While the traditional two-year, full-time MBA degree remains a proven choice for individuals seeking professional development, career advancement, and networking, specialized master’s degrees are growing in popularity, relevance and value. More than ever, non-MBA programs merit serious consideration by prospective students.
The classic MBA continues to pay high dividends in giving students exposure to essential disciplines such as accounting, marketing, finance, operations, strategy, management and entrepreneurship. However, for individuals who want to take a “deeper dive” into a given discipline, the specialized master’s degree may be an even better choice.
For example, those who want a curriculum focused on financial markets, financial analysis tools and portfolio management techniques should consider a Master of Science in Finance (MSF) program. For those who prefer a more quantitative path -- using math and computer programming to solve business and financial problems -- the Master’s in Financial Engineering (MFE) or Master’s in Mathematical or Computational Finance (MFM) may be the best alternative. Other specialized master’s programs offer specific knowledge and intellectual depth in marketing, accounting, management, and business analytics.
The appeal of specialized master’s degree continues to grow worldwide. According to a 2017 report from the Graduate Management Admissions Council (GMAC): “Despite the preponderance of candidates who intend to pursue MBA degrees, however, growing candidate demand continues to fuel the proliferation of non-MBA business master’s programs. Globally, the percentage of candidates considering only business master’s degrees, such as Master in Management or Master of Data Analytics, has increased from 15 percent in 2009 to 23 percent in 2016.”
Because specialized master’s programs are typically designed for students with little or no full-time work experience, they help candidates develop advanced skills and knowledge that will make them more attractive in an increasingly competitive job market. Students seamlessly transition from college to graduate school to take coursework relevant to their specific career goal, thus avoiding the 3-4 years of full-time work experiences expected by most MBA programs upon matriculation.
Most of these specialized master’s programs are 12-15 months in duration, while others such as the MSF at MIT Sloan, offer an 18-month option for those interested in having a summer internship. So, individuals who want to work for the likes of Goldman Sachs, Barclays, McKinsey and Price Waterhouse can have access to these firms in half the time required for a full-time MBA. Furthermore, grads are typically considered as better prepared, thus receiving higher starting salaries and qualifying earlier for promotions than their undergraduate peers.
Of course, there's a third option beyond a traditional MBA or a specialized non-MBA master’s degree: You could consider an MBA with a formal concentration in the discipline or industry that interests you most. There’s a long list of concentrations available — ranging from broad categories like finance or healthcare to narrow areas such as sports management or wine & spirits.
Judith Stockmon, is a senior consultant at The MBA Exchange
