What Masters Degree in Management to Choose? MiM vs. Specialised Masters

When comparing general management degrees versus specialised Masters qualifications, there are several factors to consider. For instance, Masters degree programmes are often discussed in comparison to the MBA degree (the Master of Business Administration) and in terms of how their offerings differ from those of the MBA. Although this is a worthy discussion, let’s look instead at the similarities and differences between general Masters in Management (MiM) programmes and specialised Masters programmes. The latter may include Masters in Entrepreneurship, Masters in Hospitality and Tourism Management or Masters in Human Resource Management, for example. Understanding the distinctions between these programmes is essential if you want your education to match your specific career goals and maximise your return on investment.

Similarities between Masters in Management and specialised Masters programmes

Most Masters programmes are designed for Bachelor’s graduates who still have little to no professional experience. This is valid both for the MiM and for many of the specialised Masters out there offering different industry insights. Whichever of the two entry-level management degrees you choose to enrol in, it is likely that it will include a blend of theory and practice – in the form of internships, company visits or practical tracks and sessions, for instance.

Fortunately for students, both types of programme are much more affordable than the MBA. The pool of Masters programmes today has become so diverse that people with vastly different budgets usually manage to find a suitable option.

The level of affordability of the degree is also important with regard to the return on investment (ROI) which students can rely on. When weighing up general vs. specialised Masters ROI factors, the good news is that both the MiM and the specialised Masters offer very good value and often result in a promising career path. Employers in the US have a growing interest in specialised Masters degrees and graduates with degrees like a Master of Business Analytics or Master of Finance are in high demand, according to a paper drawing on 2019-2024 US data from the annual CSEA Recruiting Trends Survey and the annual GMAC Corporate Recruiters Survey. “As schools expand their portfolios of non-MBA business Masters programmes, it appears the job market has welcomed the influx of specialised talent,” the report claims.

Moreover, there are plenty of international opportunities. Those who find it important to be part of a truly diverse classroom or want to be immersed in a new culture do not have to worry about finding a programme that matches this criterion. Both specialised Masters and Masters in Management studies are a magnet for internationals, as reported by different international institutions. Students in the 2024-2025 MSc Global Health Management class at Imperial College Business School (UK) represented 26 countries, while the MiM programme at HEC Paris (France) has had a 90% international cohort.

Learn more about Masters programmes at Imperial College Business School by taking a look at this handy school profile.

Differences between Masters in Management and specialised Masters programmes

As we have seen, both Masters degrees are usually very international and affordable and alternatives abound even for those who are looking for something very particular. Then what is so different between a Masters in general management and a specialised Masters? The core MiM vs. specialised Masters distinction lies in the scope and depth of the curriculum. Unlike the MiM degree, a specialisation obviously means that the student will become highly proficient in the specific sector the programme is focused on. If we take as an example the area of tourism and hospitality management, a Masters degree would mean learning the ins and outs of good customer service combined with a managerial or business perspective.

The Master of Science in International Hospitality Management offered by emlyon business school (France) illustrates this level of involvement in the industry: “Study in 3 key locations to benefit from true international exposure: Lyon […] – where you will focus on the food industry in the world capital of gastronomy; Paris […] – with a focus on the hotel industry in this internationally renowned travel destination; Las Vegas […] – where you will experience the diversity of new and international perspectives in management.”

Learn more about Masters programmes at emlyon business school by taking a look at this handy school profile.

The specialised Masters degree is exclusively focused on a particular industry and, thus, graduates are prepared to enter their field of specialisation directly. While other industries would be unfamiliar for them, they would have the advantage of getting to know their area of specialisation in much greater detail than a general management graduate.

In comparison, Masters programmes in general management cover diverse topics such as strategy, consulting, marketing, or even finance and entrepreneurship. These are areas which are large enough to be addressed and studied in detail on their own. However, the point of the MiM is to provide students with a holistic understanding of all of these topics and by doing so, to prepare them for a position in management in any field of work.

Keep upskilling even outside your specialised Masters expertise

If you are lucky enough to have found the professional field where you want to grow and build a successful career, then opting for a specialised Masters degree is an excellent choice. You will have the advantage of being prepared for the industry early on while still getting an overall perspective of business, management, and leadership. However, it is just as important to stay aware of what is happening outside the industry bubble. In some cases, focusing on one functional area or skill set may limit one’s ability to create and innovate in the broader business environment.

For those who are headed for a specialised degree, it would be good to keep in mind that newly created specialised programmes often respond to current market needs. emlyon business school recently expanded their range of Masters programmes, most of which address current and future business challenges and focus on emerging professions and sectors. The new programs include Master in Digital Marketing & Data Analytics, Master in Data Science & Artificial Intelligence Strategy, MSc in Management of Energy Transitions, and MSc in Healthcare Innovation & Data Science.

While committing to a specialised programme, it is equally important to seek opportunities that broaden your skill set beyond your core expertise. The business world values professionals who can navigate different fields and adapt to shifts in industry trends and technological developments.

Although the nature of a specialised degree implies that little or no training will be necessary once graduates are employed in their industry – a lucrative possibility for employers – each individual situation is different. Keep in mind that a field of work such as pharmaceuticals will have entirely different characteristics from hospitality management or media management. Research your options well and know what to expect for your post-graduation career when selecting the type of Masters programme to pursue.

First published: 2017-09-29

Reviewed and updated: 2025-03-10