MBA Vs Masters | Which Should You Choose?

The MBA is world’s most sought-after graduate management degree, but specialized business masters are eating into the MBA market. Find out how to choose between an MBA and a Master’s

The MBA is the world’s most sought-after graduate management degree, but business master’s programs are increasingly eating into the MBA market.

In fact, for the past five years, business master’s degrees have topped the European market over MBAs, according to GMAC’s Prospective Students Survey 2023. The report also shows rising interest among Middle Eastern, African, and Latin American candidates.

There are a wide range of business master’s programs to choose from including generalist master’s programs such as a Master in Management or more specialist topics such as a Master in Finance, Master in Accounting, or Master in Business Analytics.

Many business schools also offer specialized master’s programs to equip students for the future of work such as master’s in entrepreneurship, sustainability, or artificial intelligence.

But which should you choose to study?

MBA vs Master’s | What’s the difference?

An MBA is a generalist degree covering all the fundamentals of business such as communication, business ethics, strategy, data analytics, finance, and leadership. A full-time MBA means students will take time out of their career to study. However, if this doesn’t suit you, students can also opt for part-time or Online MBAs which offer more flexibility.

A Master in Management degree is sometimes viewed as an MBA alternative, as it covers the same topics. However, MiM degrees are typically designed for early career professionals.

Specialized master’s degrees are more targeted towards a specific career path. So, if you have your sights set on your future career and want to gain the unique skillset to thrive, this could be the best option for you.

While specialized master’s degrees...

pically for younger students with less work experience, they are also a good option for experienced professionals looking to make a career switch or upskill in a specific area.

In the US, the University of Maryland’s Robert H. Smith School of Business offers eight specialized master’s programs. These include topics such as information systems, marketing analytics, quantitative finance, and supply chain management.

Some of these degrees are STEM-designated, meaning international students can stay and find work in the US without an H1-B visa.

You could also study a dual degree MBA / MS program. At the University of Texas (UT) Dallas’ Naveen Jindal School of Management, students complete their full-time MBA and then continue their studies with a master’s degree. UT Dallas offers master’s degrees in Energy Management, Innovation & Entrepreneurship, Marketing, or Healthcare Leadership & Management, among others.

Download our Which Business Master's Guide

MBA Alternatives

While the full-time MBA remains the most popular choice for prospective business school students, it isn’t always a viable option. In the US, a full-time MBA typically takes two years to complete which is a significant amount of time to take out of a career. In Europe, however, full-time MBAs are usually a year long.

Especially since the Covid pandemic, business schools are refreshing their offerings into more accessible forms such as a part-time or Online MBA.

Alongside a traditional full-time MBA program, the University of Southern California (USC) Marshall School of Business offers an Online MBA.

The 21-month USC Online MBA is designed for the digital era professional, with the curriculum covering how to manage remote employees, how to communicate internationally, data analytics, and social media. The program combines self-paced coursework with real-time virtual class sessions.

The University of Washington Foster School of Business offers an Evening MBA program. Students can fit the program around their work and personal life by studying in-person classes in the evenings a few times a week.

There are many benefits toward pursuing MBA alternatives such as these, namely the flexibility and the opportunity cost of not having to take time out of a career to study.

Similarly, there are also online business master’s degrees available.

WP Carey School of Business offers both a full-time Master in Business Analytics (MSBA) and an Online MSBA. Both programs last 16 months however, while the full-time MSBA costs around $78,500, the Online MSBA is considerably lower at around $48,000.

If cost is a concern, it’s worth bearing in mind that studying your master’s online also means not having to pay additional costs for accommodation and travel.

Whether you study full-time or online, you will leave business school with the same degree so take the time to really assess which is the best option for you.

Read: 8 Top Career Paths For Master In Management Graduates

MBA vs master’s career and salary prospects

Making the decision to go to business school will undoubtedly impact your career, whatever stage you are at.

As business master’s degrees are for earlier career professionals, when you graduate it’s likely you will land an entry level role. However, as you’ll be prepared with the skillset and business knowledge to hit the ground running when you start your career, it’s likely you’ll experience fast progression.

According to the GMAC Corporate Recruiters Survey 2023, 60% of global recruiters agree that b-school graduates fast-track to higher level positions in their organization.

The report also reveals that despite recession concerns, hiring plans remain optimistic. In 2023, Master in Management and Master in Data / Business Analytics are most in-demand with 79% of employers globally planning to hire graduates from these degree programs.

In 2023, the projected starting salary for Master in Management, Master in Finance, Master in Data Analytics, and Master in Business Analytics graduates is $85k. For Master in Accounting graduates, the expected salary is slightly lower at $75k, according to GMAC.

MBAs are the most sought-after graduates among employers. Given their previous work experience, MBAs will typically land mid to senior management roles when they graduate. The projected salary for MBA grads in 2023 is $125k.

When choosing a degree, it’s important to do your research to find a program that fits with your level of experience and your goals. Download our Which Business Master’s Guide to dive further into the range of options available to you, and discover the top business schools.