finance manager

• Corporate controls

• Wealth manager

Marketing 

Average base salary for MS in marketing holders (US): $70,000 [5]

You can choose from several marketing-related master’s degrees outside of an MBA. These degrees include a Master of Marketing Analytics (MMA) degree, Master of Marketing Research (MMR), Master of Marketing Science, or Master of Science in Marketing (MMS). These master’s degrees focus on aspects of marketing, including running marketing campaigns, building interpersonal skills, and analyzing data.

In marketing programs that focus on research and analytics, you’ll learn how to interpret data, while you might focus more on creating marketing campaigns when you earn a Master of Marketing Science.

Management 

Average base salary for MS holders (US): $82,000 [6]

A master's in management is a versatile degree that can help you train for success in overseeing workers at any level. Typically delivered as an MA or MS degree, this degree benefits many students, including recent graduates, mid-career professionals, and busy entrepreneurs. 

The coursework in a management program aims to increase your overall business knowledge. You can learn techniques that place customer needs at the basis of organizational decision-making and build foundational strategic skills in marketing. You can complete a management master’s program quickly, with many programs taking about a year.

Accounting 

Average base salary for master's degree holders in accounting (US): $79,000 [7]

A business master’s degree in accounting, including a Master of Accountancy, Master of Professional Accounting, or Master of Science in Accounting, can help you learn essential accounting skills and prepare you for the CPA exam. 

Some institutions gear their program toward non-business school graduates who want to learn accounting from the ground up. In contrast, others offer more intensive programs tailored for those who want to reach the next level, such as a management position or a position with more specialized skills in their accounting profession.

Business analytics 

Average base salary for MSBA holders (US): $77,000 [8]

A Master of Science in Business Analytics (MSBA) prepares students for careers in which they use data and business intelligence. If you choose an MSBA program, you can learn various analytic skills and competencies with technologies such as coding and spreadsheet programs. These programs often target students who want to focus their careers on data analyticsor business intelligences. 

You can prepare for essential job functions, such as presenting data, identifying business trends, and forecasting financial performance, with a master’s degree in business analytics. Graduates can find jobs as:

• Data analysts

• Machine learning engineers

• Data scientists

• Project managers

Health care administration (MHA)

Average base salary for MHA holders (US): $84,000 [9]

If you’ve worked in health care and want to shift into a leadership role, a Master of Health Care Administration (MHA) may be for you.  This degree program can help you understand the health care business and develop problem-solving and leadership skills. 

An MHA can accelerate career progression in health care administration. Graduates can prepare themselves to hold high-level positions, building skills in areas such as leadership, health care financing strategy, health policy, law, and ethics. Full-time MHA students can often complete their degrees in about two years, although some programs may offer accelerated options. Once you graduate, you may have solid earning potential. The average US base salary for someone with an MHA is

Read more: What Is Health Care Administration? What You Need to Know

Tips for choosing which degree is best for you 

Consider a business master’s program an investment. Sound investments come from informed decision-making, so consider your career goals, the offerings and cost of each program, and a manageable amount of coursework.

Career goals

Career advancement can take shape in many ways, depending on your educational and career goals. For instance, a career advancement goal could mean finding a job that's remote or that provides a better work-life balance. It could also mean preparing yourself to compete for long-term, more senior-level positions in your field. When you weigh your education options and career goals, you can find a degree program that works for you.

Program cost, structure, and location  

Explore a degree program’s cost, structure, and location before enrolling. Not all programs are equal, and the total value you receive from post-secondary education will depend on many attributes beyond academics. 

You can weigh the risks and rewards of a business master’s degree to decide whether the increased qualification is worth the cost. The average debt load for an MBA is around $81,000, and nearly 52 percent of MBA degree holders have debt. Comparatively, roughly $79,000 is the average debt load for a general Master of Science graduate [10].

Lastly, consider the structure of the degree program, including whether you want to pursue a business master’s degree online or in person, how many credits you need to graduate, what kind of courses and electives are available, and when you can start. Some programs require capstone assignments you’ll complete with peers outside of class hours. Others require a thesis.

Coursework 

You can assess the rigor of a program’s coursework by talking with currently enrolled students, program administrators, and graduates. Researching average GPAs, standardized test scores and alma maters of current students can provide a glimpse into the academic life at a particular school. 

Also, consider the time coursework will require of you. For example, some MBA programs advertise that you’ll add 10 to 12 hours per course per week to your schedule [11]. 

Benefits of earning a business master’s degree 

You can improve your salary outlook and accelerate your career progression through more robust qualifications with a business master’s degree. This degree also can offer better job security as you move up the career ladder, plus a deeper understanding of your industry and job function. A master’s degree program allows you to gain new skills and demonstrate in-depth learning, knowledge, and training in a particular field.

Read more: Is an MBA Worth It? Guide

Prepare for business master’s degrees on Coursera 

If you're considering a business master’s degree, determine your goals and find a program that aligns with your objectives. 

Browse the business master’s degree programs on Coursera to help you narrow your focus. For example, you might consider  Louisiana State University’s Flores Master of Business Administration or the University of Illinois-Champaign’s Online Master of Business Administration (iMBA). These online degree programs offer a flexible option to earn a business master’s degree, which can help you gain skills to qualify for such jobs as general manager, IT manager, or business manager. You'll have the opportunity to build relevant skills and knowledge while completing the career-focused curriculum of each program, which can empower you with leadership and managerial skills for success in any industry.