Best Online MBA in Finance Programs

Students wondering if a master's degree in finance is worth it might consider all of the different job opportunities that graduates of these programs may qualify for. The flexibility of an MBA allows students to apply for leadership, management, and advanced business positions, possibly inside and outside of their specialty area, after graduation. Moving into these advanced positions and earning an advanced degree also typically results in a pay raise. As of January 2021, ''PayScale.com'' reported that graduates with an MBA in Finance made a median annual salary of $99,480, while those with a bachelor's degree in finance only made a median annual salary of $77,148. Earning a degree online allows students to learn from any location around their personal schedules.

How Long Does It Take to Earn an Online MBA in Finance?

There are some online MBA programs in finance that enable full-time students to finish their degree in as little as 10 to 12 months. Other online programs may offer a part-time format to allow students to earn their degree in about 2 years. The time to degree completion is usually dependent on how many courses students decide to take per semester, as well as how short or long a program is by how many credits of coursework are required.

Generally, students in online MBA in Finance degree programs will take some core MBA courses and then specialization courses in finance. Some of these online programs may also offer additional electives where students choose from a list of approved courses. Depending on the program, students who have not earned a bachelor's degree in a business-related field and/or those who feel that they need additional business-related skills before proceeding to MBA core courses, may be required or choose to take additional foundations courses. These courses provide them with an overview of core business subjects, like accounting, finance, and quantitative analysis. Many MBA in Finance programs require between 30 and 44 credits of coursework. Explore details of the curriculum below.

MBA in Finance Foundational Courses

As students enter the core courses of the MBA program, they begin to study advanced concepts in core areas of business. In addition to these advanced theories, they also further develop their leadership, management, and decision-making skills. Core MBA courses may be the same for all MBA students, no matter their chosen concentration area. Students may take as many as 28 credits worth of core courses. Depending on the program, one of the core courses may be a required capstone course where students apply what they have learned to a final project, case study, or other simulation. While the exact names of courses vary by school, core MBA courses may include topics in:

• Organizational behavior
• Managerial accounting
• Leadership
• Financial management
• Data-based decision-making
• Statistics

MBA in Finance Specialist and Elective Courses

Students may then take between 6 and 12 credits of specialized finance courses. These courses are intended to provide students with advanced knowledge and skills specific to finance. Usually, these concentration courses are diverse amongst schools. Depending on the program, students may be able to choose from courses in topics like:

• Corporate finance
• International investments
• International financial management
• Financial analytics
• Issues in finance
• Financial markets

Some programs may allow students to take an additional 3 to 4 credits of electives, while other programs may allow for several elective courses in the field of finance in place of required concentration courses. Students may be able to choose from electives in areas like:

• International business
• Global accounting
• Mergers and acquisitions
• Taxation
• Corporate financial strategy

Licensure and Certification for MBA in Finance

Licensure and certification for graduates with an MBA in Finance depends on the career. For example, finance students who are interested in becoming financial analysts may pursue the Chartered Financial Analyst (CFA) from the CFA Institute, while those interested in working in the government may pursue the Certified Government Financial Manager (CGFM) designation from the Association of Government Accountants (AGA). Students who are interested in finance and accounting may even consider earning their Certified Public Accountant (CPA) license to move into top positions. Although specific requirements vary by certification, in general, students need to meet education and/or work experience requirements and then pass an exam. Some certifications may require continuing professional education to maintain or renew the certification.

Admissions requirements are usually unique to the school, so students should carefully study the specific standards for their program of interest. In general, however, online MBA programs in finance require applicants to have at least a bachelor's degree, and this degree doesn't usually need to be in a particular field. However, those without a business-related degree may need to take additional courses. It is fairly common for these programs to have a minimum GPA requirement, such as a 3.0 or higher, but some programs may make exceptions for students who have a lower GPA combined with work experience and/or higher index score, which is a combination of GPA and GMAT test scores. Some programs may not require the GRE or GMAT at all. Applicants usually need to fill out the appropriate application and submit additional forms, like official transcripts, a resume, letters of recommendation, and/or a personal statement. Some programs may include an interview process.

Students should begin the selection process by finding accredited online MBA in Finance programs. While many institutions have regional accreditation that applies to all of the different degree programs, online MBA programs often have program-specific accreditation from business-related organizations. These programs may be accredited by groups like the Association to Advance Collegiate Schools of Business (AACSB International) or the Accreditation Council for Business Schools and Programs (ACBSP) to indicate that programs have met business-specific academic standards. Accredited MBA programs may also be preferred by employers.

Outside of accreditation, choosing an online MBA in Finance really comes down to personal preferences and/or needs. Students may want to look for a program that offers concentration courses and/or electives in different aspects of finance that they find interesting or would best prepare them for their career goals. Other students may want to examine the format of a program; for instance, synchronous programs might work best for students who prefer a structured environment and asynchronous programs may work better for students who need more flexibility. Students may also need to consider the total cost of an online MBA program and available ways to help finance their studies.

There are many different finance-related jobs available to graduates with their MBA in the field. These jobs are unique and their job duties vary depending on the field. For example, there may be a slight difference between finance managers and finance directors and there may be some less stressful finance jobs compared to those that take on more leadership responsibilities. In general, graduates with their MBA in Finance may take on positions in areas of finance, accounting, business administration, and more. A few examples of possible job titles for graduates include:

• Financial manager
• Chief financial officer
• Risk analyst
• Budget analyst
• Hedge fund investment manager
• Financial consultant
• Treasurer
• Auditor
• Accountant
• Private banking manager

Job Outlook for an MBA in Finance

In general, the job outlook for graduates with their MBA in Finance should be positive. Graduates should qualify for a wide range of positions, which should increase their chance of finding a job. Many businesses are also growing, which means the specific outlook for various business-related positions may also be positive. For instance, the U.S. Bureau of Labor Statistics (BLS) reported that financial managers had a job outlook of 15% from 2019 to 2029. This is much faster than the national average and may be due to the growing demand for financial managers to oversee investments for organizations. The outlook for other MBA-related positions like financial analysts, financial examiners and top executives is 5%, 7% and 4%, respectively. The BLS also stated that those with a master's degree or certification in the field will likely have the best job prospects.

How to Become a Financial Manager

Financial managers usually need to meet a combination of education and experience requirements. Most of these managers need to have at least a bachelor's degree, but those with a master's degree may be preferred by some employers. They usually need to have a background in areas like finance, accounting, business administration, or another closely related area. It is also important for these managers to have prior work experience, possibly as a financial analyst, accountant, or another finance-related career, to gain practical experience in the field and prepare for leadership positions. Professional certification is available from several different organizations based on specific positions.

The BLS stated that financial managers, as of 2019, made a median annual salary of $129,890. These managers include titles like controllers, treasurers, insurance managers, risk managers, and more. Financial managers are responsible for helping plan for their organization's financial future by setting goals and creating strategies to reach these goals. They often oversee the activities of finance staff and regularly analyze financial reports to find areas for improvement.

How to Become a Top Executive

Similar to financial managers, top executives usually need to have a combination of education and work experience. Executives must have at least a bachelor's degree, but many top executives in larger organizations have a master's degree. These professionals may study a range of business-related or administration-related fields, like business administration or public administration. Many of these professionals hold an MBA. Top executives may begin their careers in lower-level management positions and work their way up through the organization.

Top executives include positions like chief financial officers (CFOs), general and operations managers, mayors, and more. According to the BLS, top executives made a median annual salary of $104,690, as of 2019 and chief executives made a median annual salary of $184,460, for the same time period. The specific duties for these professionals vary by position and organization, but in general, these executives look at the big picture and find ways to help an organization reach its goals. This may involve evaluating financial statements, managing budgets, finding ways to cut costs, and hiring managers.

Professional organizations are a great resource for working professionals in a wide range of fields, including finance. These groups help professionals connect with others in their field around the country and/or the world. Depending on the organization, professionals may be able to earn professional certification and/or take advantage of continuing education resources. Many groups offer membership and some may be involved in advocacy activities for the field. There are even groups available in different subfields of finance. A few organizations available to finance professionals include:

• Society of Financial Service Professionals- The FSP aims to grow financial professionals' knowledge in the field and their professional network. The FSP Local helps professionals connect with other professionals in their local area.
• CFA Institute- The CFA Institute not only provides CFA certification but a Certificate in Investment Performance Measurement (CIPM) program and Investment Foundations program. Professionals can also take advantage of the group's societies, conferences, journals, and professional conduct programs.
• Healthcare Financial Management Association- THe HFMA is specifically for financial professionals working in healthcare and offers education, certifications, and events. Professionals can also access information concerning industry initiatives from the group's website.

Online MBA in Finance degree programs do not usually require applicants to have a bachelor's degree in a specific field. However, it may be more common for students with a business-related background to apply. Students may earn their undergraduate degrees in a wide range of areas, including general business, business administration, finance, accounting, economics, and more. Some students may even combine other business-related interests with a double major in finance, such as an economics and finance double major.

While there are some Doctor of Philosophy (PhD) programs available in areas like finance and financial management for students wishing to continue their studies, online options are more commonly available as Doctor of Business Administration (DBA) degrees in finance. These programs may be more similar to an MBA in that they provide students with a broad, but advanced, overview of business administration. Most are designed more for serious research or teaching positions. Some of these online programs can be completed in as little as 3 years and students should still look for accredited programs from business-related organizations, like the ACBSP.

The cost of a program is often a big consideration when choosing an online MBA, but there are several financial aid options available to students to help reduce this price. The Free Application for Federal Student Aid (FAFSA) should still be completed so students can accept any federal or state loans and grants. Then, students may want to investigate any additional tuition discounts and/or scholarship options available to them.

Scholarships are available from schools, programs, professional organizations, local organizations, and more. They may be available to different groups of people, such as minorities or specific majors, and/or available for a variety of reasons, including financial need and merit. Students usually need to undergo an application process after meeting eligibility requirements. Some scholarships that online MBA students may be able to compete for include:

• University Women's Club Scholarship- This scholarship is available to undergraduate or graduate women at the University of Kansas, which does offer an online MBA. The award may vary between $1,500 and $2,500 and students must meet a minimum GPA requirement.
• Ross School of Business Scholarship- Once admitted to the online MBA or another business-related graduate program at the University of Michigan, students are automatically considered for a limited number of scholarships available from the Ross School of Business.