What you need to know!
What is the difference between an MBA and a Master’s degree?
* Master’s degrees are a highly specialized degree that dives deeply into one topic such as accounting, management, human resources, information technology, etc. for candidates who are at the beginning of their career, or for graduates who want a higher-level qualification before entering the job market.
* An MBA concentrates on refining general management competencies with an emphasis on business skills, such as accounting, finance, leadership, and economics. It’s a 360° vision of a company. For that reason, the MBA degree is a better choice for those whose aspirations are in the field of general management, executive leadership, or entrepreneurship.
MBA programs typically range from one to two years, while most master’s programs take about two years in the US and generally are 18 months in Europe. Both types of plans have options for online and part-time courses as well.
- TYPICAL CANDIDATE:
* MBA programs are looking for candidates who have a 3-5 years of work experience under their belt and are able to share their applied working experience from different business-related fields.
* Master‘s programs often take candidates right out of college. There are generally for someone who already knows what they’re interested in and to specialize in a specific field.
Nominally, a Master’s degree is not as costly as an MBA. On average, an MBA could cost more than €55,000, while a Master can cost between €25,000 up to €100,000.
Which is a Better Career Option?
Whereas a Master‘s degree transforms the graduate into a professional in a specific sphere of learning, the Master of Business Administration (MBA) degree provides the candidate with knowledge and skills to manage a wide variety of businesses and other kinds of organizations.
The choice between an MBA and a Master’s Degree would largely depend on the industry or business sector you plan to choose as a career.
For instance, while an MBA graduate would be able to function in a managerial and leadership role in almost any industry, a Master’s Degree holder would be more relevant in the operations of specific tasks.
To conclude, if you’re looking to build upon your career or add to work experience, an MBA might be the best option for you. If your goal is to build on your academic background, a master’s makes more sense.
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