Terminology can make a world of a difference. While an MS in business administration can sound very similar to a Master of Business Administration, there are quite a few differences between the two programs. While these differences may seem quite small, they can turn out to be quite significant when you are applying for the program, and again when you are trying to find jobs after the completion of the degree. One of these degrees is aimed more towards specialization, while the other has a more general outlook under its curriculum.
If you are confused about what trajectory to adopt while applying to programs and colleges, this comparison of both the degrees and their primary features will be helpful in giving you some guidance — in the MBA vs MS realm — with regards to the right path for you depending on your personal requirements, qualifications and aspirations in the long run.
MBA
A Master in Business Administration is different from an MS in business administration as it is less research oriented and tailored towards providing the student with a more holistic knowledge of management. There are a number of areas that are covered under this degree, but students have the freedom to choose their areas of concentration so that they can graduate with a degree that is best suited to their needs. Under the curriculum of an MBA degree, the student may decide on the core and elective subjects that he or she wants to study. Some popular ones are accounting, entrepreneurship, human resources, marketing, management, finance and so on.
Average Time It Takes to Complete
Most MBAs are approximately two years long, but there may be some flexibility in this time frame. For example, most traditional MBA programs in the country run for two years but there are also some programs – more intensive – that can be finished in a period of one year. This makes more sense for people who want to get a degree in a shorter, more concentrated time frame. Some people take longer than two years to finish their MBA degree.
Requirements to Enroll
The requirements for enrollment into an MBA program are pretty similar as the requirements for the MS program. In order to qualify and gain admission in such a program, you will need a good GPA, along with high scores on tests like the GRE and GMAT. The GMAT may be a better idea if you are looking to earn an MBA degree. As is the case with the other degree, you will need to submit essays, personal statements, resumes and letters of recommendation to secure a spot.
Average Cost
MBA degrees are very expensive. On average, you may be required to spend anywhere between $100,000 and $200,000 to complete an MBA program in the US. The only source of funding for MBAs is scholarships announced by the university, but there aren’t too many of those. Once you are done with your degree, you may find yourself in a great deal of debt, which will take a few years to pay off.
Average Salaries
The salary that an MBA graduate gets is definitely more than the salary of an MS graduate. On average, MBA students can hope to make about $100,000 or higher every year, if they graduate from a good business school.
MS in Business Administration
If you are looking for a specialized program with a focus on business management, along with the option to tailor the structure according to the student’s preference, an MS in Business Administration may be the right choice for you. These are usually on-campus courses with coursework that is tailored to the needs of the student with the help of a study plan that advisors try to develop with the student. A wide range of courses is covered under this degree, with core subjects like management of organizations, finance, accounting, international management and so on. This degree will equip you with a number of skills that will help you fill positions of leadership, not just in the business sector.
Average Time It Takes to Complete
The great part about an MS degree in business administration is that the amount of time you have to spend in earning it can be shortened to even one year, depending on the program that you choose to go for. However, if you want to pursue a part-time degree, it will take longer for you to finish it, so you must decide accordingly.
Requirements to Enroll
The requirements for enrollment into MS programs and MBAs are very similar. You will need to submit your GRE or GMAT scores (the latter would be preferred), along with academic transcripts from the past. In addition to this, you will be asked to submit some letters of recommendation, an essay, a personal statement as well as your resume.
Average Cost
If the cost is the primary area of concern for you, it may be important to note that an average MS degree in business administration will cost you significantly lower than an MBA. If the school that you are applying to has a decent level of funding for research in the field, it is highly likely that you may be able to secure a partial fee waiver or scholarship while pursuing an MS in business administration.
Average Salaries
The salary that you can expect after finishing an MS degree in business administration is going to be significantly lower than the salary that an MBA can get you. This does not mean that you will not be entitled to an above average salary. According to PayScale, an MS in business administration can get you an average salary of about $80,000. It will, however, differ on the basis of location and job profile.
Wrap-Up
The final decision in the master’s vs MBA dilemma needs to be based on your individual means, resources and future aspirations.
While MBA degrees cost more than an MS in business administration, you also stand to earn more in terms of salary once you have graduated with an MBA.
There is no straight MBA vs master’s answer; it varies from person to person on the basis of your expectations. That said, we truly hope this guide has helped you find the right one for you – thanks for reading and as always, good luck!