What Is a Master’s Degree? A 2025 Guide

A master’s degree is a postgraduate qualification that allows you to deepen your expertise in a specific subject area. Whether you’re hoping to advance your career, switch industries, or pursue research, a master’s can be a valuable next step after earning a bachelor’s degree.

In 2025, more students and professionals are choosing master’s programs to gain specialized skills and stay competitive in a changing job market. But with so many options available, understanding what a master’s degree involves, and whether it’s right for you, can feel overwhelming.

This guide breaks down everything you need to know.

What Does Getting a Master’s Degree Mean?

A master’s degree is an advanced academic qualification that typically takes one to two years to complete. Offered by universities and graduate schools worldwide, these programs provide in-depth knowledge in a specific discipline and often include both theoretical study and practical application.

In order to enroll, you will usually need a bachelor’s degree in a related field. In addition, some programs require prior work experience, especially in business and executive education. Master’s degrees are highly valued across industries for developing leadership skills, critical thinking, and specialized expertise.

Why Pursue A Master’s Degree?

There are many reasons to pursue a master’s degree, and each is as individual as the student.

  • Career advancement: Many roles now require or prefer a master’s degree for senior positions.
  • Specialization: A master’s allows you to focus deeply on one subject area or industry.
  • Higher earning potential: In many fields, master’s graduates earn significantly more than those with only a bachelor’s.
  • Personal growth: The academic challenge and global networking opportunities can be incredibly rewarding.

Whether you’re aiming to boost your career, switch tracks, or pursue academic research, a master’s degree can open new doors.

Types of Master’s Degrees Explained

Master’s programs typically fall into two broad categories: academic and professional.

Academic Master’s Degrees

These degrees focus on theoretical and research-based learning, often as preparation for a PhD or academic career. Common examples include:

  • Master of Arts (MA)
  • Master of Science (MS or MSc)

Academic master’s programs involve coursework, independent research, and usually a thesis or dissertation. 

Professional Master’s Degrees

These are designed to prepare you for specific careers by teaching practical, job-ready skills. Examples include:

  • MBA (Master of Business Administration)
  • M.Ed. (Master of Education)
  • MSW (Master of Social Work)
  • MPA (Master of Public Administration)
  • MPH (Master of Public Health)
  • MFA (Master of Fine Arts)

Professional degrees may include internships, fieldwork, or industry projects, therefore making them more hands-on than academic programs.

General vs. Specialized Master’s Degrees

  • General programs offer a broad understanding of a field, giving you flexibility in your career path.
  • Specialized programs dive deep into a niche area, preparing you for focused roles in a specific industry.

Pre-Experience vs. Post-Experience Programs

  • Pre-experience programs are open to recent graduates and don’t require prior work experience.
  • Post-experience or executive programs are tailored for professionals with several years of experience, often designed to fit around a full-time job.

How Long Does a Master’s Degree Take?

Most master’s programs take 1 to 2 years of full-time study. However, part-time, online, and flexible formats may extend this timeline to 3 to 5 years, depending on the program.

Keep in mind:

  • Professional degrees often follow a timetable or schedule with required modules.
  • Academic degrees may include more self-directed research and thesis work.

How Are Master’s Degrees Structured?

While program structure varies by institution and country, most master’s programs include:

  • Core modules: Foundational courses you must complete
  • Electives or specializations: Tailor your degree to your interests
  • Capstone project or thesis: Independent research or applied project
  • Internships or placements: Particularly in professional programs

Programs often use a credit-based system. Specifically, you’ll need to complete a certain number of credits to graduate, which typically includes both coursework and independent work, for instance.

What Does a Master’s Degree Cost in 2025?

The cost of a master’s degree depends on where you study and the type of program.

Average Tuition Costs:

In addition to tuition, don’t forget to budget for:

  • Books and study materials
  • Travel or relocation costs
  • Living expenses (housing, food, insurance, etc.)

What Can You Study in a Master’s Program?

Master’s degrees are available in nearly every academic and professional field. Some of the most popular areas include:

Social Sciences

  • Education
  • Psychology
  • Law
  • International Relations

Applied Sciences

  • Biology
  • Chemistry
  • Computer Science
  • Engineering
  • Medicine

Humanities

  • Art
  • History
  • Literature
  • Music
  • Philosophy

Business Master’s Degrees

Business schools offer a wide range of specialized master’s programs.  While it’s impossible to list all graduate degrees, here are some of the most popular:

Accounting

A master’s in accounting prepares students for certified public accountant (CPA) or chartered accountant certification and careers in auditing, finance, and corporate accounting.

Entrepreneurship / Innovation

Ideal for aspiring founders or those leading innovation in existing companies. At the present time, there has been a significant rise in master’s degrees in entrepreneurship and/or innovation.

Finance

Master’s in finance programs have expanded in recent years to include the emerging trends in the world of finance. This includes specializations in sustainable finance, fintech, investment banking, and blockchain.

International Business

If you want to learn more about the workings of international business, a master’s in international business could be for you. Generally these programs focus on global trade, cross-cultural management, and multinational operations.

Business/Data Analytics

A master’s in business analytics will teach you how to apply modern data analytics tools in business. For example, tracks in data interpretation, machine learning, and how to use analytics to drive decision-making could form the focus of your program.

Management

An alternative to the MBA, the Master in Management (MiM) is designed for early-career professionals or new graduates as you do not need any work experience, among other distinctions.

Marketing

Marketing is now crucial to the success of every business. Typically, a master’s of marketing explores branding, digital marketing, consumer behavior, and marketing analytics.

Sustainability / Renewable Energy

Combines business education with environmental responsibility to prepare leaders tackling global sustainability challenges.

Master’s Degree Formats: Online, Full-Time and More

Master’s degrees now come in a range of formats to suit different learning styles and life situations.

Full-Time

A full-time master’s program typically occurs on campus, although some may have online elements. Depending on the school and subject, they tend to be between one and two years long.

Part-Time

Designed for students who want to work while they study. As a result, these can take 2–5 years depending on course load

Online

Fully online degrees offer the most flexibility. Therefore these programs are perfect if you want to study remotely or balance other commitments such as work or caretaker duties.

Hybrid / Blended

A combination of online learning and occasional campus visits. Hybrid programs gained popularity during the pandemic and remain a flexible option for many.

How To Choose The Right Master’s Program

Choosing the right program can be tricky and depends on your goals, lifestyle, and resources. Follow these simple steps to get closer to your perfect master’s program.

Decide on the Format and Location

When deciding where to study, ask yourself these questions:

  • Do you prefer in-person or online learning?
  • Would you rather stay local or study abroad?
  • Are you looking for a full-time or part-time commitment?

Also, consider the career opportunities in your target location; some countries offer better post-graduation work options for international students

Check the Rankings and Accreditations

Rankings (like QS, Financial Times, or Times Higher Education) give you a general idea of program quality, but they don’t tell the full story. Look for:

Business schools also obtain accreditations from bodies such as EQUIS and AACSB. The role of these organizations is to assess the credibility of master’s programs. They do this by looking at various factors such as the quality of faculty, curriculum, career mobility, and graduate salaries.

Reach Out to Alumni

It’s never a bad idea to reach out to university alumni. Firstly, they can give you a better idea of what your master’s program is really like. Plus it’s probably easier than you think to get in touch with them.

On the other hand, some schools will publish a list of program alumni with their contact details. In addition, you could search for them on LinkedIn. Alternatively, you can get in touch with one of our master’s ambassadors from all over the world.

How to Apply for a Master’s Degree in 2025

Although there are standard elements of the master’s program application process, it’s still a good idea to check the specific requirements for your program, as they may differ.

Below are the steps required for most applications. You should consider these and more well before applying for a master’s to increase your chances of getting accepted.

1. Check Your Eligibility

Make sure you meet the academic and language requirements. Some programs require a relevant bachelor’s degree or specific test scores. Occasionally, for some professional programs, work experience may also be necessary.

2. Take the Relevant Tests

Common entrance exams include:

  • GMAT or GRE for business and other professional degrees
  • TOEFL or IELTS for non-native English speakers

Some programs waive test requirements based on previous education or experience.

3. Complete the Application Form

In your application form, you will need to include details of your personal, academic, and (if applicable) professional background. In addition, you may also be asked to include information about your extracurricular activities.

4. Submit Supporting Documents

In most cases, you’ll need to provide original copies of these documents if accepted.

These may include:

  • Transcripts
  • Degree certificates
  • Letters of recommendation
  • CV or résumé
  • Proof of English proficiency

5. Write Your Personal Statement

While some call it a personal statement, some call it an application essay, essentially they mean the same thing. Equally important, this is the moment where you can outline your motivation for applying, share a bit more about yourself, and explain what you will bring to the program. Your personal statement should explain:

  • Why you’re applying
  • What you hope to gain from the program
  • How it aligns with your goals

Most importantly, make it authentic and focused on what you want for your future.

6. Pay the Application Fee

When applying for a master’s degree, some programs require an application fee to cover their admin and processing costs. Although the fee varies across programs, the normal range is between around US$50 – $150.

Master’s Degree Funding Options

Financing a master’s degree can be challenging, but there are several pathways available:

Student Loans

Depending on where you live, government or private loans may be available. At the same time, always check the repayment terms before signing up for anything.

Scholarships, Fellowships, and Bursaries

Most master’s programs will have a “Financial Aid” section on their website detailing scholarships, fellowships, and bursaries.

Look for:

Check your program’s website for funding options, and don’t forget to look for independent scholarship platforms.

Employer Sponsorship

If your degree aligns with your current role, your employer might sponsor part or all of your studies. As a matter of fact, many universities can even help you prepare a case for sponsorship.

Final Thoughts: Is a Master’s Degree Right for You?

Pursuing a master’s degree is a big step; but it can also be a smart one. Whether you’re aiming to advance in your current field or pivot to something entirely new, the right program can empower you with the skills, confidence, and connections to reach your goals.

Take your time, explore your options, and choose a path that fits both your personal and professional goals.

Good luck on your journey!


Thinking about pursuing a master’s? Don’t forget to check out our articles and events and contact our ambassadors. Read inspiring stories from graduates and see if it’s the right next step for you.