Deciding on a Masters in Finance versus MBA can be quite difficult. In fact, these programs are actually related degrees. They can both lead degree holders to careers in economics and finance. However, there are some differences between the two in terms of tuition costs, length of study and job and networking opportunities. Choosing which one to take can be challenging. Potential MBA or Masters in Finance students should have an in-depth understanding of their options before coming to a decision.
Details About the Masters in Finance versus MBA
The MBA is a common business graduate degree. These programs cover a broad range of topics and may offer students a finance specialization. On the other hand, the Master’s in Finance focuses more on the development of innovative leadership in financial management. Generally, students who apply for Masters in Finance programs are younger. They are not required to have multiple years of professional experience under their belt, but they do have to complete an internship program before they are admitted. Meanwhile, MBA applicants are required to have at least three years of work experience. Due to the work experience requirements, MBA applicants are mostly older than students in finance-specific programs. Both programs usually require the same GMAT scores.
MBA degrees offer a broader range of courses than the Masters in Finance. These courses include accounting, economics, statistics, communications and organizational processes. Masters in Finance courses are more focused on accounting and management. A lot of top ranking universities offer MBA programs as traditional graduate degrees. This includes Harvard University and Stanford University. MIT and Ohio State University are among the accredited schools that offer a Masters in Finance program.
Masters in Finance Versus MBA: Which is Better?
There is a common misconception that the MBA is better than the Masters in Finance or vice versa. When considering a Masters in Finance versus MBA, the decision about which degree to pursue should be based on the capacity and interest of each individual. People who are more interested in broader business management should go for the MBA. Meanwhile, those who want to become a professional economist should go for a Masters in Finance degree.
Masters in Finance Versus MBA Career Options and Job Placement
There are a lot of MBA career options available today. Many big companies need MBA graduates to work as operations managers, financial analysts and accountants. They can also choose specializations in finance if they wish to. On the other hand, Masters in Finance career options available include jobs as investment bankers, asset management professionals and financial analysts. Companies like J.P. Morgan Chase and Bank of America have already started hiring graduates with the best Masters in Finance degrees this year. However, there is a significant difference when it comes to Masters in Finance versus MBA salaries. MBA degree holders generally receive higher pay. Nevertheless, finance programs cost less than MBAs as the degree can be obtained a lot more quickly.
MBA programs prepare students to hold various positions in any industry while the Masters in Finance degree puts more emphasis on finance-related firms. However, myths about the Masters in Finance versus MBA should be put to rest as one degree is not better than the other.