What Are the Different Types of Business Master’s Degrees?

If you're an early-career professional and want to enhance your business knowledge, build your network, and stand out to employers, pre-experience master's programs are the perfect option.

But with multiple business master's programs available, including generalist and specialized master's degrees, it can be difficult to identify which program is most suitable for you.

So, what are the different types of pre-experience business degrees?

Types of Business Master's Programs

Master in Management

A Master in Management (MiM) provides a thorough grounding in business administration and managerial topics through a mixture of theoretical and experiential learning.

"Corporations seek professionals with a deep understanding of business fundamentals and a Master's in Management is a great next step for many," says Susan Berishaj, founder of Sia Admissions Consulting.

As a result, the in-demand MiM degree is perfect for those who want to gain knowledge in multiple different fields, such as international business, financial accounting, human resources, sales, and digital marketing.

Some MiM programs allow students to gain a competitive edge through additional specializations. For example, in a two-year MiM program—a popular format in the U.S.—you may have the opportunity to major in a specific area of management during your second and final year.

Masters in Management graduates will be prepared for management positions in industries like consulting, finance, and technology.

Master of Marketing

A Master of Marketing degree is for those looking to build their skills and knowledge of marketing principles like strategy and branding. With this subject-specific knowledge, you can expect to land roles in sales, advertising, or brand management.

Many of the top Master of Marketing programs are found in Europe at business schools like HEC Paris, but Ivy League giant Columbia Business School also offers a marketing master's degree.

Master of Finance

During a Master of Finance, students gain an in-depth knowledge of financial fundamentals, ensuring they're prepared for high-flying finance careers in areas like investment banking, corporate finance, or financial reporting.

"This is a degree that will continue to remain in demand because of its cross-industry relevance," says Susan Berishaj from Sia Admissions.

Many of the top business schools for Master of Finance degrees are located in Europe or the US. To gain a Master of Finance degree at a top institution like London Business School, however, you'll likely need to have some work experience in finance to apply.

Master of Accounting

The Master of Accounting (MAcc) is geared towards those wanting to gain more accounting experience and knowledge that would allow them to become a Certified Public Accountant (CPA), chartered accountant, auditor, or corporate controller.

Master of Accounting programs typically include courses in forensic accounting, auditing, and advanced managerial accounting. You may also explore standard business administration skills like project management, risk management, and leadership skills to better prepare you for your future career.

Master of Business Analytics

The Master of Business Analytics (MBAn), or the Master of Data Analytics, is geared towards those wanting to learn how to leverage data-driven decision-making to solve business challenges across industries like insurance, health care, banking, and consumer products.

"In a world of reports and numbers, employers are looking for candidates that can analyze and make decisions based on data," notes Jenifer Turtschanow, CEO of ARINGO MBA Admissions.

Business analytics and data science are vital to organizational success today. The ability to make data-driven decisions is paramount, and these technical skills are sought-after in large companies, particularly in sectors such as technology and professional services.

As such, there are plenty of roles for graduate students as data scientists, product analysts, or business consultants.

Master of Supply Chain Management

If you're interested in solving the challenges facing company supply chains, then the specialist Master of Supply Chain Management (MSCM) degree is for you.

MSCM programs provide a deep dive into supply chain operation, considering technology, strategy, and analysis methods. Like many pre-experience master's degrees, you won't typically need previous business experience in the field, but you may need to complete prerequisite courses.

Master of Information Technology

Want to gain specialist knowledge of information technology? The Master of Information Technology or Master of Business Information Technology could be your best choice.

During a Master of Information Technology, you'll learn about database theory and application and cybersecurity, preparing you for jobs like project manager in technology operations and IT consultant.

How to choose the right business master's degree for you

As you consider the various types of business master's degrees, it's important to evaluate the structures, benefits, and career tracks each of the different options offers you. Factors such as location, curriculum, and career services, as well as the school culture and rankings, are all important elements to consider.

A more generalist master's degree in management is suitable for you if you know a business career is the right path for you but are unsure of a specific field or if you don't yet have a clear career plan.

If you'd prefer to learn more technical skills to apply to a specific job function, you might opt for a specialized master's degree.

"Before an applicant chooses the type of program to apply to, they should define their goals, determine the technical requirements of their desired post-degree role, and the elements they need to succeed in the function they aspire to have," suggests Susan from Sia Admissions.

There are also other factors to consider. "Research the program's relationships with employers, how many courses will have live action labs or case studies with partnering companies that recruit from the program, which companies are typically on campus most often, and their placement rates," advises Jenifer Turtschanow from ARINGO.

Whatever degree you select, rest assured that you'll gain access to career support, employers, and opportunities to intern at top firms—all of which will boost your employability prospects in a competitive business world.

Generalist vs specialized business programs

Generalist business master's degree options, such as the Master in Management, offer a broad overview of business fundamentals and help prepare you to enter a range of managerial careers.

These degrees help "students acquire transferable skills and hands-on learning experience that helps them understand the complexities of business," says Susan from Sia Admissions.

Specialized master's programs, on the other hand, provide a deep dive into a specific business field or industry. This type of master's degree is ideal for anyone who wants to advance their career or for professions that require in-depth expertise.

Many specialized programs don't require experience within the specialized field (for example, a bachelor's degree in the same subject), so they're a great option for those wanting to pursue a career change.

Whether you choose a generalist or specialized master's, "pre-experience business master's degrees are a fantastic way to skip entry-level roles and gain positions such as analyst, advisor, supervisor, or even manager," explains Jenifer from ARINGO.

Alternatively, if you're looking for more flexibility, marketable skills, and management opportunities, an MBA (Master of Business Administration) could be the right choice for you.

Compared to a MiM, MBA programs better suit students who have significantly more work experience (typically four or more years) and who are looking to develop advanced knowledge in business administration before seeking senior management roles.

Attend a b-school event

Attending b-school events like The MBA Tour, QS World MBA Tour, and others can help you gain valuable information about business programs and unlock exclusive information about school culture, alumni trends, new courses, and expanded offerings.

Plus, you'll make valuable connections with school personnel when you meet face-to-face with admissions reps and ask thoughtful questions about their programs.

These events also offer access to a network of alumni who can offer the inside scoop on choosing the right master's degree.

Preparing for a business master's degree

The process of choosing a master's degree can take time. Given the financial and time cost of a business master's degree, it's paramount that you really consider your preferences for a degree and your future career options.

As you embark on your b-school application journey, you'll get to know yourself, practice how to best communicate your strengths, and identify which business master's programs align with your goals. This won't happen overnight!

Tino Elgner, Senior Associate Director of Admissions at IE Business School, says, "Don't rush into an admissions process without getting to know yourself first. Being able to put your best foot forward requires an understanding of who you might be and who you want to portray."

Download the free BusinessBecause Which Business Master's Guide for more help choosing a program.