After completing your undergraduate degree, you may be wondering what your next step should be. Should you pursue a master’s degree or an MBA? Both options can lead to increased earning potential and career advancement. However, there are some key differences between the two degrees that you should consider before making your decision.
Degree After Bachelor
A bachelor’s degree is often seen as the first step towards a successful career. However, in today’s competitive job market, many students are choosing to continue their education by pursuing a graduate degree after completing their undergraduate studies. This article will explore the different options available for those looking to further their education after obtaining a bachelor’s degree.
Graduate After Bachelor’s
There are several reasons why someone may choose to pursue a graduate degree after completing their bachelor’s degree. Some may want to gain specialized knowledge in a specific field, while others may be looking to increase their chances of landing a higher-paying job. Whatever the reason may be, it is important to carefully consider which type of graduate degree is the right fit for your career goals.
Degree After Bachelor of Arts
A Bachelor of Arts (BA) degree is typically awarded in the humanities and social sciences. Some common majors for BA degrees include English, history, psychology, and sociology. Students who have completed a BA degree may choose to pursue a master’s degree in a related field, such as a Master of Arts (MA) in English or a Master of Social Work (MSW).
Master of Arts (MA)
An MA degree is a postgraduate degree that focuses on a specific area of study within the humanities or social sciences. This type of degree typically requires 30-60 credit hours of coursework and can take 1-2 years to complete. Some common areas of study for an MA degree include literature, history, philosophy, and political science.
# Career Opportunities
An MA degree can open up a variety of career opportunities, depending on the specific area of study. For example, an MA in English can lead to careers in writing, editing, or teaching. An MA in history can lead to careers in research, museum curation, or archival work. It is important to research the job market for your specific field of study before pursuing an MA degree.
# Earning Potential
According to data from the National Center for Education Statistics, the median annual earnings for individuals with a master’s degree in 2018 was $71,000, compared to $62,000 for those with a bachelor’s degree. However, earning potential can vary greatly depending on the field and location.
# Cost
The cost of an MA degree can vary depending on the institution and program. According to Peterson’s, the average cost of tuition and fees for a master’s degree program in 2020-2021 was $24,270 at public institutions and $36,890 at private institutions. It is important to consider the cost of tuition and other expenses when deciding if an MA degree is the right choice for you.
Degree After Bachelor of Commerce
A Bachelor of Commerce (BCom) degree is typically awarded in the field of business and economics. Some common majors for BCom degrees include accounting, finance, marketing, and management. Students who have completed a BCom degree may choose to pursue a master’s degree in business administration, also known as an MBA.
Master of Business Administration (MBA)
An MBA is a postgraduate degree that provides a broad overview of business administration. This type of degree typically requires 2 years of coursework and can cover topics such as finance, marketing, operations, and strategy. Many MBA programs also offer opportunities for students to gain hands-on experience through internships or consulting projects.
# Career Opportunities
An MBA degree can lead to a variety of career opportunities in the business world. Graduates may pursue careers in management, consulting, finance, or entrepreneurship. Many MBA programs also have strong alumni networks that can help students connect with potential job opportunities.
# Earning Potential
According to data from the National Center for Education Statistics, the median annual earnings for individuals with an MBA degree in 2018 was $100,000, compared to $62,000 for those with a bachelor’s degree. However, as with an MA degree, earning potential can vary greatly depending on the field and location.
# Cost
MBA programs are typically more expensive than MA programs. According to Peterson’s, the average cost of tuition and fees for an MBA program in 2020-2021 was $60,000 at public institutions and $71,000 at private institutions. It is important to carefully consider the cost of an MBA program and whether it aligns with your career goals and financial situation.
Degree After Bachelor’s in Accounting
A Bachelor’s in Accounting degree is a popular choice for students interested in pursuing a career in finance or accounting. Some common majors for this degree include accounting, finance, and economics. Students who have completed a bachelor’s in accounting may choose to pursue a master’s degree in accounting or an MBA with a concentration in accounting.
Master’s in Accounting
A Master’s in Accounting degree is a postgraduate degree that focuses specifically on accounting principles and practices. This type of degree typically requires 30-36 credit hours of coursework and can take 1-2 years to complete. Some common courses in a master’s in accounting program include financial reporting, auditing, taxation, and managerial accounting.
# Career Opportunities
A master’s in accounting degree can lead to a variety of career opportunities in the accounting and finance fields. Graduates may pursue careers as accountants, auditors, financial analysts, or tax specialists. Many employers prefer candidates with a master’s degree in accounting for higher-level positions.
# Earning Potential
According to data from the National Association of Colleges and Employers, the average starting salary for graduates with a master’s in accounting degree was $58,508 in 2020. This is significantly higher than the average starting salary for graduates with a bachelor’s degree in accounting, which was $53,300. However, earning potential can vary depending on factors such as location, experience, and industry.
# Cost
The cost of a master’s in accounting degree can vary depending on the institution and program. According to U.S. News & World Report, the average cost of tuition and fees for an in-state student at a public institution for a master’s in accounting program in 2020-2021 was $12,000, while the average cost for an out-of-state student was $28,000. It is important to consider the cost of tuition and other expenses when deciding if a master’s in accounting degree is the right choice for you.
Conclusion
Deciding whether to pursue a master’s degree or an MBA after completing your bachelor’s degree can be a difficult decision. Both options have their own unique benefits and it ultimately depends on your career goals and personal preferences. It is important to carefully research and consider all factors, including program length, cost, curriculum, and career opportunities, before making your decision. Whichever path you choose, obtaining a graduate degree can greatly enhance your skills and knowledge, leading to increased job opportunities and earning potential.
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