Motivations Behind the Master’s Degree Choices of Colombian Undergraduate Students

Abstract

Financial, personal, and labor variables are well-known for understanding career choices’ decision-making process. This research examines the relationship between these different motivating factors and how they influence choosing a master’s degree. The research applied quantitative, exploratory methods using a two-part questionnaire: one for the characterization of the sample population and the other with questions with Likert-type scale answers around the constructs determined. Structural equation modeling is used to statistically analyze the responses to 728 self-administered questionnaires completed by undergraduate administrative sciences and management students from two universities in Medellín (Colombia). The factors that most affect the motivation to study a master’s degree are labor market competition (β ̂=1.664, p-value = 0.021) and job promotion (β ̂=0.922, pvalue: < 0.001). Understanding the motivations of potential students is important to higher education institutions with graduate degrees because it allows them to adjust their academic opportunities and outreach strategies to meet students’ expectations and needs. This study also proposes a model that adapts to developing countries’ social, economic, and educational characteristics.