Master’s in human resources

If you currently work in human resources, you understand that there is more to the profession than payroll and exit interviews. You are familiar with how organizations leverage their workforce to create innovative products and services and serve new customers. You may even perceive how a corporate culture is shaped by the way the C-suite views its employees.

However, the path from operations to strategic human resources is perhaps less clear. Do you have fantastic ideas on how the workforce could be managed, but are wondering how to earn a seat at the “big kids’ table”? The first step is to earn the best master’s in human resources (MHRM).

What is a master’s in human resources management?

An MHRM degree is a graduate-level credential in the field of human resources. Unlike other business-related graduate degrees, a master’s degree in human resources focuses on the people that make a business run.

What can I do with a master’s in human resources?

Careers in human resources are as varied as the companies that utilize HR. From consulting with small businesses to managing the people side of mergers and acquisitions, an HR master’s prepares you for a variety of opportunities, including:

• managing remote workforces
• creating or refining compensation and benefits systems
• defining employee training and development programs
• overseeing the enforcement of legal and safety requirements
• merging employees into an existing workforce during M&As
• creating and administering performance management systems

» Read: Essential tips for finding a new job

Getting an MHRM degree: the basics

MHRM degree programs typically take between 24 and 36 months to complete. They may be offered under varied names including Master’s in Human Resource Management, Master of Science in Human Resource Management, or Master of Arts in HRM.

In MHRM programs, students learn how external business forces impact the people within an organization. Classroom time may be enhanced by internship opportunities.

Common courses include:

• economics
• accounting
• ethics
• compensation and benefits
• organizational behavior
• advanced leadership principles
• employment law

Human resources degree requirements vary between schools but are likely to include a bachelor’s degree in a related field and a minimum GPA as set by the school.

Should I pursue the MBA-human resources instead?

An MBA with a specialization in HRM emphasizes the whole of the business – accounting, finance, logistics, etc. – with less focus on human resources alone.

The choice of MHRM vs MBA with a specialization in HR ultimately comes down to your career goals. The MHRM is a specialist degree, providing advanced HR knowledge. The MBA is a generalist degree – which means broader opportunities but also less specialization.

Is a master’s degree in human resources worth it?

The average master’s in human resources salary is approximately $6,000 higher than that of a bachelor’s in HR degree holder. However, the available data combines public, private, and for-profit schools.

This means the higher cost of for-profit programs, as well as the decreased chance that those programs are accredited, skews the data on earnings premiums (how much more you make over the bachelor’s given the cost of your degree and annual debt repayment). The degree premium for a master’s in HRM is around $12,000 per year for public schools and $8,000 for private.

A master’s degree in human resources also accelerates your eligibility for the Professional in Human Resources (PHR) and Senior Professional in Human Resources (SPHR) certifications through the Human Resource Certification Institute. With an MHRM and 1 year of professional experience, you can sit for the PHR certification exam. For the SPHR, you need a master’s in HR and 4 years of work experience.

Online master’s in human resources

Most master’s degree in HR programs do not require a thesis or the on-campus interaction typical of many graduate programs. Thus, online HR master’s programs abound and are popular. Additionally, many who pursue this degree are currently employed and require the flexibility only online programs can offer.

On-campus programs remain popular thanks to the opportunities for networking with other students, professors, and businesses looking to recruit from the student population.

» Read: Online vs. on-campus courses

Above you will find our ratings for comparative earnings, costs, and payback rates of the top three master’s in human resources programs.

Paying for your degree – cost, financial aid, scholarships

As you can see below, HR programs at public colleges and universities tend to be significantly more affordable than at for-profit schools. At the same time, earnings for graduates from public schools are significantly higher than those of private, and particularly for-profit graduates 3 years after graduation.

Paying for a degree need not be overwhelming. Follow these basic steps to make the process easier:

• Fill out the FAFSA. The process for grad school is slightly different and there are fewer funding options, but it is nonetheless worth it.
• Inquire if your employer offers tuition reimbursement.
• Look into university-based teaching assistantships or fellowships.

» Read: How to successfully apply to FAFSA

Should I get a master’s in human resources?

The answer depends on your interests and aspirations. Ask yourself the following questions:

Where do you see yourself professionally in 5 years?

The MHRM gives you the opportunity to advance your career in human resources by providing advanced expertise in the field. If you wish to move into roles like human resources manager and human resources director, the master’s in HR can help you get there sooner.

Are you interested in strategic HRM?

The emergent field of strategic human resources (SHRM) focuses on business strategy in addition to traditional HR domains. An MHRM degree can accelerate your progression into higher-level HR roles with more strategic opportunities.

What are your salary goals?

The degree premium for a master’s in HR from a public school is $12,604 over the bachelor’s 3 years after graduation (note that graduates from for-profit programs may see a negative return on investment due to the debt accrued).

HR managers earn a median salary of $126,230 per year, almost double that of HR specialists. While an MHRM degree is not mandatory for senior HR roles, it is likely to help you move into those roles more quickly and easily.