TL;DR

• An MBA isn’t for everyone, and in some cases a Master’s in Finance or Management may better suit your goals

• Business master's degrees are often targeted at students with little to no work experience, meaning they can act as a great springboard to launch your career

• You should weigh up factors such as your age, experience, and career plans before committing to any degree

Though the MBA might be the most famous business degree, it's far from the only one. Depending where you are in your career and your future plans, you might find that a Master in Finance (MiF) or Master in Management (MiM) fits you best.

Unlike MBA programs, where most students are in their late twenties or early thirties, master’s programs tend to attract students in their early to mid twenties. Unlike with an MBA, it's common for students to enter MiF or MiM programs with little to no work experience.

Because they can accelerate the early stages of a graduate's career, master’s programs have been gaining popularity in recent years. If you don’t consider yourself a typical MBA applicant, an MiF or MiM might be better suited to you.

Should I consider a Master in Finance or Master in Management?

Aside from the differences in age and experience, there are other important distinctions between a MiM and a MiF.

A MiM is a general management degree, and can be likened to a more junior MBA. Like the MBA, the MiM gives you a broad overview of the fundamentals of business. But with less work experience behind them, MiM students are less likely to transition directly into senior positions than their MBA counterparts.

The MiF focuses on finance in much greater depth, although it can also diverge into more technical topics. Therefore, it's best for those pursuing a career in finance, not those who want a wide-ranging education in management.

One thing to keep in mind is that while many MiFs are designed for students with little or no work history, not all of them are. Some programs, like the MiF at London Business School, are targeted at people with significant work experience looking to take on more senior finance roles.

Overall, both degrees are a great chance to get an edge over your peers in the early stages of your career.

What should I know before applying?

When applying for a MiF or MiM, there are several components to your application that schools take into account.

Master’s programs are interested in your resume, particularly your track record of leadership and your internships. While work experience isn’t as important as it is for MBA programs, that means the rest of your application becomesmore important.

With a master’s, it's likely that there will only be a small gap between finishing your undergraduate studies and showing up at business school, so your college transcripts are an important indicator of whether you'll be able to keep up in the program you're applying to.

Many MiF and MiM programs look favourably upon the GMAT and some require you to take this (or another standardized test) before applying. Preparing for and then taking one of these is one of the first milestones in the application process.

With less experience in the workplace, your letters of recommendation will also be essential in demonstrating that you have the qualities the school is looking for.

Finally, if your application makes it through to the next stage, some schools will invite you for an interview. This is a chance for them to get a better sense of who you are beyond your resumé.

What can I expect to gain?

Both the MiF and MiM have been gaining popularity in recent years, and with good reason. Compared with a traditional MBA, the payoff from these programs comes earlier in your career. However graduates of these programs tend to earn less money than MBA graduates.

Both degrees can give you a competitive advantage as you begin your career. As Tom Robinson, former head of business school accreditation body AACSB pointed out, “Over the past five years, the job market has tightened and a Master’s in Finance is a way to show you’re better than the next candidate.”

Indeed, graduates from some of the top MiF programs command average salaries of around $200,0000 three years after graduation.

With these degrees, you can put your learning into practice right away as you start your career. Compared with the MBA, these more compact degrees demand less time and money, and make an impact earlier in your life.