Find your perfect college degree
If you want to gear up for a managerial career and build some solid connections, there’s a good chance you’ll be faced with a myriad of options after your undergraduate program. You may wonder, is a master’s in management worth it, or should you go with a traditional MBA?
We’ve explored a master’s in management (MiM) in detail based on financial, growth, and learning aspects. We’ll uncover each of the aspects to help you decide whether a MiM is worth your time and investment.
Is a Master’s in Management Worth It?
Considering the huge number of business degrees, it’s valid to wonder if a master’s in management will reap better results than the rest. According to GMAC’s Applications Trends Survey, there has been a 3.2% increase in specialized master’s programs and a noticeable fall in traditional MBA degrees. This means a shift towards MiM programs is inevitable.
That being said, a master’s in management is generally a worthy investment that prepares you for leadership roles, HR gigs, and other managerial positions. Unlike an MBA, this degree requires fewer credit hours, so you don’t have to wait years before pursuing your dream career.
From a curriculum viewpoint, MiM focuses more on hands-on project management skills, capital management, and strategic leadership. Simply put, the degree is less about business functions and more about drawing insights from global leaders. However, whether it’s worth your bucks and time ultimately boils down to your career goals and expectations from the degree.
Benefits of Studying a Master’s in Management
The good news is that numerous benefits come your way with a master’s in management degree under the belt. Especially if you’re already knee-deep in your career and looking to level up, a master’s in management is just what you need to climb the organizational ladders. Some core benefits of the degree include:
Helps You Stay Competitive
For most employers, a master’s degree in a relevant field is the benchmark for managerial roles. Holding a master’s in management levels your competitiveness and makes you fit top roles within an organization.
The best part? Modern employers are no longer fixated on traditional MBAs. Instead, they’re more appreciative of individuals who stand out from the crowd with MiM degrees. Plus, the targeted and practical nature of this degree sets you up for critical roles within different industries.
Offers a Versatile Educational Experience
At its core, the master’s in management degree is tailored to enrich students with deep theoretical knowledge. It offers many elective courses, which you can pick depending on your interests. These programs may include subjects like business psychology, consumer behavior, e-commerce, and business ethics.
To keep up with the ever-evolving job market, many business schools are now adding more practical and hands-on experiences to the curriculum. These practical courses include internships, guest lectures, and working alongside business professionals. Even better, some universities connect you to big names like Google for more versatile career opportunities.
Yields Financial Rewards
Along with preparing you for the job market, a master’s in management can also lead to a higher salary and more financial potential. This difference becomes more evident when comparing the average earnings of individuals with bachelor’s degrees vs. those with master’s.
So, if you have an undergraduate degree and wish to scale up to the top level, a master’s in management degree will help you.
Builds Managerial Skills
The field of management is massive, so it requires acquiring a set of managerial skills to meet the needs of the field. A master’s in management degree is designed to equip you with the right skill set for the job. The key skills the degree helps you acquire include:
- Leadership skills
- Decision-making strategies
- Team management and effective collaboration
- Project management
- Conflict resolution
- Time management
- Negotiation skills
A master’s in management degree prepares you for real-world business scenarios long before you actually face them. By the end of the program, you’re set to navigate the challenges of global affairs.
Offers an Internationally-Oriented Program
The master’s in management degree is gaining popularity in Europe and other regions like Canada, Asia, and Australia. This upward trajectory is mainly due to the international orientation of most MiM programs. Mostly, the degree is taught in English so that a diverse audience can benefit from it.
The most popular countries that teach a MiM degree in English include Germany, France, the US, Poland, and the UK.
Is a Master’s in Management Better Than an MBA Program?
While a master’s in management degree is more favorable for freshmen in the field, the MBA is typically pursued by professionals who have already tapped into the business setting. The latter are more focused on career development and pay raises.
On the flip side, MiM graduates want easier access to the job market. Yet, they may not immediately secure managerial roles right after degree completion. However, it’s on you to decide which degree is worth your time and investment. Let’s break down the differences between the two programs to make it easier.
Program Duration
When it comes to timelines, a master’s in management typically requires around 12-18 months to complete. However, the actual time frame depends on whether you choose to pursue it as a part-time or full-time student.
Meanwhile, MBA programs tend to stretch out over a full two years. However, you can also opt for an executive MBA, or an accelerated MBA which can be completed in less than two years.
Cost of Education
Typically, the cost of attending a master’s in management program is easier on the wallet than an MBA. In fact, the lower prices of MiM make it a far more attractive option for students wanting to explore opportunities in the business setting. This lower barrier to entry broadens the pool of prospective students from different backgrounds.
- Average tuition for master’s in management: Between $44,000 – $50,000
- Average tuition for MBA: $61,800 (Forbes)
Work Experience
Usually, master’s in management programs seek internship experiences rather than full-time work experience. This allows students to gain practical exposure and build valuable skills in a professional setting without having it done beforehand.
On the other hand, MBA programs require a minimum of three years of full-time work experience alongside professional honors. While this favors that MBA students are highly competitive when they get in, it may pose a major barrier for those who fail to acquire full-time jobs after their bachelor’s.
Curriculum
As for the syllabus, a master’s in management offers general or surface-level knowledge about management. On the other hand, MBA focuses on scratching the surface to dig out real-case business studies.
While both degrees are postgraduate management programs, their curriculum may vary a lot. One cool thing about MiMs is that the content remains consistent no matter where you study. So, whether you’re a master’s in management student in Illinois or California, you’ll cover similar ground.
MiM has more courses than an MBA, while the MBA has more elective courses. Here are some of the main courses from both degrees. Also, the former is more focused on practical learning, while the latter is more about developing skills.
Master’s in Management Courses
Some key courses of a master’s in management include;
- Development Studies
- Business Analytics
- Applied Management Project
- Corporate Finance
- Innovation Management
- Research Methods
Master’s in Business Administration Courses
These are the MBA course options:
- Organizational Behavior
- Supply Chain
- Business Policy
- Corporate Valuation
- Business Communication
- Operations
Related Questions
What Are the Best Universities to Study for a Master’s in Management?
While the choice of college may vary from person to person, some of the best universities for master’s in management include MIT Sloan, Stanford University, New York University, Yale University, Stanton University, and the University of Southern California. However, it’s necessary to research thoroughly before making a decision.
Is It Possible to Study MiM Without Taking the GMAT Exam?
Yes, numerous universities in the US accept admissions without requiring the GMAT score. Some colleges offer provisional GMAT waivers based on certain criteria, while others simply don’t require GMAT scores for admission. Again, it’s best to check with universities to see whether they offer waivers for MiM.
What Career Prospects Can a Master’s Degree in Management Offer?
After completing your master’s in management degree, you’re open to various career paths. You can pursue one that aligns the best with your needs. The degree’s most common yet fruitful career prospects include sales, training, project, and operations managers.
Conclusion
If now feels like the right time to advance your career in management without wasting years on an MBA, it’s time to get your hands on a master’s in management. Given that the degree enjoys popularity, a master’s in management can be a worthy option if it aligns with your interests.
