Answers to some frequently asked questions about business degrees
A business degree is often seen as a prerequisite for starting a career in management or entrepreneurship. The coursework focuses on topics such as finance, marketing, human resources, accounting, operations, and leadership. Here you'll find some common questions about business degrees.
Business degree basics
Develop skills that are essential for running a successful company by earning a business degree. These include critical thinking, problem-solving, communication, teamwork, and decision making.
A business degree focuses on the theories that drive business, including administration, management, analytics, marketing, and finance. Business degrees are available on the associate, bachelor's, master's, and doctorate levels.
Depending on the program, a school may offer a general education in business, or may offer further specializations in areas such as accounting, entrepreneurship, international business, health care management, or others.
Whether any degree is worth the time and financial investment required will depend on your individual goals. If you are hoping to go into a business field, having an educational background specific to your desired path can help set your foundational knowledge and prepare you to network with future colleagues.
While getting a business degree is not the only path toward a business career, business is among the least-regretted college majors, second only to computer science/mathematics majors [3], suggesting that people who major in business generally end up more satisfied with their path compared with those who pursued other majors.
Getting an MBA online can open doors, help you grow professionally, as an individual, and yes—financially as well. Online business degrees can accommodate the obligations of your life while you learn the tools to build and support businesses. Ultimately, the worth of an online business degree depends on your personal and professional goals, financial outcome, costs, and other factors.
Many business programs require the completion of specific college courses before you can declare a business major. These usually consist of basic math courses and entry level business courses like Introduction to Financial Accounting and Principles of Management. Typically, you'll also be required to pass these classes with a grade of C or better.
For an undergraduate business degree, you don't usually need much experience beyond a high school diploma. For a graduate business degree, particularly for earning your MBA, some work experience may be required or looked upon favorably, and you'll need to have earned a bachelor's degree. Management experience can be especially helpful if you're entering a competitive MBA program.
The average salary of a business major depends on the level of education and the area of concentration. Typically, the more education you have, the higher your salary. However, several other factors may influence your salary, such as your previous work experience and industry.
Here are the average annual salaries across business degree levels [2]:
According to the US Bureau of Labor Statistics, the median annual wage for jobs in business and finance in the United States was $76,570 in May 2021. By comparison, here are the median annual wages for people in other professions:
Community and social services: $48,410
Computer programming and IT: $97,430
Education, training, and library: $57,220
Health care: $75,040
Media and communications: $62,340
Because business administration programs are nearly all-encompassing, graduates can work virtually anywhere. While some degrees equip students to work within a narrowly defined field, such as law or journalism, business administration degrees allow graduates to enter various sectors and positions. They can also give you the fundamental skills to open your own business.
Positions in procurement, human resources, healthcare, advertising, and management usually require (or prefer) a degree in business administration. The degree will also allow you to work in the financial and healthsector or as an office administrator for small and professional businesses.
If you want to advance on the corporate ladder, an MBA is often required for high-level management and executive positions.
If you want to advance on the corporate ladder, an MBA is often required for high-level management and executive positions.
A Masters of Business Administration, or MBA degree, is a graduate-level business and management degree with a focus on leadership and managerial skills. In an MBA program, you'll build a strong foundation of business practices while learning skills in areas like corporate finance, digital marketing, business strategy, operations management, leadership, organizational management, and more.
Typically, a traditional full-time MBA degree takes one to two years to complete. Some programs offer MBA candidates with an undergraduate business degree or substantial professional experience an accelerated MBA program to earn their degree in as little as a year.
Part-time, online, and executive MBAs can take anywhere from eighteen months to three years to finish, depending on the curriculum and course load.
Both Executive MBA and part-time MBA programs cater to professionals balancing a full-time job with their education. However, whereas EMBA programs are designed for professionals with 10 to 15 years of experience, part-time MBA programs tend to attract students with less experience. The content and class experience in a part-time MBA program more closely resembles that of a full-time MBA program—just presented outside of normal business hours.
A distance MBA is an online MBA program. These programs offer additional flexibility for students who both want to earn a degree part-time and can’t easily travel to a campus.
Flexibility is a priority on Coursera given the competing responsibilities many learners may have as they embark on their graduate education. Some master's programs, such as the University of Illinois Urbana-Champaign’s Master of Science in Management, can be completed in as little as one year. Other master’s degree programs may take two years or more to complete.
You can find more information about the program duration by visiting the degree page for the program you’re interested in.
There are several organizations that rank EMBA programs based on areas such as academic offerings, admission standards, and career outcomes. US News & World Report updates their list annually. In 2023, they determined the following as the top five EMBA programs:
University of Pennsylvania (Wharton)
Northwestern University (Kellogg)
University of Chicago (Booth)
Columbia University
Duke University (Fuqua)
Fortune and Ivy Exec also offer EMBA rankings, weighing criteria slightly differently. These rankings can be useful tools in comparing different programs, though ultimately, it’s important to choose the program that feels like the best fit for your needs.
Some companies may look favorably upon job candidates who succeed in what’s considered a top EMBA program. It’s important to note, however, that this distinction often comes with a higher tuition, and attending a moderately ranked university won’t necessarily exclude you from the benefits of an EMBA program.
In theory, you should receive similar information from both EMBA and MBA coursework, so if you already have an MBA, pursuing an EMBA might be redundant. If you are eager to continue your business education after receiving your MBA, you might consider a Doctor of Business Administration (DBA) degree program, or look into certificate programs that can sharpen your skills in new areas of business.
The DBA is not the same as an MBA, but the two degrees share some similarities. Both degrees can be considered terminal degrees for business management professionals. However, fewer people have completed a DBA program, which can help you stand out when you apply for a new job or are up for a promotion.
Completing an MBA likely won’t disqualify you from applying for a master’s in management program. However your knowledge base and experience might be a bit advanced for the MSM, and you may find you’ve already completed many of the required courses in your previous program.
If you’ve already completed an MBA and want to further your education, you might want to consider certificate programs that can sharpen your skills in new areas of business, or look into Doctor of Business Administration (DBA) degree programs.
Programs ranked highly on MBA ranking lists such as US News & World Report, Fortune, and Bloomberg tend to have average GMAT scores around 720 or 730. Scoring above a 730 is generally associated with a higher chance of admission, while scoring below a 730 is generally associated with a lower chance of admission. Learn more about taking the GMAT or GRE.
Finance degrees include bachelor’s, master’s, and doctorate level degrees awarded through private and public colleges and universities. Coursework for finance degrees typically includes accounting, statistics, financial analysis, financial management, economics, and markets. Some finance degree programs offer specializations in areas like accounting or business management.
The finance major requires taking classes in economics, accounting, mathematics, and business, among other related subjects. For that reason, it may be a challenging degree for some who don’t have as much experience or training in those areas.
In addition to the traditional health care administrator career path, people who hold a bachelor’s degree in health care administration may also be qualified for roles (and average salaries, according to Glassdoor) including:
Health care program manager ($92,029)
Medical records manager ($62,447)
Medical billing specialist ($39,223)
Health care consultant ($79,591)
Clinical supervisor ($66,556)
Human resources manager ($81,185)
Dental office manager ($54,527)
Lab facility manager ($63,062)
Health care policy analyst ($69,826)
Accounting and finance majors take some of the same classes, but a key difference is the graduates' career plans. Finance majors typically plan to pursue careers in banking, investing, and financial services. Accounting majors usually work as accountants, auditors, and tax preparers for companies or government agencies.
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Careers and salary
Any degree you are seeking will require some level of investment, whether that’s measured in money, time, or energy. On the other end of that investment should be a payoff—increased earning potential, new skills, or movement toward your career goals, to name a few.
Master of Business Administration (MBA)
A Masters of Business Administration, or MBA degree, is a graduate-level business and management degree with a focus on leadership and managerial skills. By earning this degree, you can equip yourself with the skills and knowledge to accelerate your career, transition to new industries, or even launch your own businesses.
Other types of business degrees
There's more than one type of business degree. Learn more about which type might be right for you.
Coursera’s editorial team is comprised of highly experienced professional editors, writers, and fact...
This content has been made available for informational purposes only. Learners are advised to conduct additional research to ensure that courses and other credentials pursued meet their personal, professional, and financial goals.
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