Best Online Master’s in Entrepreneurship Programs of 2021
A master's in entrepreneurship can help aspiring business professionals turn ideas into profitable ventures. In these programs, students often gain the skills they need to start their own business or seek a position within an existing organization. The versatile training provides educational and professional flexibility.
According to the National Center for Education Statistics, the average graduate degree cost about $19,310 annually during the 2018-2019 academic year. The strong career outlook for entrepreneurship graduates can help reduce the financial impact of this training. The Bureau of Labor Statistics (BLS) projects the addition of 906,800 management occupations between 2020 and 2030. The median annual wage for professionals in this sector was nearly $110,000 in May 2020.
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Many of the top online schools provide entrepreneurship programs that either confer standalone degrees or online business degrees with entrepreneurship specializations. Prospective students can also choose between online and on-campus programs and various other study options. Use this guide to help with the decision-making process, understand what to expect from these programs, and discover where the degree can lead.
What Can I Expect From an Online Master's in Entrepreneurship Program?
Many of the best entrepreneurs possess strong communication and decision-making skills. They often know how and when to take calculated risks to improve their organizations. In a master's in entrepreneurship program, students can hone these abilities while they develop specialized and advanced business expertise.
Most students between 1-2 years to complete the required 30-45 credits to earn a degree at this level. However, some online master's in entrepreneurship programs offer shorter pathways. The training comprises business specifics, new business development, and leadership training. Some programs feature mandatory practicums, and others provide access to business workshops, incubators, and accelerators.
Prospective students preparing for graduate school should identify what type of degree they want, as entrepreneurship programs may award an MA or an MS. An MA typically provides interdisciplinary training with a leadership focus, whereas an MS focuses more on the technical aspects of the field. An MBA may offer an entrepreneurship emphasis as well, but these programs tend to target more experienced professionals.
Within a master's in entrepreneurship programs, degree-seekers might find specializations or additional focuses, such as innovation, technology, and social change. Concentrations may provide a more defined direction for the training and help learners chart a more direct career pathway.
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Popular Online Master's in Entrepreneurship Programs
Learn about start dates, transferring credits, availability of financial aid, and more by contacting the universities below.
What Courses Will I Take in an Online Master's in Entrepreneurship Program?
This course examines the common startup choices entrepreneurs face and how professionals can make these decisions effectively. Students explore how to develop goals, strategies, and functional frameworks to meet those ends.
In this course, students learn about corporate and organizational innovation and how to develop the proper approaches to design and implement new ideas. The training may also look at ways of creating a culture of innovation and encouraging creative thinking in a business environment.
Planning and Forecasting
Students in this course learn about the planning and forecasting processes for different business sectors. They learn how to use data and market research to develop informed perspectives and then use that information to project and forecast future events.
Leadership courses teach students how to manage teams, departments, and organizations. The training covers personality management, motivation, performance reviews, and training and development. Some courses examine how leadership can impact organizational culture.
In operations management courses, students discover how to oversee and evaluate operational processes and performances. This may include studies in finance, risk management, strategizing, and product and service management.
What Are Admission Requirements for an Online Master's in Entrepreneurship Program?
While graduate admission requirements vary between programs and schools, most online master's in entrepreneurship have similar application standards. Some of these graduate programs may prefer candidates who possess bachelor's degrees in business, but most accept learners from various disciplines.
In addition to the application components listed below, prospective students may be asked to participate in an interview. Online programs may also have technical requirements that learners need to meet upon acceptance.
On the application form prospective students outline their personal information and identify their program of interest. Since most college application systems only serve undergraduate programs, applicants to online master's in entrepreneurship programs typically apply directly to each school.
Standardized tests, such as the GMAT and GRE, allow schools to compare applicants in a balanced way. While schools typically require test scores as part of the application process, the COVID-19 pandemic has led many to provide test waivers. Prospective students may still want to pursue GMAT and GRE prep courses to ensure they get the minimum scores necessary for admission to their preferred schools.
Letters of Recommendation
Most programs require 2-3 letters of recommendation from the applicant's former teachers and employers. These letters provide insight into how the student has performed academically and professionally in the past and how that might apply to their future endeavors. Prospective students should start asking for letters of recommendation as early as possible to avoid delays.
Resume and Work Experience
Though most master's in entrepreneurship programs do not require applicants to possess professional experience, prospective students often need to submit resumes and cover letters with their applications. These documents tell the schools about the candidate's work history and direction. Our resume and cover letter guide provides tips on making a strong impression.
College application essays vary by program and degree level. Undergraduate essays often focus on personal history, while graduate essays typically outline academic and professional goals. Essays help schools identify which applicants best fit their programs. Prospective students can look to our guide for help when writing a grad school essay.
Nearly all prospective students need to submit official transcripts as part of their application. These records allow schools to determine if the applicant has the required prerequisites and if they qualify for any transfer credits. Our transfer guide provides more information on this process.
What Can I Do With an Online Master's in Entrepreneurship Degree?
An online master's in entrepreneurship can lead to in-demand careers. The BLS projects 9% growth for management occupations and 8% growth for business and financial occupations between 2020 and 2030. Most of these positions require a bachelor's degree at minimum, so earning a master's degree can make your application more competitive. Graduates may also have access to higher-level roles.
These sectors offer strong financial rewards, as well. The BLS reports that management professionals earned a median annual wage of $109,760 in May 2020. Business and financial workers earned a median yearly salary of $72,250 during the same period. These fields exceed the median annual wage for all occupations, which is $41,950.
See what a master's in entrepreneurship can do for your professional life. Learn more about entrepreneurship careers.
Top executives oversee the operations and activities of organizations, setting business goals and laying out the processes to meet them. Depending on the organization, they may also handle finances, manage department heads, and communicate with stakeholders. They often implement organizational policies and new initiatives.
Median Annual Salary (May 2020): $107,680
Management analysts assist organizations in improving processes and profitability. They analyze all the information available to them, including finances, performance evaluations, and market data. They then provide the organization with suggestions and reports based on their findings and may also help with the implementation and execution.
Median Annual Salary (May 2020): $87,660
Training and Development Managers
Training and development managers create training programs to help individuals and organizations improve in various ways. These professionals may assess organizations in identifying areas for improvement and then create training programs to solve the issues. They may also develop training programs that address common issues within most organizations.
Median Annual Salary (May 2020): $115,640
Operations Research Analysts
Operations research analysts help organizations by using mathematics and different analytical methods to make more informed business decisions. They look at financial data and histories to create predictive models and forecasts for businesses. Their analyses can help organizations establish more effective budgets, supply chains, and processes.
Median Annual Salary (May 2020): $86,200
Market Research Analysts
Market research analysts help organizations identify the level of demand for products and services in a specific market. They look at the market conditions, competitor information, and buyer behaviors and histories. These analysts may create consumer surveys, help with pricing, and create presentations and reports on their findings, as well.
Median Annual Salary (May 2020): $65,810
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While most students start their careers directly after earning a master's in entrepreneurship, graduates may want to consider some of the available continuing education options. Graduates can pursue a doctorate in entrepreneurship or in a related field, such as business administration, marketing, or human resources.
These advanced degrees can lead to postsecondary teaching positions, along with many senior-level and research and development positions. Graduates can also pursue industry certifications that may help them develop a field specialization.
How Do I Choose an Online Master's in Entrepreneurship Program?
Prospective students almost always consider the price of tuition, but they should also look at the true program cost by factoring in expenses for travel, materials, and loss of earnings as a result of studying. Degree-seekers should also compare in-state vs. out-of-state costs, online vs. on-campus study costs, and private vs. public school costs.
A program's format can make a big difference in a student's educational experience. Prospective learners should weigh the pros and cons of part-time and full-time study, as well as online and on-campus learning. Online learners in particular might want to consider the differences between synchronous vs. asynchronous delivery to find their ideal program type.
When choosing between online or on-campus programs, prospective students need to think about location. On-campus learners need to find a location they can happily live and study in. Online learners have more flexibility, but they should still ensure they can satisfy any on-campus requirements.
Prospective students should ensure all schools they're considering possess regional accreditation, which can impact financial aid and employment outlook. While programmatic accreditation is not mandatory for a master's in entrepreneurship, there is value in accreditation from the Accreditation Council for Business Schools and Programs, International Accreditation Council for Business Education, and the Association to Advance Collegiate Schools of Business.
Prospective learners should also factor in which student services a school offers. These programs can dramatically improve the educational and postgraduate experience. Degree-seekers might check to see if a school offers mentorship programs, online student services, and internships and practicum support. Institutions may also offer career services and alumni networking programs.
2021 Best Accredited Online Master's in Entrepreneurship Programs
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Frequently Asked Questions About Master's in Entrepreneurship Programs
Is a master's in entrepreneurship worth it?
Yes. A master's in entrepreneurship can prove valuable for graduates seeking better positions, more professional opportunities, and higher salaries. According to the BLS, a master's degree qualifies graduates for most management occupations. This sector pays far more than the average median annual wage across all occupations and features higher projected career growth rates than the average rates.
In addition to helping professionals succeed in running their own businesses, a master's in entrepreneurship can assist graduates in improving other organizations. When deciding on graduate school, prospective students should assess whether a master's degree will help them achieve their personal and professional goals.
What can I do with a master's in entrepreneurship?
After completing a master's in entrepreneurship, graduates can enter the workforce or continue their training. They may choose to start their own business, leveraging the program's training, support, networking opportunities, and accelerators or incubators. Alternatively, they can pursue a career in management or business.
For those who opt to continue their education, some possible pathways include a doctorate in entrepreneurship or another business-related discipline. Students may also take an interdisciplinary approach and pursue training in a different field, such as healthcare or social sciences.
Are entrepreneurship majors in demand?
Yes. Entrepreneurship majors possess many of the most applicable and versatile business skills. Organizations seek out professionals with advanced leadership, business administration, and communication skills, which entrepreneurship graduates develop throughout their training.
The BLS projects the addition of about 750,800 business and financial occupations and over 906,800 management occupations between 2020 and 2030. Most of these careers require a bachelor's degree at minimum, so master's degree-holders possess an advantage.
How much money can I make with a master's in entrepreneurship?
A master's in entrepreneurship can lead to significant earnings. According to the BLS, business and financial professionals earned median annual wages between $51,000-$89,000 in May 2020. Management professionals, conversely, earned between $49,000-$151,000 during the same period.
Within a single field, salaries can fluctuate considerably depending on the professional's experience and credentials. Top executives, for example, made a median annual salary of $107,680 in May 2020. However, the top 10% of earners in the field earned more than $208,000.
What are the highest paying jobs with a master's in entrepreneurship?
The highest-paying jobs available to graduates with a master's in entrepreneurship may vary depending on their experience and location. In general, however, personal financial advisors are the highest-paid business and financial professionals. According to the BLS, they earned a median annual wage of $89,330 in May 2020.
Computer and information systems managers were the highest-paid management professionals during the same period. They earned a median yearly salary of $151,150. Depending on the employer, candidates may need additional training and experience to qualify for these specific positions.
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BestColleges.com is an advertising-supported site. Featured or trusted partner programs and all school search, finder, or match results are for schools that compensate us. This compensation does not influence our school rankings, resource guides, or other editorially-independent information published on this site.
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