MBA programs continue to be the most sought-after degree among business school applicants, but specialized business master’s including the Master in Finance are on the rise in Europe, according to a survey by the Graduate Management Admission Council (GMAC).

Located in the business hub of Milan, Bocconi University is home to the third best MBA program in the world and a range of Master of Science (MSc) programs, including the MSc in International Management and the MSc in Finance.

Carlo Salvato, dean of the Bocconi Graduate School, oversees the 13 MSc programs, while Stefano Caselli, dean of the SDA Bocconi School of Management, leads the one-year full-time MBA.

BusinessBecause sat down with Carlo and Stefano to find out more about the differences between an MSc vs MiM vs MBA, and where these programs can take business grads. 

MiM vs MBA vs MSc | Which program should I choose?

Knowing whether to choose between an MBA vs MSc degree depends largely on your candidate background and your aims for business school.

The Bocconi MBA and MSc programs both cover the fundamentals of business and provide opportunities for professional growth, but there are key differences between the programs.

The MBA is designed for experienced professionals with an average age of 28 to 30 years old. The program acts as a career accelerator, building upon previous experience and equipping candidates with knowledge and skills to enter mid- or senior-level roles.

“The MBA class is a small group of high-quality participants to ensure a very high-level network,” says Stefano.

The MBA class at SDA Bocconi averages just over five years of professional experience, although the minimum requirement for applicants is three years. 

This is unlike the Bocconi Master of Science (MSc) class, where applicants are not expected to have professional experience beyond internship level.

“It would be a mistake for a student with limited professional experience to start an MBA. Equally, someone with five years of experience would not be right for an MSc class,” says Carlo.

The Master of Science caters to earlier career stages, with graduates from the two-year program averaging 24 years old. Candidates typically enter the program with little to no professional experience, with the program preparing them for entry-level positions after they graduate. 

With the specialized knowledge and skill set provided in the MSc, graduates can expect rapid career advancement from the onset.

Master in Management programs are often referred to as MiM degrees. Business schools may categorize the program as a MiM or, as Bocconi University does, the management degree will fall under the Master of Science (MSc) bracket.

This is because the Bocconi MSc in International Management has an emphasis on data and interdisciplinary analysis. 

Due to the different approaches to MBA programs and master’s degrees, the MBA can be completed in just 12 to 15 months, while MSc programs at Bocconi take place over two years. 

At Bocconi the MSc degree costs around €18,000 per year, while the MBA costs €75,000.

MBA vs MSc: similarities and differences

Both the MBA and MSc programs at Bocconi University have a diversified and international student body, with candidates from a range of academic and industry backgrounds.

“People who become leaders are capable of managing a diversified environment and diverse points of view,” says Stefano.

The MBA has a broader scope than the more technically focused MSc programs, aiming to shape business leaders and managers with wide-ranging skills and insights into managerial issues. The MBA curriculum is unique in its integration of critical topics such as sustainability, artificial intelligence, and geopolitics.

“The mission of the Bocconi MBA is to educate the leaders of tomorrow,” says Stefano. 

For applicants of the MSc programs, a strong academic foundation and a willingness to learn are essential. This is particularly important in innovative master’s degrees such as the MSc in Artificial Intelligence, where candidates need an undergraduate background in relevant fields such as biotechnology or directly in AI.

The reason for this is the technical focus of Bocconi’s MSc programs. Different programs feature specific concentrations, enabling students to tailor their learnings to their future career path. 

The Master in International Management, for example, offers a concentration in corporate finance. This is ideal for students seeking a financial background with less quantitative training than a Master in Finance, which is more suited for students seeking a specialized financial skill set. 

“We provide our students with a rigorous educational background, preparing them to face any major changes in their future profession,” says Carlo.

MBA careers vs MSc careers

Following the Bocconi philosophy of “Knowledge that matters”, the MBA and MSc programs place an emphasis on applying skills through practical experience for graduates to hit the ground running in their careers.

Regardless of whether students opt for an MBA vs MSc degree, the programs offer an array of opportunities, including internships, international exchanges, consultancy work, and field projects, where student teams tackle real-world business challenges for a company. 

Within the classroom, students have further opportunities to connect with industry professionals from multinational companies, who deliver talks and network with students.

“The Master of Science is a bridge between university and the job market,” says Carlo.

Bocconi MBA graduates often land positions in top consulting firms and multinational corporations. Increasingly, there are newly emerging models of industry collaboration attracting MBA graduates, such as private investment by pharmaceutical companies in digital technologies.

“This is the beauty of the MBA, we have to be ready to place the best candidate possible in the next sector, which is impossible to predict today,” says Stefano.

Bocconi students with entrepreneurial aspirations will benefit from the B4i (Bocconi for innovation) startup accelerator. Students from all programs are invited to present their startup idea and be in with a chance of receiving funding, coaching, and training to launch their startup.

Regardless of whether you choose an MBA vs MSc, there is ample opportunity to build your business acumen and expand your network. If you’ve already spent a few years working in the business industry, you may wish to opt for an MBA, whereas if you’re fresh out of your undergraduate degree or have limited work experience, an MSc might be the best degree for you.