A Master’s Degree in Marketing exposes students to a variety of advanced topics related to the various aspects of marketing, including global perspectives, finance and entrepreneurship. Students enrolled in this degree complete a wide range of courses that cover the field of marketing comprehensively and lead to a variety of different career paths. The projected growth and salary potential for these careers is above average according to the US Bureau of Labor Statistics.
If you want to learn more about a Master’s Degree in Marketing, including common admission requirements, potential coursework, job opportunities and salary outlook, the following comprehensive guide would be of great use to you.
Opportunities with a Master’s Degree in Marketing
A Master’s Degree in Marketing can create a lot of opportunities for students, in a wide variety of organizations and departments. Marketing is one of the most diverse fields of study, with seemingly endless opportunities. A Master’s Degree in Marketing can be a great booster for your career, a fact that applies to both, recent graduates and existing marketing professionals. It equips students with a number of useful skills such as communication skills, networking skills and presentation skills. Potential graduate job options include becoming a content marketing manager, e-commerce marketing director, public relations manager, marketing research executive or senior brand manager.
How long does it take to earn a Master’s Degree in Marketing?
A Master’s Degree in Marketing would typically take 2 years to complete with a full-time study format. Many universities offer online or part-time study options as well, which may be completed in less than or more than 2 years. Some institutions also offer accelerated programs that can be completed in as little as 1 year.
How much does a Master’s Degree in Marketing degree cost?
According to a recent report by US News, the cost of some two-year, full-time graduate programs is over $100,000. Please note that this amount only accounts for the tuition cost of the program. Additional factors that would enhance the total cost of a 2-year graduate degree include living expenses, textbooks and technological expenses. Financing options are also available for most students, including scholarships and student loans. Loans issued to graduate students account for nearly 40% of all federal student loans issued every year.
Should I get a Master’s Degree in Marketing?
If you want to accelerate your career growth and achieve new heights in the field of marketing, an advanced degree such as a Master’s Degree in Marketing might be a good option. This is a great degree for both recent graduates and current marketing job holders, who intend to develop a detailed understanding of a specific field of marketing, such as e-commerce, digital marketing or consumer behavior.
The future of the field of marketing is quite bright, with a high growth expected in multiple related fields. According to the US Bureau of Labor Statistics, Advertising, Promotions and Marketing Managers are expected to experience job growth of 10% in the years from 2020 to 2030. This growth will add around 31,800 new jobs in the field in this ten-year time period.
Marketing managers will remain high in demand as organizations continue to rely on them for the creation of marketing campaigns to maintain or expand their market share. These professionals will be employed to give advice on how to craft pricing strategies and find new ways of reaching the target market segment.
What can I expect from a Master’s Degree in Marketing?
A Master’s Degree in Marketing can be completed in 2 years and would expose students to courses such as Business to Business Marketing Techniques, Global Marketing Methods, Marketing Research, Retail and Sales Management, Corporations and Financing and Logistical Strategies. Students can expect to complete advanced-level coursework, along with a capstone project and a mandatory internship.
How to choose a Master’s Degree in Marketing?
When looking for a Master’s Degree in Marketing, there are several factors that students must keep in mind. One of the main concerns for most applicants is the cost of a degree. Public colleges typically charge less than private institutions and in some cases, online programs may be cheaper than traditional, on-campus degrees.
Another important factor to consider is the coursework structure and learning outcomes of the syllabus. Students are advised to ensure that the coursework meets their long-term career goals.
In addition to the above, students should also check the faculty credentials, notable alumni and facilities offered by the university they plan to enroll at.
Accreditation for Master’s Degree in Marketing
One of the most important aspects to keep in mind when looking for a suitable Master’s Degree in Marketing is its accreditation status. Accredited programs have been checked for quality on a number of counts and offer a more comprehensive and widely accepted curriculum. In addition to that, accreditation status is very important for students who intend to apply for federal funding to finance their education.
How to get into a Master’s Degree in Marketing?
In order to get into a Master’s Degree in Marketing, students will have to meet certain admission requirements. All applicants will be required to have a bachelor’s degree in a related subject from an accredited institute. In addition to that, most universities would require applicants to fulfill minimum GPA criteria and provide documents such as the official transcripts, letters of recommendation and application forms.
Applicants may also need to submit GMAT or GRE scores. Some programs might also require incoming students to possess a few years of professional experience.
What can I do with a Master’s Degree in Marketing?
A Master’s Degree in Marketing can lead to a number of different career options since this is a very vast subject area. Marketing professionals will continue to be in demand as organizations consistently rely on marketing campaigns to expand their profits. Top-level professionals in this field will be sought after for their advice on creating pricing strategies and finding new ways to reach customers.
In addition to a bright future outlook, the continued rise of electronic media will create a huge market for a new kind of marketing professionals – digital marketing managers, who will be focused on creating digital media campaigns that target customers through the use of various forms of digital media such as websites, social media and live chats.
Popular Career Paths with a Master’s Degree in Marketing
After completing a Master’s Degree in Marketing, there are several paths that students can take, depending on their areas of interest and expertise. Let’s take a look at some of the most popular career choices available for graduates of a Master’s Degree in Marketing:
Advertising, Promotions and Marketing Managers
These professionals are in charge of a number of areas of marketing for different kinds of organizations. They work with department heads to finalize marketing budgets, plans and contracts. Advertising, Promotions and Marketing Managers are also strongly involved in the planning and execution process of promotional campaigns, pricing strategies and hiring of a marketing team. According to the US Bureau of Labor Statistics, Advertising, Promotions and Marketing Managers made an annual median income of $141,490 in 2020. The job growth for this occupation is expected to be 10% in the years from 2020 to 2030, which will add an estimated 31,800 new jobs in the field.
Market Research Analysts
Marketing graduates can also find work as Market Research Analysts. These professionals monitor and forecast marketing and sales trends and measure the effectiveness of marketing programs in different organizations. They also plan and execute methods for collecting data, such as surveys, opinion polls and questionnaires. After the data collection process, Market Research Analysts use statistical software to analyze this information and convert it into understandable tables, graphs and written reports. According to the US Bureau of Labor Statistics, Market Research Analysts made an annual median income of $65,810 per year in 2020. The job outlook for this occupation was 22%, which is much faster than average. An expected 163,600 new jobs might be added for this category in the years from 2020 to 2030.
Public Relations and Fundraising Managers
These professionals are responsible for planning and directing the creation of marketing material that will work towards enhancing the public image of their client or employer. These managers help develop an organization’s positive identity and image and help clients communicate effectively with the public. According to the US Bureau of Labor Statistics, Public Relations and Fundraising Managers made an annual median income of $118,430 in 2020. The job outlook for this occupation in 2020-30 was 13%, which is faster than average. This growth will add approximately 11,300 new jobs in this field.
How much money can I make with a Master’s Degree in Marketing?
The amount of money you make after completing a Master’s Degree in Marketing depends on the exact job title you hold, your past experience, education level, skill set and seniority. According to the US Bureau of Labor Statistics, Advertising, Promotions and Marketing Managers made an annual median income of $141,490 in 2020.