For all you future financial movers and shakers, choosing the right program is more than just a simple matter of preference—it’s about maximizing the journey so you’re ready to hit the ground running once you reach your final destination.
In the battle between an MBA and a Master of International Business, it’s important to acknowledge the specific skill-set each degree will impart. Whereas the MBA is akin to a business world pu pu platter, offering a healthy overview of accounting, marketing, and entrepreneurship expertise for just about any real world application, the Master of International Business is much more specialized—ideal for those who see a future for themselves in the global division at a multinational corporation.
While both MBA and Master of International Business degrees will certainly mold students into shrewd financial thinkers, they promise do so using completely different methods. Let’s take a gander at the potential advantages and pitfalls of each route.
The MBA Program
Breadth is the name of the game with an MBA. In a nutshell: the two-year degree is designed to give emerging professionals the necessary skills to excel in management positions at financial institutions.
MBAs also traditionally make bank after graduation—Forbes reports that the average salary hovers around $100k. According to Bloomberg, corporations are hiring more b-school graduates than any time in the last 10 years.
But the real appeal of an MBA is its flexibility; graduates can apply their skills to any number of positions within the realm of finance. The catch? Your CV has to be on-point; we’re talking superlative GPAs and GMAT scores, glowing recommendation letters, and serious professional experience.
To summarize: Breadth, Bank, and Flexibility. The MBA could be ideal for someone who wants to get involved in financial services but isn’t completely certain of the exact capacity.
The MIB Program
Students who know in their heart of hearts that a career in international business is right for them could look no further than the Master of International Business degree. The coursework associated with an MIB is focused on helping students navigate global issues and accrue experience abroad so they have the specific skills to hold positions in a political risk analysis, banking, policy work, corporate social responsibility, microfinance, and business development. MIBs often have to be prepared to deal with the political and social issues that extend from the private sector.
The admissions requirements are nearly identical to those of an MBA except foreign language proficiency is emphasized more heavily than work experience in an MIB program. MIBs tend to require slightly fewer credits than MBA programs and as such, the time commitment tends to vary between a year and 18 months.
The MIB seems to be a stepping stone between a Bachelor’s and a true blue MBA, which often requires more work experience.
To summarize: Specificity, Multi-disciplinary, and Hyper-efficiency.
MBA vs MIB
The MIB is ideal for students who are looking for specific experience to help them thrive in a global finance career and may not have the time, patience, experience, or wherewithal to commit to a fully-fledged MBA.
Ultimately, the MBA is a better bang for your buck in terms of post-graduate job prospects, as well as future flexibility should you decide you’re not suited for the Barclays associate gig. MBAs from reputable schools tend to be valued more highly, especially since work experience plays a larger role.