MBA vs. Master’s Program Comparison: Which Is Best for You?

Choosing between an MBA and a master’s can be challenging. While your career goals should be the primary factor in choosing between an MBA or master's degree program, there are other factors to consider. Explore the unique aspects of each program, from curriculum and career opportunities to practical considerations like delivery format and time frame, to empower your decision with insights that pave the way for your professional growth. This blog will help you decide the question of "mba vs. master's" as you consider which path best aligns with your career goals.

In the United States, graduate programs are open to people who hold bachelor's degrees. Just as there are several reasons to earn a master's degree, there are several types of master's degrees available in a wide range of fields.

Common reasons to pursue a master's degree include developing deeper expertise within a field, learning new technologies, and developing skills in research and analysis. Some people undertake a master's as a step along the way to earning a doctoral degree, but many enter master's programs to burnish their skills, demonstrate a commitment to continued professional growth, and accelerate their career trajectory.

Different types of master's degrees are typically associated with different disciplines. For instance, the Master of Science (MS) is common in science and technology fields like chemistry and data science. The Master of Engineering (MEng) typically combines coursework in advanced engineering topics with project-based learning and practical applications. People working in the humanities and social sciences might earn a Master of Arts (MA) or a Master of Education (MEd), while a creative professional might seek a Master of Fine Arts (MFA). That said, business schools granted 23%, the most significant percentage of the over 800,000 master's degrees awarded in 2021-22.¹

As the name implies, a Master of Business Administration (MBA) is a specialized graduate business degree. Because they are graduate programs, accredited MBAs are only open to people who have successfully completed their undergraduate studies. However, not all graduate business degrees are MBAs. Before we explore the similarities and differences between MBA degrees and other business master's degrees, we'll dispel some common misconceptions about MBAs.

• MBAs are not just for people who got their undergraduate degree in business. Business schools welcome students from diverse backgrounds as long as they have the requisite quantitative and analytical skills
• An MBA will not automatically get you into the C-suite, although it will help you build the well-rounded business skillset needed there
• MBAs are not just about management but also provide coverage of core business functions, including finance, operations and marketing
• An MBA is not an easy degree to earn, although some MBA degree programs are structured to help people continue with their careers while they study
• MBAs are not purely theoretical but combine education in foundational theory with practical applications through case studies, projects, and internships

Other common graduate business degrees include a master's in finance (MSF), master's in management (MiM), and master's in business analytics (MSBA).

Most MBA programs require applicants to have some business experience, with different requirements across different MBA program formats and institutions. A typical MBA program includes training in the "hard skills" of finance, marketing, and operations, along with the "soft skills" of leadership. With that background, we'll explore key differences between MBA programs and these other popular graduate business school programs.

A master's in finance program offers expertise in financial theory, analysis, modeling, and investment strategies while de-emphasizing non-finance business functions. Quantitative skills are a must for entering a graduate finance program, although business experience may not be required. After graduation, many find roles in corporate finance and investment banking, with job titles including financial analyst, portfolio manager, and risk analyst.

While some MBA programs offer a finance specialization, they will still center their curriculum around developing leadership skills and a broad understanding of business management. MBA degree holders may pursue finance-focused career paths, but their broad skill base frees them to work across industries, from marketing to consulting and finance.

Because it may not require previous work experience, a MiM can be a good choice for a recent college graduate with little or no experience who wants to pursue a career in management. There are some specialized management degrees, like supply chain management, but many MiM programs focus on the human side of the business, with courses on topics such as leadership, change management, organizational development, and people analytics. Graduates of these programs often find careers in human resource management or generalized management functions.

Again, different MBA programs may offer elective focus on the same topics or include them as core courses. Because the scope of the MBA is broader than these other MS degree programs, it can take a bit longer to earn the degree.

The MSBA offers an in-depth exploration of data analysis, statistics, AI, and data visualization and communication for business decision-making. Students develop programming skills in various languages and robust analytic skills for understanding business challenges. Like the other master's degrees here, the MSBA typically does not require experience and often requires a capstone project or thesis. MSBA graduates frequently find cross-industry roles as analytics managers, data scientists and machine learning engineers.

Seattle University offers both the MBA and the MSBA in a convenient online format. Both programs frame the technical skills within the context of ethical leadership and present cutting-edge information on technology developments.

Whichever advanced degree you earn, your post-graduation salary will depend in part on your prior experience as well as the degree. Nationally, the Payscale salary and compensation website says the average entry-level salary for a data scientist in 2024 is $86,906.² As is true in any field, MBA salaries are also influenced by location and industry. The Graduate Management Admission Council (GMAC) says the U.S. average starting salary for MBA graduates across roles in 2023 was $125,000.³

When you compare the average salary and career opportunities for MBA degree holders with those for people with bachelor's degrees, you see the potential advantages of earning that advanced business degree. When you think about career earnings, the benefits become even clearer. Poets and Quants, a website covering graduate business education, estimated that MBA graduates can earn an additional $790,000 or more over their lifetimes.⁴

While an MBA offers a practical, comprehensive study of contemporary business practices, most master’s degree programs take a more focused approach to a specific area. If you want to work in a particular business discipline like finance or data analytics, a master’s degree might be a satisfying intellectual challenge and also lead to a rewarding career.

If you need a clear idea of which of the advanced degrees discussed here makes the most sense for you, begin by thinking deeply about your professional goals. Then, you can compare those to the skills and knowledge required in different job roles and work backward from there to the types of graduate programs that will help you develop the needed skills.

If leadership is your goal, an MBA might be the next logical step in your career progression. Still not sure? Another exercise that might help in the decision-making process is to connect the dots between what you’ve done in the past and what you’d like to do in the future. How does an MBA fit into that vision?

Practical considerations can help you decide between an MBA and a master’s program, too. For example, how a graduate degree program is offered may make a big difference. The popularity of MBA programs means that there are many choices in one or two-year programs, full-time, part-time, online, executive and weekend programs. This can be crucial for graduate students who need to balance their careers, family, and other demands while earning a degree.

Because they are often smaller and more specialized, some master’s degree programs, such as the weekend and executive MBA programs, may offer fewer options in terms of convenience and delivery of courses.

In the end, whether you choose the MBA or master’s degree, you are wise to consider continuing your education. It’s a worthwhile investment of your time and energy, paying dividends well into the future.

The Online MBA program at Seattle University combines a rigorous curriculum designed to help you identify, understand, and solve emerging business challenges with the flexibility of a part-time MBA experience. Courses in marketing, finance, negotiations, and international business will help you gain a more strategic approach to business leadership. Learn more about how the Online MBA curriculum sets Seattle U graduates up for successful and meaningful careers.