General Management Degrees vs. Specialist Degrees

Should you pursue a general management degree like a Master in Management (MiM), or opt for a specialist degree such as an MSc in Finance or MSc in Entrepreneurship? 

Both pathways offer distinct advantages, and the choice between them can significantly impact your career trajectory.

Understanding general management degrees

A Master in Management (MiM) is designed to provide a broad foundation in business and management principles. The curriculum typically includes core subjects like marketing, finance, human resources, operations and strategic management. 

This breadth of knowledge prepares graduates for a variety of roles across different industries and functions.

Indeed, MiM graduates are often sought after for their versatility and ability to adapt to various business environments. They are well-suited for roles in management consulting, project management, business development, and general management positions in corporations. 

The degree’s broad focus can be an asset in organizations that value a holistic understanding of business operations and strategic thinking.

Therefore, the MiM is particularly attractive to recent graduates or young professionals with limited work experience who are looking to enhance their managerial skills and gain a comprehensive understanding of business practices. 

It is also a good fit for those who are undecided about a specific career path and prefer to keep their options open. “MiM programs are designed to give students a strong foundation in business fundamentals. They offer flexibility in exploring new career paths and discovering new interests,” says Nita Swinsick, the associate dean of graduate program admissions at Georgetown University McDonough School of Business, in the USA. 

Exploring specialist degrees

By contrast, specialist degrees, such as an MSc in Supply Chain Management or MSc in Consulting, offer a deep dive into a specific area of business. 

These programs provide in-depth knowledge and technical skills, tailored to the chosen field. For instance, an MSc in Finance will cover topics like investment analysis, financial modeling and risk management, while an MSc in Entrepreneurship will focus on new venture creation, innovation management and startup financing.

Graduates of specialist programs are highly attractive to employers seeking expertise in a particular domain. An MSc in Finance graduate might pursue careers in investment banking, asset management or corporate finance. 

For this reason, specialist degrees are ideal for individuals who have a clear career goal and a strong interest in a specific field. They are suitable for students who wish to gain a competitive edge in a particular industry or function, and who may already have some relevant work experience.

“The big difference between the MiM and the MSc is the degree of specialization. For some students, specialization will be more crucial to the next step in their career progression, and for these students, an MSc is probably the right degree,” says Fernanda Diaz, careers and employer engagement director at EDHEC Business School, in France. 

Comparative analysis

So the primary difference between general management and specialist degrees lies in the breadth versus depth of knowledge. MiM programs offer a wide-ranging understanding of business, making graduates adaptable to various roles and industries. In contrast, specialist degrees provide deep expertise, making graduates valuable in niche areas.

Michael McDonnell, careers manager at UCD Smurfit School in Ireland, says: “If you have a non-business background, the MiM provides a solid foundation. If you have a business background but want to specialize, a niche master could provide a differentiator.” 

Indeed, general management degrees offer greater flexibility in career choices, allowing graduates to explore different functions and industries. Specialist degrees, however, offer a focused pathway, enabling graduates to build a career in a specific field with a higher level of technical proficiency.

“For individuals with a well-defined career goal, a specialist degree can provide a clear and direct path to achieving their professional aspirations, offering a strategic advantage in a competitive job market and ensuring they are well-prepared to excel in their chosen domain,” says Diaz at EDHEC.

However, MiM graduates often start in entry-level management positions and can quickly advance to leadership roles due to their comprehensive business understanding. Specialist degree holders, on the other hand, might start in more technical or analytical roles but can become experts and leaders in their specific fields over time.

Ultimately, both pathways can lead to successful and fulfilling careers, and the decision should be based on personal goals, strengths, and the specific demands of the desired career path. 

“There is not one single piece of advice that applies to everyone. While a general degree like the MiM is perfect for those seeking versatility and exploration, specialist degrees are excellent for those who have in mind a clear industry preference or career path as a specialist,” says Steffen Löv, the assistant dean at WHU – Otto Beisheim School of Management in Germany.