What is the difference between Masters and MBA?

Question

Is one considered better/more advanced than the other? How many credits are required by each and how long does it take to complete each program? Is one more expensive than the other in terms of tuition costs? Is one more difficult than the other? What are the advantages/disadvantages of both? Which one is preferred better by employers? Are there more job opportunities and higher pay involved with one of them? I'm a Finance major - so which would be better for me to pursue? Also, if I will obtain a CFA license, should I still consider going for a Masters or MBA? BTW, eventually I'm aiming for a PhD in Finance - how many credits/years does it require? Serious responses only, please! I will be very grateful to the person who can provide constructive insight to my questions.

Someone here mentioned that I could go straight for a PhD, but someone else said that there's no PhD in Business/Finance. I'm confused - which one is it? I thought one can enroll in a PhD program only after obtaining a Masters or MBA; would I actually be able to go for the PhD right after getting my Bachelors degree?

Answer 1

Wow, to answer this question precisely would take a long time for 10 measly points.

Here's the skinny: A MBA is more general, while a Masters of Science in lets say Finance is more specific. Usually, the MS is shorter, due to the fact that some undergrad classes double count (university specific). The costs are directly related to the amount of hours, more hours = higher cost (vice versa). Different employers prefer different degrees, research independently to find out. For example, an accounting firm would prefer you to have an MS Accounting rather than a MBA, but then don't pay you much more for acquiring that degree (I have been told by students in MS Accountancy program who have been recruited by top 4).

Furthermore, if you plan on getting a PhD in Finance you don't even need a Masters, may even be overkill, something to consider. Usually, all the course breakdown information (hours etc.) can be found on the university website under the specific concentration in which you wish to enroll.

I think if you are serious about finance, enroll in the MS Finance program or go straight to PhD Finance. With that, you will be able to accumulate enough hours to acquire your CFA license.

Lastly, search the Internet for average pay for MBAs, MSs, and PhDs. Maybe that will help you make your decision. Good luck, hope I helped, at least a little.

P.S. Thank you for being very specific and using spell check, we need more people like you on here!

Response to added Details: Yes, you can go for your PhD directly after Bachelors at my school (university of houston), and yes they do have a PhD in Finance and in Accounting, Management, MIS, Marketing and Operations Management. I guess my information intends on what university you are interested in. Each university is different, check your local university to be specific.

Answer 2

An MBA is a Masters degree:
M.aster of B.usiness A.dministration
If you are absolutely certain that you want to go into the finance industry, you can etiher take an MBA with a finance concentration , which is more broad in scope; or you can take a Masters of Finance.

A full-time MBA course usually takes 2 academic years, but with your degree, you would probably be eligible for advanced standing that could cut the timeframe down to as little as 9 months.

A full-time Masters of Finance would normally be one academic year.

The question of cost will rest entirely on which University you decide to go to, and how long you take to complete the course. There is usually very little, if any, difference in fees between these programs at the same institution.

From my point of view, the finance course would be much more difficult because of the sheer volume of advanced mathematics and statistics that is involved. Students are expected to have previous financial experience/knowledge and therefore more is expected; whereas MBA students come from a variety of different backgrounds and need to begin with a more basic level.

If you are looking to do a CFA, you may want to consider a Masters at a University with a partnership agreement that would enable you to study for both qualifications at the same time: http://www.cfainstitute.org/cfaprog/university/partners.html

If you want to study for a PhD in Finance, although you may not necessarily need a graduate degree, you will need to have an extremely strong background in research methods and expert subject knowledge. A PhD can take a very long time to earn, at least 4 or 5 years, and many PhDs take more than a decade to complete.

IMHO and if you are sure finance is the career for you, take a good look at the CFA partnership programs and good luck.

Answer 3

Both an M.B.A. and a Masters are graduate degrees, but the KEY difference is the scope of the degree.

A straight Masters concentrates more in the field you're studying, while an MBA is more broad, including more classes in related areas.

For instance, you can get a Masters in Finance, or an MBA with a concentration in Finance. Both will provide similar levels of training in Finance, but the MBA will also include classes in other areas such as Economics, Management, etc. The Masters in Finance won't.

Other than that, they carry equal amounts of weight in both the business and academic worlds.

Answer 4

An MBA is a master's degree in business. It is also what is called a terminal degree. There is no PhD or DA in Business.

Check with the schools you are interested in attending regarding going straight from a BS to a PhD. Different schools will have different rules. Contact the school/department directly and explain what your career goals and ask what degree is appropriate for you. My graduate admission office was very helpful.

Answer 5

an MBA is a business degree. a Masters degree is not.