Masters Degree in Management

A master´s degree in management is similar to a degree in administration. Management degrees are often related to specific fields like healthcare, business and public service. A master´s degree in business is equal to the more familiar MBA. It covers much of the same coursework and gives degree holders the same job opportunities. In healthcare it is the equivalent of an MHA which trains graduates to manage healthcare facilities and programs. The master´s degree in public service management or administration prepares graduates for leadership positions in government agencies.

Masters Degree in Management – Facts

A master´s degree in management trains individuals for positions of leadership, often in a specific field. Applicants for master´s degree programs must have a bachelor´s degree in a related field and they must take and pass the GRE or the GMAT before being accepted. Applicants may wish to take both examinations if they are applying to several programs. However, if the applicant is only going to take one exam it is best to take the GMAT since it accepted at most business schools. It takes two to three years to complete a master´s in management program depending on the specialty.

Top Schools Offering a Master's Degree in Management

For those seeking a degree in business management, the top schools are Harvard University, Stamford University, MIT and Northwestern University (Kellogg). The top ranked schools for healthcare management are Cornell University, John Hopkins University and Tulane University. For a master´s degree in public service management the top ranked schools are Syracuse University, Indiana University at Bloomington and the University of Georgia at Athens. Harvard University also offers a master´s program in public service management, and they are the 4th ranked school.

Work Possible with a Masters Degree in Management

A master´s degree in management prepares graduates for leadership roles in their chosen fields. A master´s in business management prepares the graduate to work in a corporate environment. Most entry level positions for this degree are in middle management. A master´s in healthcare management can work at healthcare facilities, public agencies and insurance companies. The public administration degree prepares graduates to work in the administration of public service agencies at the local, state and federal levels.

Salary and Outlook in Management

Job growth for healthcare managers is expected to grow at 16% over the next decade which is higher than the national average of 12%. This is partly due to the expected increase in the demand for healthcare as baby boomers grow older. There is cautious optimism for job growth in business management which is expected to grow at the average rate for all jobs at 12%. The job growth rate in business has been less than the average over the last three years. The public service sector is expected to grow at about 12% and additional jobs will be available due to attrition.

The average salary for an MBA in 2006 was $94,000 per year and entry level positions had salaries of between $50,000 and $70,000 per year. In the public sector, the median salary for a director of administration was $68,000 per year and for chief financial offers the median salary was $92,000 per year. Healthcare administrators in hospitals earned a median salary of $87,000 per year while those working in nursing facilities had a median salary of $71,500 per year. These figures are averages and individuals may earn more or less depending on geographical location, experience and other variables.

A master´s degree in management is often considered a sure fire way to ensure career development in a particular industry. In addition, the skills and experience learnt with the degree can be applied to many different sectors.