At one time, if you didn’t have a Masters in Business Administration (MBA) you were pretty much limited in how far you could go with a company. Today, however, there are many options including programs in design, finance, computers, engineering and much more. Here are 6 other options you may want to take a look at before you make a final choice on which educational path may be the best one for you.
With the ever-increasing use of technology in the work world today, it’s no wonder why computer science majors are in such high demand. That’s especially so when it comes to increasing the chances of upward mobility in business. Within the next decade, it is anticipated that employment opportunities will grow by 19% with a median pay of $100,000. That equals what many top executives are making and exceeds employment growth of MBA graduates by 5%.
One of the newest programs offered today is what’s called Design-Think Engineering. It’s a form of social-psychology/counseling where managers learn to determine problems employees might have and then solve them before they even know they have a problem. It is a type of leadership design that focuses on the needs required of executives in leadership positions that must now become hybrid thinkers. This program is now offered at prestigious schools such as Stanford and the Maryland Institute College of Art.
Two fields more in demand now than ever before are project management and business analysis. The business world is more complex today than ever before making it evermore difficult to navigate and it’s only getting tougher. Prior to the implementation of this degree program, individuals specializing in project management and business analysis worked in tandem to guide businesses so they could understand their place in the future while optimizing performance and existing projects. With this degree program, however, it can be done by one person. Individuals in the Master’s of Science in Project Management field often have an average of 12 years experience in the field and can earn up to $115,000 annually, especially for those that work in the tech industry.
Another option that blends the best of both worlds is a marketing degree that provides a more practical than theoretical approach to the business world. In the program you would learn how to stimulate consumer interest and create positive public images for your clients. You’ll learn best-practice methods and strategies for advertising, promoting and providing information about different types of products and services. People selecting this program often come with backgrounds in various undergraduate education programs. It is that eclectic mix of experiences and academic strengths that sets students on a solid path to success. As a marketing manager, you can expect to earn an average of $140,000 per year. Schools like UW Whitewater - College of Business & Economics offer marketing degrees, so investigating them would be a good place to start.
This course of study is offered worldwide and is best suited to students interested in leadership studies. Less emphasis is placed on business topics like market and finance. Instead it includes coursework in philosophy and psychology as well as management and general business. In this way, students learn how to lead using a more personal and creative approach. The goal is to help employees reach their potential by directing their emotional intelligence and focusing on their strengths. It is turning out to be a viable option to the traditional MBA format and can end up earning graduates an annual salary of $121,000.
There are many other alternative programs available including a dual degree in MBA/MFA (Master of Finance) programs. For those that feel the need to follow a traditional course of study while still wanting to branch out and expand their skills in other fields, it’s the perfect option. While an MBA offers a broader view of management in business, the MFA provides much needed specialization in a key field in industry.
There are many degree options to choose from that will ensure your career path leads to the management position you may have your eye on. What it finally comes down to is discovering which degree program best meets your career goals and where you’re hoping your future leads. The thing to remember is that the better-rounded you are, the higher salary you can command.
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