Today, more and more students are abandoning the traditional path of an MBA and enroll in a master’s degree in their speciality. An MSc or Master of Science is an advanced degree program that can be completed in about two years. For example, you can learn how to manage projects. To do this, you need a special package of competencies.
In response to this trend, business schools in Britain, in particular Lincoln University, have expanded their choice of programs – from management in its pure form to its special application. Can a MSc be considered an alternative to an MBA? If so, what are the advantages of a narrow specialization compared to an MBA and who is best suited to this or that program?
Going into one of the classrooms of the British Business School, you can accurately recognize a typical participant in the MBA program: this is 31-year-old John, who has 8 years of work in an international consulting firm behind him. Unlike MBA, specialized Master’s programs do not require many years of work experience. The main difference between MSc and MBA is that the first program is aimed at students with little work experience. And future MBA degree holders need at least 3 years of work experience.
By the way, have you ever wondered why an MBA requires mandatory work experience? First, in the MBA, unlike the MSc, most of the training takes place in a group where people from different fields learn from each other and exchange experiences. Second, work experience directly affects how the program is taught.
MSc courses include a significant element of teaching the basics of management, marketing, risk, international trade, corporate strategy. The program teaches students what awaits them in the business world. An MBA, on the contrary, immediately requires that you, starting from your own experience and the experience of other people, hone your business management skills.
By the way, MSc graduates have high demand rates and have no problems finding a job.