MBA vs. Master of Finance or Economics: What’s the difference?
Thursday, August 27, 2020
MBAs and other Master’s Degrees related to the area of business, like finance or economics, are believed to be the same or very similar. However, if you are considering pursuing any of them, it is important that you know the differences between them in order to choose the one that benefits you the most.
Master of Business Administration: What you need to know
- Generally, MBA applicants have often already been in the workforce for a couple of years. Actually, many MBA programmes require candidates to have experience in the world of business in order to apply to business school.
- MBA modules will certainly cover finance and economics, and other business areas as well. However, those subjects are approached from a general perspective in order to provide you with a main idea of what each area is about because your job will require a basic knowledge of them all.
- The main benefit of studying an MBA is that you will learn to see the bigger picture. How so? Because you will learn something about many disciplines. It is common knowledge that MBA students generally gain a deeper insight into how the different parts of a business relate to one another and how they operate.
Many employers look for MBA graduates because they have a wider perspective since they are aware of their surroundings and of what is going on in every area of the organization. They are also sought after because they already have experience in the workforce, which is very important because they can provide organizations with knowledge and skills not only gained when studying, but also when putting them to practice at work.
On the other hand: Master of Finance or Master of Economics
- The skills graduates acquire are focused on the area of specialization, which makes graduates more marketable for employers looking for experts in a specific field.
- Instead of spending 2 whole years studying, which is what an MBA would take, finance or economics courses are completed from 12 to 18 months.
- Earning your degree up to one year earlier will also allow you to enter the workforce earlier and you will have more short-term earning potential.
- Economics and Finance Master’s degrees are generally less expensive than MBA’s, not only because they are shorter programmes but because their tuition fees are cheaper.
Career prospects for each area: