Deciding between an MBA and a traditional graduate degree can be difficult.
Embarking on graduate school can be a major commitment, especially if you already have a full-time job. That's why it's so important to know whether you want to pursue an master in business administration or other graduate degree before applying to grad school. Getting your graduate degree can be a major expense, but a well-researched and successfully completed MBA or graduate program can be a excellent career investment and help you move up the career ladder.
What is an MBA?
According to the Association of MBAs, "The Master in Business Administration (MBA) degree is internationally recognized and is seen as a passport to a successful management career." An MBA offers students generalist expert knowledge regarding a number of business-oriented disciplines such as statistics, accounting, finance, and management. Generally speaking, full-time MBA students can take between one to two years to complete their degree. MBA programs usually require 30-to-60 credits.
What is a Graduate Degree?
Like an MBA, a graduate degree allows a student to become an "expert" in his or her field of study. In fact, an MBA is a type of graduate degree. However, the range of traditional graduate degrees is much more diverse, ranging from the liberal arts (English literature, art history, religion) to the social sciences and sciences (economics, psychology, biology). Graduate degrees can require between 30 and 120 credits and can include degrees such as an M.A, M.S, Ed.S, or doctoral degree. A graduate degree can take between one year to eight years to complete.
Which is a better choice?
When it comes to the business and finance world, Investopia suggests that if you want to become a general manager, CFO or division president, an MBA may be the way to go. However, if you prefer to be an accountant, economist, or to pursue a career in another other non-managerial or leadership role, a graduate degree may provide you with more specialized knowledge to succeed and move up in your field of choice. Generally speaking, those in the business or finance world who want to pursue a graduate degree but don't want to do an MBA can consider graduate degrees in accounting, finance, statistics or management, among others.
Requirements
MBA and graduate degree requirements vary by program and degree of choice. For most degrees, the minimum requirement is an undergraduate degree at an accredited college or university. In addition, some MBA programs require five-to-10 years of workplace experience. Because of the wide variety of graduate programs available, you'll need to research various universities and programs to find out about specific requirements, though it usually helps to have an undergraduate degree in a related field or to have related work experience. Some MBA programs require you to complete an internship. The majority of MBA programs require prospective students to take the GMAT (graduate management admission test), while most graduate programs require prospective students to take the GRE (graduate record exam). Some schools have minimum score requirements for specific programs, so it's important to do your research before applying. Generally speaking, the more competitive your program, the higher your test scores need to be.
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