Best MBA alternatives (online courses, degrees, practical options) that are more affordable & popular
MBA is one of the most prolific graduate degrees that seeks to provide professional growth for career success. Among its many advantages, its versatility is the most appealing. Anyone, from engineers, doctors to even fashion stylists can seek to improve their career marketability using a well stationed, well reputed MBA that can help their cause.
However, despite its many many positives, we do often get the periodic query of “what else”. What else does business education have to offer that pulls the MBA off the center of the universe?
One of the main concerns in pursuing an MBA is the competition and the hoops one has to cross in order to gain admission in a good MBA program. Steep GMAT (or equivalent) scores, mind bending essays, impressive interview skills, powerful academic and employment records, all add up to become quite a challenging list to fulfill to make an impact worthy MBA application. So students often wonder about less competitive yet just as fulfilling degree alternatives.
The second reason that adds to the MBA hesitation is the fiduciary aspect. MBAs cost thousands of dollars not considering opportunity cost and living expenses while students brave through its rigorous curriculum. Despite financial funding options like loans and scholarships, MBA degrees are hardly for anyone and everyone to afford. Even with a part-time option, the duration of the degree is hugely extended. So, then what else can be done to improve your career and not fall in financial debt?
For career progression and success, there are 4 popular MBA alternatives that include courses, degrees and practical options.
- Specialized masters degrees
- Internships in target industry
- Launching a startup
- MBA alternative courses online
Let’s look at each of them to see what it entails.
1. Specialized Masters Degrees
A specialised master’s program is one that pulls out of the breadth of a generalized degree like MBA and focuses on an in-depth study in a particular field relevant to current industry demands. They are designed to keep up with the constantly evolving market and in most cases can be pursued right out of undergrad.
As an advantage over MBA, they are not rigid on work experience requirements, making room for younger applicants. They are available in both full and part time formats and except in North America, the ones in UK and Europe are often only a year long study.
Besides the timing and duration difference of a specialized Master’s degree vs MBA, the focus also differs. MBA relies on very practical case study methodology of training their future leaders whereas specialized MS, like most other MS degrees, has expansive theoretical components in its teaching.
Also, MBA covers general management topics aiming to gear its students up for leadership or strategic management roles keeping room open for possible career switch.
While specialized Master’s like Master in Management, MS in Finance, MS in Big Data, MS in Strategic Management or Entrepreneurship, etc., give deeper insights and equip their students with niche skills. So graduates typically take on more technical or operational roles.
As far as the outcome of the alternative is concerned, here are a few takeaways according to GMAC’s recruiter survey report from 2023:
– MBA continues to be the most in demand by employers. It comprised 91% of the recruited graduates in 2022. This was the higher than candidates from business Master’s graduates. Although candidates with a Master in Finance, Master in Management, and Master of Data Analytics experienced 72 to 74% hiring.
– For profit private and for profit public mostly hired MBA (88% and 96% respectively), MiM (77% and 81%), Master of Accounting (72% and 78%), Master of Finance (74% and 79%), Master of Data Analytics (74% and 83%) and Master of Business Analytics (72% and 77%, respectively).
– Most MiM grads were hired in Africa, Asia, Middle East and Western Europe whereas MBAs were predominantly hired across USA.
– MBAs enjoyed the highest salaries (Median salary in US being $125K). MiM, Master of Accounting, MFin, Master of Data, and Master of Business Analytics saw a median salary of between $75k to $85K, in 2023.
So how do business Master’s fare as an alternative to MBA? MBA offers broader field but for those who are quite certain of their field of choice, a much more honed, and much less expensive specialized MS degree might be the better alternative. Though salary and recruitment demands are less than MBA, the top Master’s programs do fare well in the run. Demands and compensations vary between industry, location and the reputation of the program as well.
3 reasons for choosing an MBA alternative degree
by Nita Swinsick
Deciding whether to pursue an MBA or a specialized masters is an important decision and will depend on where an applicant is in their professional journey as well as their future career goals. For those who have recently completed their undergraduate studies and are looking for a general business degree, a Master’s in Management is a good option. This kind of program is usually a year long and is meant to help people early in their careers get a strong foundation in business. Plus, these programs often come with career support to help recent graduates and young professionals jumpstart their careers.
Another scenario in which a prospective student might consider a specialized master’s is if they have a precise career path in mind. For example, at Georgetown McDonough, we offer specialized masters programs in global real assets (real estate), business analytics, and finance, which allows students to gain in-depth knowledge in these specific subject areas that are closely aligned with their career goals.
Lastly, for those interested in blending business knowledge with other disciplines, an interdisciplinary degree is an ideal choice. These programs are designed to give students a balanced view of business along with another subject area, offering a unique perspective and tailored resources. For example, at Georgetown, the McDonough School of Business and Walsh School of Foreign Service partner to offer an M.A. in International Business and Policy for those who are interested in combining business and international relations and students of this program are able to leverage the career resources and alumni networks of both schools. We also offer an M.S. in Environment and Sustainability Management for those interested in learning both the science and business concepts necessary to achieve global sustainability goals.
My advice to students who are looking at both MBA programs and specialized master’s degrees is to attend information sessions for both programs to determine which type of program is the best fit for them and their career goals.
Nita Swinsick is associate dean for graduate and executive program admissions at Georgetown’s McDonough School of Business.
2. Internships in Target Industry
What do internships have to offer? They provide the opportunity to gain experience in the target industry instead of a commitment to a degree program like MBA. In the context of switching careers, this avails candidates the ability to explore a much cheaper (no tuition) and less time consuming route to develop skills in another field or industry. The road towards recognition and lucrative success is obviously far more tenuous than the straightforward route of getting an MBA.
Recruitment is highly competitive, especially in sought after industries like consulting, finance or technology. Recruiters often expect candidates to have internship experience to even gain entry-level positions (How to convert internships to job offer?). In many ways it is the means to get your foot in the door, gaining valuable real world experience on the job as well as building a solid network of professionals in the target industry.
According to research published in the Journal of Applied Psychology, 60% of internships turned into job offers from the host companies. This indicates a healthy relationship whereby companies gain experienced employees who have had a head start at a fraction of the cost of training a new employee. And on the flip side, interns themselves gain the edge over new applicants.
For those looking to find an alternative to the MBA degree, notwithstanding its benefits, can think of the cheaper and faster route through a gainful internship in the field they seek their future.
3. Launching a Startup vs MBA
As far as top alternatives for MBA go, launching your own startup provides the perfect setting to learn valuable skills like financing a company, problem solving, understanding your business goal and implementation of said goals. This goes beyond the managerial and leadership skills honed in the classroom environment of an MBA program.
According to many successful entrepreneurs like the CEO of Fireflies.ai, co-founder of Physics Wallah, and co-founder of Awign, a work-as-a-service platform, the real life experience of launching a startup tests and develops all those qualities that make a good business mind.
Notwithstanding what experienced leaders have to say though, both MBA (from a reputed program) and the experience of launching a business, build the foundation of good business knowledge, help create a network of professionals, and both while being heavy in investment can turn out to provide excellent return on the investment.
4. MBA Alternative Courses Online
Now one of the less obvious but quite effective alternatives to MBA often comes in the humble packaging of online skill based courses. The choice between them is solely based on the priorities and current level of skills of the individual.
So what to choose and how do they differ?
– MBA is typically the train that leads to leadership and managerial roles.
– The course structure and case study learning process of MBA builds a wholesome business knowledge. Online courses too have capstone projects that help build real experiences.
– Reputed MBA degrees can be marketed globally and if you are looking to switch careers or get a career leap of sorts, MBA is the ticket. Online courses help to advance within the target industry.
– Networking opportunities are also high, designed as part of the MBA experience. Online courses limit networking possibilities.
– Skill based programs are all about building specific technical or functional abilities. So, it is best suited for professionals who want to fix a knowledge gap.
– MBA is definitely more costly and time consuming. Online skill courses are flexible and are often priced reasonably.
While MBA comes with its comprehensive structure shouldering the burden of turning anyone from any field into a business leader, skill based courses are focused learning platforms catering to very specific needs. So, anyone who wants to pursue the skill courses need to already have a certain level of accomplishment to make constructive use of the course. For instance, say a data analytics professional who wants to learn an advanced database handling tool can definitely seek the much faster and much cheaper skill course route.
Ultimately, it all depends on what your career goals are and how do you define your current status. Check out your industry demands and recruiter preferences before you seek an online course or MBA as an alternative to the other.
If you’re looking for a short, affordable online MBA alternative, check out our high-rated online MBA alternative course with certification.
Students from over 50 countries have signed up this short, affordable online MBA alternative course to get an overview of business management skills and knowledge. It includes students, executives, engineers, entrepreneurs and professionals from different industries in a wide range of roles.
We hope you find the best MBA alternative based on your career goals.
Sources: 1, 2, 3
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