Should I Get A Master’s Degree In Business?
The short answer is yes, you should get a master’s degree in business. If you think about it, an advanced degree in any profession in the field of business is always an advantage. It will pave the way to positions of responsibility in your industry which, in turn, will provide higher pay. Another benefit of having a master’s degree in business is that the program will give you the opportunity to network with people in the industry. You may not realize it yet but professional contacts are going to be very vital as you advance in your career.
If you have plans of starting your own business, furthering your postgraduate studies is going to be crucial in equipping you with the knowledge and skills you need to know to be able to do so successfully. There is always a high failure rate associated with starting your own endeavor but those with a master’s degree in business administration (MBA) are less likely to fail than those without this background. This isn’t to say that you always need an advanced degree to become an entrepreneur but those without advanced degrees usually learn the ins-and-outs of operating a business through the costly and lengthy process of trial and error.
Even if you have no plans to start your own company, you certainly want to be assured of the position you currently hold. An advanced degree is more likely to provide you with job stability than if you only had a bachelor’s degree.
Based on the above discussion, it is pretty obvious that a master’s degree in business is going to be very beneficial. The more important question is which type of program you should enroll in—and this is where many individuals fall into the trap of uncertainty. Master’s degrees in business are currently divided into two types: 1) Master of Business Administration (MBA) and 2) Specialized master’s degrees. For many people, an MBA is the common route to pursuing further studies. However, this isn’t always the best route to take for everybody. An MBA is a professional degree that equips aspiring managers on functional skills in various areas. It teaches students to apply accounting, finance and other skills in business and is best-suited for those who are looking to move up the ranks in their company.
On the other hand, specialized programs like a master’s degree in accounting or accountancy, master’s in finance, master in business studies, master of commerce, master in taxation, among others, are geared for those who want to delve deeper into a particular discipline. This is the path for those who are certain that they want to focus their career in the field of specialization. For example, if you are sure that you really want to become an accountant, a master’s degree in accountancy would be well-suited for your purposes than an MBA. Since MBA programs require lengthy work experience in the field, specialized master’s degrees are also for those who only have limited work experience but want to enhance their knowledge about their area of specialization.