In general, MBAs offer broader career options than applied programs. MBA programs can prepare students for careers in management, accounting, finance or any other field. Applied programs, on the other hand, tend to prepare students for careers in one specific field. Applied programs, such as medicine, applied science and engineering, usually get students to complete some kind of specialty that dictates the types of work terms they will be sent in to. MBA students may or may not specialize, depending on their school and their own preferences.
MBAs and applied graduates have similar average earnings levels; however, the two types of programs vary tremendously in potential earnings. MBA earnings are all over the place, from low five-figure-a-year middle managers to several-million-a-year hedge fund managers. Graduates of applied programs usually start at a set level and increase their earnings incrementally year after year according to a set scale.
The MBA experience is quite different from the experience at most applied programs. The MBA curriculum emphasizes networking and group work. Most applied programs emphasize rigorous academics. MBA programs usually encourage a holistic approach where socializing and hands-on experience are mixed with academics, whereas applied programs encourage students to focus on book learning more than anything else.
MBAs and applied degrees both vary tremendously in cost. The best MBA programs are comparable in cost to med school or dentistry school; however, the cheapest MBA programs are as cheap as two-year community college courses. An MBA from an Ivy league school usually costs in the six figures, similar to top medicine and law programs. A one-year online MBA can cost as little as $6,750, comparable to that of a two-year associate's degree. Applied degree costs depend more on the type of degree than where the degree is obtained. Medicine and law are generally expensive, whereas graphic design and accounting programs tend to be inexpensive.
MBAs are much shorter in duration than most degrees. Bachelor's degree programs in engineering tend to be 4 to 5 years long, M.D. programs tend to be 4 years long and law school programs tend to be 3 years long. MBAs, by contrast, usually only take 1 to 2 years.
MBAs generally have holistic entrance requirements, whereas applied degrees generally have specific entrance requirements. MBA programs tend to want to see good grades, high GMAT scores, good references, work experience and life experience. Applied program coordinators (except in med schools) generally pick applicants on the basis of grades and standardized test scores; however, extracurriculars do help in some applied programs, especially those in medicine and psychology.