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#Masters in Business

If you’re considering a postgraduate-level degree in business, there are three main options available to you: MA, MSc or MBA. The core courses of any postgraduate business degree aim to introduce advanced-level topics in areas of business such as accounting, finance, marketing, human resources and operations management. Many programs then offer a wide range of elective courses, although some are specialized in one particular area of interest right from the start.

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Differences between MBAs and other Masters in Business

Some of the key differences between an MBA and other Masters in Business programs are explained below:

Entry requirements

MBAs and other postgraduate business degrees have many similar entry requirements, including GMAT/GRE scores, academic achievements and evidence of language requirements. The most significant difference is that MBA entry requirements also state that applicants must have a minimum amount of professional experience, usually at least two or three years and often more (especially for an Executive MBA).

Other types of Masters in Business instead focus more on requirements such as a good undergraduate academic degree. Some courses ask for subject-specific degrees (such as a bachelor’s in business administration, business management, economics or finance) while others simply require a good undergraduate degree in any subject. Some institutions offer prerequisite or foundational courses in business for students without a strong business background.

So, an MA or MSc in Business is likely to be more relevant than an MBA for those students who are coming straight from undergraduate level, with little or no relevant work experience.

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Course content and specializations

Both MBAs and other Masters in Business cover a range of core business topics. and allow students to specialize by choosing from a range of elective courses. Despite this opportunity to specialize, MBAs typically give a comparatively general overview of business, with a larger range of compulsory courses designed to equip students for a wide range of business-related situations and roles.

In contrast, an MA or MSc in Business tends to provide scope for greater specialization, with a precise academic and theoretical framework designed to help students become experts in a specific field. This then allows graduates to apply for more specialized roles after graduation.

Fees

While the costs of both MBA and other Masters in Business programs will vary according to institution and country, MBAs are typically more expensive than other business degrees. An MBA can cost from US$60,000 up to as much as US$100,000, while an MA or MSc in Business is likely to cost less than this, in line with the general postgraduate fees charged by the institution.

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Teaching methods and assessment

While lectures, seminars and tutorial classes are part of both MBA and other Masters in Business programs, MBAs have a more practical and applied focus while MA and MSc programs may be more theoretical.

MBAs are traditionally dominated by company-related projects and ‘case studies’ – real-world examples of business issues that students are expected to explore, discuss and reflect on in small groups, from the practical perspective of managers. On the other hand, MA and MSc in Business programs use a range of teaching methodologies which are more reminiscent of undergraduate teaching such as presentations and group projects. That said, many Masters in Business programs do also use case studies to simulate real-world situations, but perhaps with more of a focus on the theoretical side, looking at different theories and techniques.

An MA or MSc in Business is also better preparation for a PhD program, due to the focus on management research and the common requirement of a research-based final dissertation. MBA programs usually assess students through a business project presentation, in which they demonstrate what they have learned throughout the program.

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Career prospects

While any higher-level degree is likely to improve your career prospects, most MA/MSc in Business graduates will be starting their first job after their degree, thus being only able to apply for entry-level positions. MBA students already have work experience, so upon graduation, they become “experienced hires” for companies, and are able to apply for more advanced jobs including leadership and management positions.

While there are some key differences between Master in Business and MBA, ultimately the choice between the two lies on what you want to get out of your future. Before applying to any program, make sure to assess the quality of the course by checking accreditations and rankings, and by talking to potential employers and to alumni of the program you’re interested in.

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MA or MSc in Business?

If you’ve decided that a Masters in Business is the right choice for you, the next choice is between a Master of Arts (MA) in Business and a Master of Science (MSc) in Business. Generally speaking, the second of these is more commonly offered.

Traditionally, the MSc is delivered with a science or technical focus while the MA has a humanities focus. Thus, an MSc in Business may require students with a strong academic background in a business-related subject such as the FAME subjects (finance , accounting , management  and economics ) while an MA in Business may instead accept students from all academic disciplines.

Note that the distinction between the two is defined at the prerogative of the institution, so regardless of whether the program is titled as an MSc or MA, make sure to check the course content before you apply to make sure it suits your preferences and background.

There are a range of business courses available at postgraduate level. Most institutions offer business degrees combined with another subject, or specific to a particular field of business. Some common Masters in Business degree programs you may encounter include: Master of Arts in International Business; Master of Science in Business Analytics; Master of Science in Business Administration; Master of Science in Business Accounting; Master of Science in Business Analytics; Master of Science in International Business Management; Master of Science in Digital Business; Art and Business (MLitt); Master of Science in Business Psychology; Master of Arts in Business Executive Coaching and MSc Business (Finance Accounting).

Find leading institutions in Europe and Australia offering Masters in Business programs