Advantages
The Master's degree in Leadership offers benefits beyond what you can obtain from a Master of Business Administration (MBA), which is the most common postgraduate degree for managers and leaders. Here are five of the major pros.
1. Personalised
The program tends to offer more electives than other master's degrees, supporting a personalised study plan and breakthroughs in leadership development. A fixed core curriculum of 8-12 subjects is common among MBAs in Australia, whereas leadership programs might have only four core subjects. Individual subjects also tend to draw on participants' workplace experiences, making learning relevant and immediately applicable.
2. Time efficient
An organisational leadership program may be as short as 8 subjects (or equivalent), requiring just 12 months of part-time study online. This compares to a minimum of 12 subjects for an MBA in Australia, or 24 months part-time.
3. Cost effective
Leadership programs tend to be cheaper than MBAs because of their shorter duration. Additionally, some business schools add premiums to the tuition fee per subject for MBA courses, inflating the cost of an MBA.
4. Salary benefits
Large salary gains are achievable if the degree enables you to move up the office hierarchy. Rising from the role of professional to manager, for example, or from manager to senior manager, is generally associated with significant pay rises. Australian job seekers who consider themselves simply to be 'Managers' earn in the range of $115k to $135k per year, with a median annual salary of $125k.
5. Unique value
Employers recruiting for executive roles may be impressed with the leadership skills worked on in your professional studies. You may be seen as more ready for high-level roles than candidates relying on technical qualifications. While MBAs develop business and management skills, leader programs offer highly focused preparation for the top jobs.
Disadvantages
Specialising in leadership for postgraduate study is a bold choice that is not for everyone. Here are three key cons to consider before committing.
1. May be premature
If you lack experience, the degree might not be immediately useful. Timing is key. If you have crucial gaps in your technical or management skills, you may benefit more from addressing those first.
2. Intangible enhancements
Leadership skills are vital but not easily quantified. Without other evidence of professional development, your CV or resume could look a little light even after earning the degree. It is not a replacement for learning your craft.
3. Need for complementary skills
Success with a leadership program also depends on strong job performance and inherent abilities. Without these, the graduate degree alone may not advance your career. You are effectively backing yourself to grow as a leader when you choose this course.
Types of Leadership Masters
You can study for a postgraduate leadership degree without literally enrolling in a Master of Leadership. Specialised degrees in Leadership are available that place the training in the context of a work discipline.
Whether you're an engineer, medical scientist, HR officer, nurse, or teacher, you can learn principles and strategies to be a better leader. These programs enhance your managerial capabilities and prepare you for senior roles within your professional field. Popular types of leadership masters include:
- Master of Educational Leadership for educators and trainers focusing on leading learning initiatives
- Master of Health Management for healthcare professionals aiming at administrative leadership
- Master of Management to enhance career prospects with practical business management skills
- Master of Project Management for professionals managing complex projects
- Master of Technology Management for managers in technology-driven environments.
Each program adapts leadership principles to the demands and challenges of the specific field. This ensures you gain relevant skills to lead effectively in your area of expertise.
Is the Degree Worth It?
We asked Andrew Lancaster, founder of Unicurve, for his thoughts on the merits of this graduate degree. He observed, "Observing leaders in the public service was a big part of my education in this space. Their ideas and fluency in talking about management were always impressive. I discovered that everyone I admired had undertaken formal leadership training. In effect, I was learning from programs they had completed and were putting into action."
If you're succeeding as a professional and want to add executive polish and strategy to your total package, a Master's in Organisational Leadership is worth it. Your program can be selected and customised to be impactful. Graduates gain insights and communication skills to perform better as a leader and be selected for senior roles.