When students consider business school, many probably think MBA is the only way to get the degree. You want to get advanced business program but not sure which one is right for you MBA or Specialized Master’s Degree. Let’s take a look at the factors you should consider while choosing between specialized master’s degree and MBA.
Difference between MBA and Specialized Master’s Degree:
There are several crucial points of difference and depends on your experience, finance, career goals and more. Before you make a long-term strategy, these are the basic points you should consider
Focus: MBA is a professional degree focuses on functional knowledge across all the aspects of business such as finance, statistics, marketing, accounting etc. Most MBA program demands professional experience, effective, communitization, collaboration and negotiation.
On the other hand, Specialized Master’s Degree focuses on a specific area business that offers deep knowledge of that subject. For example, M.Sc degree focus on financial skills and more theoretical in nature required prerequisite courses.
Program: Students wants to enter an MBA program required work experience. In order to take your career to the next level by pursuing MBA program you need to work for a few years and then you can enroll for MBA program.
Whereas, Specialized Master’s Degree is short in terms of time duration and sometimes just one year. You don’t need much work experience for taking enrollment in specialized master’s degree program. These programs provide an accelerated path to attain deep knowledge which one required to secure a position.
Cost: In terms of cost MBA is quite an expensive program but it provides the equal return on Investment. Companies used to pay high salaries to the MBA professionals who carry a vast array of knowledge. At some multinational corporations or consulting firms base salary for MBA, students are $60,000.
On the other side, Specialized Masters Degree programs also provide great returns on investment and are more affordable as compared to MBA programs.
Goals: if your career demands overall and deep knowledge of business then go for MBA.
And, if you want to become an expert in the particular area of your job, then specialized masters degree are the best field to go.
How do I decide?
Focus on the objective of your career, if you want to move up in the management of an organization, MBA would be a good choice for your career. On the other hand, if you want to gain deep knowledge of a specific program in order to become the specialist, you should consider a specialized masters degree.