What Can You Do With a Master's in Business?

May 31, 2020

On the way to earning a master's degree in business, students are introduced to different management strategies and economic models and gain a better understanding of how businesses and marketplaces operate. Through core courses in mathematics and economics, students get the tools and skills necessary to secure jobs in all areas of the business world. Listed in the table below are some career options for program graduates, along with job growth and median salary information.

Master's in Business Jobs and Salary

Prospective students can earn master's degrees in business with concentrations in business administration, accounting, business analytics, and finance. At their core, master's degree programs in business seek to foster a student's ability to formulate new theories in the areas of economics, administration, management, and related fields. By learning how to think critically about real-world issues, recent graduates are able to effectively identify issues with current business models and increase the profitability of said businesses. They are also able to aid clients in making sound financial decisions by using data collection and analysis methods. Below you will find a few examples of careers that those with a master's tend to go into upon graduation.

Job Title Median Salary (2019)* Job Growth (2018-2028)*
Top Executives $104,690 6%
Personal Financial Advisors $87,850 7%
Financial Managers $129,890 16%
Budget Analysts $76,540 4%
Financial Analysts $85,660 6%

Sources: *U.S. Bureau of Labor Statistics

Master's in Business Jobs

Top Executives

Top executives aid in the creation and implementation of new goals, policies, and procedures for an organization. They keep track of the budget by monitoring any and all financial transactions and use their data analysis skills to determine how they can cut costs and improve efficiency. Additionally, they negotiate contracts and business agreements and appointment managers and department heads. With their deep understanding of financial data analysis and business management techniques, recent graduates of business master's degree programs have the education necessary to excel at such positions.

Personal Financial Advisors

Personal financial advisors determine what their clients' financial goals are and explain the various types of financial services that they can offer. They inform their clients about different investment options and make recommendations, while also informing their clients of potential investment risks. Additionally, they observe their clients' finances to determine if their investment goals are being met and make changes when necessary. Financial advisors with a master's in business have a good understanding of economics and how events impact the performance of investments. Holding a graduate degree can also make advisors more appealing to potential clients.

Financial Managers

Financial managers aid in the creation of financial forecasts and actively monitor their employers' departmental budgets. They assist management in making financial decisions and analyze financial documents to determine how they can go about reducing cost. Additionally, they oversee employees who engage in budgeting and financial reporting and analyze market trends to determine where a company can expand. Financial managers with a master's degree are able to accurately analyze all financial documents and have a good understanding of market trends and how to properly manage individuals. According to the BLS, a master's degree is increasingly becoming a requirement for these positions.

Budget Analysts

Budget analysts meet with project and program managers to determine their needs and develop a sound budget. They analyze all budget proposals sent in by management and ensure that they are accurate, complete, and legally sound. Furthermore, they meet with top executives or managers to discuss proposed plans and work with them to come up with a plan that meets their goals and expectations. They also keep management up to date on funding allocations and make estimations about future financial needs. Having a master's degree allows those within this profession to quickly identify problem areas within a company's finances and come up with practical solutions.

Financial Analysts

Financial analysts actively study current business and economic trends as well as historical financial data to determine the best investment options for their clients. They work with businesses to determine their worth by analyzing any and all financial statements associated with them. Furthermore, they meet with company officials to gain a better understanding of the company itself and its prospects, including its management teams. While a bachelor's degree is typically required for entry to this field, a master's degree can qualify analysts for advanced positions managing the funds or portfolios for an organization.

Thanks to the wide range of degree options that are afforded to students who seek a master's in business, graduates have the ability to select a concentration that puts them on the fast track to securing the career that they want. The degree itself allows them to be more competitive in the workforce and gives them the opportunity to secure higher positions in the field of business.

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