Demand for business degrees is high, especially among engineering and IT professionals, for a variety of reasons. First and foremost, studies show that professionals who hold master's degrees earn more money than those with bachelor's degrees, says Bonnie Diehl, chief academic officer for the SANS Technology Institute, a for-profit educational institution offering advanced degrees in IT security management and engineering.

Second, many IT professionals who've worked in the field for a few years decide to pursue an MBA because they realize they may not be able to progress in their careers without one, says Susan Cates, executive director of the University of North Carolina's online MBA program, MBA@UNC.

"Engineers, for example, come out of their undergraduate experience and go into a functional role in a company with a very specific set of skills. As they grow and are given broader sets of responsibilities, they reach a point where their job becomes more about their leadership and management skills, their ability to think about strategy and financial decision-making, rather than about tech skills," says Cates. "When they need to broaden out their skillsets, it's a natural conclusion for folks with an IT or engineering background to see an MBA as a good path for expanding their career opportunities within their company or industry."

About half the students currently enrolled in UNC's online MBA program have a background in science, engineering or IT, adds Cates.

Martha Heller, president of Heller Search Associates, a retained executive search firm specializing in technology leaders, says that MBAs can be advantageous to CIOs with traditional technology backgrounds and to some of their direct reports, such as business relationship executives.