Meenal Damani has completed her Masters of Finance from Massachusetts Institute of Technology’s Sloan School of Management, U.S.A, and Bachelors in Computer Engineering from Nanyang Technological University, Singapore. Before joining OnCourse in 2019, she worked in Private Equity and Investment Banking across several companies like Hector Capital, Morgan Stanley, Royal Bank of Scotland, and Anand Rathi. Having studied and worked in 4 countries – U.S.A, U.K., U.A.E, and Singapore, she loves to share her diverse experiences and knowledge about various education landscapes with students.
Pursuing an advanced degree is a sound investment in your future. Not only will it increase your potential earnings, but it will also push you up the corporate ladder to positions of greater responsibility. While having an MBA or a Master’s degree boosts your professional worth, they are also expensive in terms of time, labour and cost. As such, you must choose the right course to add to your repertoire.
What’s the difference?
To understand whether an MBA or a relevant Master’s degree is the right fit for you, let’s first understand the differences between these options.
- Course Coverage
Master of Business Administration or MBA is a broad, multi-faceted degree that covers many areas of study such as finance, human resources, management, sales, strategy, marketing, and more. An MBA is a generalized graduate-level business degree that focuses on imparting the typical skills one would need to successfully manage a business. The course curriculum revolves around the development of leadership and management skills.
A Master’s degree is also an advanced option that aims to impart mastery over the subject of your choosing. With a Master’s program, you can pursue an advanced degree that offers you a specialisation in a specific subject such as finance, education, engineering, hospitality, or entrepreneurship. The course curriculum aims at making you a trained expert in that specific field of study. Hence, the curriculum focuses on the development of technical and field-specific skillsets.
So, while an MBA offers an overarching understanding of management-related competencies, a Master’s is a niche course that is tailored towards meeting specific academic and career needs.
- Work Experience
Perhaps the biggest deciding factor to help you choose between an MBA and a Master’s degree is your prior work experience. Designed to meet the needs of a working professional, a good B-school requires you to have a minimum of 3 to 5 years of work experience for admission in an MBA program. A Master’s degree is open to fresh graduates and so, you can apply with little to no experience, typically between 0-2 years.
- Course Duration and Cost
While a Master’s degree can be earned in 1-2 years, MBAs typically take a minimum of 2 years. There are very few 1-year MBA options. However, you can choose from different types of programs—full-time, part-time, and Executive MBA.
Depending on the geography, a Master’s course would generally cost approximately USD 75,000 per year. Conversely, an MBA is likely to cost about USD 100,000 per annum. Ensure that you factor in the course duration while doing the budgeting.
Choosing to study abroad is by no means an inexpensive affair. So, you will want to ensure that you have chosen the best universities for the course you want to pursue. The US has long been a hub for MBA aspirants as the top B-schools offering quality programs are situated there. For Master’s, the world is your oyster as you can find great options in the UK, US, Singapore, Europe, and Canada.
- Course Structure
The largely academic Master’s degree comprises majorly theory-based taught classes, although research and thesis options are available. Some universities offer a Ph.D. track as well, in which you can pursue a Ph.D. after completing your Master’s. An MBA program is geared towards experiential learning and so, the course structure includes more case-based learning, group projects, seminars, and live challenges funded by industries.
Choosing between MBA and Masters
Whether you choose to pursue an MBA or a Master’s, you are selecting your next big academic milestone. While making this choice, you can factor in the above-mentioned criteria. However, the actual decision depends on you—so, don’t forget to factor in what you want.
Spend some time finetuning your short- and long-term career goals. If you are interested in gaining expertise in areas like management or strategy, an MBA would be a better fit for you. For specific specializations in humanities, life sciences, physical sciences, design, law, or policy, a Master’s is a better bet.
If the goal is to learn and hone overall management skills, an MBA will give you the overarching skills you require. However, if you need to learn niche skills in a particular area, choose a Master’s program.
Both degrees are an excellent choice to catapult your career trajectory. Before you set your heart on one or the other, ensure that the program meets your requirements and you meet the program’s eligibility requirements concerning work experience.