There are two main types of business programmes at business schools. First, there is the more generalist master of business administration (MBA), which is designed to give you an overview of all aspects of business.
Then there are specialised master’s programmes such as a master’s degree in finance or business analytics. These are designed to help you hone your skills in one area and develop the ability to analyse and understand data in a business context.
But which should you choose to study?
Here are some questions to consider when choosing between an MBA and a specialised business degree.
Are you a leader or an adviser?
Making the right choice between a generalist or specialist business master’s degree is about understanding which area of business you want to move into.
A good question to ask yourself is whether you want to be a business leader or a highly sought-after adviser.
If you want to be the person who business leaders turn to when they need expert advice, and you have a specific interest in management processes or in the thrill of an effective marketing campaign, a specialist master’s might be right for you.
Specialist courses are more focused on building on an existing strength. If that strength is in calculating numbers, you might have a few options such as a master’s in finance, business analytics, accounting or economics.
But if you want to be a leader who really understands all aspects of a business, then an MBA might be a better choice. In one way, MBA graduates are specialists in the whole organisation, not just one part of it.
An MBA is about understanding how all areas of a business fit together and accounting for all the technical, people and strategic challenges when trying to change or improve organisational performance.
Business leaders also need to know how to work well with people, and teamwork, collaboration and management are fundamental to most MBA programmes.
The broad understanding gained in an MBA and the specialist knowledge acquired in a focused programme will both require the same amount of hard work and commitment to achieve, so it’s best to identify your own working style and let that inform your choice.
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What are the application requirements?
On a practical level, you’ll need to consider which kind of programme you’re most qualified to apply for.
MBA applications are assessed holistically. Admissions officers will be looking for evidence of your desire to become a leader and understand all aspects of a business.
While strengths in quantitative subjects certainly help your MBA application, it’s not all about your academic record. Most MBA students will have spent several years in the workplace before applying.
However, there is a high chance that you will have to take a standardised admissions test to apply for an MBA, such as the GMAT. These tests require months of preparation. Check the average GMAT scores required for your chosen programme and consider how long it might take you to study for any MBA admissions tests.
On the other hand, many specialist postgraduate degrees are designed to be a natural progression from a related undergraduate programme. Work experience is rarely required as part of your application, but it is always worth mentioning if you have some related to your course.
Applications for specialist programmes place more value on your academic record. For example, if you’re planning on applying for a master’s in business analytics programme, you’ll need a good academic record in quantitative subjects such as mathematics, statistics, actuarial science, computer science, information systems, engineering, physics, finance, economics or science.
Some courses may also expect certain minimum scores in your undergraduate modules, so keep that in mind when researching postgraduate courses.
What are your long-term career goals?
To choose the most beneficial business course for you, you’ll also need to have a good awareness of your long-term career goals.
A key advantage of an MBA is that the leadership ability and broad organisational knowledge you’ll develop are highly transferable from company to company and industry to industry.
Since you learn to address challenges that are common to all organisations on an MBA, you’ll have more flexibility to be able to change the direction of your career than someone with a specialist degree can expect to do.
Many MBA students will also use the contacts made on their course to go into business together and create their own companies.
Specialist degrees also offer strong career prospects, but they will often be a little less flexible than an MBA.
Graduates of master of business analytics courses, for example, will often be snapped up by employers who need them to explain the business implications of the volumes of data their organisation is collecting.
Overall, if you identify your strengths and stick to them, you should be able to find the best business course for you.
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