Business Careers that Require a Graduate Degree

Business Careers--Master's in Business Administration Degree (MBA)

Moving from a Psychology degree to an MBA

An MBA is a Master's in Business Administration. It is an internationally-recognized advanced degree that gives an individual specific credentials to be a leader of organizations in both the public and private sectors. In an MBA program you will broaden your skills in areas like management, critical thinking, leadership, communication, and problem-solving. Many schools offer concentrations in popular areas of business administration to help students strengthen specialized career skills. Traditional MBA specializations include finance, marketing, accounting, and international business, with additional options emerging in information technology management, healthcare leadership, and entrepreneurship. In addition, you can specialize your MBA in various areas (e.g., health care, sports management). One major advantage to getting an MBA is that it allows to you network with others in the business community.

To be admitted to an MBA program will need to have a Bachelor's degree (of course, your degree in psychology will suffice) and you will be requred to have taken specific courses (e.g., Economics). It usually requires 2 years of graduate school to complete an MBA program (often including an internship), although there are accelerated 1-year programs (some of these are online). Typically, tuition is paid by the student. An MBA offers greater job opportunities and greater salary than a Bachelor’s degree. It should be noted that an MBA is not limited to the business world, but can be beneficial for those seeking a degree in other areas (e.g., government). It is important to note that many MBA programs would like you to have some work experience before applying. In addition to apply to an MBA program you typically need to take the Graduate Management Admission Test (GMAT) or the Graduate Record Examination (GRE).

One final point for clarification. You might hear about Executive MBA (EMBA) programs . These are part-time programs, and are designed for professionals with several years of managerial experience.

Salary Information

payscale.com lists the average yearly income for an MBA at $85,000.

Click here to see career salary information for ALL careers listed in explorecareersinpsychology.org.

Click here to read about obtaining an MBA with a liberal arts degree. To learn more about applying to an MBA program check out the following from the Economist:

Application Do's and Don'ts

How to Apply to Business School

Click here to read important steps for a career in Business with an MBA or PhD..

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Click on the links below to read about other Business careers that only require a Bachelor's Degree in Psychology:

Business Careers--Advertising

Business Careers--Human Resource Management

Business Careers--Sales

Click on the links below to read about another Business career that requires a graduatedegree:

Business Careers--Doctoral Degree

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Your Psychology degree can lead to a career in Business with a Doctoral Degree

One way you can use your psychology degree to move forward in your career is to consider getting a PhD (Doctor of Philosophy) or DBA (Doctor of Business Administration) in a business field (e.g., Accounting, Economics, Finance, Human development in organizational settings, Information systems, Leadership and organizational change, Operations research, and Organizational systems). A PhD degree is typically for those with the goal of a career in higher education as a researcher/teacher. If you decide to move in the direction of a PhD, you will have to be sure you have taken certain Business courses (e.g., Economics) that are required by Business schools. If accepted, you must first earn a Master's degree, either from another school or the same school. When you go for a PhD, you need to keep in mind: (a) the program of study typically requires 4-6 years of graduate school to complete a thesis (research project), (b) at many schools you do NOT pay tuition, and (c) at most schools you will receive a stipend, a form of salary for serving as a Teaching Assistant (TA) or Research Assistant (RA). In general, a PhD offers greater career opportunities and greater salary than a Bachelor’s or Master’s degree. For example, you can use your PhD to pursue jobs with a company, organization, college, or university.

Those who earn a DBA have typycally been successful in business for some time, have an MBA already, and are looking for a new intellectual challenge. Their docotoral thesis is typically geared toward a more practical or applied issue that helps a specific industry and the economy. Keep in mind that working toward a DBA is more suitable for working professionals who hope to (a) advance to a higher management position, or (b) work as a consult. Also, it is important to note that with a DBA (like a PhD) you will be trained to conduct research, you can teach, and you can publish research articles in professional journals.