You will find many similarities if you check the curriculum of both these courses. Subjects such as Finance, Management, Marketing, Leadership might be common in both, but an MBA is far more expensive compared to an MSc. Why is that? Mainly because of the teaching methodology incorporated in the MBA.
MBA (Masters in Business Administration)
An MBA is for students with executive-level experience or management level professional work experience. It's one of the most popular courses among students these days and an MBA in UK or US or any other international country provides excellent international exposure to a student and it is usually the most expensive course.
A prerequisite for studying an MBA in many top universities is at least two years of work experience, even more in some other universities. University of Manchester's Alliance Business School's requirement is three years of professional experience and a satisfactory GRE or GMAT score.
The curriculum of the MBA is designed to meet the demand of modern businesses, therefore an MBA is designed to help a student start, run, and manage businesses in the future. It is more focused on the practical aspect of the business rather than theoretical and the assessment is also mainly based on projects and practical aspects of the business.
MSc degree focuses on the scientific aspect of the study. The MSc in Management is mainly for students who have relatively low or no work experience of the business and wish to enhance their theoretical knowledge.
Students can also do a dissertation in the final year of their study and make a small contribution to the body of knowledge. The main focus of the curriculum is on building analytical skills rather and technical skills rather than leadership and managerial skills.
Students who wish to pursue a Ph.D. later should go for an MSc, but that doesn't mean if students who wish to work in corporate should not study MSc. Students can get great insights into the business world and management disciplines such as Marketing, Finance, Strategy, Banking, Entrepreneurship and more.
It is also referred to as Masters in Management (MiM) in institutes like London School of Economics and London Business School (Ranked 6th in the world for MiM)
If you have relatively low work experience or no work experience at all and you wish to gain expert knowledge in a particular domain, MSc Management or other MSc programs will be better suited than an MBA.
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