In the previous article, we talked about differences between MS vs MBA and what each of the degrees focus on. Now, it is time to look at some of the funding, fee and other aspects in this article. if you have not checked out, read Apply for MS or MBA after Engineering ? Differences ?
Fees MBA vs MS ? Which is cheap ? State University Vs Private Schools
MS fee is typically much cheaper than MBA fees. Business school has their own course fee structure. You might ask, why is it ? I guess there may be fee reasons in my view…it is probably because MBA is valued higher and is typically done by people who have work experience or working, and maybe that their companies pay for the fee and the value. Also, why do companies pay for education ? Well, they want their employees to grow and become elite managers to sustain the growth and boost their organization. Also, people can get paid lot more after MBA because their designation changes if they are good ! Will everyone make high salary ? Nope, it depends on your talent and maybe brand perception of your university. Now looking at fee, US State schools fee is always cheaper than Private Schools. For instance, MBA at private school like University of Chicago will cost you ONLY the tuition for NINE MONTHS is $66,000 as of year 2016 and MBA at state school like University of Wisconsin will cost you $32,000 for a 9 months for the year 2016. For masters it is same typically in terms of state or private schools, it is cheaper to study in state schools. For instance, fees at University of Houston Masters program is around $936 per credit, that comes to $8424 per semester if you take 9 credits. Again, in state schools fees for MBA and MS might be pretty much very close or same with exception of special fee they charge for MBA. But private schools it is much different. The summary is that state schools always have less fee as they are state funded. For more details, read Cost of MS / MBA in US – Apply for Cheaper Schools
Funding for MBA and MS ?
Funding is a big thing for students and most common types of funding as I explained are in form of TA, RA and GA. Check the post about what are TA, GA and RA for more info if you do not know with funding info. Let’s think logically first, MS is more technical and research oriented, logically speaking if the University has more research funding then, there is more funding for MS. On the other hand, MBA, it is not tied very much to research, where do funds come from ? Only source for MBA funding is Fellowships, scholarships or TAs for Undergrad Business students. If you notice, for MBA, research part is almost not there unless you are in PhD. Guess what, if you are MBA and applying for funding in Business school, MS people of Marketing or Finance are competition to you for that too. So, your option is to work in other departments or no funding at all. But for MS, you have many options like working as RA, TA or GA in your department or other department based on your background. Not only logically, in reality too, there is less funding for MBA than MS due to the research focus and other related aspects. You may get in-state tuition in state universities if you stay long enough like year or so and pay taxes in that states by working on a work visa, but in private schools forget about funding…
Are you still confused?? Here is my piece of advice….
I know most of you want to be managers and entrepreneurs in future by jumping into MBA right after B.Tech, B.A or B.Com… Let me tell you the truth folks, You will learn very little if you go to MBA without two to three years of work experience. You have to work in an organization setting to fully comprehend and appreciate the full potential of MBA. For this reason, most of the business schools have requirement of 3 to 5 years of work experience as a major factor. Think about this, “if you were never a team member, how will you understand the team member’s problems and their perspective if you were never a team member and directly have become a manager”. So, start at the base and then climb up ! My recommendation is if you are starting your career, then do not go for MBA, work and then go. Read MBA after B.tech or With Work Experience ?. As of MS is concerned, as I said in previous posts there are many types of students who would like to come to US for education and some for Job only. Depending on your situation, you may pick one of the below.
- Typically, MS is done for anyone with career path of PhD or research.
- If you want to do PhD some day and be professor, then MS and PhD integrated program.
- If you worked for two years, and have money to support your MBA financially, then MBA
- If you are not sure what you want to do, then take time to think about what you really like and where you see yourself in next 10 years and take a decision on what makes sense for your career path.
Overall, it is up to your passion on where you want to be in next 10 years, try to do something that will help you get there…it is your decision, plan well and go for your passion… I am not trying to discourage anyone to do MBA right after B.Tech, but just telling you the facts I have learnt. Good Luck ! Make an informed decision….It is your future !
What are your thoughts ? Anything to add that I have missed ?