If you’ve spent a certain period in a job, reached the upper earning ceiling and mastered the fundamentals to the point that each workday is the same as the last, you might feel some boredom set in. You crave intellectual stimulation and new frontiers to conquer, as humans are wont to. A master’s degree is just the thing to satisfy your thirst for challenge and propel your career to a new height in terms of work quality and income.
When choosing a career-oriented Master’s degree, the choice often boils down to either an MBA (Master of Business Administration) or an MS (Master of Science). A detailed knowledge of these two career paths will help you decide which orients better with your life goals. Here’s a complete guide highlighting the critical differences between a Masters and an MBA degree to help you choose the right degree.
Focus of program
Focus of the program is different in MBA vs MS.
An MBA will prepare you for a leadership role in the real-world business environment. An MBA focuses on developing critical thinking, strategic planning, and leadership skills required in the current competitive business world. Needless to say, in a competitive MBA school, you will be exposed to a lot of project work simulating actual business scenarios.
An MS, on the other hand, leans towards specialisation in one of technical fields. With a subject-specific course load, you will develop technical skills in a particular science or engineering discipline. An MS will prepare you for solving real-world technical problems, conducting research and innovating.
In short, while an MBA prepares you to be an effective leader in the business world, an MS focuses on developing your technical problem-solving and innovation skills.
Target audience
Contrary to popular belief, the target audience is different for an MBA vs MS.
An MBA suits mid-career professionals with at least 4-6 years of experience. If you want to enter a leadership role, get into a new industry or start a new business, an MBA is the way to go for you.
On the other hand, if you are a newbie in terms of work experience and want to specialise in a technical field, an MS will suit you better. Often, people join an MS directly after their undergraduate studies to prepare for a particular technical role in a specific industry.
Required academic background
The required academic background is another critical MBA and Masters difference.
An MBA requires a bachelor’s degree in any field. In fact, a good MBA program aims at a healthy diversity concerning undergraduate degrees. For example, in renowned institutes, you can find law, arts and science graduates studying alongside.
Unlike an MBA, an MS places a strict demand on the undergraduate field of study. To enter an MS program in a particular specialisation, you must have an undergraduate degree in the relevant field. Your classroom in an MS program will be homogenised with people of similar undergraduate backgrounds.
Standardised tests
Since the academic requirements of both programs are different, you need to clear different standardised tests for Master’s degree vs MBA.
To enter an MBA college in India, you must pass the Common Admission Test (CAT). After successfully clearing the exam, you can apply to different MBA colleges of your choice. For an MBA outside India, you must get a decent score on the Graduate Record Examinations (GRE) or the Graduate Management Aptitude Test (GMAT).
For an MS in India, you must either pass the Graduate Aptitude Test in Engineering (GATE) exam or the Joint Admission Test for Masters (JAM). For an MS outside India, most colleges require a GRE score.
Remember to check your eligibility, required application fees and number of test attempts before preparing and applying for a standardised test.
Typical coursework
Coursework is different for MBA vs MS. Before deciding between them, you should thoroughly check the required coursework for each to assess which degree suits your interests better.
In an MBA, you will study business, management, finance, leadership, economics and entrepreneurship topics. You must also complete several projects on these topics and real-world business scenarios.
In an MS, your coursework will revolve around the area of your specialisation.
Program fees
One of the most essential MBA and Master’s differences is program fees.
The duration of an MBA program in either India or abroad is one to two years. An MBA from a good college in India (say the IIM) can cost you anywhere between Rs. 16-27 Lakhs. You might have to pay upwards of Rs. 1-10 Crores outside India when accepted into a renowned business school.
The duration of an MS is typically two years and will cost you less than an MBA in general. You can get an MS from one of the premier institutes in India for less than Rs. 12 Lakhs for two years. Outside India, the cost of an MS is usually higher and ranges anywhere from 25 Lakhs to 1 Crore, depending on the country.
Salary and job prospects
Another difference between MBA and Msc. degree is associated with starting salaries and job prospects.
An MBA from a good college in India will fetch you upwards of 25 Lakhs per annum, along with rapid career progression. The starting salaries for MBAs abroad are even higher. These salaries can put you into top-tier earners in any country within years.
Although comparatively lower, the starting salary of an MS graduate is still typically higher than an undergraduate in the same field. After an MS, you can earn anywhere from Rs. 10-30 Lakhs per annum in India and Rs. 50-70 Lakhs abroad.
Concluding thoughts
Both MBA and MS can give your career the required boost and, at the same time, help you grow intellectually. However, high returns on investment and career-oriented master’s degrees like an MBA or an MS can deplete your savings.
Keep your savings for a rainy day, and consider an education loan for a hassle-free education experience in India or overseas. Tata Capital provides accessible education loans with competitive interest rates and easy disbursal. With Tata Capital’s tailor-made loan solutions, you can focus on upskilling effectively without worrying about education costs at each milestone.
24 September 2024
6 mins read
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