MBA vs. Master of Finance: What’s the Difference?

If you are a professional who is looking to upskill yourself, then, the MBA program is for you. The reason is that this program is designed for individuals who are looking to enhance their horizons in the business world and knowledge. The Master of Finance is a master’s degree that prepares students for professions in finance.

In MBA, there are various specializations related to a specific field of management or business. 

On the other hand, when it comes to a Master’s in Finance degree, is made for the professionals or students who want to specialize in finance and opt for finance-related jobs. Moreover, there are two types of master of Finance degrees – 

• Pre-experience
• Post-experience

There are many schools such as, London Business School, Cambridge etc. that offer programs tailor-made for undergraduate students who do not have any work experience. However, a work experience in the field of finance of at least a few years is mandatory for professionals.

MBA vs. Master of Finance – Curriculum

MBA degrees provide students with an opportunity to understand how businesses run. It includes various areas of a business, such as Marketing, strategy, finance, operations, etc. MBA degrees also provide specialization in many different domains of business and management.

In the first year of your MBA degree program, you will learn about all the different areas of business through various mandatory courses. On the contrary, the second year of your MBA degree would consist of various electives according to your interests. In addition, the peer learning experience that an MBA degree provides would further enhance your experience. This is because the MBA students are all experienced professionals and exchanging ideas, and life experiences help a great deal.

As opposed to MBA degrees, a Master of Finance degree is focused on the theoretical components of everything related to finance. This deeply focused approach allows candidates to gain strong fundamentals in the domain of finance.

MBA vs. Master of Finance- Job opportunities

Due to the multi-faceted nature of the MBA degree, the students get to work in various fields of such as consulting, marketing, Human Resource Management, operations etc.

On the other hand, after completing a Master in Finance students majority go for the service of financial sectors, some even become finance consultants at recognized consultancy firms, which is an extremely lucrative job.

Salaries after MBA vs. Master in Finance

According to a recent report by Financial Times, the average salary of students after three years of graduation from MBA or Master in Finance, easily range from $100,000 – $150,000. Obviously, this depends on the work experience and the skill you possess.

Top-notch schools for MBA vs Master in Finance

Top schools for MBA 

• HEC Paris
• IE Business School
• Said Business School
• Stanford
• Harvard
• Sloan
• Columbia
• Kellogg
• Booth
• Wharton
• INSEAD
• London Business School
• Oxford

Top schools for Master in Finance

• HEC Paris
• ESCP Europe
• London Business School
• Cambridge University
• MIT Sloan

How to Choose between MBA and Master in Finance

Here are the two steps that might be helpful in selecting between the two programs-

1. Consider your goals/ objectives- Before applying for any program, you must consider your short-term as well as long-term goals. If your career goals demand an understanding of the financial aspects of a business, then you must consider a Master in Fiance. On the other hand, if your career goals need an understanding of the business world then you should go for an MBA.
2. Work experience- If you do not have work experience or if you have little work experience, then you can consider a Master in Finance as it is not as stringent about the work experience criteria as an MBA. However, if you have a work experience of a few years and want to gain a holistic understanding of the business world then you should consider MBA. Nevertheless, if your career goals align with a Master’s in Finance, then you should definitely consider it.

In summation, MBA and Master of finance degrees are quite different from one another, but both the degrees add to your knowledge and would elevate your career opportunities.