This paper considered the case of a liberal arts institution of higher learning that is hoping to improve its market competitiveness through the addition of either a graduate certificate program in human resources or the addition of a full graduate degree in human resources. An examination of internal rate of return financial value capital budgeting calculations was the quantitative tool through which the two alternatives were examined, with respect to estimated student enrollment data, over a period of five years. The capital budgeting outcomes indicated that the full degree program is the preferred alternative. Therefore, it was recommended that the institution consider the implementation of the full degree program as a viable method of increasing its revenues and enhancing its competitiveness.