As a young student or a fresher, it is only natural to be confused when you are trying to find a reliable graduation degree in business management. There are so many different types of management degrees to choose from nowadays, and that’s not even counting the numerous specialisation choices these different business management courses are subdivided into.
While there are other management graduation degrees available to working professionals as well, the two most respected and acknowledged master’s degree courses in management are the MBA and the MSc in business management. Despite being closely related, a master’s in business administration (MBA) is simply not synonymous to master’s in business management (MSc).
MBA Vs MSc in Business Management: What are the Differences?
It is difficult to answer this question as the standard curriculum differs a lot between universities, programmes, and national education standards. Nevertheless, there are some common differences between MBA and MSc in business management programmes which can be identified as being valid in most comparisons.
Experiential Qualification Requirements
Anything between two and six years of experience is considered a minimum requirement for candidates looking to complete their MBA from a reputed university. It’s a programme typically designed for people who have been working in a sector for years. On the other hand, students can join a master’s in business management programme right after completing their bachelor’s degree in management.
Some MSc degree courses do make it necessary for aspiring candidates to have at least some work experience before applying, but those requirements are nowhere near as strict as they are for MBA applicants. For international students with minimum or no job experience, an Online Masters in Business Management course from Aston University presents itself as a highly approachable option. Despite the programme’s relative accessibility to freshers, note that Aston’s MSc in Business Management program has been internationally accredited by three of the most acknowledged international business school accreditation boards, namely Equis, the AACSB and the AMBA.
Functional Vs Comprehensive Approach
The ideal master’s in business management course is designed to help students approach the subject as not just an academic, but also as a future professional with a comprehensive understanding of his/her work. The master’s in business administration programme, on the other hand, is designed as a functional and specialisation course for professionals who already have enough experience on the job.
It’s less about which one is better than the other, and more about which course suits your current qualifications and future goals the best. Contrary to popular belief though, both degrees open up career options in the corporate and the academic sphere. Nevertheless, a master’s in business management is geared more towards students who may wish to start out in a teaching role.
Possible Career Options for Business Management Graduates
Career options for any business school graduate largely depend on what they specialise in, meaning that their available options will differ accordingly. Keeping that aspect in mind, let’s take a quick look through some of those options next.
Business Operations Manager
A business operations manager is in charge of supervising and directing departmental or even all daily operations for the company, depending on the establishment’s size and scope. In a nutshell, they are in charge of keeping daily operations under their charge, running as smoothly as possible.
Good, effective communication skills are a necessity for the job as the operations manager will often need to act as a connecting link between employees and higher management. Problem solving, organisational knowledge, and business planning are among the top tools which a business operations manager utilises on a daily basis. On an average, business operations managers get paid around £41,500 per year, excluding bonuses.
While the finance manager will also be in charge of managing several other aspects of the finance department, one of their main duties is to develop and update budgets for each department. This will naturally involve frequent meetings with other departmental managers and relevant staff to find that balance between what is required and what is available. Another key responsibility of a finance manager requires them to develop and present functional fiancé models to explain their budget planning to peer-level and higher-level management. It’s not the highest paying job in the UK at £40,000 per year (avg.), but it’s a key position with high job security.
The marketing manager usually starts out as a marketing head in their branch, but eventually, their goal is to reach the highest possible rung on the corporate ladder as the director of marketing for an entire region or perhaps even as the global marketing head. The average salary for a relatively new marketing manager is pegged to be around the £34,000 – £35,000 per year, but as they progress in both experience and rank, marketing director salaries average close to the £70,000 per year mark.
Product management involves planning, budgeting, and developing a product under the instructions provided to them by either clients or higher management. It would be difficult to go into more detail about the job’s requirements, as well as the average salary, without knowing what type of a product manager we are discussing here.
PayScale estimates the average salary of an unspecified product manager to be around the £40,000 per year mark. If you have an accompanying degree in engineering fields, computer science, or software development, your salary will be of course, much higher. Just check the following two examples for reference:
- Product Manager (Software): £50,000/year (avg.)
- Product Manager (Marketing): £43,000/year (avg.)
Sales managers work closely with marketing managers, but these are two separate job titles with separate goals. While a marketing manager’s ultimate goal is to provide as many qualified leads as possible, it is up to the sales manager to deliver a high conversion rate from those leads. A regional sales manager usually draws a salary close to £40,000 per year on an average, but a promotion to national level sales management status does not come with any significant salary hikes, unfortunately (£43,500 per year on an average).
After gathering sufficient experience and success on their CV, sales managers can aspire to become the sales director. It’s a job that requires handling a lot of responsibility, albeit at a much higher salary (£65,000 per year on an average). In fact, the same applies for any other business management posts that you can aspire to, after completing your master’s in business management program and gathering experience in the field. Business managers holding directorial posts in any decent company get paid close to £70,000 per year (avg.) + commissions + profit shares.