MBA or MS — What’s the Difference?
Wednesday, January 6, 2021
Minnesota Carlson Graduate Programs
Find Your Master's DegreeResources for Prospective Graduate StudentsLast updated August 14, 2025
If you’re choosing between an MBA (Master of Business Administration) and a specialty master’s in business, understanding their differences can help you select the path that best supports your career goals.
What is an MBA?
An MBA degree offers broad business knowledge across core areas like accounting, finance, leadership, marketing, and management. If you want a well-rounded business education that equips you for leadership and management roles across industries, the MBA is a strong choice.
While you’ll gain general business expertise, you can also specialize in a specific area—such as finance, supply chain, or marketing—through electives. By graduation, you’ll have a versatile skill set that applies to many industries, making the MBA a great fit if you’re seeking career advancement, a pivot, or the opportunity to lead teams.
See five reasons why you should consider an MBA degree.
What is a Specialty Master’s Program?
A specialty master’s degree focuses deeply on one specific area of business. At the University of Minnesota’s Carlson School of Management, options include:
Graduates are recognized as experts in their chosen field—ideal if you’re early in your career, planning a career change, or a working professional wanting to deepen expertise in a niche area.
MBA vs. MS in Business: How Do They Compare?
| Category | MBA | Specialty Master’s Degree |
|---|---|---|
| Types of courses | General business knowledge with the ability to take electives to specialize in a specific area | Specialized courses that focus on one area of business |
| Length of program | Typically two years | Typically less than two years |
| Point in career | Midcareer and looking for a career pivot or advancement | Early in career, working professional, or looking to pivot careers |
MBA Specialization vs. Specialty Master’s
You might ask yourself, “What’s the difference between an MBA specialization in a field and the corresponding specialty master’s program?” In many MBA programs, you will have the flexibility to tailor your coursework and specialize in a particular field of business. For example, you can earn an MBA with a specialization in finance. Another option is to enroll in a Master of Science in Finance (MSF) program. What’s the difference? Curriculum, time, and student body.
In the MSF program, you will focus exclusively on the world of finance, taking 39 credits on topics including Fundamentals of Finance, Introduction to Python Programming, Corporate Valuation & Modeling, and Quantitative Portfolio Analysis. Those courses are required to graduate, and you are guaranteed to take them.
If you are an MBA student, while you will cover many of the above topics in your coursework, you will also focus on aspects of a business outside of finance. If finance is an area of interest to you, then finance courses can be taken as electives to earn a specialization.
The length of the program typically differs, too. Most Full-Time MBAs, including those at Minnesota Carlson, take two years to complete, whereas many MS programs can be finished in just one year.
Key difference: Specialty master’s students are usually early-career professionals building expertise, while MBA students are often mid-career professionals aiming for broader leadership roles.
How to Choose the Right Program
So, how do you know which program is right for you? This is a challenging question to answer, as it is a very personal one. The first suggestion is to make an appointment with an admission counselor. This will allow you to work through some of the more nuanced questions you may have when doing your initial search. By meeting with an academic counselor, you can get individualized guidance that suits your specific needs and goals.
Before meeting with a counselor, think about how you wish to proceed in your career. Are you passionate about finance and see yourself working as a financial analyst long-term or short-term, with your eyes on leadership? You may not even know what your long-term goals are, which is why part of the process involves reaching out to counselors and meeting with current students. Informational interviews with alumni, current students, and working professionals in the field in which you wish to dive into will help provide you with a bit more clarity as to the benefits of each program.
Share a little bit about yourself and let our seven-question program finder help you discover the best Carlson master’s degree for you.
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If you have questions about the application process or a program, please reach out to the following:
Master of Business Administration (MBA) - Full-Time, Part-Time, Online, and Executive
Master of Applied Business Analytics