I've broken down MBA vs. Masters in this thread before (should be searchable), but the gist is this:
- An MBA program usually demands work experience because it is a midstream degree with a promise to recruiters that graduates will be more or less fully evolved and capable of leading teams. We've seen MBA programs get younger over the last decade, but mainly because the applicant pool is getting younger (some good reasons for this and some bad ones, such as pure impatience). By and large though, other than a handful of early entry programs (Texas has something called McCombs scholars, Stanford will take a college grad or two, Yale and HBS both have "bridge" programs, etc.), b-schools still want to see some dirt under your fingernails. They want life and work experience.
- Masters programs are focused more on giving you knowledge and honing that knowledge base. It doesn't come with the promise to recruiters that you are capable of anything specific, other than being knowledge about your subject. A masters in finance, for instant, is often fantastic training for an analyst type role where you need to be a beast in quant to really be a start. Then you can work your way up as a craftsman rather than a manager.
A masters in management is one that I'm not as familiar with. I guess it depends on your goals post-degree. What are you hoping to achieve with it? My worry is that if you are using it as an MBA Light, recruiters will see it that way. We work with a lot of candidates who go get a masters right after college and then five years later they are looking for an MBA to cross that elusive bridge.
My advice would be to just go out and live and work and see what you love, what you are good at, build a resume, etc. That said, if the masters program at LBS kicks butt and you can achieve what you want, then go for it. I'm sure you will need a strong GMAT or GRE, but I don't know the exact program requirements.
Let me know if I have missed the point here, but I got the sense that you were looking for validation of your path more than insight into your chances. Let me know if I took the dialogue in the right or wrong direction and then we can continue the discussion from there.
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