Master of Business vs MBA: Selecting the More Fitting Business Graduate Program

Introduction: The Importance of Enrolling in a Business Graduate Program

Over 56 million people in the United States have a bachelor’s degree. For some students, a bachelor’s degree is enough to help them reach their goals. However, for others, advanced education is essential to gaining a higher edge in their fields.

There are hundreds of master’s degrees in the country. Business is the second-most pursued advanced degree after computer and information sciences.

The business industry has one of the most competitive job markets. The intense job market is characterized mainly by two things:

1. Fewer job requisitions
2. The rapid increase in application rates

Almost everyone looking for jobs in the business industry has a bachelor’s degree. It’s important to stand out among the hundreds of applicants. How? By earning a master’s degree.

When pursuing an advanced degree in the field, professionals choose between a Master of Business and an MBA. These two degrees, although they possess some overlapping courses, are different. They have similar goals: to prepare students for higher level roles, but with different approaches and focuses.

When deciding between the Master of Business vs MBA, always consider your goals. What position would you like to attain? For instance, an MBA may suit you better if you aim for a high-level executive role. On the other hand, if you’re aiming to have a specialty or focus on a particular sector, a master’s in business may be more suitable.

Regardless of what degree wins between the Master of Business vs MBA, either degree will give you a competitive edge over those with just a bachelor’s degree. According to the US Labor Statistics Bureau, master’s degree graduates have significantly lower unemployment rates than bachelor’s degree holders. Additionally, the former has a higher earning capacity than the latter.

Both master’s in business and MBA require students to complete rigorous academic training. They typically demand at least a year or two of intense study. While you can pursue them online, you should also expect to undergo practical experiences such as internships or capstone projects.

While these degrees are demanding—money and time-wise—the return on investment can be substantial. Here are a few benefits of earning a master’s degree in business or an MBA beyond an increased earning potential:

1. You’ll have more career advancement opportunities.
2. You’ll have a broader professional network.
3. You gain unique skills and expertise.
4. You’ll have access to specialized resources.
5. You’re better equipped to lead large teams or start your own venture.

The personal and professional opportunities a master’s degree gives you can be endless. However, you must choose the right degree to experience the highest return on investment. The one that matches your current career stage and future aspirations.

This post will explore high-demand fields to help you make an informed decision. We will also discuss some tips for deciding between a master’s degree in business and an MBA.

Gaining Business Skills for High-Demand, Higher-Paying Fields

When enrolled in a master’s program, whether a specialized business or an MBA degree, there will be several opportunities to gain skills for the modern industry. These programs are developed to give you unique and advanced skills to compete in the job market.

Here are the key skills you can expect to gain and enhance in either program:

1. Advanced communication skills

You may ask what the difference is between communication skills taught at the bachelor’s level vs at the master’s level. The difference is largely about depth and sophistication.

At the bachelor’s level, communication skills often focus on fundamental techniques and general principles, including:

• effective public speaking
• basic interpersonal communication
• professional writing

At the master’s level, you gain a broader perspective of communication skills. You’re taught to speak with greater strategic intent and finesse. Here’s what communication skills training at the graduate level looks like:

• You learn how to design and implement comprehensive communication strategies.
• You develop skills on how to have an authoritative and influential presence.
• You gain expertise in navigating cultural differences.
• You delve into sophisticated negotiation strategies and advanced persuasion techniques.
• You learn how to use data to drive communication strategies.
• You refine your ability to navigate and lead teams.

2. Analytical skills

Strong analytical skills are crucial in business. They help you spot market trends, make data-based decisions, and solve problems. Master’s degrees in business, regardless of focus, offer courses that develop analytical skills. These include operation analytics, database management, and consumer behavior.

3. Strategic thinking and management skills

Strategic thinkers with great management skills become great innovators. These people can help almost any type of company rise above competition. A master’s degree will include courses in business resiliency and leadership best practices.

A graduate business school also surrounds you with faculty members with years of expertise in the business world. They will become your mentors and advisors for the master’s degree program. Utilizing their expertise and demonstrated managerial abilities gives you a significant understanding that you may integrate into your leadership approach.

Other skills you can expect to refine in a business master’s degree include:

1. Project management skills
2. Financial acumen
3. Leadership and team dynamics
4. Innovation and change management
5. Technology and digital skills

Here are a few great examples of high-demand, higher-paying fields you can pursue as an advanced business degree holder:

Corporate Finance

Corporate finance is about how companies handle money, including funding, organizing finances, tracking cash, and making investments. If you pursue this field, your main goal is to boost shareholder value through short- and long-term planning and strategies. It may include investment decisions and tax management.

Data Science and Analytics

With the rise of technology, data science is becoming one of the most sought-after fields of business graduates. Job demand in this field is expected to grow significantly for the next ten years as more businesses need professionals to help them predict company growth.

Healthcare Management

Multiple medical advances and improvements exist in medicine and technology today. With this growth, the healthcare industry needs more professionals to manage and oversee the complex operations of healthcare facilities.

Investment Banking

This is yet another interesting field you can pursue. As an investment banker, you aim to help companies raise capital and deliver financial advisory services.

Consulting

Holders of an advanced business degree can enter the dynamic consulting sector. They’ll provide firms with competent advice on numerous topics, from operational efficiency to strategic planning. They’ll help businesses function better by analyzing issues, coming up with answers, and implementing plans.

Choosing the Right Business Graduate Program

Deciding between a Master of Business and an MBA is a hard one to make. Both degrees will require you to invest time and money. Pursuing the wrong one will significantly affect your career and personal life.

Before making a decision, it’s important to learn the differences between a Master of Business Administration and a Master’s degree in Business, often known as a Master of Science in Business.

Question:

What does MBA stand for; who are its target students?

Answer:

MBAs, or Master’s in Business Administration, are among the most popular degrees in the United States. More than half of the Fortune 500 CEOs are MBA degree holders.

MBAs may offer different specializations to help students tailor their education to their career goals. Nevertheless, MBAs focus on the more human sides of running a business, which include:

• Leadership
• Planning
• Business strategy
• Organizational behavior

Beyond knowing what an MBA is for, it’s also important to know its earning potential. According to Glassdoor, the average MBA salary in the United States is $108,388.

Masters in business administration are mainly designed for those who want to work in a managerial capacity. They may also be suitable for those who want to specialize in a field like marketing, finance, or operations management, among others.

However, this master’s program is mainly suggested for those who want to broaden their generalist skill set and aspire to become a long-term leader of people.

Question:

What is a Master’s in Business degree?

Answer:

Master’s in business degrees, also called Master of Science, focus more on a single field. Unlike MBAs, which provide a broad overview of business management, a Master’s in Business typically involves a deeper dive into specialized subjects.

Here are the most common types of master’s degrees in business:

• MS in Finance
• MS in Marketing
• MS in Management
• MS in Business Analytics
• MS in Supply Chain Management
• MS in Human Resource Management
• MS in International Business
• MS in Accounting

A master’s degree in business is suggested for those who want to enter a specific field.

If you aim to build a career specifically in finance, an MS in Finance could offer distinct advantages over an MBA in Finance. This is because the MSF is designed to provide a more focused and rigorous education in finance.

On the other hand, an MBA in Finance will only provide a broader overview of financial principles within the context of general business education.

The average salary of master’s in business graduates varies greatly depending on the graduate’s specialization and the industry they enter. Graduates earn between $55,000 and $75,000 on their first post-master’s job.

Graduates with an MS in Finance or MS in Business Analytics often earn higher salaries. These fields require more specialized technical skills and stronger analytical abilities.

When deciding between an MBA and a master’s degree in business, it’s important to consider your career goals. While both degrees may cost about the same, they lead to different career outcomes.

Pro Tip: Consider your professional aspirations and the business experience you now possess. Getting an MBA could be the best option if you see yourself in a leadership role inside a major firm. However, an MS program in that discipline would be better if your goal is to progress inside a certain team or department.

Here’s a table of comparison between an MBA and a master’s degree in business:

Master in Business Administration	Master of Science Business
Cover broader aspects of business education	Covers a specific area of business in depth
May need at least three years of full-time professional experience	Do not often require years of work experience
Often takes one to three years	Often takes one to two years
Starting salary ranges between  $55,000 and $75,000, depending on the specialization	Average annual salary is $108,388

Key Takeaways:  Career Pathways with a Graduate Degree in Business

MBA stands for Master of Business Administration. This degree is focused on providing students and professionals with a broader, more generalist view of the business industry. This degree is mainly designed for those who want to become leaders in diverse organizational settings.

On the other hand, if you want to develop expertise in a specific area of business, consider a specialized Master of Science in Business degree. These programs will focus more on developing advanced skills and knowledge in particular domains.

Whichever program you pursue, you can expect to gain a strong foundation in fundamental business principles and enhance your career prospects.

Additional Resources:

• Best Master’s in Business Administration (MBA) Grad School Programs
• Most Affordable Online Master’s In Business Administration (MBA)
• Types of Business Master’s Degrees: Deciding on Graduate Programs That Match Your Goals