Should I Get an MBA-Psychology Dual Degree?

An MBA and psychology dual degree trains learners to lead and manage organizations. Students learn to apply psychological concepts to the business setting and optimize interactions among people and groups.

MBA/psychology programs integrate coursework and practical requirements. Students in MBA/psychology dual degree programs explore using research data to apply psychological concepts and practices to aspects of business.

There are several options for dual MBA/psychology degrees: an MS in psychology/MBA, an MA in psychology/MBA, and a Psy.D./MBA emphasize different aspects of psychology and their applications to business.

Graduates of dual MBA/psychology programs can work in training and development, as business professionals, and as consultants. A dual MBA/psychology degree can also prepare you for certification or licensure as a psychologist or a comparable role.

Why Enroll in an Online Psychology-MBA Program?

An MBA takes around two years to complete. Online options may allow students to accelerate their degree, reducing both time and costs.

Earning an online MBA/psychology dual degree allows learners to take classes on a flexible schedule. Programs vary in length, but some dual degrees span as few as three years.

A standard MBA focuses on business, but an MBA/psychology degree pairs business and psychology essentials. The curriculum trains students to use both skill sets in organizational settings and business environments.

Students enrolled in an online mba/psychology dual degree can work full time during the program. Most MBA/psychology dual degree programs allow students to take psychology and MBA classes concurrently. Online degrees often provide ways for degree-seekers to complete practical requirements at their current job.

Specific classes and requirements vary by degree, but the skills covered in an MBA/psychology program include:

MA vs. MS in Psychology

An MA and an MS in psychology include similar core psychology coursework. Learners begin by taking foundational classes in psychological theories and concepts.

Students then take advanced classes on human development, cognition and learning, and psychological treatments. Both degrees have about two years of requirements, including an internship or practicum.

The difference between an MA and an MS in psychology is the emphasis. An MA includes more liberal arts and humanities coursework, while an MS focuses on the scientific method and research.

An MS in psychology may also have additional science and clinical requirements. An MA often has a thesis or non-thesis option for completion, while an MS often includes a thesis.

Choosing between an MA and an MS in psychology depends on your career and educational goals. An MS prepares students for work in research, education, and business. It can also serve as a step toward earning a Ph.D. in psychology.

An MA in psychology can lead directly to earning a license or certification for a clinical role. Prospective students should check the state board requirements to see if their chosen program meets licensure criteria.

What to Expect From an MBA/Psychology Degree Program

Most MBAs include about 30 credits, and earning a traditional master's degree in psychology also requires 30 credits. Each degree takes about two years to finish. An MBA/psychology dual degree allows students to complete the program in as few as three years.

Because an MBA/psychology dual degree blends disciplines, the program may hold accreditation through one or more field-specific organizations.

The American Psychology Association serves as the accrediting body for doctoral psychology degrees, while business programs may be accredited by one of three agencies: the Association to Advance Collegiate Schools of Business, the Accreditation Council for Business Schools and Programs, and the International Accreditation Council for Business Education.

Designed for those interested in both psychology and business, an MBA/psychology program includes about the same number of classes as the two individual programs. Students complete core coursework in both disciplines in anticipation of advanced courses and electives. Programs also include a thesis requirement, an internship or practicum, or both.

Degree and Concentration Options

Most graduate schools do not offer a dual MBA/psychology degree. Institutions may offer separate MA or MS programs in psychology and MBAs. An MA or MS focuses on psychology, but students have options to take elective classes in topics such as organizational psychology or general business.

Some MBA degrees have advanced coursework or concentrations that emphasize psychology in business:

• Organizational leadership
• Industrial psychology
• Clinical psychology
• Strategic management
• Training and development

With a master's degree in psychology, people can work in education, business, social work, counseling, or psychology. An MBA specifically prepares learners for roles in business professions. Combining the two degrees opens employment opportunities across these industries.

Master's degrees in business psychology and organizational psychology also exist. These programs include fewer credit hours in each discipline with about 30 credits of requirements.

Curriculum for Psychology/MBA Degree Programs

Coursework in MBA/psychology dual degrees differs by institution, but some courses remain consistent. Core classes in business include management communications, strategic management, and managerial finance. Additional research classes accompany courses in developmental psychology, personnel psychology, and organizational psychology.

• Management communications: Management communications coursework explains how to relay information effectively and efficiently. Students learn to tailor verbal and written communications to colleagues. Additional topics include presentation styles, persuasion, and strategic delivery. Learners take part in interactive activities and create communications as part of a portfolio or final project.
• Strategic management: A course in strategic management introduces students to the concepts, tools, and principles used in business operations. Learners explore opportunities and challenges in business and how to address them using different strategies. By using research data and case studies, strategic management builds understanding of internal and external assessments, evaluation and control, and strategic implementation.
• Managerial finance: Managerial finance coursework emphasizes analysis of financial activities in the context of business operations. Students learn to optimize financial performance by identifying risks and opportunities and applying financial theory to real-world scenarios. Specific topics include valuation, financing, pricing models, and depreciation and taxes.
• Developmental psychology: Developmental psychology classes focus on physical, cognitive, emotional, and social development across the human lifespan. Students learn about psychological theories that assess human development. Coursework in developmental psychology also explores environmental and natural influences on human development, morality, parenting, and death and dying.
• Personnel psychology: A class in personnel psychology combines psychological theory, research, and practice with their use in business situations. Personnel psychology coursework covers job analysis, performance appraisal, training, and criterion development. Students gain insight into their practical and legal implications by learning conceptual frameworks for personnel practices.
• Organizational psychology: Organizational psychology coursework focuses on human behavior in the workplace. Students learn psychology theory and how to apply it situationally. Additional topics include research methods, principles of motivation, performance evaluation, and leadership and supervision.

Admissions Process

The admissions process for MBA/psychology dual degrees varies by program and institution. Most programs require at least a bachelor's degree and some professional experience. Applicants submit resumes, transcripts from previous coursework, letters of recommendation, and an admission essay.

Students can enter an MBA/psychology program with an undergraduate degree in psychology or business. Applicants may not need previous training in one or both of these disciplines, but may need to take additional prerequisite coursework.

There is no uniform minimum amount of professional experience to pursue an MBA/psychology degree. Two or three years in the workforce may increase an applicant's chances of acceptance.

Graduate programs often require applicants to have at least a 2.5 undergraduate GPA. This may also apply to any previous graduate coursework. Applicants may need to take the GMAT or GRE to apply to their program.

The ROI of an MBA/psychology Dual Degree

The projected median starting salary for MBA graduates is $120,000, said a 2024 GMAC survey. The ROI, or return on investment, of an MBA/psychology degree involves determining if the overall payoff of the degree exceeds the cost. Alongside expenses like tuition, books, and fees, earning an MBA/psychology dual degree requires time and energy.

Students may also lose income if they need to take time away from work to earn a dual degree. Some programs assist with tuition in exchange for work as a teaching assistant.

The overall personal and professional opportunities from an MBA/psychology dual degree may outweigh the costs. Earning a dual MBA/psychology degree can boost a student's professional reputation and build personal confidence on the job.

With a graduate degree, learners have opportunities to advance their careers and increase their post-graduation salaries.

Psychology/MBA Job Opportunities After Graduating

MBA/psychology program graduates have career opportunities across industries. With business and psychological knowledge and training, they can work as human resources executives, corporate consultants, industrial counselors, and corporate development specialists.

But an MBA-psychology dual degree cannot prepare graduates to open their own practice. A dual degree MBA and psychology is geared toward applying psychology in business settings.

Some programs meet some or all of the requirements for certification or licensure as a professional counselor. Most states require a doctorate to practice as a psychologist, so this opportunity may be limited to programs offering a Psy.D. or Ph.D.

Earning an MBA-psychology dual degree can help business professionals advance to leadership positions within their careers, increasing their earning potential. Payscale reported human resource executives earn an average salary of $85,000 in September 2024, far exceeding the $57,910 average salary of human resources specialists.

• Corporate consultant: Corporate consultants bring management and organizational leadership expertise to different companies and offer suggestions for improvements. As external reviewers, they assess existing processes and practices to determine areas of growth, eliminate inefficiencies, and offer objective insights into how to maximize overall business outcomes.
• Human resources executive: As supervisors of all human resources activities, human resources executives oversee policies, procedures, and practices involving employees. Human resources executives coordinate with managers and fellow executives to lead and implement strategic plans.
• Industrial and organizational psychologist: Industrial and organizational psychologists assess human behavior in the workplace. They may work internally or externally with a company. Industrial and organizational psychologists work with individuals and teams to improve existing practices, test new programs and policies, and reconcile human resource issues.
• Corporate development specialist: Corporate and business development professionals work within a company to create business plans. They assess business processes and practices to identify ways to increase profit and production. Corporate development specialists communicate with clients, employees, and managers to understand the needs of all stakeholders in an organization.

Common Questions about Psychology-MBA Dual Degrees