The option of choosing a more specialized program allows prospective business students to focus on their career goals, gain expertise, and stand out in a competitive job market.
Here is a breakdown of five master's degrees in management, finance, business analytics, accounting, and marketing with what their curriculums cover, your career prospects after graduation, and how much you could earn.
What master's degree should I get? Key options
Master’s in Management (MiM)
A Master’s in Management is designed for recent graduates or early-career professionals seeking core knowledge about various aspects of business.
Generally, it will cover foundational business topics like decision and risk analysis, microeconomics, financial accounting, marketing, strategy, business analytics and more.
MiM graduates often enter a variety of industries including consulting, technology, and consumer goods. Roles such as business analysts, project managers, or consultants are particularly popular.
Some noted roles and their accompanying salaries include business analysts earning from $60,000- $130,000, management consultants between $80,000 and upwards of $175,000, and project managers ranging between $70,000-$120,000. Marketing operations managers also range from $90,000 to $115,000-$140,000, while human resources managers come in at anywhere between $60,000 and $120,000, depending on company size.
Master’s in Finance (MiF)
A Master’s in Finance offers students in-depth knowledge of financial markets, investment strategies, and corporate finance. It's an ideal choice for those aiming for careers in high finance sectors.
According to the Financial Times, finance sector salaries for master's graduates grew by 12% to an average of $98,000 in 2024, with the largest gains in private equity, venture capital, and hedge funds.
High salaries in these roles are not the only rewards you can reap, many come with performance-based bonuses that can be substantial depending on employers. For instance, a hedge fund manager can earn between $100,000 to $200,000 before bonuses, which are often a substantial percentage of the profits generated by the fund. Similarly, portfolio managers earning between $150,000-$200,000 can achieve bonuses of over 100% of their base salary for strong returns. Investment bankers can also gain bonuses of between 50% to 100%+ of a standard $50,000 to $70,000 salary, which increases with more experience by around $100,000. A financial analyst can earn $60,000 to $110,000 and a corporate treasurer can be looking at earning $40,000 to $160,000, depending on location and experience.
Master’s in Business Analytics (MSBA)
The Master’s in Business Analytics curriculum focuses on data analysis, statistical modelling, and decision-making processes.
After an MSBA, there are many job roles for graduates to choose from: Data scientists can earn $120,000 to $140,000, with bonuses of 10-20% as a possibility. Business intelligence analysts also receive bonuses- 5-15% on top of $80,000 to $130,000. Analytics consultants earn between $80,000 - $130,000, with performance-based bonuses of up to 20%+. Marketing analysts have similar bonus potential of up to 15% on top of a $60,000-$180,000 salary.
From the graduating class of 2022, MIT Sloan reported an average base salary of $132,413 for its business analytics masters graduates, with a 100% employment rate within six months.
Master’s in Accounting (MAcc)
A Master’s in Accounting provides students with advanced knowledge in financial reporting, auditing, and taxation.
Career paths that follow on from this program often include auditors, where the average salary is around $117,000, financial analysts, with an average salary of $79,000, tax managers, ranging from $90,000 to $170,00, averaging $126,000. Accounting managers, earn an average of around $117,000. The U.S. Bureau of Labor Statistics reported a median annual wage of $79,880 for accountants and auditors in May 2023.
Master’s in Marketing (MSM)
A Master’s in Marketing provides students with an insight into consumer behaviour, brand management, and digital marketing strategies. It is well suited to those looking to help companies influence market trends and develop brand perceptions.
Graduates often become marketing managers, brand strategists, or digital marketing analysts in sectors like retail, media, and tech. These careers often come with significant bonuses: marketing managers can earn anywhere between $90,000 to $150,000, with 10%-20% as a performance based bonus. Brand strategists can receive similar bonuses on a salary of $90,000 to $140,000, moving up to 30% of their base salary for high performers. Digital marketing analysts can earn between $50,000 to $70,000, with bonuses of 5% to 15%.
When selecting a program, consider factors like tuition costs, potential salary increases, and career advancement opportunities. Researching alumni outcomes and employment rates at your target schools can provide valuable insights to help you make your choice.
Answering the question of "what master’s degree should I get" hinges on your career aspirations, interests, and the industries you aim to enter. By aligning your goals with the right program, you can position yourself for success in today's competitive job market.
