The pros and cons of a specialised and general MBA
It’s that time of the year where MBA admissions are opening. If you’re thinking about applying, chances are, you’ve probably found yourself asking the question, “Should I pursue a general or specialised MBA?”
Considering the eye-watering costs of an MBA, this question is one that should be well-thought-out.
Research shows that the average total cost of studying at one of the world’s top MBA programmes starting in 2021 is 176,000 US dollars. The average price of an MBA in 2020 was US$168,000. The figure is higher for M7 business schools where the average cost of an MBA is US$227,011.
Despite the costs, an MBA is still seen as an asset in today’s competitive world for employees who want to stand out from the pack.
MBA programmes equip learners with leadership skills, increases their prospects of earning higher salaries and can help them climb the corporate ladder, to name a few.
It’s popularity has led to a wide number of MBA-related programmes including specialisations in finance, entrepreneurship, Islamic finance, and sustainability, among others.
While the monetary benefits of pursuing an MBA are well documented, anyone who intends to pursue an MBA should first ask themselves, what do I want to accomplish with it?
Here’s a breakdown to help you decide whether a specialised or a general MBA would be better for you:
General MBA programme
A general MBA teaches learners the basics in business and management; it teaches you to be an effective leader in addition to exposing you to a variety of subjects, from HR and marketing to entrepreneurship.
A general MBA is usually built around a year of completing a set of core courses and then choosing electives in the second year.
You’ll acquire broad knowledge during the programme, making it ideal for those who want to climb into an upper management role that’s not necessarily tied to a specific industry.
Specialised MBA programme
Specialised MBAs allow learners to deep dive into specific areas of study, such as marketing, finance or human resources, and are ideal for those who want to gain more expertise and learn leadership skills in their industry of choice.
This way, you’re better prepared to enter a field with the necessary knowledge and skills at hand.
The Princeton Review notes that many specialised MBA programmes are only one year, and several allow students to study while they’re still working, giving you more flexibility.
Is one superior to the other?
A specialised MBA can help you build a skillset in a particular area, which is useful if you wish to build your career in a particular field, but this also means that if you plan to change careers later down the line, your specialised MBA won’t be incredibly helpful as it’s focused on one industry.
A general MBA is a broader education and doesn’t necessarily prepare you for a specific industry, which means you’ll have to put in the effort to get into your preferred industry. For some, the degree might be “too general” and not necessarily set you apart from competition.
Ultimately, which MBA programme you choose rests on your personal and professional goals, so don’t feel pressured to choose a certain programme by following the crowd.