Is a Hospitality Management Master’s Degree Worthwhile?
If you aspire to start or advance your career in hospitality relevant industries, you should think about pursuing a master’s degree in hospitality management. However, enrolling in a graduate program is a serious life decision.
Considering the time and money you will need to invest, it’s smart to ask this important question—“Is getting a master’s in hospitality management worthwhile?”—before committing to your graduate study.
To answer this question, you need to evaluate the value of the degree in hospitality management comprehensively. Let’s take the following factors into account.
The Academic Outcomes—What Can You Learn?
Even though different universities have their unique program designs, generally speaking, a master’s degree in hospitality management focuses on the examination of business and management principles in the hospitality context. It equips you with the capability to apply the theoretical knowledge to real-world situations and to improve a hospitality organization’s operations.
In addition to the high-level management theories, some master’s in hospitality management programs may also include courses to help you develop vital skills in various business specializations, such as:
- Finance and accounting
- Strategic branding and marketing
- Entrepreneurship
- Human resource management
Many hospitality management master’s degree programs also incorporate experiential learning. Boston University’s Master of Management in Hospitality degree, for example, includes a 400-hour internship in the curriculum. As a result, you are able to build your resume and obtain hands-on experience while earning the degree.
Career Prospects
After earning a master’s degree in hospitality management, with the depth and breadth of business knowledge, you are well prepared to pursue a range of careers in the hospitality industry, including hotel management, event planning, restaurant management, tourism, and real estate. In addition, depending on the concentration of your hospitality degree, your skills are often very versatile and transferable to a variety of managerial positions.
For example, the finance and accounting knowledge that you gained from the degree may lead you to a position as a financial analyst or accountant at any company that has business directly or indirectly related to the hospitality industry. Other common occupations for hospitality management graduates include:
- Marketing Manager
- Human Resources Manager
- Public Relation Manager
- General Manager
- Operation Director
- Sales Manager
- Manager of Customer Services
The alumni from Boston University’s Master of Management in Hospitality program have successfully launched leadership positions in various sectors of the hospitality industry. Learn where BU’s MMH graduates are working.
The Earning Potential of Hospitality Management Graduates
When you are determining if a master’s in hospitality management degree can give you any long-term or short-term return on investment, it’s necessary to take a look at the potential of salary increases.
According to Indeed, by leveling up from a bachelor’s degree to a master’s degree, your earnings could grow approximately 20%. In addition, the Bureau of Labor Statistics estimates the median salary for management occupations in the United States was $109,760 in 2020.
However, your salary can vary depending on your experience and your job title. For example, as of 2020, the median annual salaries for food and beverage managers and lodging managers were around $56,000, while marketing, financial, and human resources managers’ median salaries were over $120,000.
The Cost of a Master’s in Hospitality Management
How much money do you need to invest in your master’s degree in hospitality management? First of all, let’s take a look at the average tuition cost for a master’s degree in the United States. According to the Education Data Initiative, the cost greatly varies from $30,000 to $120,000, depending on the school and the length of the program.
Boston University School of Hospitality Administration estimates the total cost of the Master of Management in Hospitality degree program to be $59,458. Merit scholarships and financial aid opportunities are available to help graduate students to afford their education.
Other universities’ programs might have different financial aid policies and resources. You can visit the Federal Student Aid website to explore the financial aid options.
The Program Length and Formats
As the cost of a master’s degree in hospitality management is correlated to the length of the program, choosing an accelerated program may help you achieve the fastest return on your investment. Accelerated programs usually are intensive and can be completed within one year.
Alternatively, if you hope to maintain your full-time employment while earning a master’s degree, you may consider enrolling part-time. Unlike the accelerated format, part-time study can lengthen your time to complete the degree. However, it allows you to take classes around your schedule and financially support your education with a full-time income.
Depending on your goals and financial situation, you can determine which program format would benefit you the most. With that being said, both accelerated and part-time program formats can reduce your time away from the workforce.
BU’s MMH program offers the option for you to complete your degree in just one year on a full-time basis or two years part-time.
Making the Most of Your Hospitality Management Master’s Degree
To evaluate the full value of a master’s degree in hospitality management, you can also examine the resources a school or program may provide outside of the classroom. These may include:
- Career services:
Career support from your university can help you find internships and employment. Some universities may also host career fairs where you can connect with potential employers.
- Academic advising:
If your school offers academic advising, that’s an excellent way to gain professional assistance in designing your plan of study and ensuring you are on track to graduate from the program within your desired timeline.
- Alumni network:
Joining a strong alumni network is beneficial for you to develop professional relationships or mentorships. Some alumni associations also offer exclusive job postings, career counseling, and informational interviews.
BU School of Hospitality Administration’s Marriott Career Center and the BU alumni association are powerful resources that increase the value of the Master of Management in Hospitality degree.
Invest in Your Future With BU’s Master of Management in Hospitality Degree
Earning a master’s degree in hospitality management is an investment in your career. At Boston University School of Hospitality Administration, we are committed to making that investment worth it.
We have helped numerous ambitious students like you achieve their professional goals. 98 percent of the BU MMH alums launched their careers in the hospitality industry within three months of graduation. Take your next step and start investing in your future! Request information today!