Whether it’s a newly founded startup or an established organization, good managers are required everywhere. If we talk about the term management, it can be defined as the art of getting things done through and with individuals in a formally organized setup. Management is a calculated phenomenon that directs the efforts of a team towards attaining a specific goal.
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Management Programs
As the name suggests, management programs aim at creating good leaders. Students enrolled in these programs develop communication skills, leadership skills, and problem-solving abilities needed to build a successful career. There are two types of management programs at the graduate level; MSc Management and MBA. Let’s start by knowing about each of them.
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What is an MBA?
A Master of Business Administration (MBA) is a program that helps the students develop managerial skills. Some core aspects of the subject include Accounting, Entrepreneurship, Finance, Global Management, Human resources, and Information technology.
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What is MSc Management?
The MSc Management is a program that offers business knowledge by covering all the key elements of management including innovation, finance, marketing, entrepreneurship, organizational change, and human resources. Students opting for MSc Management learn managerial skills that successfully help an organization to grow.
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MSc Management vs MBA: Suitability
MSc Management is suitable for recent graduates who wish to make a career in management. Generally, universities do not require students applying to MSc Management programs to possess professional experience of more than two years. However, MBA programs demand an experience of more than two years.
Top Universities for Management Worldwide
The below table shows the top ten universities for Management across the globe
University QS WUR by Subject 2022 Tuition fee Harvard University 1 $73,440 INSEAD 2 $51755 London Business School 3 $40985 Stanford University 4 $76,950 Massachusetts Institute of Technology 5 $80,400 Bocconi University 6 $15,019 University of Pennsylvania 7 $84,874 University of Cambridge 8 $63,852 University of Oxford 9 $29,141 to $40,833 HEC Paris School of Management 10 $49,145
Source: QS World University Ranking by Subject 2022 and Official University website
Eligibility criteria for Management programs
- Academic transcripts
- English language proficiency test scores (IELTS and TOEFL)
- A valid GRE or GMAT score
- Personal Essay
- Minimum two letters of recommendation
- Resume
- Professional experience
Note: The professional experience needed for MSc Management and MBA varies as per the university you are applying into.
MSc vs MBA: Job prospects
Whether you are opting for an MBA or an MSc degree, opportunities are available in both of their respective industries. Let us take a look at the various job roles you can get after completing your post-graduation.
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Job Role Average Annual Salary Business operations manager $78,746 Financial manager $95,529 Human resources manager $75,492 Information technology manager $89,118 Marketing manager $6,77582 Source: U.S. News & World Report and PayScale Top 5 Job Roles for MBA graduates
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Job Role Average Annual Salary Finance Manager $95,529 Marketing Manager $67,897 Product Manager $1,00498 Sales Manager $63,094 Operations Manager $67,981 Source: PayScaleTop 5 Job Roles for MSc Management graduates
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Entry Requirements for an MBA
To pursue an MBA program, you have to be at least 19 years old. You also need a relevant undergraduate degree or a professional qualification that is considered equivalent. If you have work experience, it will add value to your resume.
Entry Requirements for MSc courses
For pursuing an MSc course, you need an undergraduate degree in a relevant specialized field.
To study MBA or MSc, you must check with the admission department of the respective university for clarity. The admission processes and requirements may vary from one university to the other.
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Study with upGrad Abroad
With upGrad Abroad, you can study Master of Science in Project Management and Master of Business Administration at one of the renowned US universities, Golden Gate University. The advantage of choosing upGrad Abroad as your study partner is that you get the flexibility to start your study program online for a specific duration and then switch to on-campus study. Apart from this, you’ll also be eligible for a post-study work visa.
Frequently Asked Questions:
Ans. Both MSc Management and MBA aim to offer business knowledge by covering various key aspects of management such as innovation, finance, marketing, and entrepreneurship. However, choosing the right program depends on the stage of your career. If you are a recent graduate looking ahead to build your career, then you should opt for MSc Management. While if you are an experienced professional wishing to change your career profile then, MBA would be a smarter choice to go with. Ans. If we talk about the job prospects of MSc Management graduates, their average salary ranges between $67,981 to $1,00498. However, the average salary of MBA graduates ranges between $75,492 to $6,77582. Therefore, MBA graduates earn better salaries Ans. Yes, you can do an MBA after MSc in Management. The seniority of MBA graduates in terms of experience and managerial skills leads them to earn high-level management positions. As MSc Management is an early career degree and MBA is a mid-career degree, you always have the option to do an MBA after MSc Management. 1. Which is more valuable, MBA or MSc Management?
2. Which is better paying MSc Management and MBA?
3. Can I do an MBA after MSc in Management?
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