Chris Howorth, Deputy Dean, Royal Holloway - University of London:

"The current economic turmoil is, ironically, a catalyst for prospective students to consider, carefully, their choices for the future.

It is clear that the current, global, conditions are going to take some time to settle down and may well get worse before they improve. So what should you consider? When the economic conditions begin to rebound it is likely that organisations will look to recruit the best and most qualified talent so that they can ensure high levels of productivity and so that they can ensure that they do not re-embed skills gaps that have been a source of problems in the past. CVs that would, otherwise, contain gaps or periods of low status work could look much stronger for the addition of higher level qualifications.

There are, however, an increasing number of these programmes on the market and, as with most products, it is important that consumers choose carefully if they are to get the best return on their investment.

Clearly, those people with previous managerial experience should continue to consider MBA programmes and specialist masters offerings as these are likely to provide some of the best opportunities. If you have been in work for less than three years or do not have any significant management experience, the pre-experience MSc route is the one that you should be considering. You should also expect to see elements of group work, personal development and soft skills training. Other features to consider may be internship possibilities, the school’s careers links and alumni network.

Once you have identified a range of programmes offering the core and elective package that meets your needs you should consider accreditation and rankings. A programme with either a reputable ranking (AMBA at the programme level; EQUIS or AACSB at the School level) or a recognised ranking will ensure wide recognition with employers when you come to market yourself.

And the pay-off? To quote Della Bradshaw, Business Education Editor of the Financial Times: “In times of crisis what companies need are great managers, when businesses are growing they also need great managers. What is clear, though, is that students graduating in 2008 and 2009 are going to find recruitment pretty tough. I am certain, though, that those with a masters degree will be better placed than those graduates who only have an undergraduate degree."

Chris Howorth
Deputy Dean (Communications and Enterprise)
Faculty of History and Social Science
Royal Holloway, University of London

Michael Aldous, Director of International Communications, IE Business School Madrid

"The rise of the specialist: Do you need a Specialised Masters for a specialised career?

Tap the term “Specialised Masters” into Google and you are going to get a large number of Masters offerings predominantly from European universities and business Schools. This is a rapidly growing segment of the management education industry, and is reflective of trends in the sector. Universities are keen to try and tap into the potential upswing in the numbers of European students seeking international education experiences, due to the standardization of education systems (Bologna process). Corporations and candidates are seeking further opportunities for differentiation and skills in the graduate talent pool. So although the MBA remains a popular route, specialized masters are proliferating and providing new opportunities on both the supply and demand side.

Talent is becoming more competitive

Traditional career paths and development within corporations are undergoing numerous shifts. Candidates are having to seek new ways of differentiating themselves, both on exiting university and at numerous points in their career. A master’s degree with a business/management specialization can certainly help them to stand out from the crowd.

Changing Industries, sectors and products = new demands

From the employer perspective there is also increasing demand for candidates to be better prepared and with more developed skill sets. Certain industries are placing much higher premiums on functional knowledge and excellence due to the increasing complexity of processes and products. Ford Motors, for example, pays for 19 of its employees to participate in MIT’s System Design and Management programme, a combination of engineering and business courses.

What do the programmes offer?

How specialized are these programmes? Does the programme focus solely on the area of specialization, or is it also designed to provide wider management skills? Think hard about the role and company you are seeking to enter. What type of skills and profiles are they looking for?

The opportunity for interaction and experience with the industry in question has become a key element of most top programmes. Gaining international experience is often one of the most sought after elements of these programmes, either a full-time programme away from your home market, or international projects and internships can add real value.

Who are they aimed at?

The wide differentiation within the programmes, means that potential participants need to assess them closely to find the right fit. For candidates who are already established within an industry, or who are entering into one, the specialized Master can be a great way of building the skills, knowledge and contacts to leverage a career move or advancement. Finding the right combination of institution, class profile, content and structure is the key to assessing the value you will ultimately derive from the programme."