This paper presents a detailed comparative analysis of three approaches to capstone projects in a Software Development Master's program, reflecting on the evolution of software development education at Master's level. Historically centered around a comprehensive individual dissertation, the program recently introduced mini-projects as an alternative, leading to a critical decision between three educational routes. The first approach adheres to the traditional model, with individual dissertations that offer depth and rigor but increase the supervision workload academic staff. The second exclusively adopts mini-projects in state-of-the-art areas such as Data Analysis and Cloud Computing. The mini-project route promotes collaborative and diverse learning experiences. The third, a hybrid approach, provides students the flexibility to choose between the dissertation and mini-projects, accommodating diverse educational and professional goals. Utilizing data on student enrollments and academic performance, the study evaluates the implications of each approach on students, faculty, program outcomes, and employability. This analysis is pivotal in guiding the program's future direction, ensuring alignment with industry demands and effective preparation of students for their professional careers. We find that offering both traditional dissertation and mini-project options is the most advantageous strategy. This dual approach caters to a broader spectrum of student needs and preferences, balancing in-depth research with exposure to varied software development topics. Although this requires additional resources and management, it emerges as the preferred educational route, addressing the contemporary demands of the software development industry. These insights are crucial for shaping the future of capstone projects in Software Development Master's programs.