Master in finance VS MBA – Many candidates are confused to precede their studies to get a Master of Finance VS MBA degree. The choice between both suits is challenging, as both options require time, intensive study and high-paying career opportunities.
Both degrees prepare a candidate to handle the position at the administrative level in business and finance industries. However, it depends on the career goals of an individual that which program should choose.
Master in Finance VS MBA
As per the survey by the Graduate Management Admission Council, the students perusing a specialized Masterís degree have risen by 2% whereas MBA students have only risen by 1%.
If you are looking for a break into a career in finance, selecting between MBA & a Masterís of Finance is a tricky job. An MBA degree provides a broad overview of the business world, including a comprehensive curriculum in everything like finance, accounting, marketing, management etc.
A Masterís in Finance (MF) is focused alternative that offers the study directly related to the finance field.
What is common in Master in Finance and MBA?
Master in Finance and MBA are similar fundamental when it comes to substantive curricular content is concerned. Both include courses designed to impart knowledge of economic theories and empirical analysis methodologies.
Different ways to the same destination
Like most pursuits, many paths to business or finance career success. Currently, MBA is one of the most popular graduate degrees when it comes to online and real world academies. It may seem logical, individual objectives taken fully into account to determine the best route.
Master in Finance VS Masterís in Finance
Skills – An MBA equips students with higher skills and knowledge in a business that applies in many different areas. Whereas, the Master of Finance is a finance-specific program.
Basic requirements – A Master of Finance takes only a year to complete; a candidate needs to complete an internship program. They also need to meet a few other basic requirements to qualify for this course.
An MBA applicant requires 3 years of experience in a related, field and they required to complete an undergraduate degree from an accredited school. The candidates expected to have good undergraduate GPAs and require an adequate score on the GMAT exam.
Duration – The Masters of Finance students are younger than MBA students are. It is perfect for those who start their career in the short period. It takes 12 to 18 months and you will get a post-graduate degree for those looking for a cost-effective and quicker option to enter the job as a Finance Professional.
An MBA course requires more time obviously more for tuition cost. In the US, an MBA degree takes 2 years to complete and obviously, it requires more funds than other programs which have a short duration.
Cost of the Program – MSC in Finance cost much lower over an MBA as it takes only a calendar year to finish. The cost of tuition fee for a year would be much lower and range approximately from $50,000-$75,000 depending on the university you selected for your course.
An MBA from a reputed US University cost in the range of $100,000-$150,000 as a program fee for two years.
Curriculum – MBA programs offer courses like economics, accounting, statistics, Organizational processes communication etc.
Master Finance put emphasis on accounting and management. The top-ranked business school offers the MBA programs Harvard & Stanford University. More Universities have begun to offer Master of Finance programs.
Jobs – Completing an MBA is an important move towards the corporate job profile. It involves a broad spectrum of business-related topics. It makes the candidates ready for the different management positions as well as work for financial institutions such as banks.
The career of an MF is a bit limited they get the job at lower salaries than an MBA. In most cases, MBAs provides a formal or informal coaches to a new Master of finance.
Profile – An MS in Finance students come with very little work experience, so the exposure in terms of learning from peer group is limited. Currently, MS programs also offer case studies; there may be an inclination to go through the book instead of examining different practical methods of handling business issues.
Pursuing an MBA course will give a chance to study with experienced professionals from diverse academic qualification and from a wide variety of different cultural backgrounds and industries. The group projects, discussions, case studies involve a lot of peer interaction and opportunity to learn from what other shares. Therefore, you will be in a position to check the business situation from the various perspective and you examine which approach would be the best.
Optional Practical Training – You will get a chance STEM degree designation with Master in fiance, which is beneficial for International students who ar1`e eligible for a 24-month extension beyond the initial 12 months, OPT. One can work up to 36 months under the OPT.
However, an MBA degree does not include the STEM category. An MBA would be eligible for only one year of OPT period after the completion of the program.
Salary – The average salary for a Master in Finance ranges $62000-$86,000. This may vary according to the prior experience and a hiring company.
An MBA graduate draws more salary than a Master does in Finance that is up to $1, 50,000 or higher depending on the job position and experience.
Which one is the best Master in Finance or MBA?
It is the case of theory VS reality when you are deciding between a Master of Finance or MBA. If you want to set your mind in active involvement in directing the situation of a big business on the day-to-day basis, MBA will be the best option.
Make sure that you must have great interpersonal and communication skills for managing the big assets of commercial concern. All your efforts moved towards great business managers are ultimately towards motivating unique individuals with an infinite variety of personalities, experiences and cultural backgrounds.
On the other side, you might be an introvert and prefer contemplating deep insights gained while conducting solitary research in a calm surrounding. This setting makes ideal environs for sharp minds to give bright ideas and inspiration that serve as bases of many innovations. That is why many prestigious positions in the government, as well as private sector, require a master of finance.
The Masters of Finance degrees are indispensable prerequisites of PhDs. in finance/economics for entry into Academiaís highest echelons of tenured professorships.
Many professionals complete both the courses. They complete their Masters in Finance to work for few years in Finance and finish their MBA and then aim for more senior management positions within their company.
Wrapping up all thereís no ëone size fits allí so you need to weigh the pros and cons of each side and then decide whether an MS in Finance or an MBA would be the best option to meet your desired goal and pocket-friendly. Master in Finance VS MBA