Is an MBA a Master's Degree?
The MBA program is a common type of master's degree, which focuses on business skills. Master's degrees in general may be a good stepping stone for students to advance their careers after completing an undergraduate degree.
Master's-level programs may include programs in business, engineering, education and healthcare. A Master of Business Administration (MBA) program is a kind of master's degree program that concentrates on refining general management competencies with an emphasis on business skills, such as accounting, finance, leadership, and economics.
However, an MBA is not the only kind of master's degree. The MBA vs Master's with specialization dichotomy is worth looking into if you want to get one of these degrees in order to advance your career.
What is a Specialized Master's?
There are several kinds of specialized master's degrees: a Masters in Finance, a Masters in Marketing, and more just in the areas of business and entrepreneurship. The difference between these degrees ultimately comes down to specialization: what exactly do you want to get out of your degree? An MBA has a broader curriculum than a specialized master's degree, giving an overview of many kinds of business practices and equipping graduates for a variety of career options. Specialized master's degree programs tend to have a narrower focus on a single aspect of business, or an aspect of another discipline as the case may be.
What Is the Difference Between MA and MS Degrees?
When looking into specialized masters programs, you will likely have to choose between Master of Arts and Master of Science programs in some areas. A Master of Science degree often prepares students for futures study in a doctorate program, which is also the case with MA degrees, but less commonly. The ultimate difference is just the lens through which each degree approaches the curriculum: through the lens of a science or STEM background, or through the lens of an arts and humanities background.
Which Do I Go For?
If you are considering a specialized masters vs MBA degree, think about what exactly your career goals are. If you already know that you would like to get into finance specifically, or if you are interested in marketing more than other parts of the business discipline, a specialized master's will likely suit your needs. However, if you want a more broadly applicable degree or if you are uncertain of your exact career path in business, an MBA will likely be more appropriate for you. Look into the typical employers for your field to see which kind of degree they favor, and then look at specialized masters and MBA programs available near you or online. Look at their prerequisites and the careers that they list for their graduates when making your choice.
Undergraduate Degree Requirements
Requirements for entry into a master's program vary greatly, depending on the program. Generally, an undergraduate degree in a related field is required. Good scores on any applicable standardized tests, writing samples, letters of recommendation, and demonstrated English proficiency might also be required. This goes for both specialized masters and MBA masters degree programs.
Specialized master's degree programs, however, often demand undergraduate degrees within the same field of study for admission, while a student pursuing an MBA may complete undergraduate studies in a major other than business. Some of the best business schools in the U.S. do not include a business major for bachelor's degrees, instead advocating a broader undergraduate education.
MBA programs may also require applicants to have high scores on the GRE and GMAT standardized tests. Having post-undergraduate full-time work experience may also help students gain acceptance into an MBA program.
Options for Program Graduates
Typically, students treat MBA degree programs as terminal degrees, using the program to further a career or seek higher wages. Some graduates continue on to complete a Doctor of Philosophy program. Professionals starting out in a particular career may find pursuing a master's degree in the field more advantageous to their jobs than an MBA.
A graduate degree program can provide greater knowledge and advanced training, and those with a master's or MBA may demand a higher salary than an employee with just an undergraduate degree. Depending on the student's career path, returning for an MBA degree to learn specialized management skills may lead to more career opportunities.
An MBA is a type of master's degree, with a specialization in business administration. An MBA or a master's degree in a different topic are typically pursued after completion of an undergraduate degree in a related field and can serve to further the student's career and professional goals. Some MBA programs offer additional credits to include a specialization to complement the general management courses.
