Benefits of an MBA Degree
A Master of Business Administration (MBA) is a common graduate degree program in the field of business that helps individuals prepare for and/or advance their career to positions with leadership, management, and administration requirements. MBA career paths are likely to have 'manager' or other administrative terms in the job title, like 'advisor' or 'consultant'. These careers can be in a variety of business-related areas, as MBA programs often offer areas of specialization. For example, students can pursue a general MBA in Leadership or specialize in a particular field, like an MBA in Industrial and Organizational Psychology. Other fields could include finance, marketing, or data analytics.
Why an MBA in Finance?
Students interested in working in the field of finance may be considering whether an MBA in Finance or a Master of Science (MS) in Finance is the right choice. The main difference between these degree programs is the scope of the degree. An MBA in Finance generally provides a broader overview of business in its curriculum, while a master's degree focuses more specifically on the field of finance. Another big difference is that some MBA programs may require work experience for admittance to the program, while master's in finance programs usually do not.
An MBA in Finance may be a good fit for those interested in studying financial topics like financial analysis, investing, portfolio management, valuation models, and forecasting. Besides possibly matching a student's personal interests, there are other benefits of an MBA in Finance, such as career options, annual salary, and program flexibility.
What Can I Do with an MBA in Finance?
An MBA in Finance generally helps prepare students for advanced leadership and management positions within the field of finance. People in many of these positions work to help individuals or organizations better manage their finances and work towards financial goals. Some specific job titles for a graduate with an MBA in Finance may include:
- Financial advisor
- Financial manager
- Financial analyst
- Budget analyst
- Securities, commodities, and financial services sales agent
MBA in Finance Programs
Now that you have seen how an MBA in finance can improve your career options, let us look at MBA in Finance programs.
MBA in Finance Admission Requirements
In order to enroll in an MBA in Finance program, you will need a bachelor's degree in any subject area. Students with a business or mathematics background will have an advantage because of the level and intensity of the required courses, which include courses in accounting and finance. You may also be expected to include a personal statement, recommendations, exam results, and a transcript with your application.
MBA in Finance Components
MBA programs usually take two years of full-time study. In the first year, students will be required to take core courses like finance, management, leadership, ethics, organizational behavior, marketing, technology, and strategy.
In the second year, student focus on their specialization, at which point MBA in Finance students can select their courses from electives like entrepreneurial finance, portfolio management, asset management, international finance, corporate finance, financial analysis, hedge funds, banking, and information technology.
Many MBA programs culminate in either a thesis project or a capstone project. The purpose of these projects to give students the opportunity to demonstrate not only their knowledge and understanding of the material covered in the program but also the integration of this material and the application thereof in the business world. A thesis project uses an academic, research-based approach. Students must usually research a question or an issue and write a substantial thesis. This contributes to the body of academic work on the issue. A capstone project, on the other hand, is a practical project in which students must use and integrate all the skills they have acquired in the various courses in a real business situation to solve problems and generate creative and profitable alternatives in a complicated, real-life business situation.
MBA in Finance Formats
The benefits of an MBA in Finance include the program's flexibility. Many MBA students are already working full-time and have families. This means that MBA programs are often very flexible and available in various formats. Students can commonly choose from on-campus or online programs, as well as full- or part-time program formats. Some of these degree programs even offer evening courses for working professionals. Programs often also have flexible schedules and no enrolment deadlines.
The cost of an online MBA program is usually comparable to an on-campus program and may allow students to work at their own pace.
Average Salary for an MBA in Finance
A final reason why you might choose an MBA in Finance program is financial rewards. According to PayScale.com, graduates with an MBA earned an average annual salary of $88,813 as of November 2020. The website also reported that the average salary for people with an MBA in Finance degree was $99,154 per year during the same time period. It is important to note, however, that salary can vary greatly depending on factors like one's place of employment and level of work experience.
The U.S. Bureau of Labor Statistics (BLS) reported an average annual salary of $147,530 for all financial managers as of May 2019. This average salary was reported to be even higher at $201,790 for financial managers working in securities, commodity contracts, and other financial investments and related activities.
