You've attained your bachelor's degree and now you want to take the next step in your education and set yourself up for career success. It used to be a clear path: get your MBA. It was the gold standard and oftentimes the only choice if you wanted to move into management and executive-level positions. However, in recent years another option has emerged that can provide you with master's-level credentials and field-specific knowledge: a specialized master of science (M.S.) in management.
An MBA or specialized master's degree in management will both provide you with the in-depth knowledge and skills necessary to manage projects, teams, finances and administration.
How do you decide which degree to pursue? Some of the decisions are based on where you are in your career and where you want to go.
Education and Skills in Today's Workforce
To be successful in today's workforce, you must not only have knowledge within your field of expertise, you must also have the skills to manage multiple facets of the departments in which you work and lead the people on your team. Judgement/decision making, communication, analysis and administration are the four most-in-demand competencies in the labor market, all of which can fully develop in an MBA or M.S. in management degree program.
An MBA degree opens the door to a variety of careers in the field of business, finance, management and marketing. MBA holders also see an increase in salary versus those with a bachelor's degree.
According to the U.S. Bureau of Labor Statistics, the median salary for those with a MBA in marketing is $81,731. Entry-level salaries for MBA degree holders typically range between $77,020 and $128,750. For M.S. in management degree holders, entry-level salaries are between $50,000 and $86,000. Mid-career salaries can be between $127,000 and $152,000.
However, as MBAs become more ubiquitous, specialized master's degrees provide a competitive edge during the hiring process and are steadily gaining in popularity, with increased program enrollments.
"The more well-rounded an individual is, probably the more expensive they are. If you bring a good skill set and multiple disciplines, you probably can command a higher salary." - Chad Oakley, President of the executive search fim Charles Aris, Inc.
The MBA offers practical problem solving skills. Utilizing case studies, MBA students work together to solve real-world business challenges. Classes are composed of individuals with diverse industry and field backgrounds, as well as levels of experience. This collective provides for diverse insights that not be as pronounced in a homogenous group, giving students the opportunity to view situations and ideas from the varied perspectives of others.
Unlike the diversity of MBA student compositions, classmates in M.S. programs are united in their specific interests and will likely build a professional network in which they achieve individual success through mutual support, mentoring and thought leadership.
