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Which is better- Masters in Finance vs MBA

Students or young professionals who plan on pursuing a career in the business world often find themselves at a crossroads. This often happens while choosing the right management degree that aligns with their goals. Choosing between a Masters in Finance vs MBA can be a tough call as both these programs are taken up by students who wish to advance their business careers. These programs set students up for slightly different roles in the corporate world. Although the two programs might have some similarities, choosing the one that will help you achieve your future goals is of utmost importance. To choose the right course for you, there are certain factors regarding Masters in Finance vs MBA you need to consider before making a decision.

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Master in Finance vs MBA

MBA focuses on providing robust training to the students and preparing them for managerial roles in the business world. The program offers numerous in-demand specializations, one of which is finance. It is concerned with the management and keeping track of the company’s assets. An MBA concentration in finance will allow professionals to enhance their expertise in finance and get an in-depth understanding. In addition, individuals pursuing an MBA will simultaneously upskill themselves in basic skills like communication skills and get a sense of general management functions. A masters degree in finance, on the other hand, is appropriate for people who have a specific interest in the financial sector as it focuses more on the quantitative aspects.

Masters in finance vs MBA

Difference in curriculum

As a general management degree, the MBA program focuses on developing a holistic skillset. It comprises modules like financial management, accounting, entrepreneurship, leadership, and business ethics. You will also be able to select a from various specializations. You can choose marketing, human resource management, accounting, customer relationship management, consulting, and international management. Due to the comprehensive curriculum of the MBA program, most of the students complete the entire course in two years. A Master in Finance, on the other hand, only takes about 12-18 months to complete. It comprises core financial modules like econometrics, financial analysis and reporting, corporate valuation, and financial modelling.

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Prior work experience for Masters in Finance vs MBA

When choosing between these two highly acclaimed programs, there are particular prerequisites that students need to fulfil. To be eligible to pursue an MBA program, applicants must have at least 3-5 years of relevant work experience. However, students can directly apply for the Master in Finance program as soon as they graduate. They can do the same even if they don’t have significant work experience.
However, specialized finance programs are specifically designed for experienced individuals who aim to accelerate their career in the financial industry usually go for specialized finance programs. Due to the varying eligibility requirements, the student cohort will also be different for both programs. In MBA, you’ll be able to expand your professional network with regular interaction with experienced professionals. While in the Master in Finance program, you’ll primarily interact with people like you. They will be passionate about working in the financial domain and eager to learn the ropes of the industry.

Masters in Finance and MBA curriculum

Career opportunities after MBA vs Masters in Finance

The two degrees offer different job prospects, depending on the skills acquired by the candidate during the masters program. After pursuing an MBA degree, students can occupy crucial mid-level manager roles in various sectors like consulting, finance, technology management. MBA in finance graduates occupy vital positions at top organizations. They take up roles like cash managers, financial analysts, corporate controllers, investment banking associates, credit managers & specialists, management consultants, based on their overall academic record and performance during the course. A master of finance, on the other hand, help you develop prolific analytical skills. This can help you take up roles such as financial adviser, investment banker, financial analyst, and stockbroker, to name a few.

Salaries after MBA and MiF

Another critical difference between an MBA and a masters in finance is that they set you up for different starting points in your career. Although the career paths for these two programs might look similar, the position in which you will be employed will be different. For instance, if you intend on establishing a career in banking, you’ll be employed as an associate after an MBA degree and as an analyst if you have a masters in finance degree. Due to this difference, the salaries after graduation are also different for the two programs. You will earn a median salary of $1,15,000 as an MBA graduate from a top-ranking university and between $81,000- $90,000 after getting a masters in finance degree.

MBA vs MiF salary

MBA vs MiF cost of study

The MBA is a holistic program and focuses on an amalgamation of theoretical and practical learning. A Masters in Finance, on the other hand, has specific coursework that concentrates on core financial theories. Therefore, a Masters in Finance degree is much cheaper than an MBA degree. It costs around $1,45,000 to pursue an MBA program from a top-ranking university in the USA. On the other hand,  you’ll have to shell out approximately $75,000 to pursue a master in finance degree.

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Choosing the right program for you

It is imperative to keep your interests and future goals in mind while choosing the right program for yourself. Pursuing an MBA degree will allow you a little more flexibility to choose from various subjects; for instance, you can specialize in both marketing and finance at the same time. In addition, it will help you gain a holistic skill set to succeed in the business world and occupy dynamic positions in an international company. Students also have the option of changing their track midway while pursuing an MBA. So, if you feel like your interest lies in another specialization, you always have the chance to experiment and then switch domain if required.
On the other hand, a Masters in Finance program is generally less flexible than an MBA program. For example, you can only opt for electives related to finance and don’t explore other aspects of the business. Therefore, if you are confused about the path they want to follow and wish to explore their options before choosing a specialization, an MBA program might be the right choice. However, with the growing popularity of specialized degrees, you can also consider going for an MiF degree. In conclusion, an MBA is often the conventional route taken up by most people, but you shouldn’t let that influence your decision and focus on your interests and goals before making the final choice.

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