Which One Is A Better Career Option - MBA Or Finance Career?

Those individuals that have been looking to pursue a career in finance are often encouraged to continue their education by earning a Master of Business Administration (MBA). An MBA can certainly provide an extensive curriculum in marketing, finance, accounting, management, and entrepreneurship. However, an alternative that is more focused on finance and is also become increasingly popular is a master's degree in finance. Selecting the programs that a potential student could be challenging. However, both programs do provide the potential for pursuing high-paying career opportunities. The fact can’t be denied that pursuing an MBA or career finance could certainly promise a high salary, better career opportunities and valuable skill set in a highly competitive job market. However, many people do struggle to decide the degree that they should pursue building a better career. We will discuss below whether an MBA or Finance career is a better option. Related Article: Two Ways To Think About Career Fulfillment

MBA

The fact can’t be denied that earning an MBA could be essential for climbing up the corporate ladder and is a good career option for ambitious professionals. MBA coursework comprises of a wide range of business-related topics including statistics, accounting, communications, economics, management, and entrepreneurship. It also prepares students to work for various organizations such as government agencies, banks, and nonprofit organizations, start-ups. MBA applicants are required to have good GPAs at the undergraduate level and have a sufficient score in their GMAT exam. Two routes could be taken for earning an MBA degree: A full-time or a part-time program. There are pros and cons of each program. A full-time student may not be able to work any income for the nearly 2 years that he is pursuing his studies. However, these programs can reap significant rewards for students in the future. Therefore, younger students that have recently earned their bachelor's degrees could be able to afford to study full time on campus. On the other hand, Part-time MBA programs come under the Executive MBA (EMBA) category. EMBA is usually created for students that have been working for some time in leadership or executive roles. Apart from MBA, there is a general part-time MBA program that is geared towards employees work full time but hasn’t yet been placed on leadership positions. These students take their classes after work, in the evenings or on weekends for improving their career prospects.

Master Of Finance

For students that have been looking to specifically focus on pursuing a career in finance or other fields that are closely related, a master’s degree in finance could be relevant. A master’s degree in finance could provide a holistic picture to students specifically with courses in mathematics, financial theory, investments, quantitative finance, financial management, and financial reporting. These programs don’t usually require prior work experience. As a result, students are younger when compared with those pursuing an MBA. While students pursuing an MBA program tend to work in a wide variety of fields, the masters in finance train their graduates for entering various fields such as trading, investments, or risk management. Finance graduates could be expected to earn lower salaries when compared with those pursuing MBAs. This is because MBA graduates usually have some relevant work experience. Moreover, they also acquire an extensive range of skills. However, as more universities provide MBA programs, the field is now becoming saturated. As a result, people are now seeking alternatives. Many MBA programs do teach finance principles, specifically corporate finance. However, they don’t deeply delve into sophisticated challenges such as hedging strategies, derivative securities and wealth planning, and portfolio management. A master's in finance can help to synthesize applications in such areas.

Conclusion

The career goal of the applicant is determined largely by the type of program he or she chooses. For the purpose of selecting a specific degree, your decision depends mainly on your salary and career goals, interests, desired skill set, and time availability. It is important to differentiate the key features of these programs. The MBA equips graduates with a broad career option by having an extensive skill set and knowledge base that is comprised of multiple business-related aspects. For those students that want to develop a broad skill set in leadership and business management, an MBA will provide you with all of the essential tools needed for jobs in a wide range of institutions and industries. On the other hand, a master’s program in finance is focused solely on finance. If you are committed to pursuing a finance-related career, a master’s in finance could be the best possible path for you.