The world's most popular graduate degree has grown even more popular this year. In a survey by the Graduate Management Admission Council, about two-thirds of MBA programs reported a rise in applications. Full-time, part-time, and executive MBA programs have all seen major increases in enrollment.

An expanding job market is fueling the demand for these degrees. After several lean years, more than half of 2006 MBA grads accepted a job offer this year before graduation. And in a survey of more than 1,200 corporate recruiters earlier this year, GMAC found that they planned to hire 18 percent more MBA holders than last year.

More good news: The job opportunities are not limited to people with MBAs. Recent grads with master's degrees in technology-related fields-from engineering to information technology-are also enjoying healthy growth in job opportunities. Advanced degrees in information systems, information technology, and technology management are in strong demand. Furthermore, recruiters have been flocking to engineering schools and seeking out students with advanced degrees in a range of engineering disciplines.

Students who earn an engineering master's degree may find starting salaries in the $50,000 to $60,000 range or higher, depending on their area of expertise, while MBA starting salaries now average close to $90,000. Bonuses and benefits can easily bring total compensation into the six-figure range.

Choosing the Right Program
Whether you plan to pursue an MBA or another graduate degree, knowing your area of interest can be a very important factor when you select a program. Try to look beyond the school's ranking and focus on a program's reputation in your particular area of interest.

"Look for strong faculty who will help you learn to think critically," advises John Fernandes, executive director of the Association to Advance Collegiate Schools of Business International, or AACSB. "Look for academic achievement and academic leadership within an area of expertise," he says. "It should be in the areas where you want to study."

Within your area of interest, "go for the top brand you can get into," says Fernandes. Among MBA programs, he advises choosing a school with AACSB accreditation, which assures that the program is monitored every five years and meets the highest standards in business education. For non-business degrees, you might have to select from a U.S. Department of Education-approved accrediting organization.

You may also need to consider location, scheduling, costs, and other criteria. Do you prefer a large or small program? Women are a minority in business and engineering programs, so a program that has a relatively high percentage of women faculty and students might be a sign that a program is especially women-friendly. You might also want to consider the percentage of ethnic minorities in the student body and on the faculty. You may need to weigh factors like these against a program's prestige and clout in the job market. Nonetheless, some of the most expensive programs lead to the highest starting salaries for grads.

The following charts, based on data from AACSB, can help you weigh your choices among local MBA programs.