Traditional MBA or business graduate degree?

Earning an advanced degree can help you move forward in your career by giving you the skills to handle complex business environments and effectively lead organizations. Traditional MBA programs will give you a comprehensive understanding of business fundamentals, including finance, marketing, operations, and strategy. This broad-based curriculum is ideal if you’re looking to step into a managerial role, regardless of your industry.¹

Specialized graduate programs in business offer another type of advanced business degree that gives you expertise in a specific area, such as finance, marketing, data analytics, or supply chain management. These programs will teach you niche skills tailored to particular fields. Both types of degrees are valuable and can help you advance your career.

Choosing the best option will depend on your goals and your post-graduation plans.¹

This article will explore the differences between an MBA and a graduate business degree so you can make a decision about which to choose.

An MBA is a traditional path to business success for many aspiring leaders. The curriculum typically includes courses in finance, marketing, operations, strategy, accounting, business law, and managerial economics. You’ll also gain leadership and management methodology through case studies, group projects, and practical experiences, such as capstone projects.

With an MBA, you’ll be well-prepared for a career in consulting, finance, marketing, operations, and general management. Many MBAs pursue careers as human resource managers, financial analysts, purchasing managers, operations managers, and product managers. You can also use the degree as a stepping stone to executive positions such as Chief Executive Officer (CEO), Chief Financial Officer (CFO), and Chief Operating Officer (COO).²

A traditional MBA gives you a lot of versatility and adaptability in today’s volatile job market. The broad leadership and strategic thinking skills you’ll develop are highly valued in executive roles. MBA programs are also a great way to build your professional network with alumni, faculty, and industry professionals.²

Traditionally, MBA programs were designed for full-time students who could dedicate themselves to on-campus learning. However, the landscape is changing. Recognizing the needs of working professionals, many MBA programs now offer flexible options, including:

• Part-time programs: Spread the coursework over a longer period, allowing you to balance your studies with work and personal commitments.
• Online learning: Take online classes with the same rigorous curriculum as on-campus programs, offering greater flexibility in scheduling and location. This can be particularly appealing to graduate students with busy schedules or those who live outside the university's vicinity.

While some traditional MBAs might focus primarily on core business functions, there's a growing trend toward specialization. You can find programs that offer concentrations in specific areas like:

• Financial management: Develop expertise in financial analysis, investment strategies, and risk management.
• Leadership skills: Hone your communication, negotiation, and conflict resolution skills to become a more effective leader.

Online MBA programs offer the same graduate-level degree as their on-campus counterparts but with the advantage of flexibility. They are a great option for working professionals seeking to advance their careers without putting their lives on hold.

It’s important to consider if the online learning format aligns with your learning style. Online programs require strong time management and self-discipline to stay engaged in coursework.

According to a report by the AACSB (The Association to Advance Collegiate Schools of Business), enrollment in fully online MBA programs surpassed enrollment in on-campus programs for the first time in the 2021-2022 academic year.³ This statistic highlights the significant rise of online MBA programs fueled during the COVID-19 pandemic, due in part to:

• Flexibility³
• Lower cost³
• The rise in reputable schools offering online MBA programs³
• The leading-curve nature of MBA education³

If you’re interested in more in-depth knowledge in a specific field, a specialized business graduate degree might be a better option. You can choose from many different areas of concentration, and develop practical skills relevant to your discipline, including the following:

In a Master of Finance program, you’ll learn advanced financial concepts such as investment analysis, corporate finance, financial modeling, and risk management. You can work in roles such as financial analyst, investment banker, portfolio manager, or corporate finance officer.⁴

The Master of Marketing covers consumer behavior, digital marketing, brand management, and market research, among other topics. The types of jobs you’ll be eligible for with this degree include marketing managers, brand strategists, digital marketing specialists, and market research analysts.⁵

In a Master of Supply Chain Management program, you’ll learn how to handle logistics, procurement, operations management, and supply chain strategy. Earning this degree will qualify you to work as a supply chain manager, logistics coordinator, procurement manager, or operations analyst.⁶

Traditional MBA programs typically span two years for full-time students, although there are accelerated one-year options at some schools. Part-time MBA programs can take three to four years, but you can keep working while you earn your degree. A graduate program in business usually only takes one year full-time because it's more condensed and focused.⁷

An MBA usually costs more due to the longer duration and broader curriculum. In the United States, the total average cost for an MBA is $63,723. Specialized business graduate degrees tend to be less expensive due to their shorter duration, with an average cost of $56,044.⁸

For a traditional MBA, you’ll typically need a bachelor's degree in any field, although some programs prefer candidates with business-related coursework. You may also need professional work experience—from two to five years—to demonstrate practical business acumen.⁹

You’ll probably need to submit standardized test scores, such as the GMAT (Graduate Management Admission Test) or GRE (Graduate Record Examination), along with transcripts, letters of recommendation, a resume, a statement of purpose, and often an interview—though some top programs no longer ask for GRE or GMAT test scores as part of their admissions requirements.⁹

Specialized business graduate programs also require a bachelor's degree, but they accept non-business majors. You’ll still need to submit GMAT or GRE scores, but you don’t necessarily need work experience, which can make them appealing to recent graduates. You’ll need to submit your transcripts, recommendation letters, a resume, a statement of purpose, and possibly an interview.¹⁰

It's best to familiarize yourself with each program's requirements as early as possible so you can know exactly what’s expected and when.

Both types of degrees will advance your career, but an MBA often results in greater career benefits. MBA graduates are highly sought after in many industries. They’re versatile candidates for leadership and management roles due to their broad knowledge base. MBA graduates earn an average of 17% more than those with other master’s degrees.⁸

However, people with a graduate business degree, such as a Master of Finance or Master of Data Analytics, are also in high demand, particularly in industries that require specific expertise. Finance graduates are competitive in investment banking, corporate finance, and asset management, while data analytics graduates are pursued by tech firms, consulting, and any business leveraging big data for strategic decisions. These programs are often created by schools in response to employer demand.¹¹

Ultimately, your career goal is the biggest deciding factor between an MBA and a specialized business graduate degree.

If you want to be a specialist and have a clear niche interest in one particular aspect of business such as finance, marketing, or data analytics, a specialized master's degree will prepare you well.¹

Meanwhile, an MBA is likely the best choice if you’re looking for an extensive business education that will prepare you for leadership or executive roles.¹

The University of Kansas’ top-ranked online MBA will give you the critical thinking skills you need to become a business leader in a rapidly changing global marketplace.¹²

With a rigorous curriculum, opportunities for hands-on experience, and the worldwide network of Jayhawk alumni, you’ll be prepared to face the complex problems modern businesses face.

Schedule a call with one of our admissions outreach advisors today to learn more.