The struggle of choosing a career option soon after graduation is surreal. While many students appear for¬†exams of banks, SSC, UPSC etc, on the other hand we often see students in a dilemma while choosing between a Master’s degree or an MBA. Read this comparative study to help you choose what’s best for you.
1. How are the two different?
The basic difference between the two is that a Master’s degree is a post graduate course whereas MBA, an advanced course, is¬†not considered equal to a post graduate degree.
2. Level of difficulty
As it is said, ‚Äú there‚Äôs nothing like free lunches in this world.‚Äù Similarly, to shun the much controversial¬†myth, getting a Master’s¬†degree is as difficult as an MBA. It all depends on your choice. A person who has an apetite for learning more about his/her major should go for a Master’s degree in the same.
In a country of 1.252 billion people, this point should rather not be considered. Well, even if you do so, there are number of institutes which specialize in training you for both. TIME, Career Launcher, Alchemist ara a few of them. The statistics of willing to do both, a Master’s or MBA, are rising year by year. So you need to be firm with your choice and stick to it.
4. Future prospects
After doing an MBA you will probably find yourself placed in an MNC or a private firm. While after doing Master’s, you might find yourself placed as a PGT (post graduate teacher) or a professor or doing a private job. (Depending on your area of specialisation.) Also, after completing your Master’s you have an option of pursuing P.hd.
5. Job packages offered
To most of us, getting better education or enhancing our cv is directly proportional to the salary package offered to us. The average annual package of an MBA fresher (with no past work experience) lies between 5-8 lakhs p.a while that of a post graduate student is 6-10 lakhs p.a.
An MBA degree program is ideal for :
- Managers aspiring to be at executive and leadership positions.
- High level executives who are looking for a qualification to accompany their experience as a manager/leader.
- People interested in doing business.
A Master’s degree is ideal for :
- People who wish to build specialised skills and focus on one particular field.
- Recent graduates with little hands on business experience.
- Students who are more oriented towards theory and interested in performing extensive research in a chosen field.