If you have just completed your undergraduate degree or are in your final year of university, the economic climate may seem daunting. Consequently, remaining in school and enhancing your academic profile may be a great option while the global economy recovers.
Pre-experience business master’s and professional master’s degrees can be a great option if your current credentials and experience haven’t prepared you to be a strong candidate for the roles you want to pursue. If you are an international student, a pre-experience master’s degree could allow you to get a foot in the door in the US or EU to access better work opportunities.
Depending on which pre-experience business master’s or professional master’s degree you pursue now, you can work for several years and then apply to MBA programs after gaining work experience.
A wide range of business master’s and professional master’s degrees target candidates with fewer than three years of work experience or even prefer that applicants have no full-time work experience.
A pre-experience business master’s or professional master’s degree may be the perfect way to build new skills and knowledge to make you a more competitive candidate for target positions a year from now, when the economy is recovering.
There are several different types of pre-experience master’s programs to consider, and we discuss them in the following sections. Finding the right fit for you depends on both your academic background and your goals.
General Business Management Programs: Master in Management or Master in Management Studies
Non-business undergraduate majors looking to land entry-level positions in banking, consulting, or marketing should take a look at one-year general business master’s programs. These programs have been popular in Europe for decades, and several top US business schools have offered them more recently.
General business master’s programs, such as Master in Management (MiM or MM) and Master in Management Studies (MMS), attract a diverse class of individuals including humanities and technical majors, often forming a very international cohort.
Go here for more information about MMS, MiM, and MM programs.
Master in Finance or Master in Financial Engineering
If you have a targeted goal in finance, you may want to consider a Master in Finance (MSF or MFin). For the more technically inclined, a Master in Financial Engineering might be the right fit.
Many business schools offer these programs and do not require applicants to have any formal work experience. Some of these programs target candidates who have no experience in finance, while others expect that applicants have studied finance as an undergrad and perhaps completed an internship in finance.
MSF/MFin and Master in Financial Engineering programs from US business schools typically offer a STEM designation, which allows graduates to work in the United States for up to three years after graduation.
Go here for more information about MSF and MFin programs.
Master in Business Analytics or Master in Data Analytics
Individuals interested in using data to drive business decisions should explore master’s programs in business analytics or data analytics. These programs draw an interesting mix of students from diverse backgrounds. Some applicants have a technical background in computer science or engineering, while others may have degrees in the humanities or social sciences. If you hope to work in a specific industry or function (e.g., health care, human capital, supply chain), look for analytics programs that offer a concentration in your area of interest.
Most data analytics and business analytics programs offer a STEM designation for individuals who are looking for an Optional Practical Training (OPT) Extension, which allows them to work in the United States for up to three years after graduation.
Click here for more information about master’s programs in business analytics and data analytics.
Master in Engineering Management or Master of Science in Engineering Management
Undergraduate engineering majors who realize that they don’t want to pursue a career as an engineer may want to consider a Master in Engineering Management (MEM). This degree weaves together curricula from technology and business to bridge the gap between the fields of engineering or technology and business management. Graduates of MEM and Master of Science in Engineering Management (MSEM) programs are well positioned for roles in technology product management, operations, or supply chain management as well as more general business roles in consulting.
Go here for more information about MEM programs.
Summary
As a young adult just beginning what could be a 30-plus–year career, think of a pre-experience master’s degree as an investment in your future. If you complete one of these degrees, your salary likely will be higher than if you started your first job right out of university.
If you complete a one-year business master’s degree directly after earning your undergraduate degree or with just a year or two of work experience, you can still consider enrolling in an MBA program later in your career. In fact, if you enroll in a pre-experience master’s degree program immediately after graduating from college, you will be eligible to apply for deferred enrollment at top MBA programs as you are completing your master’s degree.
Not sure what type(s) of pre-experience business master’s or professional master’s programs are right for you? Or perhaps are you considering applying for deferred enrollment as you wrap up your undergraduate education? Reach out to Stratus for a free consultation.