The answer to of the UK's business schools has been to expand the choice of programs. Now they offer students not only MBA training in the traditional sense, but also a special application MSc.
What are the advantages of a highly specialized innovation, to whom is it calculated and whether it can be considered as an alternative to an MBA?
The answer to the question about new programs: it's all about the experience.
MBA training involves work experience of at least three years. Classes are held mainly in groups, and students working in completely different areas of business learn from each other, exchanging knowledge. The length of the work experience of the student also determines the content of the MBA program.
Specialized MSc program MSc is designed for another target audience - students without experience or with little work experience. As the leaders of these programs say, MSc courses prepare students for work in the business world.
The MBA pursues the directly opposite goal - improving management skills, guided by the already existing work experience.
What does the MSc program include?
- Fundamentals of Management and Marketing;
- International Trade;
- Business Risk Assessment;
- Corporate Strategy.
The key word here is the "basis."
An example of comparing the programs of a prestigious business school in Manchester
The first semester.
The MSc program starts teaching international business, and at the first lessons students analyze the factors that shape the business unit in the era of globalization.
Under the MBA program in the same school, the first classes will be devoted to analyzing the impact of economic factors on business, calculating the cost of capital and working on projects on social responsibility or sustainable development.
A comparison of the MSc and MBA curricula will immediately show that the master program To a greater extent teaches students independent work and research, and this is its value. The MBA program is built on a different principle: teamwork with the active participation of the teacher, and this is also a great value.
In one of the European business schools under the MBA program students from 140 nationalities and speaking in 105 languages are engaged. The authors emphasize the advantages of such diversity. So many differences between students in terms of national, social and age characteristics are a prerequisite for finding a variety of solutions to one problem, as each student generates ideas from the perspective of his experience. In the same group people from completely different spheres of business can learn: trade, consulting, information technologies, law companies. Their interaction leads to an understanding of how business is conducted in different spheres.
Features and examples of master's programs
Master's programs are not all highly specialized. Among them is the Master's Degree in Management (MSc in Management), which specialists are referred to as general post-graduate training. The rest are focused on specific areas of business. For example, due to the growth in the mobile app market segment in Britain developed the program E-Business & amp; Innovation, specializing in online commerce and Internet business. One more example. Following the high growth rates of luxury goods, the London Business School offered the MA Luxury Brand Management program.
The problem of choice
All these educational programs are very attractive. However, every student faces the problem of choice. How to find exactly the master's program, which fully meets the needs of the future businessman?
If a student is passionate about a particular area of entrepreneurship, then the corresponding master's program will be an ideal solution for him. Here is a concrete example. The student became a bachelor in accounting and finance. After that, he enters the Master's program in accounting and financial management (MSc Accounting & Financial Management) in Lancaster University. Bonuses:
- in-depth study of the specialty;
- communication with future colleagues;
- significant time savings - instead of two years of MBA, the master's program will take from 12 to 16 months.
The student's career is provided with high-quality professional training.
"Pitfalls" of training in master's programs
Excited work in their specialty is wonderful, but after a few years a person can lose the flexibility of thinking and narrow his horizons. This is the so-called "functional tightness". Life and career can not stand still, and at some point an experienced master of accounting and financial management will need to make a decision not from the standpoint of their specialty, but, for example, from marketing or strategic points of view. Perhaps it will not be easy.
MBA, unlike master's programs, gives students a full set of managerial skills, allowing to think and act universally.
Not an alternative, but the possibility of modeling a career
When choosing a training program, it is worth knowing that MBAs and MSc are not alternative. They are designed for different purposes and different models of future careers. When choosing a business education, the student's task is to decide which of the programs corresponds more to his career aspirations.