A relatively recent novelty for business universities is the spread of specialised Master’s programmes such as, for example, in management, finance, international relations, IT, marketing and communications.
Although they are not attractive to students with extensive work experience who want the broad general management coverage which an MBA offers they are a good option for those who are at the start of their careers.
Moreover, there’s no lack of interest: for the newly launched Master of Finance programme. The University of Texas’s McCombs School of Business received 222 applications for 30 places. At Sloan student enrollment in the finance Master has doubled to 120 this year to accommodate student demand.
The top European business schools also offer a variety of specialized Master’s programmes which allow students to gain the necessary expertise in the industry of their choice. IE, for example, has modules in digital marketing, tourism management and sports management among other things and offers separate masters in management and finance.
However, the real selling-point of the specialized master’s programmes is the success graduates experience on the job front. The Massachusetts Institute of Technology’s Sloan School of Management, for example, launched a finance degree in 2008 and all of their graduate students have managed to land a job, says the director of Sloan’s Laboratory for Financial Engineering, Andrew Lo. So, what’s the balance sheet?
Business schools have managed to readjust themselves by offering a variety of MBA formats and specialized masters for those wishing to grow in a particular industry without compromising the quality of education or diminishing their admission standards. Thus you will still need a brilliant academic record and an outstanding resume to get in.