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Should you get an MBA or a master's?

By: Evan Thompson, Edited by: Andrew H. Rice, Ph.D.

Published: January 10, 2025


Today's job market is competitive. Advanced degrees can improve your profile, leading to better roles and higher pay. But deciding which degree to pursue can be challenging.

Popular options include an MBA — a master of business administration — and master's degrees in a business discipline like management, finance, or supply chain. While each of these degrees can advance your career, they feature different paths, benefits, and considerations.

This guide explores the differences between an MBA and other master's degrees in business, including job prospects, salaries, and admissions requirements.

MBA vs. master's

Master's degrees are graduate-level programs that can enhance your career prospects. These programs may differ in their focus, structure, and career outcomes. An MBA is a specific type of master's program that provides a comprehensive foundation in business concepts and an overview of business and management practices. Other types of business master's degrees provide in-depth knowledge in a specific business discipline, such as finance or management.

MBAs and other master's degrees take 1 to 4 years to complete, depending on your enrollment status. For example, an accelerated MBA or accelerated master's program expedites your graduation timeline, while part-time programs take longer to finish. Additionally, all of these options have become popular with distance learners, and several online MBA and master's programs provide flexible remote classes.

Key differences

Here are some key differences between an MBA and other business master's programs:

  • Focus: An MBA focuses on broad business principles, such as leadership and strategy, while a master's degree can focus on a specific field or subfield of study, such as cybersecurity, communication, or computer science.
  • Admissions requirements: MBA programs typically require several years of work experience, while other master's programs may focus more on academic qualifications.
  • Career goals: An MBA may appeal to those seeking leadership roles across various industries, while other master's degrees may be preferable for those looking to excel in a specific discipline.
  • Coursework: MBA programs cover various business topics and offer concentrations, while other master's programs may delve deeper into the theory, applied science, and skills of a specific field.
  • Outcomes: MBA and other master's degrees can lead to leadership and management roles in various industries, but each program's curriculum and focus may differ significantly.

Application requirements

MBA programs typically require a bachelor's degree from an accredited institution, several years of work experience, and competitive scores on standardized tests like the GRE or GMAT. Besides academic qualifications, MBA programs often consider factors like essays, letters of recommendation, and résumés.

The requirements for other master's programs may be less focused on work experience and more on academic qualifications. In addition to factors such as grade point averages and prerequisite coursework, they may focus more on what an applicant brings to the program and their potential compatibility for research or specialization in a particular field of study.

Careers

The career opportunities for MBA and other master's degree-holders differ based on the nature of the program.

MBA careers typically focus on leadership and management skills and often span industries. Roles include positions in the C-suite, such as chief executive officer (CEO), chief financial officer (CFO), and chief technology officer (CTO). Graduates can also find roles in finance, marketing, technology, healthcare administration, logistics, human resources, and data analytics.

Other master's degree careers tend to be more specialized. For instance, with a master's in finance, supply chain, or marketing, common career opportunities include financial analyst or advisor, investment banker, marketing manager, portfolio manager, logistics analyst, and operations manager.

Salary

The salary potential for those with an MBA or master's degree can vary, but MBA graduates generally earn more. The median estimated salary for MBA graduates is around $125,000, while the median salary for all master's graduates is $86,000.

Job titles associated with an MBA include high-level positions like marketing director, CFO, and CEO. According to 2023 data from the U.S. Bureau of Labor Statistics, chief executives make a median annual salary of around $207,000.

Job titles associated with other master's degrees include supply chain manager, finance manager, and marketing manager. These roles make annual median salaries of around $99,000, $156,000, and $158,000, respectively.

It's worth noting that some job titles may apply to both MBA and other business master's degree-holders. In general, schools design MBA programs to prepare graduates for the executive level, leading to higher-level roles and higher pay.

Which should you choose?

Deciding between an MBA and another business master's degree depends on your career goals, interests, and professional background. An MBA offers a broad business education, making it ideal for those aspiring to leadership or managerial roles. In contrast, other business master's degrees may be better suited for those wanting in-depth knowledge and skills in a specific field.

Frequently asked questions about MBAs vs. master's degrees

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