Going To Business School: The Benefits Of A Graduate Degree In Business, And Why Diversity Is So Important

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News Americas, NY, NY, Tues. Nov. 17, 2020: The current global coronavirus pandemic is prompting many people around the world to take a pause and think more deeply about their lives. One major thing lots of us are rethinking is our careers.

It’s encouraged some to move into jobs in healthcare or other industries where they feel they can make an immediate difference, and for others, it’s made them want to slow down and spend more time with family and friends. In many cases, however, it’s awoken an ambition in people to go back to college and gain a graduate education.

Going to graduate school is a fantastic way to boost your employability and future prospects, and one of the areas which offers the most potential in terms of higher earnings is business. This article outlines the different types of business qualifications you can study for – from an MBA to a business analytics degree – and the benefits of doing so. It also outlines the importance of diversity in business schools to encourage women, people of color and other minority groups to apply for these programs.

Read on to find out more about how you can enjoy a brighter future by going to business school.

Types Of Degrees You Can Study At Business School

There are a number of different programs on offer to potential students at business schools. The course that is best for you will depend on factors such as the subject of your undergraduate degree, your personal interests, and your specific career goals. Here’s a quick overview to help you decide.

One initial thing to consider is whether you want to study a general business program like an MBA, which covers a broad range of business-related topics, or a specialist one such as a financial technology or business analytics degree. The latter focuses on one particular area of business, giving you in-depth knowledge of a specific, narrower topic.

Business degree programs are further divided by the exact qualification that they lead to. One of the most famous and prestigious is the master of business administration, better known as the MBA. This gives students an overview of key business practices to help you fast-track your career into a management, financial, or corporate role. It’s known particularly for its networking opportunities, giving students the chance to link up with like-minded professionals. However, it’s also worth bearing in mind that MBAs are one of the most expensive qualifications you can take.

As an alternative, you might want to consider a master of arts or master of science in a business field, for example, a business analytics degree. These tend to be more specialized than MBAs, focusing on a particular sphere of interest and enabling you to become highly trained. We’ll get into some of the specific subjects you can study in the next section, but as a general rule, Master Of Arts degrees tend to examine liberal arts-related subjects. Master of science degrees, on the other hand, tend to cover subjects that are more technical, for example, those related to computing, mathematics, statistics and technology.

Subjects You Can Study At Business School

When looking at the specific subjects you can study a business master’s in, you might be pleasantly surprised by the variety that’s available. What is especially helpful is that many of them do not require you to have a prior qualification in the same area – often a good first degree in any subject will suffice.

It’s also important to note that the vast majority of the topics you can learn on these programs are applicable to almost any industry. So, no matter what type of business you work in and what sphere it operates in, these programs can provide you with valuable knowledge and the chance for better job prospects and promotion opportunities.

To get you inspired, here’s a selection of possible options that you can choose from:

  • Business analytics – a business analytics degree takes you on a deep dive into the world of data. It teaches you everything you need to know about this most valuable resource, including how to interpret and analyze it to make better, more efficient business decisions. You’ll learn how to use powerful tools and technologies in topics such as data mining, machine learning, data warehousing, programming, data modeling, plus plenty of advanced analytics.
  • Finance – a finance-related degree covers core models and theories in the world of finance, with options to specialize in areas such as financial technology, wealth management, financial econometrics, hedge fund strategies, accounting, and investment. These programs are good options for those who are aiming for a career in a field such as asset management or investment banking.
  • Management – a management degree is well suited to people who are more interested in motivating others, learning how to make effective decisions, and focusing on strategy rather than more technical topics. You’ll learn about issues such as organizational behavior, strategic management, finance management and innovation management.
  • International business – a degree in international business allows you to focus on globalization, examining its benefits, risks and limitations. This is an increasingly valuable qualification as the world becomes smaller. You might cover global trade, multinational companies, the global economy, and economics of development, among other modules.
  • Entrepreneurship – an entrepreneurship degree is a relatively new qualification aimed at innovative creators who are intending to start their own businesses. These programs are practical-based courses with an emphasis on collaborating and experimenting, educating you on topics such as prototyping, pitching, and raising investor finance.
  • Marketing – a marketing degree will train you in the design and development of successful marketing campaigns, using insights into the consumer market and human behavior. Modules could cover topics such as brand management, pricing strategy, digital marketing, and ethical issues surrounding marketing.

Benefits Of Having A Graduate Degree In Business

Now that you have a better idea of the sort of degree programs and subject areas you can study in business school, it’s time to look at the benefits of doing so. This is important because going to business school can be a big commitment in terms of the cost of tuition, the time you have to dedicate to learning, and the hard work required to succeed.

A graduate degree in almost any subject increases the average salary you can expect to earn and decreases your chances of ending up unemployed. This is especially true in the business world, where a master’s degree is often a required or at least an expected qualification. Therefore, having one boosts your employability, job security and financial stability. It also shows potential employers that you are dedicated and committed to learning and development, which is exactly what they are looking for in their staff.

Some programs in particular can give your career a significant boost. One such example is a business analytics degree. Companies are recognizing the importance of big data more and more but often find they are lacking staff with the ability to analyze it – without whom the data is worthless. This means that if you invest in a business analytics degree, you will find yourself highly sought-after, and the demand for workers with those skills is unlikely to disappear any time soon.

Studying for a graduate degree in a business field can also open up a multitude of new possibilities. If you’ve been thinking about changing career or moving up in your current one to a more specialized role, such a qualification could be just the ticket you need. It also gives you the opportunity to explore a subject that you’re interested in in great depth, which is, of course, highly valuable in itself.

One thing all business degrees are known for – particularly MBAs but also others such as a business analytics degree – is the opportunities they provide for networking. You’ll find yourself studying alongside a cohort of dedicated professionals who are committed to being the best they can be. As well as making new social connections, you might find that you end up working in collaboration with the people you meet on your course at a later date or even starting up a business with them.

Finally, as with all higher degrees, taking a business qualification will boost a wide range of your soft skills. From communication, organization and teamwork to problem-solving and critical thinking, you’ll find yourself improving in all manner of areas. Some skills, such as leadership and decision making, are arguably developed more in the business field than in any other subject.

The Importance Of Diversity In Business Schools

The significance of networking in business school that was touched upon above brings us to diversity and why it’s so important. Business school programs, from an MBA to a business analytics degree, pride themselves on their peer-to-peer learning opportunities but the value of this is strongly impacted by who your peers are.

Having a diverse student body, including people of different races, sexual orientations, genders, ages, class backgrounds, and political opinions, is vital for the exchange of ideas and perspectives. This, in turn, encourages innovation by pushing people to think about things differently and blends together different ideas and ways of taking action.

With the increasing level of internationalization in the world, the importance of diversity in business schools is only growing. This is also true for businesses themselves, with those that have higher levels of cultural diversity also tending to enjoy higher levels of profitability and success. It is particularly clear that companies that operate internationally need to have a diverse workforce in order to better understand the cultures, languages and traditions of the countries they operate in.

Sadly there is still a lack of diversity in many universities and colleges but it’s really important not to let that put you off applying. Most programs are keen to welcome students from all walks of life and recognize the benefits and importance of doing so.

Tips For Getting Into Business School

If reading this article has inspired you to apply for business school, whether it’s to study for an MBA or a marketing or business analytics degree, that’s fantastic! Just remember that most of the programs are extremely competitive, so you’ll have to put together a stellar application in order to stand out. Here are some tips to help you shine:

  • Know your reasons for applying – business schools will want to see that you’re not just applying on a whim. You should be able to articulate exactly why you are interested in taking the course and what you hope to gain from it. This means that not only should you know why you want to do a business analytics degree, for example, but why you want to do this specific one at this specific institution.
  • Have a solid career plan – admissions tutors tend to look for students who have a clear idea of where they want to go after graduating from the course. It doesn’t have to be too specific, but it should be clear, achievable, and relevant to the program you’re applying for
  • Check the entry requirements – there’s no point in applying if you don’t meet the necessary criteria. If you don’t, work towards meeting them so that you can apply in the future.
  • Research the course – there is a wide range of courses out there, and the school you are applying to will want to know that you have picked the right one. Look at all the individual modules to find ones that are of particular interest to you, check the areas their staff specialize in and find out the study methods used
  • Sell yourself – this is key! Admissions tutors will want to know that you are able to handle the demands of the course and that you will be an asset to the group. Show them what skills you have to bring to the table. Your academic or professional references can help with this, but the personal essay will be most important
  • Prepare – be aware of everything you need to do and the deadlines you need to meet to give yourself the best chance of success. Practice interview questions, approach potential references and be proactive
  • Believe in yourself – you can do this!