Master of Finance Versus MBA
Many people who want to proceed to graduate studies related to business contemplate whether to get a Master of Finance Versus MBA degree. Choosing which of these programs best suits them can be challenging because both programs offer intensive study and high-paying career opportunities in the future. Both degrees can prepare students to handle positions at the administrative level in business and finance industries.
The major difference between these programs is that the MBA equips students with broader skills and knowledge in business and helps graduates apply them in many different areas. On the other hand, Master of Finance programs are more finance-specific. The individual’s career goals should determine which program to choose.
Details About Master of Finance Versus MBA Degree Programs
A Master of Finance Degree only takes a year to finish. Applicants have to complete an internship program and meet a few other basic requirements in order to qualify. Conversely, MBA applicants should have at least three years of work experience in a related field. They also have to complete an undergraduate degree from an accredited school. This is why most Master of Finance students are younger than MBA students. Individuals have to spend more for tuition cost when they opt for MBA programs. The Master of Finance is more appealing to students who want to jump start their careers in a relatively short period of time.
MBA programs offer courses like economics, accounting, statistics, organizational processes and communications. Meanwhile, the Master of Finance puts emphasis on accounting and management. Top ranking schools that offer MBA programs are Harvard University and Stanford University. Recently, more universities have begun to offer Master of Finance programs. In fact, MIT has already sent some of their graduates to major companies like Bank of America and J.P. Morgan Chase. Ohio State University also offers a great Master of Finance program.
Master of Finance versus MBA Career Options and Job Placement
Master of Finance versus MBA issues have created confusion among individuals who want to pursue either of these graduate programs. Master of Finance students prepare for careers in trading and principal investments by taking courses like capital markets, economics, investment management and financial strategy. Meanwhile, the broad coverage in MBA programs prepares students to work in different fields and hold positions as financial managers and controllers. Those who want an MBA career may work in commercial banks and deal with things like trusts, mortgages, lending and investments. MBAs can also assume responsibilities like managing large financial institutions and administering individual branch office functions. Governments and non-profits also hire graduates from best MBA degrees to help them run the organization effectively.
Meanwhile, large companies have also realized the need to have graduates with the best Master of Finance degrees. This is especially true for firms that solely offer finance-related products and services. Finance careers can be a bit limited, but MBAs have much more flexibility. Generally, Master of Finance graduates earn lower salaries than MBAs. In most cases, MBAs serve as formal or informal coaches for new Master of Finance graduates. This is mainly due to their many years of experience, broad knowledge and skills, and the length of time they spent to complete the degree. With the increasing number of people entering these programs, the competition is getting tougher. Graduates from both programs often seek jobs at financial firms. Since both the Master of Finance and the MBA are excellent choices for furthering one s education, choosing a Master of Finance versus MBA should depend on the student’s capacity and career goals.