12 Jul 2022 | MSc in Management Vs MBA
We all know about MBA or Masters in Business Administration programs as it is one of the most popular postgraduate studies around the world. MBA opens up a plethora of career options with high-paying packages in diverse sectors, including banking, finance, marketing, etc.
But not all might be aware of an MSc degree in management or business. Many universities(especially those outside of the USA) are now offering a variety of Master of Science courses pertaining to the business.
At this juncture, you might be having many questions such as which degree is apt for you, which degree gets you a fatter salary, etc. Though both are post-graduate courses, they are quite different in their focus, eligibility criterion, and personal development. While an MBA degree has its allure for students as well as employers, many specialized master's degrees are on the rise in many FAME (Financial Analysis Made easy) disciplines, such as MSc. in Fiance.
The central difference between MBA and MSc in Management is the experience of the candidates. The MBA program is suitable for those who have some experience in the professional world whereas MSc. in management is a specialized degree for students with no prior work experience and who have recently passed their undergraduate programs.
What Are MBA Courses?
MBA course is an all-encompassing degree in business where you can choose a specialization during the last semester.
- An MBA program focuses on broad-level managerial and business leadership skills.
- These programs are typically meant for those individuals who have a few years of professional experience and they wish to advance their careers.
- MBA has a clear focus on providing rounded education, and topics range from human resources to supply chain management, logistics, corporate social responsibility, etc.
- A traditional MBA program is of 2-year duration, but these days many different types of MBA have come out with varying durations such as executive MBA (1 year), part-time MBA (more than two years), etc.
- Some of the MBA programs allow you to continue with your job and combine it with your MBA studies.
- MBA programs are more practice-oriented.
What are MSc. in Management Courses?
Master of Science in management is also known by other names like MIM (Master in Management) or MSM.
- The MSc in management course provides advanced general management knowledge to students.
- The course does not require any kind of prior experience in the professional field.
- Students learn advanced theories and tools which prepare them to take jobs across various industries in the public and private sectors.
- One of the primary skills students acquire during this course is critical thinking, effective communication, and problem-solving techniques.
- MIM programs are more theory-oriented.
What is Taught in MBA Courses?
An MBA degree is a professional degree with more focus on the practical side of it. The course has more real-world projects, case studies, and teamwork. The emphasis of the program is on peer learning.
- Typically the MBA curriculum is divided into two parts:
- Core MBA courses - This comprises subjects like accounting, finance, business communication, data analytics, business ethics, leadership, economics, marketing, and operations.
- Elective MBA courses - You can also select specialized courses which complement your career goals. The elective courses range from human resource management to entrepreneurship, nonprofit management, sustainability, blockchain, artificial intelligence, etc.
What is Taught in MSc. in Management Courses?
An MSc. in management is deemed a versatile advanced course in business that has an appeal in the global employment market. The course is more theoretical and academic and has a professor-led and textbook approach.
- MSc. is a more specialized course which means students will learn only one specific specialization during the course such as MSc. in Finance.
- The course covers all the fundamental elements of management, i.e., entrepreneurship, innovation, marketing, finance, human resources, and organizational change.
- The course subjects require strong analytical and mathematical abilities.
- The final dissertation for an MSc. in management is generally research-oriented.
- Some of the popular courses available for MIM students are business ethics, management accounting, marketing management, finance, engineering management, management theory, organizational behavior, etc.
Entry Requirements for MBA Courses
- Bachelor’s degree from a recognized college.
- GMAT score
- Work experience (2 to 3 years of relevant experience)
- Letters of recommendation
- Proof of English proficiency (TOEFL, IELTS, or PTA Academic)
Entry Requirements for MSc. in Management Courses
- Bachelor's degree with a good GPA.
- GMAT score
- English proficiency proof (TOEFL, IELTS, PTA Academic)
- One-third of MIM schools require an academic background in economics or business.
Best Countries to Study MBA Courses
Top countries and universities for MBA courses are:
- The USA - Harvard Business School, Stanford Graduate School of Business, Booth School of Business, Wharton School of Business, Kellogg School of Management.
- The UK - London Business School, Said Business School, Cambridge Judge Business School, Warwick Business School, Manchester Business School.
- Canada - Schulich School of Business, Rotman School of Management, Sauder Business School, Queen’s School of Business.
- Australia - Melbourne Business School, Sydney Business School, Macquarie Graduate School of Management, Faculty of Business and Economics.
Best Countries to Study MSc. in Management Courses
Some of the popular countries and universities that offer MSc. in Management are:
- France - HEC Paris, ESC Clermont Business School, Grenoble Ecole De Management, Toulouse School of Management, ESSEC.
- The UK - University for the Creative Arts, London Business School, Imperial College London, London School of Economics.
- The USA - Sullivan University, George Mason University.
- Spain - ESADE
- Denmark - University of Copenhagen
- Germany - EU Business School, Steinbeis SMI University Berlin
Cost of Studying MBA Courses
A regular MBA would cost around 20,000 to 32,000 USD, and it could go up to 93,000 USD for top-notch universities in the US.
Cost of Studying MSc. in Management Courses
MIM course fees depend on the specialization, location, and university that you choose. On average, the cost is between 22,000 to 32,000 USD.
Benefits of MBA Courses
- You gain better awareness of the global market.
- Your communication skills improve manifold.
- An MBA course lets you into a network of more than 100,000 alumni and gives access to intelligent and respected professionals in the community.
- The paychecks and job opportunities are very high for an MBA graduate.
Benefits of MSc. in Management Courses
- MSc. in Management has an international orientation and does not require any previous work experience.
- It is a versatile course where you can choose from a wide range of electives, for instance e-commerce, psychology of money, etc.
- Some M.Sc. Management courses also teach you a second language.
- M.Sc. in management offers career opportunities in diverse industries such as banks, investment management, etc.
MBA and MIM are two management programs where subjects might overlap, but the focus is entirely different. MBA is a more professional-oriented course and requires some amount of work experience whereas Msc. in Management is more theoretical, which even a fresh graduate can join. MSc. in Management can help you start your career, while MBA aids young professionals in enhancing their management skills. While selecting between the two, you must consider which course aligns with your immediate career goals.
For more assistance please visit us study abroad consultancy.