MBA vs Masters in Technology Management. Choosing between the postgraduate programs is tricky for many professionals. To the untrained eye, the master’s degrees may seem similar. After all, they’re both about business management, right? However, key differences exist.
An MBA focuses more on leadership as well as business skills, such as marketing and finance. On the other hand, a Master’s in Technology Management is centered around technology and gets into some technical aspects of achieving business success.
Let’s explore the differences and similarities further. We’ll examine what each program has to offer, the career opportunities they unlock, and what salaries you might expect.
What is a Masters in Technology Management?
A Masters in Technology Management (MTM) examines important technology systems that can help companies manage their data more efficiently and effectively. For example, companies have been adopting systems for enterprise resource planning, customer relationship management, and complex point of sales. Specialisations include data analytics, digital strategies, artificial intelligence, cyber security, and project management.
A Master of Technology Management gives students the ability to provide technology solutions, from inception through to deployment. Since students explore technology systems development, a background in a relevant STEM field such as IT, computer engineering, or computer science may be an admission requirement for some programs.
The degree is good for professionals already engaging with IT solutions who want to add a business perspective to their career. But an MTM may also allow people from a business background with technical aptitude to build knowledge of emerging technologies.
What is an MBA?
A Master of Business Administration (MBA) is a degree for learning leadership, management and business skills. Although centered around “business”, an MBA can be equally as useful for professionals in the public sector or working with non-profit organizations. You also don’t need to have studied business at university or college before.
Students who opt for an MBA qualify for senior managerial positions and may also acquire entrepreneurial knowledge with which to start their own business. Although the curriculum is known to be somewhat generic, programs generally offer hands-on experience through team activities. Students are given latitude to develop coordination, problem-solving and innovation skills.
Every MBA curriculum is different, allowing you to choose your concentration by selecting the appropriate program or electives. For example, MBAs can concentrate on leadership, public health, finance, economics or marketing. Technology management is also available as a specialization, with specific majors such as data analysis and cybersecurity.
MTM Career Opportunities
Since the business world sees continuous technological advancement, new career opportunities emerge every day. Graduates of a Masters in Technology Management program can expect career paths in data analysis, information systems, network security or cybersecurity. An average salary for related careers is around $87,869 while higher-paying positions can expect over $100,000.
Here are some of the most popular career paths for Master in Technology Management graduates.
Chief Information Officer
A CIO is in charge of a company’s information technology and computer systems. They oversee tasks and have leadership responsibilities for coordinating technology teams.
A Database Administrator installs and operates a company’s database servers. They are responsible for maintaining the servers’ performance and ensuring that information is accessed and secured.
Information Security Analyst
An Information Security Analyst protects computer networks from cyberattacks or data breaches and implements IT security systems. Additionally, they install and update information security systems.
MBA Career Opportunities
Depending on your MBA specialization, there are different career paths and salaries. MBAs offer more generic knowledge; therefore, they are attached to a broad aspect of professional opportunities. An average salary for an MBA graduate is around $88K while positions with more responsibilities usually pay up to $111K.
For MBA graduates in the IT field, here are the most popular career opportunities.
Chief Technical Officer
A CTO overviews all the technological activities of a company. Compared to a Chief Information Officer, they specialize in researching and developing innovative technologies.
Computer and Information Systems Manager
A Computer & Information Systems Manager is responsible for all the computer operations of a company while also setting the technical and business goals within the organization.
Information Technology Director
An Information Technology Director is in charge of IT personnel while also overviewing the application of IT policies and the completion of goals.
Masters in Technology Management vs MBA
Typically, both degrees will elevate students’ careers by advancing their skills and helping them strive for higher professional opportunities. However, when it comes to choosing the best option, there are certain factors to consider. For some, an MBA offers a broader range of career options in management. For others, the Master in Technology Management positions you to take advantage of emerging technologies that will grow in popularity.
Deciding between the two degrees will largely depend on the career path you wish to follow. For individuals with professional pursuits more focused on technical and scientific fields, a Master in Technology Management may be a more suitable option. On the other hand, if your goal is to occupy managerial or leadership positions, overviewing different business sectors, an MBA may be a great fit.
Ultimately, the choice comes down to your educational background, professional interests, career aspirations, and experience. Both degrees offer high salaries, to be sure, but picking the right one to follow is a matter of balancing different factors.
FAQs on Choosing Between the Programs
How Much Does It Cost to Take Each Program?
Although costs can vary from school to school, there’s an average of roughly $40,000 USD for an MBA and a Master’s in Technology Management. Online accelerated programs cost less than full-time campus-based masters. Apart from cost, further advantages of online degrees worth considering are that (a) you can continue working full-time while studying and (b) your choice of programs expands far beyond your local area.
Which Program Is Harder, an MBA or a Master’s in Technology Management?
There’s not really an inherently harder option. It comes down to a student’s background. A Master’s in Technology Management focuses more on technical business aspects, so might be harder for a student with a solely business background. On the other hand, for a business professional with 5-10 years of experience, an MBA might seem a lot easier. The same MBA course might feel tough to a technology professional without extensive management experience.
What Pays More, an MBA or a Masters in Technology Management?
The average salary for MBA graduates, who normally have significant professional experience when they start, ranges between $77,020 and $128,750 according to the U.S. Bureau of Labor Statistics. On the other hand, for holders of a Master’s in Technology Management, entry-level salaries are estimated to range from $50,000 to $86,000.
How Long Does It Take to Finish Each Program?
Most MBA programs can take up to 12 months to complete full-time or 24 months on a part-time basis. Similarly, a Master’s in Technology Management can take anywhere from one to two years to complete. For both masters, there are also accelerated programs available for faster completion. Accelerated study means learning steadily throughout the year, without extended breaks.
Can I Do an MBA and a Masters in Technology Management at the Same Time?
Yes, you can! But keep in mind that each program has a different emphasis. An MBA with a technology management major is still an MBA at the end of the day, meaning the amount of technical content will be limited. You may see that as a good thing if you’re intent on being a true technology manager and not a technician or analyst.