Graduate Education

Earning a graduate degree offers numerous advantages that can significantly enhance your career and professional development. Here are some key benefits:

• Enhanced Career Prospects: Deepens your knowledge, allows specialization, and equips you with advanced skills.
• Competitive Edge: Makes you stand out in the job market with specialized expertise and critical thinking abilities.
• Commitment and Leadership: Demonstrates dedication to your field and positions you as a potential leader.
• Networking Opportunities: Connects you with peers, faculty, and industry professionals, opening doors to new career opportunities and collaborations.
• Higher Earning Potential: Correlates with increased salaries and better job prospects, making it a valuable investment in your future.
• Versatility: Helps you advance in your current career or pivot to a new field with the necessary knowledge, skills, and network.

Whether you aim to advance in your current career or switch to a new field, a graduate degree provides the essential knowledge, skills, and network to achieve long-term professional success.

Common Degrees

Master's in Accountancy

Many students choose to further their education in Accounting by enrolling in a Master’s program. Typically, Master’s programs in Accounting are one-year, full-time commitments. However, part-time programs are available for students who wish to work while studying, although these programs generally take longer to complete. Most Master’s programs have dedicated recruiting schedules and work diligently to secure job placements for their graduates.

Reasons to Consider a Graduate Degree in Accounting

• Gaining Additional Experience: A graduate degree provides more in-depth knowledge and practical experience in Accounting, enhancing your readiness for the job market.
• Increasing Competitiveness: Completing a Master’s degree can make you a more competitive candidate in the job market, standing out to potential employers.
• Meeting CPA Requirements: For those who do not meet the credit or unit requirements for the CPA (Certified Public Accountant) certification, a Master’s degree can help fulfill these prerequisites.

Applying to an Accounting Program

Entrance requirements for a Master’s in Accountancy can vary widely between schools. Some programs require standardized test scores such as the Graduate Record Examination (GRE) or the Graduate Management Admission Test (GMAT). Additionally, some schools offer rolling admissions while others have specific deadlines. For more detailed information about specific Accounting programs, refer to resources like AccountEdu.org.

Master’s in Business Administration (MBA)

It is uncommon for students to pursue a Master’s in Business Administration (MBA) immediately after completing their undergraduate education. Most MBA programs prefer applicants who have garnered some professional experience before applying. The duration of an MBA program can vary, but full-time programs generally last for two years.

Reasons to Pursue an MBA

An MBA can significantly enhance your career prospects and provide numerous benefits, including:

• Extensive Business Network: Gaining access to a broad and influential network of business professionals, alumni, and industry leaders can be invaluable for career growth and opportunities.
• Career Advancement: An MBA is often a requisite for upper management roles, providing the skills and credentials needed to climb the corporate ladder.
• Increased Earning Potential: Graduates often see substantial salary increases, making the investment in an MBA program financially rewarding in the long run.

Applying to an MBA Program

To apply for an MBA program, you typically need to prepare the following materials:

• Bachelor’s Degree: A degree from any major is usually acceptable, as MBA programs value diverse academic backgrounds.
• Standardized Test Scores: Scores from the GRE (Graduate Record Examination) or GMAT (Graduate Management Admission Test) are commonly required.
• Professional Experience: Most competitive programs highly value applicants with relevant work experience, as it demonstrates practical knowledge and leadership potential.
• Resume: An updated resume highlighting your academic achievements, work experience, and extracurricular activities.
• Essays or Writing Samples: Required essays or writing samples allow you to articulate your goals, experiences, and reasons for pursuing an MBA.
• Admissions Interview: An interview with the admissions committee is often part of the application process, providing an opportunity to showcase your interpersonal skills and fit for the program.

Master’s in Economics

Master’s programs in Economics typically span one to three years, offering a robust foundation for students aiming for careers in both government and the private sector. These programs are designed to equip students with advanced analytical and quantitative skills essential for tackling complex economic issues and making informed decisions. Additionally, a Master's degree can serve as a stepping stone for those considering a Ph.D. in Economics, although it is not always a prerequisite for doctoral studies.

Benefits of a Master’s in Economics

• Enhanced Career Opportunities: Graduates often find employment in diverse roles such as economic analysts, policy advisors, financial consultants, and research associates in prestigious institutions and organizations.
• Skill Development: The curriculum typically includes advanced coursework in econometrics, microeconomics, macroeconomics, and specialized fields like environmental economics or health economics, providing a deep understanding of economic theories and practical applications.
• Networking: The program offers opportunities to connect with professionals, professors, and peers, fostering a network that can be beneficial for career advancement and collaborative research.

Preparing for a Master’s Program in Economics

If you are considering a Master’s in Economics, early preparation during your undergraduate studies is crucial. Here are key steps to enhance your readiness:

• Strengthen Your Mathematics Skills: Enroll in additional Mathematics courses beyond the basic requirements of your Economics major. Courses in calculus, linear algebra, and statistics are particularly valuable.
• Gain Research Experience: Engage in research projects or assistantships to develop your analytical and empirical research skills. This experience is highly regarded in Master’s program applications.
• Build Relationships with Professors: Cultivate relationships with your professors by participating in their research projects and seeking mentorship. Strong letters of recommendation from faculty who know your work well can significantly boost your application.
• Seek Relevant Experience: Internships and work experience in economic research, policy analysis, or related fields can provide practical insights and make your application stand out.

PhD in Economics

PhD programs in Economics typically span five to six years, though the duration may vary. These programs primarily aim to prepare students for academic positions at research universities. However, many graduates also pursue careers in the private sector, utilizing their advanced research and analytical skills in various industries.

Reasons to Consider a PhD in Economics

• Passion for Scholarship: If you love intellectual pursuits and the idea of making new discoveries excites you, a PhD in Economics might be a fulfilling path.
• Mathematical Aptitude: A strong skill set in mathematics is crucial, as much of the coursework involves studying formal economic models.
• Dedication to Study: PhD programs demand a significant time commitment, often requiring 70-90 hours of study per week.
• Interest in Economic Theory: If you find studying formal models in economics courses to be the best part of your academic experience, this advanced degree could be a great fit.

Preparing for a PhD Program

If you are considering a PhD in Economics, early preparation during your undergraduate studies is essential. Here are some steps to enhance your readiness:

• Mathematics Courses: Enroll in additional Mathematics courses beyond the basic requirements of your Economics major. Courses in calculus, linear algebra, and statistics are particularly valuable.
• Research Experience: Engage in research projects or assistantships to develop your analytical and empirical research skills. This experience is highly regarded in PhD program applications.
• Build Relationships with Professors: Cultivate relationships with your professors by participating in their research projects and seeking mentorship. Strong letters of recommendation from faculty who know your work well can significantly boost your application.
• Explore Resources: Utilize available resources to guide your application process, such as:
  • A Guide for UCSB Undergraduates Considering a PhD in Economics
  • The American Economics Association (AEA) Website
  • AEA Suggested PhD Application Timeline
  • AEA List of All US Graduate Degrees in Economics