The MBA was once known as a “one size fits all” graduate degree for mid-career professionals with dreams of the corner office. As the demographic skewed younger — thanks to a tight job market — some are passing on the MBA for more tailored options: MS degrees in specialized concentrations. But is one better than the other?
The mere fact that you’re thinking about an advanced degree is good. Pew Research found that median monthly earnings of 25-to-34-year-olds with master’s degrees rose 23 percent from 1984 to 2009. Solving the degree dilemma, however, takes a little homework, says Sharon Hill, assistant dean and director of Graduate Admission at Bentley University.
“The MS is by definition master of a particular topic, diving into your chosen discipline,” Hill explains, “whereas the MBA is much broader because management can apply to any industry and any discipline.”
Her advice? Compare and contrast each degree, and do some soul searching as to what you really want and need.
What are your short- and long-term goals? Consider why you’re even thinking about going for a graduate degree. Do your own self-analysis: What job do you want to be doing, and what do you need to get there? Look at your strengths and determine what you need to be successful and happy. If you’re not sold on a particular industry or discipline, the MBA is going to give you broad knowledge and may be the key to getting you that promotion (and you can always add a concentration). On the flip side, if you’re very passionate about a particular field like finance, taxation or IT, an MS could give you a level of expertise that others won’t have.
Who is being hired in which industries? There’s often a yin and yang in enrollment between MBA programs and MS programs. That is, especially when the economy is slow, companies tend to scale back on MBAs, but in vertical markets or specialized career areas, the overall economy may be less of an influence. With the economy picking up steam, the MBA may be of greater interest to those who favored an MS more for its practicality than for its innate interest.
What level of professional experience do you bring to the table? Find a master’s program that aligns with your professional background. MBA programs used to require candidates to have a certain amount of work experience but shifting demographics have changed that. For example, the part-time MBA at Bentley is designed for mid-career professionals looking to advance their career, whereas the Emerging Leaders MBA is built for recent graduates and young professionals. MS programs often accept students immediately after college, but this can also vary. An MS in Accounting, for example is appropriate for students coming out of an undergraduate program because in most states, including Massachusetts, the CPA exam requires 30 additional credit hours. Other MS programs — Bentley’s Human Factors in Information Design, for example — require work experience.
What is the course structure? Be sure to dig down into program structure, availability of courses, and curricular options. An MS program is typically a lesser courseload than an MBA — 10 courses versus 18 for some programs — but MS programs may be smaller and offer fewer course or scheduling options as a result. MBA course requirements may be determined by your undergraduate degree. For example, if you came out of liberal arts program, you may have to infuse foundation courses such as finance, marketing and accounting — on top of MBA courses — to help you level playing field in the classroom. If you majored in business, you could bypass that.
How will your studies fit into your life? When it comes to juggling a master’s program with work and family, it’s not only the degree that has an impact, but the structure of the program. Today’s MBA programs are more flexible, with full- and part-time options. If you’re enrolling in a full-time day program, for example, you’ll likely be taking a step out of the workforce. Figure out whether that investment in time is worthwhile. A part-time program will take you out of the house a couple nights a week and on weekends. Another consideration: Many universities offer hybrid classes; at Bentley all foundation and core classes in the professional MBA, as well as electives in tax, financial planning, management and information design, are available online.
No matter what your ultimate choice is, look at where you are in your life and consult with people around you. If you’re in a relationship, everybody has to shake hands with what this is going to mean to your life, particularly when it comes to time and money. If you travel for your job, is there a way you can work with your manager to make this happen?
Clearly there are no hard-and-fast rules about master’s program; many decisions will be based on the school you choose. While many MS programs are outgrowths of an MBA, some universities offer programs specializing in industries like real estate, sports management, or health care, according to a report from Bloomberg Businessweek.
In the end, Hill advises, “Take a deep breath. Find out what fits into your life and your professional goals, and you’ll find a degree that will help you get where you want to be.”