Why A Master’s In Finance Could Be A Better Choice Than An MBA

By Uloop Guest Writer on September 9, 2015

If you’re planning a career in business but haven’t narrowed it down yet, then you’ve probably set your sights on getting an MBA. But if you’ve already focused on the field of finance, you might be better off getting an MS in Finance instead.

What are the essential differences between them and how do you know which would be the best for you? Read on.

What’s the Difference?

An MBA is a general course of study that provides a wide overview in many disciplines related to business.

*In an MBA program, you’d typically study accounting, business law, economics, finance, marketing, management, human resources, international business, operations, and allied subjects in a broad and diversified way.

*The MBA degree is the most popular graduate degree in the United States, accounting for over 25 percent of all master’s programs. Nearly a quarter of a million people earn MBAs every year.

*An MBA prepares you with a broad background for climbing the corporate ladder or becoming an entrepreneur.

An MS in Finance is a specialized course of study that focuses on practical understanding of finance and its application to public and private financial institutions.

*In an MS in Finance program, you’d typically study financial accounting, statistics, financial markets, corporate finance, stock market analysis, investment banking, global economy, risk management, and ethical financial leadership.

*The Finance master’s degree is the fastest-growing specialty in post-graduate business education.

*An MS in Finance prepares you to be a specialist in a field that the U.S. Bureau of Labor Statistics estimates will see faster-than-average job growth in the coming years in such areas as corporate finance, investment banking, asset management, and financial advising.

*An MS in Finance prepares you for such professional certifications as a Chartered Financial Analyst (CFA®), Certified Financial Planner (CFP®), or Chartered Market Technician® (CMT).

What Is the Time Commitment?

*The standard MBA program requires two years of full-time or three to four years of part-time study. Executive MBA programs are designed for working professionals who, because of their management experience, may complete the degree in two years of part-time (usually weekend) study.

*An MS in Finance program typically requires one to two years of course work, and may be earned online augmented by a brief on-site residency.

What Are the Requirements?

*Entering an MBA program requires a college degree and acceptable scores on the GMAT. Although you may be accepted directly after receiving your undergraduate degree, most programs today expect you to have had one or two years of professional work experience.

*Acceptance to an MS in Finance program requires a college degree and, at most schools, you may submit your choice of either GMAT or GRE scores. You needn’t have majored in any specific field, but may need to take prerequisite courses in math, accounting, or finance. While professional work experience isn’t necessarily required, some schools do require that you have had relevant summer internships.

How Do I Decide?

*Consider whether you’re looking for breadth or depth. Are you interested in studying business theory and a wide range of subjects that you can apply in a general way, or are you interested in drilling down to specifics that will make you an expert in your chosen field?

*Research the job market. Make yourself familiar with the jobs available in the kind of business that interests you as a career. Find out whether the people who do the hiring prefer candidates to have an MBA or an MS in Finance. And relative to both degrees, learn the starting salaries and current possibilities of employment they will lead to.

*Talk to people who do the work you want to do. The people already in the trenches are probably your best resource. Ask them what degrees they hold and how helpful they have found them to be in finding work and moving up through the ranks. You’re deciding on your future here, so don’t forget to ask about the personal satisfaction they’re getting from their jobs, and what they feel are their long-term prospects.

*Be realistic about the time and money you’re willing to commit to getting that degree. Do a cost-benefit analysis for yourself on the difference between an MBA and an MS in Finance.

*Read, read, read. There are tons of resources like this to help you make this important decision.

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