Graduates with an advanced degree in business have a competitive advantage over their undergraduate degree peers. While several employers accept a bachelor’s degree, according to the U.S. Bureau of Labor Statistics, or BLS, there are also many employers who prefer a master’s degree, and actually require one for career advancement. As a result, someone with a master’s degree in business can choose from a vast array of jobs with lucrative salaries.
Market Research Analysts
Market research analysts use surveys, questionnaires and other methods of data collection to help businesses understand consumer buying trends. They identify desirable products and services, acceptable price points and effective marketing strategies. The BLS states that many employers require a master’s degree in business administration, marketing or statistics, and a master’s is usually required for a leadership position. In 2010, the median annual salary for market research analysts was $60,570.
Human Resources Managers
Human resources managers oversee the personnel functions of an organization. They recruit, screen, interview and hire new employees, and also orient new employees to the company. Human resources managers also oversee the company’s benefits package and enforce disciplinary procedures. According to the BLS, although a bachelor’s degree is sufficient for this position, some higher-level positions require a master’s degree in business, human resources or labor relations. Human resources managers earned a median annual salary of $99,180 in 2010.
Management analysts, also called management consultants, help organizations improve efficiency, reduce costs and increase revenues. They gather and analyze reports and other data, interview personnel and observe methods and procedures before offering recommendations and solutions. A bachelor’s degree is the minimum educational requirement for this profession; however, some employers prefer a master’s degree in business, according to the BLS, which also reports that in 2010, at least 28 percent of management analysts possessed a master’s degree. The median annual salary for this profession was $78,160 in 2010.
Medical and Health Services Managers
Medical and health services managers, also known as healthcare administrators or executives, are hired to plan and direct the activities of either an entire medical facility or a particular department within the organization. They supervise staff, enforce policies and procedures and handle financial matters such as patient fees and billing. Medical and health services managers need a bachelor’s degree, but the BLS reports that a master’s degree in business, public administration or public health is common in this field. These managers earned a median annual salary of $84,270 in 2010.