Best MBA Alternatives in USA

There is no denying that MBA is the most popular degree with most students today, but it is not the best choice for every career path or every individual always. There are several advanced degrees that are more easily accessible than the MBA. Finance degrees, dual-track MBA, MSc in Management all are experiencing high demand right now. All you need to see is which one would fit your career choice the best.

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• Shiksha Opinion: What's the Better Choice for Engineering Students - MBA or MS Abroad?
• Why Masters in USA?

Here a few alternative options to consider for a career in business management.

Master of Finance

If you love numbers, a Master of Finance might be a better choice than MBA. Master of Finance programs are typically easier to get into and while most MBA programs require three to five years of work experience, advanced finance students can get admission with just internship experience. This degree is also shorter and cheaper. At Ohio State University, Specialized Masters in Finance takes 10 months and costs $49,000 while the two-year MBA costs $85,000 for the two years’ duration. You would probably think that investing more money into an MBA would pay off later, but that is not necessarily true. Median base salaries are comparable, and the finance graduates earn around $105,000 and MBAs earn $119,000.

Master of Science in Management

This course, often referred to as MiM, is quite similar to MBA but there are a few differences. Although the two degrees cover the same subjects and general management, the Master of Science in Management is targeted with more recent graduates in mind rather than seasoned professionals. Moreover, the Master of Science in Management focuses more on research in the field of management, rather than the strategy of business administration. Even though most employers will recognize MBA degree more quickly than this course, the MiM has become more valuable in recent years as the MBA market has become more saturated.

Master of Science in Organizational Leadership

The Master of Science in Organizational Leadership is a course that is offered worldwide. Typically, it is best suited for students who are interested in leadership studies than topics like finance and marketing. With this degree, the focus is on people and organization issues, with courses like psychology and philosophy being taught along with business and management.

Chartered Financial Analyst

Another great finance degree is the the Chartered Financial Analyst program. Like the Master of Finance mentioned above, the CFA is an intense financial course, and the program is considerably cheaper than MBA. It is possible to complete the entire course for less than $5,000! But unlike the Master of Finance the CFA does not offer a hefty salary initially comparable to MBA. Students with the CFA degree working as financial analysts typically earn between $45,000 and $75,000 a year when they are starting out. After five to nine years of experience, that number goes up to $91,000 a year. With 10 to 20 years’ of experience CFA salaries can be anywhere between $121,000 to $150,000.

MBA/MFA dual degree

For art students interested in pursuing MBA, a dual degree of MBA and MFA is the wise choice. If you want to make a living off your art, you need to know how to sell it. Those with a career in fields like film and TV industry will learn about finance and marketing while simultaneously learning about film making. Although this program can take longer and might cost more, most graduates believe they are worth it.

Master of Science in Project Management

As corporates work hard to understand the future and optimizing existing projects, Business analysts and project managers are more in demand. That is why many universities now offer Master of Science in Project Management to create degreed professionals with skills to make projects work. Although MBA is a good choice for graduates with three to five years of work experience, Master of Science in Project Management applicants often have significant work experience - 12 years on average. Project managers earn between $54,000 to $115,000 per year.