Build Basic Business Skills With a Master's in Management
While an MBA was once the main degree option for prospective business school students, specialized master's degrees are becoming a more common choice. If prospective students like analyzing data, for example, one of the many new data analytics programs may pique their interest.
And if a student's background is in philosophy, psychology or English, a master's in management may be the right fit.
Experts say these programs cater to students who, as undergrads, studied liberal arts, engineering or another field that didn't involve marketing plans, spreadsheets or financial analysis. Many programs ask that students be fresh out of undergrad or have two years or less of work experience.
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"Younger students are now interested in business education and declining traditional MBA programs," says Derrick Boone, the associate dean for the Master of Arts in Management program and associate professor of marketing at the School of Business at Wake Forest University.
Wake Forest launched its M.A. in management in 2006, but these kinds of programs are still fairly new at U.S. business schools. Most management degree programs are in Europe, according to the Graduate Management Admission Council.
In May, Northwestern University's Kellogg School of Management in Illinois graduated its first Master of Science in Management Studies class. This past summer the School of Management at George Mason University in Virginia welcomed the first class for its master's in management. The M.S. in Management program at the Carey School of Business at Arizona State University is only in its third year.
More schools may also start offering this degree as the number of students looking for this kind of academic experience remains strong. According to a September report from the Graduate Management Admission Council, 58 percent of schools saw an increase in application volume for their master's in management programs; a 2013 report said 61 percent of schools saw an increase in application volume.
Soon-to-be or new college graduates considering an M.S. or M.A. in management can expect these programs to offer a certain kind of curriculum and academic opportunities.
Like many MBA programs, management programs usually place students in small groups that take almost all of the their classes together.
"They effectively are taking the first-year MBA curriculum," says Betsy Ziegler, associate dean of MBA programs and dean of students at Kellogg. Management students at the school take courses in finance, accounting, operations, marketing and other subjects that cover the basics of business.
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Kellogg's 10-month program, a typical length for the degree, offers a curriculum similar to its peers. Most programs last nine or 10 months and have a similar curriculum. Kellogg's program, unlike many others, requires students to go on a mandatory trip at the end, which will likely be abroad, Ziegler says. The class of 2014 traveled to China and had business meetings with McKinsey and Company, GM and other organizations. The goal for students is to learn about how to do business in another country, says Ziegler.
To learn how to do business in the U.S., many schools offer hands-on learning opportunities that allow students to put the skills they've picked up in class into practice.
Students in George Mason's program, which operates on a modular system of four 10-week sessions instead of traditional semesters, are required to complete an internship during their last module. The internship is expected to take up a substantial amount of their week. "We would like to see them in the 15-hour range," says Kerry Willigan, director of career services at the school.
At Arizona State University, students in the M.S. in management program complete a capstone project, says Detra Montoya, the faculty director for the program and a clinical associate professor of marketing.
"The capstone course gives the students an opportunity to apply the skills and the knowledge that they've learned throughout the program. They can apply that to an actual consulting project. So they'll work with a real client," Montoya says. Some of these clients have included the Arizona Diamondbacks baseball team and the technology company Intel.
Many programs also give students extensive support when it comes to career management, teaching them how to write resumes and cover letters, improve LinkedIn profiles and network.
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Graduates of these programs often go into a variety of jobs. "Some have gone into consulting. Some have joined big tech firms like Google and IBM," says Ziegler from Northwestern, which until recently only allowed those with a bachelor's degree from Northwestern to apply for its program. Arizona State University grads are also going into a range of roles, such as financial advisors, product engineers and account executives, Montoya says.
If students find that their management degree isn't fulfilling enough of their career goals, they can certainly go back to school for an MBA after getting more work experience, experts say.
"They would basically be able to use a certain number of credits that they already have gained to put towards their MBA," says Paige Wolf, the director of graduate programs at George Mason University's business school.
"The MBA degree at the moment has a lot of credibility," says Wolf. Many say that it's usually a safe step to further career advancement.
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Delece Smith-Barrow is an education reporter at U.S. News, covering graduate schools. You can follow her on Twitter or email her at dsmithbarrow@usnews.com.
