They always say that when the economy is bad, it is the best time to continue your education and get ahead in the job market, but many people are wondering about an MBA vs. Masters of Management degree. You can get advanced degrees to improve your career potential, but it can be difficult to know what will be more expensive, what will put you ahead of the pack, and what will lead to a promotion at your current business.
MBA or Masters of Management?
On the surface, it seems that there are similarities between these degrees and that they help you learn the same skills, but the truth is, each degree can make a difference in how your career will unfold in the future. Assess your own personal goals, and seriously consider your options of getting an MBA vs. a Masters of Management degree.
What Are Some Specific Differences Between These Degrees?
Both of these degrees give you the potential to get ahead. However, there are critical differences between an MBA vs. Masters of Management degree. First, many people who choose to get a Masters of Management degree are often much younger in general than those who choose to get their MBA. This is because the MBA admissions requirements often ask you to have some work experience, which makes younger students less likely to apply.
MBA candidates often already have management experience at a company, whereas a Masters of Management candidate does not always have the same level of training and expertise. Usually a Masters of Management student has completed undergraduate education and only has one or two years of working experience.
You might want to consider the similarities and differences between these programs in terms of curriculum. You will find that both of these programs offer lots of training in management and building teamwork. You will consider case studies with both, and you will learn critical management skills. With a Masters of Management degree, you might find that you are going to focus your skills more on specific strategies and case studies. An MBA might be more comprehensive in approach, depending on the program you attend.
MBA vs. Masters of Management Degree: How to Choose
Now that you know a little bit more about the different degrees, consider which one might be right for you. As already was alluded to, Master of Management candidates do not need the same level of experience as MBA candidates do. This is why many Masters of Management candidates are often young and, although talented, very inexperienced. This is why sometimes people consider an MBA program more challenging; the curriculum is tailored to fit the needs of a group of more experienced individuals.
Just because the MBA is more popular does not mean that it is the right fit for you. For instance, consider the costs involved. A Masters of Management degree is a lot less expensive than an MBA. One year at Harvard Business School might cost you over $80,000 with all expenses included.
You might want to think about how long it will take for you to achieve your degree - some programs for a Masters of Management only take one year to complete. You might elect to take summer or night courses to achieve either your Masters of Management or MBA - it is up to you. Think about studying for the GMAT as soon as possible so that you have the right qualifications for either program.
Who Can Help You Make the Decision?
Ultimately you can't make this decision alone. You can enlist the help of many individuals who will be able to advise you. If you are currently employed, explore options at your workplace that will perhaps allow you to take night classes, explore part-time credits, or take summer course options. Another option is to ask if they will be able to provide you with financial aid for either an MBA vs. Masters of Management degree.