Choosing the right degree can be a daunting task, especially because there are many options to choose from. You’ll be investing a large sum of money towards your education so it’s important to identify the right one for you. But don’t worry, we’re here to help. In this blog, we have provided steps that will help you make an informed decision. So, let’s begin. 

Identify the subject you want to study

Identifying the right subject is the foremost step when applying for a Master’s degree because master’s degrees are more specific, niche-based programs. First, you should think about what subject you liked studying the most in your undergrad. Then find out if there’s a master’s degree in that subject. See if it aligns with your long term goals. It’s also very important to know if your chosen course will make you employable. Churning your head around these points can help fetch important answers about the right degree for you. 

Look at different degree options

Once you’ve figured out what subject you want to do your master’s in, it’s important to look at the different degree options available. For example: if you’re interested in Finance, you can either do an MBA degree with finance specialization or a Master of Science (MS) degree in finance. Similarly, if you are interested in HR, you can do a Masters in Human Resource Management degree or a Masters in Human Capital Management degree or even a Masters in Industrial/Organizational Psychology degree. There are some, although few MBA programs that offer an HR specialization, that is an option available too. Basically, various degree options are available to get you to the same path. 

Compare degrees

Master’s degrees are an expensive investment so it’s important to make the right decision before choosing one. There are several parameters to be considered such as:

• Curriculum
• Costs
• Length of the degree
• Application requirements, and 
• Employability

Take a look at an example for clearer understanding. Let’s say you are interested in finance. The two-degree options you have are MS in Finance and an MBA with a concentration in finance. MBA degrees have a broader curriculum that equips students with leadership and management abilities while also letting them concentrate in one area. On the other hand, MS in Finance degrees are narrower and only focus on technical knowledge related to finance. 

Duration of full-time MBA degrees is typically 2 years, while many MS in Finance degrees give the option of completing the degree in 1 year. MBA degrees are also more expensive compared to MS in Finance degrees. Graduates of MBA degrees have a wider range of jobs to apply to compared to MS in Finance graduates. 

So, then what degree should you go for? There’s no one-size fits all. It all depends on what your long term goals are. If you’re interested in doing a wide range of business-related jobs in your career, then the MBA degree might be more suited for you. But if you’re very sure that your focus is finance and its technicalities, then an MS in Finance degree may be more appropriate. 

However, you can also apply to both MBA and MS in Finance degrees. Many individuals choose to apply to a combination of degrees to keep their options open. It might also help to look at application requirements of different kinds of degrees. MBA degrees typically require prior work-experience as a requirement. There are some that don’t, but as per US News, candidates of top MBA programs have an average of 4 years of work experience before they join an MBA program. So, even if a program doesn’t have minimum years of work requirement, the competition might be very high because other candidates would have more work experience. On the other hand, MS in Finance degrees do not require work experience prior to applications.

Choosing a degree can be tricky sometimes but our mentors and counselors at UniRely can help you pick the one that matches your interests and career goals. To get more information about how to apply to universities abroad for your master’s degree, please visit our website – www.unirely.com. 

References: https://www.usnews.com/education/best-graduate-schools/top-business-schools/articles/how-much-work-experience-do-i-need-for-mba-programs