A master's degree in entrepreneurship teaches students how to launch a business or pursue a higher level job position. Individuals with a master's degree can obtain a higher salary than individuals with bachelor's degrees. An MBA is a good educational path for individuals interested in pursuing advanced degrees and certifications.
Sales positions are a common career for entrepreneurship graduates, and the Bureau of Labor Statistics projects a 7% growth rate for sales managers and an average yearly salary of $121,060. Most careers in entrepreneurship have a growth rate that is as fast, or faster, than the U.S. average, allowing graduates to enter a growing industry.
Should I Get a Master's in Entrepreneurship?
Graduates can work in different areas of business, including marketing, technology, construction, and sales. Throughout an entreprenurship master's program, students can improve their business, critical-thinking, and analytical skills. Students can also join student organizations where they can network with industry professionals.
Students with personal commitments or full-time jobs may benefit from online programs, which offer class flexibility. Online programs feature the same curriculum as on-campus programs, but allow students to finish work at their own pace. On-campus programs are great for students who enjoy face-to-face learning, especially students who prefer a traditional classroom environment.
What Can I Do With a Master's in Entrepreneurship?
Entrepreneurs are organized, business-minded individuals. Specializations allow professionals to focus on one area of an entrepreneur career. Professionals who understand customer needs and are interested in customer response data could pursue a marketing manager position. Entrepreneurs who prefer handling budgets can be sales managers.
- Sales Manager
Sales managers resolve customer complaints, prepare budgets, and approve expenditures. They monitor customer preferences, analyze sales statistics, and determine the profitability of services and products. Sales managers work in areas including retail trade, wholesale trade, finance and insurance, and manufacturing.
Median Annual Salary: $121,060*
- Top Executive
Top executives direct and oversee an organization's budget and financial activities, as well as carry out organizational goals, policies, and procedures. Many top executives work in manufacturing, government, or healthcare.
Median Annual Salary: $104,700*
- Advertising, Promotions, and Marketing Manager
These managers provide marketing advice to clients, negotiate advertising contracts, and plan promotional campaigns. They are also responsible for initiating and analyzing market research studies.
Median Annual Salary: $129,380*
- Sales Engineer
Sales engineers prepare and deliver technical presentations to explain services or products to prospective and existing customers. They assess equipment needs, provide sales support, and work with sales teams.
Median Annual Salary: $98,720*
Source: Bureau of Labor Statistics
How to Choose a Master's Program in Entrepreneurship
When choosing a program, students should consider cost, location, internship opportunities, and program concentrations. They should evaluate all aspects of cost, including tuition, room and board, and transportation. Students should also look into financial aid and scholarships.
Students should consider the location of a college, the cost of living, and employment opportunities in the area. Many programs require students to complete a practicum or internship. The decision between an online master's in entrepreneurship or an on-campus degree is another factor to consider as well.
What's the Difference Between a Master's in Entrepreneurship and an MBA in Entrepreneurship?
The difference between an MBA in entrepreneurship and an MA in entrepreneurship is the approach to business. An MBA in entrepreneurship is typically designated as a liberal arts program in most colleges. The curriculum of MBA programs is focused around business administration and takes a humanities approach to business. MA curricula teach the fundamentals of entrepreneurship from a scientific perspective and apply the scientific method to starting, operating, and owning a business.
Both programs provide students with the skills needed to be entrepreneurs. Students who are interested in business should consider an MBA, while students who thrive in a science-based setting should consider an MA program.
Programmatic Accreditation for Master's Programs in Entrepreneurship
Accreditation is an important factor to consider when choosing a program. Nationally accredited programs are typically cheaper, but are widely excluded from tuition reimbursement programs. Regionally accredited programs usually qualify for tuition reimbursement and have easily transferable credits.
Programmatic accreditation exists within an already accredited college and is designed for specialized departments, schools, colleges, or programs. Accreditation lets future employers know that a graduate received a quality education.
Master's in Entrepreneurship Program Admissions
Each program has its own set of admissions requirements, and online programs usually have a more involved admissions process. Admissions require a completed application and other common documents, such as test scores, letters of recommendation, resumes, and essays. Students should apply to a few different schools to increase their chances of acceptance.
- Bachelor's Degree: In order to pursue an MBA in entrepreneurship, students must earn their bachelor's degree. Some programs require the bachelor's degree be in a subject related to entrepreneurship.
- Professional Experience: Professional experience is not required to be admitted to entrepreneurship MBA programs, although some programs request resumes as additional admissions materials.
- Minimum GPA: MBA in entrepreneurship programs require students to meet a minimum GPA. Each school has its own requirements, but most require a 3.0 GPA at minimum.
- Application: Applications require basic information and educational background.
- Transcripts: Transcripts are usually required by schools, and cost a small fee.
- Letters of Recommendation: Some programs may require students to submit letters of recommendation. Students should reach out to professional or educational contacts for letters.
- Test Scores: Students must submit their GMAT or GRE scores to programs to be considered. Schools may set minimum score requirements.
- Application Fee: Application fees are usually between $50-$75. In some situations, students qualify for fee waivers.
What Else Can I Expect From a Master's Program in Entrepreneurship?
All MBA in entrepreneurship programs provide students with a business foundation; however, concentration and curriculum options are unique to each program.
Courses in a Master's in Entrepreneurship Program
Entrepreneurship programs cover key components in the industry, including accounting, marketing, and finance. While most programs touch on similar topics, each program has a unique curriculum.
- Accounting for Entrepreneurs
This course teaches students about the mechanics of accounting, with a focus on the core areas of managerial finance. Students learn to interpret and prepare financial statements.
- Entrepreneurial Marketing
An entrepreneurial marketing course teaches students about the strategies and processes related to launching and promoting new businesses. Students learn to design marketing campaigns.
- Entrepreneurial Leadership
Students learn about the practices and principles of effective leadership. This course pushes students to appreciate their current leadership strengths and develop a stronger skill set.
- Entrepreneurial Finance
Students learn to assess company financial statements, prepare pro-forma financial forecasts and budgets, and estimate an organization's financing opportunities. The course also covers how to take a critical look at the terms and provisions in venture capital agreements.
- Successful Negotiations
To be an effective entrepreneur, students need to learn the strategy and psychology of effective negotiations. In this course, students learn to negotiate and respond appropriately in business meetings.
How Long Does It Take to Get a Master's in Entrepreneurship?
Most master's in entrepreneurship programs take about two years of full-time study to complete. Part-time students will take longer to finish the program than full-time students. Some universities have accelerated programs, which allow students to finish their degree in as little as one year. Entrepreneurship programs usually require 45-50 credits, although each program has its own length and credit options.
How Much Is a Master's in Entrepreneurship?
Tuition, fees, technology costs, room and board, transportation, and financial aid are just some of the many things that affect program cost for students. Most programs feature tuition rates for in-state and out-of-state students. Tuition costs vary depending on whether the student is enrolled part time or full time.
Each program assesses its own costs, such as fees for applications, registration, records, transfer credits, and graduation. Additionally, students need to plan for technology costs. On-campus and off-campus housing costs differ greatly, especially since on-campus housing often includes meal plans. Students can research the costs of housing and transportation to calculate a program's total cost.
Certifications and Licenses a Master's in Entrepreneurship Prepares For
- Entrepreneurship and Small Business Certification
To pass the certification exam, ESB candidates must have key conceptual knowledge of small business and entrepreneurial principles.
- Daymond John Certificate in Entrepreneurship for Adults
Designed for intermediate-level small business owners and managers, as well as entrepreneurs, this certificate focuses on management within entrepreneurial business. Individuals must create a business plan, the best ones will be reviewed by Daymond John.
- Tarkenton Certificate in Entrepreneurship
An elite educational experience, the Tarkenton Certificate in Entrepreneurship features a comprehensive online curriculum. The program gives individuals more than 100 hours of practical business application and direct access to some of the most experienced instructors.
Resources for Graduate Entrepreneurship Students
This website offers affordable finance classes and free classes to students, including ones on budgeting and developing good money habits. The site is geared toward students and new entrepreneurs.
EdX is a free website that features more than 300 courses in entrepreneurship, such as financial analysis and the foundation of entrepreneurship.
Podcasts on entrepreneurship allow listeners to learn about up-to-date strategies in the field. Students can download the podcasts on their computer or through podcast apps.
This site provides students with a list of 150 free online business courses; audiobooks and certificate courses are also available.
Partnered with 114 educational sources, Coursera provides students with free courses, including data management for clinical research and innovation for entrepreneurs.
Professional Organizations in Entrepreneurship
Graduates with their MBA in entrepreneurship can join organizations and network with professionals in the field. Many professional organizations in entrepreneurship provide students with resources to build their skills and improve their knowledge.