Once students receive their bachelor’s degree, they find themselves at a crossroads. They can either start a job in their chosen field or they can continue their higher studies. In latter cases, Masters in Business are some of the most popular options.
Usually, when we talk about Masters in Business, the first thing that comes to mind is the MBA programme. The obvious reason behind it can be the popularity of MBA and not enough awareness of other courses. However, there are many Masters in Business that you can choose from.
So before you go ahead and apply for an MBA, let us brief you about the other great options you have. You should know what else you can learn and how many options you have in terms of schools and fee structures. So without further ado, let’s get started.
What Types of Masters Degrees in Business are there?
There are many different types of business masters degrees for students to choose from. Each of these masters degrees prepare students for a variety of careers in the field, be it a managing position in a big organization or to start their own businesses.
The main three options for a master in business are; Master of Business Administration (MBA), Master of Arts in International Business (MA), Master of Science in Business Administration (MSc).
Apart from these three courses, a student can also choose masters in a specific business subject such as; Master of Accountancy (MAcc), Master of Science in Business Accounting, Master of Science in Business Analytics, Master of Science in International Business Management, Master of Science in Digital Business, Art and Business, Master of Science in Business Psychology.
Whereas the subject-specific courses will cover only one field of business studies, the core postgraduation programs will include all the subjects. In fact, the business masters degree prepares the students with advanced level topics of the field including accounting, finance, marketing, human resources, and operations management. Furthermore, many of these postgraduation courses offer a wide range of elective courses for students to specialize in any particular area.
differences between an MBA, MA, and MSc
Masters of Business Administration
An MBA is one of the most popular degrees and is essentially required for leadership and managerial positions. The basic course structure of this postgraduation program includes a fundamental set of business subjects along with the additional coursework for specialization in a specific business field.
Some available fields for specialization in MBA include:
- Business analytics
- Human resource management
Master of Arts in Business
Whereas the MBA degree focuses on the core business studies, the MA offers more of a course of liberal arts combining the business studies. The most common courses for business in MA include; Business Communication and International Business and Policy.
Master of Science in Business
An MSc in Business is a little more technical than MA and includes courses such as mathematics and science. MSc for business has multiple degrees including; business administration, business management and leadership, finance, business accounting, business analytics, digital business, arts and business, and business psychology.
The bottom line is, MA and MSc degrees allow students to cover a wider area of a field along with business studies. These courses include precise academic and theoretical frameworks that help students become experts in any specific field. These degrees are beneficial for students who want to apply for more specialized professional roles.
What are the Tuition Fees of These Business Masters Degrees?
The tuition fees for MBA and other Business Masters Degrees vary based on the universities and the specific courses. The fee structures can also vary from country to country. However, one thing remains clear that MBAs are the most expensive degrees among these three main master degree types.
There are some reputed universities and business schools where an MBA can cost from US$60,000 up to as much as US$100,000. On the other hand, the MA or MSc in Business will cost as much as any other postgraduation program and a lot less than an MBA.
European Business Schools that offer Business Masters Degrees
It is vital for students to opt for the finest course provided by a highly rated university/business school. The university, its resources, and the curriculum play a major role in shaping up the students’ personalities. They can prepare the students for future challenges by giving them valuable insight into the workings of the modern world.
Many excellent Business Schools in Europe boast the above qualities and will provide you with the highest level of professional guidance. Some of them are:
- Cologne Business School
- EU Business School
- Global Business School
- Kedge Business School
- Montpellier Business School
- Porto Business School
Business Master’s degrees can play a crucial role in shaping students’ lives. These programmes provide the students with a foundation of their desired careers. These courses become a must for students who want to start and run their own businesses. Nowadays, business studies are also relevant in many different fields and can help students from a humanitarian or social studies background.
If you’re interested in Supply Chain Management, you can check out our article on The 7 Best Masters in Supply Chain Management.