A question we’re often asked is the difference between an MBA and an MSc. While both are at the master’s level, they are different in terms of mode of study and specialization. It’s important to note that both are qualifiers for a PhD or Doctorate and are considered a very high academic qualification.
Before we dive in, let’s take a look at the meaning of an MBA and an MSc.
What is an MBA?
Short for Master of Business Administration, the MBA is a post-graduate program that helps you attain a degree in business management. The primary goal of an MBA is to elevate your management skills and instil a sense of leadership. You might notice that many successful individuals in top managerial positions come from renowned MBA schools across the world. Therefore, if you’re looking to rise the ranks in your career, an MBA is perfect for you.
Scope of an MBA
As mentioned, the MBA is primarily for those in business who want to upskill their management or leadership skills. They can specialise in a variety of functions such as Human Resources, Operations, Strategy, Marketing, and Finance, however, an MBA tends to give a holistic view of each category.
The scope of an MBA changes with the times. While traditional functions such as finance or operations were much more important during previous eras, nowadays, a digital revolution has taken over. Moreover, the world needs to be more sustainable and organizations must have a keen awareness of the impact they have on the planet. Therefore, newer MBA topics such as People Management, Ethics, Sustainability and Corporate Social Responsibility have come forth.
MBAs also offer elective modules for further specialization. A student would go for this path if they are completely certain that this is what they want to do, or already have prior knowledge and want to expand their knowledge. These days, it’s not necessary to attend a full-time MBA as working professionals are quite busy and might not be able to leave their job for so long. The MBAs offered by Lincoln University of Business & Management are ideal for study-life balance, as all classes are conducted online.
What is an MSc?
The MSc is short for Master of Science. In another era, this degree was only awarded to those in engineering, medicine, science, and so forth. However, now, you can get your MSc in Business, Humanities, Arts and more. In an MBA, everything has to do with business and how a business operates, honing your leadership skills to take your career to new heights. However, in an MSc, this isn’t the case. It entirely depends on the type of specialization you choose, and there could be no mention of business whatsoever either. Popular examples include a Master’s in Psychology, a Master’s in Finance, a Master’s in Arts, and beyond. A Master’s in Business might only cover a few aspects of leadership and management and might instead dive into organizational behaviour and structure.
MBA vs an MSc
To apply for an MBA, and to make the most of the course, you must garner 4 to 6 years of work experience, some of which should be in a managerial role. To apply for an MSc, however, you don’t truly need any prior work experience.
Scope of studies
When looking at an MBA vs an MSc, it’s important to see the scope of studies. An MBA is a macro-view course, and specializing in a certain elective can help you gain more knowledge about it. However, an MSc would be completely and entirely about the subject at hand. For example, if you’re taking an MBA in Finance, you would even learn about Human Resources and beyond, however, if you take an MSc in Finance, the course would only be an in-depth view of Finance.
Furthering your career
If you’re looking to become a Manager, Director, or CEO, then an MBA is the ideal choice. The MBA teaches you skills of leadership and people management, which are important to reaching higher ranks in your career. However, those with an MSc might not go after a leadership role, but a more specialised, consultant role, or even if they do, it would be very specific, such as Head of Human Resources.
Academic requirements to enter
For both courses, it’s pivotal to have your undergraduate degree. For an MBA, if you have sufficient work experience, you might be accepted, however, for an MSc, there is far more weightage on your prior education.
Are you confused about what to apply for? Talk to one of the experts at Lincoln University of Business & Management and we can help you out.
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