The growth in higher education industry has caused a tremendous increase in the number and type of colleges, polytechnics and universities offering similar academic programmes especially in business disciplines in Ghana. The resultant competition in the education industry makes it crucial for education managers to understand the latent factors that underlie students' college and programme selection. The purpose of this study was to explore the factors underlying students' choices in accessing higher education in Ghana. The study was a cross-sectional survey of 183 students offering different masters' programmes in a public university in Ghana. It utilized exploratory factor analysis to identify seven latent factors that play critical role in students' choice of master's programmes. These factors are cost, student support quality, attachment to institution, recommendation from lecturers and other staff, failure to gain alternative admissions, location benefits, among others. The results of this research are beneficial to both scholars and management of colleges in the development of competitive advantage and appropriate promotional strategies for college and academic programmes that appeal favourably to potential students than competitors in Ghana and other developing countries. The paper contributes to the literature in the area of access and management of higher education.