15 Best Masters in Entrepreneurship Programs in | Schools, Requirements, Cost

Entrepreneurs are a vital force in the economy. They are the highest income-generating force for every nation. But definitely, they can’t do that with just the knowledge they have. They achieve this by taking a degree program in Entrepreneurship.

They do not stop at getting a bachelor’s degree; they go as far as obtaining a master’s degree in Entrepreneurship. Thus, we have compiled the best master’s degree programs in Entrepreneurship in 2025 for your study.

However, colleges and universities have separated from traditional business degrees to offer entrepreneurship majors over the past decade. Sounds great when you try to learn everything you can to run the business, right? But there are many questions.

How much will it cost? Will it be worth it? What is the difference between a Master’s in Entrepreneurship and a standard MBA? Going to school has advantages, but figuring out whether an entrepreneurial degree is right seems more difficult than finding a stolen painting.

So we researched, talked to experts, and worked to determine if a degree in entrepreneurship was worth it. We cannot give you a direct answer. Many people we have spoken to have benefited from their programs, but some were not sure it was worth the cost.

It is up to you, but we are here with information to help you decide.

What is a Master in Entrepreneurship?

Masters in Entrepreneurship is designed for graduates who intend to create a highly impactful and innovative business. In addition, this program allows you to develop your business and management skills. It focuses on improving your innovative and proactive thinking by giving you hands-on experience in the field.

Regardless of your academic background, this program is for a variety of students who want to start their businesses or who want to run large companies with excellent leadership skills.

Due to the increasing popularity of this profession among students, the Master in Entrepreneurship is becoming very competitive to be successful. However, a solid profile and the desire to run a business with confidence and determination are all you need to be admitted to this course.

Why Get a Master’s Degree in Entrepreneurship?

For students interested in improving their problem-solving skills and developing a purposeful approach for startups, the Master in Entrepreneurship is right for you.

Furthermore, this program is a good option for all graduates who wish to introduce new products and even manage new projects for established companies.

Also, many universities offer students the opportunity to work on real business models with potential clients, interview them collectively, and develop new ideas. The courses are academically difficult and require research, essays, and reading important texts. Throughout the program, students can connect with highly experienced mentors—especially those who share their wisdom and first-hand experiences that are truly helpful to aspiring CEOs and leaders.

Therefore, a Master’s in Entrepreneurship can give you a great opportunity to learn by creating and networking with highly influential people who serve well in starting or managing a business.

How Valuable is a Master’s Degree in Entrepreneurship?

I guess you want to know if a master’s degree in entrepreneurship is worth it, especially when founders like Mark Zuckerberg were successful after dropping out of school.

We spoke with a handful of experts who have master’s degrees in entrepreneurship to find out if they think their degrees are worth it and if they recommend the same path.

If you are getting a degree in entrepreneurship to get rich quickly, this is not the way for you. You must be passionate about starting a business, or you won’t get much out of a program. Earning a degree is a great decision, so make sure you want it before you begin.

What Can I Do With a Master in Entrepreneurship?

While it is difficult to confidently say what a master’s degree will do for you, there are many paths to follow. The degree program is attractive to employers in various industries and will be helpful if you decide to start your own business.

So here is what your career outcome will look like.

You will be an attractive candidate for startups and small businesses just starting out. Large consulting firms (like McKinsey) often hire MBAs and entrepreneurship graduates. Plus, you’re likely to connect with those on your show, those who are just as excited to start a business as you are.

For example, a master’s entrepreneurship program not only allows you to design, develop, start, and manage your own business. It also gives you the knowledge and skills you need for business consulting, research and development, recruiting, fundraising, and more.

It can also be found in various industries, from healthcare to technology, product design, and education. All this to say, this degree opens innumerable doors.

How Long does to Get a Masters Degree in Entrepreneurship?

The duration of the Master Entrepreneur usually is between 12 and 24 months, depending on the chosen school.

The program is generally into 3 or 4 terms with a mandatory project and an internship in most schools.

  • Term 1 – September to December
  • Term 2 – January to March
  • Quarter 3 – April to June
  • Business Applications / Dissertation – July to September

Above all, in most schools, students are asked to prepare a thesis project under the supervision of a faculty member. This project helps aspiring entrepreneurs work in their new developing companies or research a business opportunity’s viability.

In addition, some universities offer you the opportunity to enroll in the course as a part-time student and attend official on-campus conferences 2-3 days a week.

How Much Does a Masters Degree in Entrepreneurship Cost?

Looking for an estimated cost of taking a master’s degree? The cost of a master’s degree in entrepreneurship depends on the institution.

School is expensive, no matter how you cut it. State tuition fees are significantly cheaper, so consider your public school if they have a good program. Many programs also offer scholarships and grants.

The great thing about entrepreneurship degrees is that they come in many shapes and sizes. You can earn a Masters in Business or an Honors MBA.

The overall average tuition for an MBA is $60,000. This figure has a complete range: the most expensive schools can cost almost double, while the economical schools can cost almost half.

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Top private business schools, like Pennsylvania Wharton, Harvard, Stanford, and Northwestern Kellogg, charge more than $110,000 a year for tuition. The cost of attending lesser-known public schools may be closer to $35,000.

In addition to tuition fees, Investopedia notes that you can consider up to $ 20,000 in books and shipping fees, and your required laptop or any academic trip will add more.

If you attend school full-time, it also means that you are not working and will accumulate additional debt for lost income and opportunity costs.

You might need to consider an online program to work and study at your own pace.

What are the Admission Requirements for a Master in Entrepreneurship?

Admission Requirements

Master in entrepreneurship open to graduates from all disciplines. However, a graduate must know mathematical and statistical problems to enter a good school.

Applicants unfamiliar with mathematics and computer science can also gain admission if they take preparatory courses in mathematics and CS before joining the class. Most universities, like Imperial College, require that you take a preparatory course in mathematics and accounting 2 months before the start of the period.

Additionally, you must have obtained the first degree according to an international standard of 2: 1. Besides being part of business activities, having a maximum of 2 years of professional experience is advantageous.

Admission Process

The essential factor in obtaining admission to the Master in Entrepreneurship is having an interest in pursuing a career in business and entrepreneurship.

However, the final selection is based on the complete evaluation of your application, test results, extracurricular programs, and work experience. Any experience in entrepreneurship and innovation is an additional asset.

General Constituents of the Application Requirements

  • English proficiency test – IELTS or TOEFL-ibt
  • Application College on the web portal
  • £50 application fee
  • 2 academic references
  • GMAT score (according to university requirements)
  • Undergraduate academic transcripts (GPA, Basic, and Elective) from all post-secondary institutions that have already attended
  • CV or Resume
  • Personal statement

Test scores are required for Masters in Entrepreneurship

The official GMAT or GRE test score is essential to your application for the Master in Entrepreneurship. All the best universities require a high score on these standardized tests to assess their mental and intellectual abilities.

In addition to the GMAT, English proficiency test results are also required with the app. Some universities accept IELTS, while others require TOEFL (minimum score of 100) for international applicants.

Class Profile

Here is an overview of the Master in Entrepreneurship and Innovation class at ESADE Business School:

  • Each class size – 63
  • Average age – 24
  • Female students – 35%
  • Male students: 65%
  • Average work experience – 1 year

Above all, the student gets a background in Master in Entrepreneurship – Management (68%), Science (11%), Economics (10%), Engineering (5%), Human Sciences (3%), Others (3%)

15 Best Masters in Entrepreneurship Programs in 2025

You must enhance your knowledge by going for a degree program in Entrepreneurship.

However, graduates with a master’s degree in entrepreneurship are currently in high demand than those with a bachelor’s degree. Hence, it would help if you furthered your studies, and to help you do that, we have compiled the best school where you can earn a master’s degree in Entrepreneurship in 2025.

Harvard University

Master of Business Administration in Entrepreneurship & Innovation

Acceptance Rate: 5%

Graduation Rate: 98%

Tuition: $46,384

Specifically, Harvard University offers a Master of Business Administration in Entrepreneurship and Innovation through its Harvard Business School. Elective offerings include entrepreneurship and global capitalism, the founders’ adventure, launching technology projects, and managing the future of work.

However, students are also offered experimental learning opportunities through field course options in areas such as sales, business marketing, and entrepreneurship through product acquisition and management.

Through the Arthur Rock Center for Entrepreneurship at the business school, students can also choose to participate in business incubators, entrepreneurship forums, summer scholarships, and venture partnerships.

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University of Pennsylvania

Master of Business Administration in Entrepreneurship & Innovation

Acceptance Rate: 9%

Graduation Rate: 95%

Tuition: $34,882

The University of Pennsylvania offers a Master of Business Administration in Entrepreneurship and Innovation through its Wharton School. Above all, the program is designed to develop the skills necessary to prepare students for entrepreneurship independently, in business, or family businesses.

Also, the Goergen Entrepreneurial Management program combines theory and practice and offers funding, teaching, and scholarship opportunities.

Most importantly, the course offerings on entrepreneurship and innovation include creativity, innovation-oriented intellectual property strategy for the company, negotiations, product design, etc. Students are also recommended to complete a three-and-a-half-month summer internship.

Finally, the study program covers 20 months.

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University of California, Berkeley

Master of Business Administration in Entrepreneurship

Acceptance Rate: 17%

Graduation Rate: 92%

Tuition: $11,442 in-state; $26,544 out-of-state

The University of California, Berkeley offers a Master of Business Administration in Entrepreneurship through its Haas School of Business. The MBA degree program specifically prioritizes entrepreneurship, which is part of the reason it tops this list.

Most importantly, it is designed to give graduates the resources to explore the world of venture capital, start their businesses, or start new businesses. Course offerings include Life as an Entrepreneur, New Venture Finance, and The Startup Lab.

Above all, there is no better place than the Bay Area and Silicon Valley to earn an MBA in entrepreneurship. Also, students can win scholarships, attend global venture capitalist conference series, participate in starter competitions, and much more.

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University of Southern California

Master of Business Administration in Entrepreneurship & Innovation

Acceptance Rate: 16%

Graduation Rate: 92%

Tuition: $44,712

Basically, the University of Southern California offers a Master of Science in Entrepreneurship and Innovation through its Marshall School of Business. Students may choose to pursue one of the seven interdisciplinary minors. Including, among others, the digital entrepreneur, the entrepreneurship of games, and the commercialization of technology.

However, the 27-unit program includes required courses such as cases in feasibility analysis, The Business Advisor: Troubleshooting for Startups, and the founder’s dilemmas: anticipate and avoid initial pitfalls.

Above all, the study program can be completed in one year full-time or two years part-time. Additionally, USC Marshall has been a revolutionary entrepreneurial educator for half a century. Our distinguished alumni founded national brands like Kinko’s, Salesforce, Tinder, and more. MSEI graduates join a strong network of former Trojan students who will benefit them throughout their careers.

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University of Virginia

Master of Business Administration in Entrepreneurship, Innovation & Strategy

Acceptance Rate: 27%

Graduation Rate: 93%

Tuition: $37,400

Darden has been recognized for having one of the leading entrepreneurship programs among all graduate business schools. As part of the required curriculum, the strategy lays the foundation for a deeper understanding of the success of companies and entrepreneurs.

The school offers over 25 elective courses in entrepreneurship, innovation, and strategy, and 100% of MBA students take entrepreneurship courses in Darden!

Darden also encourages students to innovate and start businesses through various entrepreneurial activities. Above all, students can participate in one of the four main business competitions, in Venture Capital and E-Boot Camps, and join the Entrepreneurship Club and Venture Capital.

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University of North Carolina at Chapel Hill

Master of Business Administration with a Concentration in Entrepreneurship

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Acceptance Rate: 24%

Graduation Rate: 90%

Tuition: $51,502 for residents, $66,626 for non-residents

The University of North Carolina at Chapel Hill offers a Master of Business Administration with a concentration in entrepreneurship. All entrepreneurship courses at UNC Kenan-Flagler are optional, allowing you to immerse yourself in a personalized program.

In addition, the diploma program strengthens the entrepreneurial spirit of the students. Students can focus on topics such as founder, funder, or CEO / growth intrapreneur.

Course offerings include business plan analysis, entrepreneurial lab, innovation, and reflection on design, sales, and strategic innovation. Students are offered a variety of professional learning and professional development opportunities, such as entrepreneurship contests, innovation labs, and startup accelerators.

Above all, graduates of the program continued to work in business roles at companies such as Goldman Sachs and IBM.

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Northwestern University

Master of Business Administration with an Entrepreneurship pathway

Acceptance Rate: 9%

Graduation Rate: 93%

Tuition: $73,404

Northwestern University offers a Master of Business Administration with an entrepreneurial pathway through its Kellogg School of Management. The course of the study program focuses on launching new businesses and building sustainable business models.

Most importantly, the curriculum combines the fields of finance, marketing, organization, and entrepreneurship strategy. Courses include innovation marketing, business tools for digital marketing, and global business finance.

Above all, the Farley Center for Entrepreneurship and Innovation also offers NUvention courses, iconic interdisciplinary courses in areas such as analytics, energy, and the web and media. The curriculum is designed to be completed full-time in one to two years.

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The University of Texas at Austin

Master of Business Administration with Concentration in Entrepreneurship

Acceptance Rate: 36%

Graduation Rate: 79%

Tuition: $51,020 for Texas Residents, $56,572 Non-Texas Residents & International

The University of Texas at Austin offers a Master of Business Administration with a concentration in entrepreneurship. The average UT Austin MBA student is 28 years old, with five and a half years of work experience.

Approximately half of the student’s first year of study is spent on core courses such as financial accounting, microeconomics, operations management, statistics, and strategic management. The other half of the first year and the entire second year are devoted to elective internships in entrepreneurship.

Through the school’s Herb Kelleher Entrepreneurship Center, students can participate in practical learning experiences such as launch contests, leadership programs, lecture series, and workshops. The study program is designed to be completed in two years of full-time study.

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Babson College

Master of Science in Management in Entrepreneurial Leadership (MSEL)

Acceptance Rate: 24%

Graduation Rate: 89%

Tuition: $87,581 (Total estimated)

Babson College offers a Master of Science in Management in Business Leadership. Most importantly, the curriculum promotes organizational success, personal growth, and career advancement through innovation.

Core courses include data mining, entrepreneurial finance, information technology, law, and marketing management. Above all, students follow the program as a cohort group, responding to real-world challenges. Such as How to start a business, solve problems in organizations, and learn about the global business world through a study abroad course. Previous locations have included Chile, China, and Tanzania.

In addition, the study program is designed to complete nine months of full-time study. Furthermore, Babson’s Master of Science in Business Management and Leadership (MSEL) is the cornerstone of a successful career in business management. Throughout the 9-month full-time program, collaborate and learn from diverse classmates.

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Northeastern University

Master of Science in Technological Entrepreneurship

Acceptance Rate: 27%

Graduation Rate: 83%

Tuition: $49,200

Northeastern University offers a Master of Science in Business Technology through its D’Amore-McKim Business School. Most importantly, the intensive degree program gives students an entrepreneurial understanding of business models, plans, innovations, and marketing strategies.

Core courses include emerging and disruptive technologies, business growth and innovation, and the technical entrepreneur as a leader.

The Master of Technology Entrepreneurship is an intensive one-year program that teaches you what you need to know to be a successful entrepreneur. In addition to his classroom experience, he will also carry out a multidisciplinary development project with a risk team whose mission is to start a new business.

Above all, the program also includes a multi-disciplinary project development team project. Experimental learning is emphasized, and students can access the resources of the school’s Business Training Center.

Finally, the study program can be completed full or part-time in one or two years. In addition, accredited by the Advance Collegiate Schools of Business International Association, the highest level of success for business schools worldwide.

Also accredited by the Association to Advance Collegiate Schools of Business International—the highest standard of achievement for business schools worldwide.

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Online Masters in Entrepreneurship Programs in 2025

Aimed at business-minded individuals, online entrepreneurship master’s programs train you in the challenges of business ownership. In addition to finance and marketing courses, many programs offer mentoring and access to valuable resources, such as legal advice and venture capital networks.

Entrepreneurship is a growing field; you don’t need to spend a fortune or uproot your life to continue your education. Online programs are a great way to pursue your career goals flexibly. In contrast, enjoying almost all the benefits of an on-campus school without moving or quitting your job.

The following ranking of the best online entrepreneurship master’s programs is designed to help you find a quality online program. Especially ones that are rigorous and affordable, considering cheap tuition and the best return on investment.

IU International University of Applied Sciences – Online

IU University

Master of Business Administration (with specialization in Big Data Management, Engineering Management, Finance & Accounting, IT Management, or Marketing) 

Acceptance Rate: 87%

Graduation Rate: 94%

Tuition: $13,750 (Scholarships Available)

IU Online wants to make it possible for anyone to take their life chances. That’s why it offers strong regional scholarships that can vary in cultural, social, educational, or work experience background.


  • Women in Leadership and Management

This scholarship is for female applicants who can demonstrate leadership and management potential in a global business environment with extraordinary academic merits and an established record of accomplishment of excellence in their chosen careers.

Students with proven outstanding career achievements in a technical field will contribute to the peer learning experience at IU.

Students with an entrepreneurial spirit and a proven track record of starting or being part of a start-up. They will demonstrate the achievements and challenges they have faced.

Students who either attained outstanding results in their previous academic programs while also demonstrating proof of high achievement. IU expects valuable contributions to class discussions and team building from these students.

Students who can show that they have completed an online program, whether a short or long program. This shows IU that they are keen online learners and will thrive in an online degree.


IU Online allows you to save study costs up to 85% when you are eligible for one of the scholarships. You will get a fully accredited German degree. The degree will not differ from the IU On-Campus degree. You even have the chance to do your last semester on campus in Germany with IU’s SMART-Entry Option.


  • STEP #1: Please think about why you are eligible for the Scholarship of your choice.
  • STEP #2: Please consider how passing a study program at IU Online will improve your career, educational, and personal goals.
  • STEP #3: Please use IU’s Scholarship Calculator, fill it out, and complete the application so the school’s student recruitment team can work on your scholarship request.
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Western Carolina University

Western Carolina University

Master’s of Innovation, Leadership, & Entrepreneurship

Acceptance Rate: 39%

Graduation Rate: 57%

Tuition: In-State $10,000, Out of State $30,000

The University of West Carolina offers an online master’s degree in innovation, leadership, and entrepreneurship. It teaches students the skills necessary to create a new business by taking an idea and developing it during the study.

Above all, students will learn from experienced entrepreneurship teachers and understand what it takes to succeed. To complete the online program, students must take 30 hours of classes.

However, students must choose a concentration in entrepreneurship or innovation and leadership, each with nine hours of course credit. Students must also take 21 credits of core courses.

Additionally, students applying must submit an official transcript and a resume. It is also preferable that they offer two letters of recommendation, a personal essay, documentation of all achievements, an interview with the school, and all results of the graduate tests, such as the GMAT or GRE.

Fortune Small Business magazine ranked WCU among the top five entrepreneurship, leadership, and innovation programs. Entirely online and accredited by the Association for Advancing College Business Schools (AACSB).

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Oklahoma State University–Main Campus

Master’s in Entrepreneurship Online

Acceptance Rate: 74%

Graduation Rate: 60%

Tuition:  $14,513

OSU offers an online entrepreneurship master’s program for students aspiring to become entrepreneurs in the public, military, and non-profit sectors. Provided by the OSU Spears School of Business, the program emphasizes the power of relationships and united communities.

Although the program is open to qualified candidates, it is designed for professionals ready to start their businesses.

The 33-credit OSU program can be completed in two years of full-time study. The program includes 19 credits of entrepreneurship courses, 12 credits of core business courses, and a three-hour internship experience.

Incoming students taking higher-level courses can replace these classes with entrepreneurship requirements, provided they have completed at least 27 credit hours at OSU. Applicants must have a bachelor’s degree with a minimum GPA of 2.75 and submit GMAT test results for consideration.

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University of Massachusetts–Amherst

Master of Business Administration in Entrepreneurship & Innovation

Acceptance Rate: 58%

Graduation Rate: 77%

Tuition: $35,100

The University of Massachusetts-Amherst online MBA entrepreneurship program enables students to enhance their creativity, innovation, and leadership skills to start a business or revitalize an established organization.

Most importantly, the program offers a combination of elective courses in general business and entrepreneurship that meet the student’s educational goals. To earn an MBA, students must complete 45 credits with an accent. If students have no concentration, only 39 credits are needed to graduate.

In addition, students must take 34 credits of core courses and two core courses. Core courses are offered during the summer and winter semesters.

However, there are 18 options, including personal finance, entrepreneurship, data management, business response strategies, real estate investment, web analytics, and more. Students requesting must include their official transcripts, two letters of recommendation, a personal essay, a resume, and their GMAT or GRE score.

Most importantly, the WBU has been ranked # 3 worldwide by the Best Online MBA Program in the Financial Times.

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University of Arizona

Master of Business Administration in Entrepreneurship & Innovation

Acceptance Rate: 84%

Graduation Rate: 61%

Tuition: $1,000 per unit

Specifically, the University of Arizona offers an online Master of Science in Business Science that provides students with real-world experiences. It enables them to develop expertise in creativity and imagination, design thinking, client discovery, seeking validation, prototyping, and business modeling.

Most importantly, the MSE program can be completed in 12 months and requires 33 credit hours. Students are expected to follow the principles of entrepreneurship, customer-focused entrepreneurship, and technology companies as part of their courses.

In addition, the MSE program focuses on the laser. It emphasizes specific professional development outcomes and skills so that students can gain a deep understanding and use it immediately in the workplace.

Additionally, the admissions office requires students to have a bachelor’s degree before applying. For all other conditions of admission, students can contact the university.

Above all, UA ranked 10th in the overall entrepreneurship program, according to U.S. News & World Report.

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Indiana University–Bloomington

Master of Business Administration in Entrepreneurship & Innovation

Acceptance Rate: 76%

Graduation Rate: 77%

Tuition: $1,380 per credit hour

Indiana University – Bloomington offers an online master’s degree in Entrepreneurship and Innovation at the Kelly School of Business that allows students to start their businesses, develop business innovation within their business, or both.

The program requires 30 credits; it can be completed from 15 months to three years. However, students must take 21 credits of the core course, three elective credits, and six action-packed residency credits in financial management and speed experience.

Most importantly, the program introduces students to new business concepts, prepares and presents business plans to stakeholders or investors, connects students to entrepreneurs and innovators in Silicon Valley, and allows them to start small businesses through virtual consulting projects.

Above all, the admissions office requires students to have a bachelor’s degree, earn a passing score on GMAT or GRE, issue two letters of recommendation, and submit a personal statement.

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What Jobs Can You Get With a Masters in Entrepreneurship?

There are many things you can do with a business degree. These jobs will help you gain valuable knowledge and hands-on experience that you can use to advance your career by working for someone else. Or to help you become a more effective leader if you do it alone.

Here is a list of jobs you can do if you are following an MBA program:

  • Mid-level management
  • Business Consultant
  • sales executive
  • Investigation and development
  • Non-profit fundraising
  • Recruiter
  • Business Reporter

Job descriptions can range from the point of sale (direct customer contact) to advertising, career advice, marketing management, product representation, real estate, travel, and hospitality.

Average Masters in Entrepreneurship Salary

The average starting salary for a master’s degree in entrepreneurship varies based on the business you are starting and your success. However, the average declared salary for graduates of this specialty is $39,000, which increases to $86,000 with 5 to 8 years of experience.

The employment rate is around 90% during the first three months of graduation.

However, if “entrepreneur” is not on the cards for you, you will be eligible for other exciting positions in a business. Monster.com claims that some of the most popular job titles and salaries associated with an Entrepreneurship MBA are:

  • Senior Product Manager: Average salary of $135,000
  • Product Manager, Software: Average salary of $110,000
  • Management Consultant: Average Salary of $126,000

Masters in Entrepreneurship FAQs

Who is a Master‘s in Entrepreneurship for?

Basically, a Master‘s in Entrepreneurship is specially designed for graduates who intend to create a highly impactful and innovative business. In addition, this program allows you to develop your business and management skills. It focuses on improving your innovative and proactive thinking by giving you hands-on experience in the field.

Is a major in entrepreneurship a good idea?

Majoring in entrepreneurship can be a good idea, but becoming a good business owner or manager is unnecessary. Many people succeed in business without any degree at all, let alone one in entrepreneurship.

What can you do with a master’s in entrepreneurship?

Here is a list of jobs you can do if you are following an MBA program:
Mid-level management
Business Consultant
Sales executive
Investigation and development
Non-profit fundraising
Business Reporter

How long does a Master’s in Entrepreneurship last?

The duration of the Master Entrepreneur usually is between 12 and 24 months, depending on the chosen school.

In Conclusion

Hence, advancing your education will pay you well. For example, a master’s degree in entrepreneurship will be a starting point. Specifically, a master’s degree in entrepreneurship offers a curriculum combining strategy, finance, organization, and marketing to create successful new businesses.

Entrepreneurship is a professional career for many students after graduation or later. Starting a new business poses unique challenges since a sustainable business model has not yet been determined, and financial resources are initially limited.


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