3 Reasons to Pursue Your Business Degree in Minneapolis
Wednesday, April 10, 2024
Carlson School Graduate Programs
Find Your Master's DegreeResources for Prospective Graduate StudentsIt’s hard to leave Minneapolis. We're an affordable metropolis situated within a thriving business ecosystem known as the greater Minneapolis-St. Paul (MSP) region. We boast two of the best park systems in the U.S. And whether you're into sports, music, food, the arts, or you want to watch your startup grow into a global enterprise—the city has you covered.
Here are three reasons why pursuing your master's degree in business in Minneapolis, Minnesota, may be the best career move for you yet.
1. Take advantage of a diverse and vibrant business community
Take advantage of the greater Minneapolis-St. Paul (MSP) region’s unique economic landscape. The Carlson School Chair and Professor Myles Shaver calls our area "a headquarters economy." Why? On a per capita basis, Minneapolis is nearly at the same level as London for Global 500 companies. But most of our Fortune 500 companies—like U.S. Bank, Xcel, and Thrivent—began as startups right here in this city, and they’re amazingly diverse.
We’re home to thousands of small businesses and nonprofits. With our numerous entrepreneurial initiatives, we’ve been named as one of the best cities to start a business by Inc.
The Carlson School supports entrepreneurship through our Holmes Center, as well as programs like Naturally Minnesota and MN Cup. Our career services also engage with individual companies to organize recruiting and networking events, site visits, and help to land internships with local businesses. So whether you want to work for a large company or start your own business, there are abundant opportunities to explore workplace options and industries.
Living in Minneapolis
Hear from Carlson School alumni about what makes the greater Minneapolis-St. Paul region unique and beneficial to their careers.
The greater MSP region is home to
Healthcare, medtech, and bioscience
- In 2023, the greater MSP region won the designation as a leading tech hub for medical technology in the U.S. (We're also an hour away from the Mayo Clinic.)
- Top companies in this industry: UnitedHealthcare, Optum Health
- Initiatives: Medical Alley Starts secured $1.57 billion in funding for medical startups in 2023
Agriculture
- About $21.3 billion in agricultural sales are generated each year
- Minnesota ranks 4th in total agricultural exports when compared to other states
- Top companies in this industry: Cargill, General Mills
Financial services and insurance
- Higher concentration of global financial and insurance talent among large U.S. metros (measured by location quotients)
- The MSP financial services sector includes more than 310 commercial banks, significant foreign direct investment, and the 6th highest per capita total of Chartered Financial Analysts in the nation
- Top companies in this industry: U.S. Bank, Bank of America, Ameriprise Financial
Technology and advanced manufacturing
- Minnesota is the 4th best state in technology and innovation (CNBC, 2023)
- The state exported an estimated $4.2 billion in IT and telecommunication goods in 2023.
- Many of Minnesota's Fortune 500 companies involve manufacturing including 3M, General Mills, Land O'Lakes, Ecolab, Polaris
2. Lower your cost of living without career compromises
Compared to other major metros and cities with business schools, Minneapolis-St. Paul offers a lower cost of living and a lively social scene.
Cost of living
Compared to the national average, cost of life in Minneapolis:
- Housing is 13% lower.
- Utility costs are 6% lower.
- Necessities including groceries and clothing are about 5% lower.
- Entertainment is about 5% cheaper.
Check out the Economic Policy Institute’s Family Budget Calculator for a breakdown of monthly costs.
Recreation and entertainment
In addition to a thriving business climate, the Twin Cities provide top-tier recreation and entertainment venues. One of the rare U.S. metros with six professional sports teams, we’re a destination for sports and outdoor recreation. There’s no shortage of teams to cheer on regardless of your love for pro, college, or amateur leagues. If you’d prefer to be the active one, Minneapolis’ world-class park system features 180 parks, 22 lakes, and seven golf courses.
We’re home to a mind-boggling array of theaters, music, and other cultural venues. From world-renowned artists to homegrown new talents, see them perform across the city in venues large and small.
Eat, drink, and shop
A celebration of Nordic roots and multicultural present, the Minneapolis food scene is innovative and full of flavor fusion. Find connections with your own culture or explore others at neighborhoods like the Eat Street corridor and "Little Mogadishu," or ethnic-focused shopping centers like Hmongtown Marketplace and Midtown Global Market.
With no sales tax on clothing, prepare to look your best at interviews and on your internship. Find your next look at the largest mall in America or along popular retail districts in Uptown, the North Loop, and more.
Who knows, you might discover your next career venture by getting out in the community and exploring what you love like these Carlson School alums:
3. Embrace the weather and thrive
Minnesota loves its winters. We’ve built all the infrastructure we need to embrace it. With an efficient snow removal system that keeps all modes of transportation going and well-insulated buildings, we carry on with business and social activities all year round.
If you’re new to the cold, bundle up for cozy winter activities indoors and outdoors. Try something brand-new like skiing or ice skating, and maybe you’ll find yourself celebrating winter with the rest of us—such as during our annual Great Northern Festival. Or it might inspire the next great tech invention like the ‘Roomba For Snow.’
From a thriving and supportive business community to a tapestry of social and cultural venues, the greater Minneapolis-St. Paul region might just be the place to help you launch the next phase of your career.