For those pursuing a Master of Business Administration (MBA), the degree offers a variety of different paths and specialization options. Today’s student is able to use it as a foundation for their business degree but can build in other areas of interest. One of the most important ways to make that degree go further is to choose an emphasis in finance. For some students who pursue an MBA to land the ideal job or to gain key skills, finance simply makes sense.
Why Pursue an MBA in Finance?
Completing an MBA with a concentration in finance can meet the needs of many students. That includes those who plan to work in financial management and those seeking more business fundamental courses. This type of concentration covers topics such as accounting, economics, and investment.
Let’s take a closer look at 5 of the benefits students could see when they complete an MBA with a finance concentration.
#1: Pursue a Higher Paying Job
Students completing an MBA degree with an emphasis on finance may work in one or more careers. This may include one of several six-figure jobs. Because of their comprehensive education in finance topics, these students may be more valuable to many companies. Here are a few examples of those career paths and their earning potential according to the U.S. Bureau of Labor Statistics.
Financial Analyst: Though some start out in this field with a bachelor’s degree, completing an MBA allows a financial analyst to be more prepared for the tasks completed. These professionals earned a median pay of $83,660 annually in 2020. This career path is growing rapidly—father than average. The highest 10 percent earned over $159,500.
Financial Managers: Financial managers help businesses grow. Some people in this role hold the position of Chief Financial Officer. The median pay for someone working in the field in 2020 was $134,180 per year. The top 10 percent in this field earned over $208,000.
#2: Be a Leader in the World of Finance
Is an MBA in finance a good option? Putting aside the salary potential this program offers, consider the benefits of having a job in this field. For those who want to be in a rewarding career where they can focus on leadership skills, a finance focus can be excellent. These professionals typically work in a range of different parts of an organization and in many types of companies. They work in areas such as:
Every company needs to manage money in order to grow and be profitable. As a direct result of this, every company needs a professional who can help guide their decisions and ensure they remain profitable overall. Those who want to be leaders and help companies they believe in thrive may wish to take on a role like this.
More so, those who complete an emphasis in finance gain skills they could not receive under another MBA focus. This type of specialization makes you a valuable resource for any company in any industry. That makes you incredibly employable overall.
#3: You Are Employable!
As noted, a person with an MBA with a finance concentration is highly employable. That means that finding a job may be a bit easier for you than it is for others. How does that happen?
With a finance backdrop, you have the ability to work in any organization, from startups to a Fortune 50 company. What you will learn in this degree program is uniquely designed to provide flexibility across most businesses and industries.
For example, many financial-focused MBAs spend a great deal of time on economics. That’s because economic trends show and forecast the direction companies take. Whether they are launching a new product, deciding to scale their business, or determining profit potential for stakeholder investments, they need to have a solid understanding of economic conditions. These companies must rely on the skill of those with advanced degrees to make big decisions that can often determine a company’s financial viability over the long term.
#4: It’s a Fast-Changing Environment
While some financial-related fields, such as accounting, are very specific and don’t seem to change much, the finance industry continues to change and morph. Everything from the influence of a global economy to bitcoin is changing the way companies are growing, expanding, and paying. For those students who want to be a part of an exciting career path, finance is a viable option.
Consider just how much change has happened in the finance industry in the last 10 years. Experts anticipate even bigger changes thanks, in part, to the pandemic. That includes new revenue streams, expansion of digital currencies, numerous investment opportunities, and enhanced security solutions for digitalized assets to name just a few changes you can expect to see.
#5: Grow Skills Holistically
What skills are required for MBA in finance? When you take a look at the skills involved, you’ll notice that these skills aren’t just for stockbrokers or CFOs. Rather, these are skills every that help business professionals in every industry grow and thrive.
For those who may not want to work directly within a finance job, an MBA with a finance focus can still be a very good decision. This is an area of business that applies to every type of business in multiple ways. The skills learned here—such as building effective business proposals, managing people, explaining data in simple terms—are must-have skills for every business leader.
For those students who may wish to lead companies or even to start their own, having a foundation in finance is well worth it. The depth of knowledge a student has in finance allows them to achieve bigger things for their companies in the long term. That’s because it can help with making better decisions, building a stronger foundation for the company, and excelling at managing a company’s growth. In that way, anyone that wants to lead a business of any type needs to have at least some finance focus. Those who pursue an MBA with a finance emphasis may just get more insight and resources to use later.
Are You Ready to Find the Right MBA Path for You?
Take a closer look at the MBA options available to you at Geneva College. We’ll help you pursue any career goals you have, in finance or elsewhere, and provide the resources you need to thrive in your chosen career. We encourage you to take that first step. Learn more about our MBA programs. Then, contact us at 855-979-5563 or web@geneva.edu to start on the path towards creating the future you want to have. It is easier to do than you think and may be just what you need to create the career you desire.
Opinions expressed in the Geneva Blog are those of its contributors and do not necessarily represent the opinions or official position of the College. The Geneva Blog is a place for faculty and contributing writers to express points of view, academic insights, and contribute to national conversations to spark thought, conversation, and the pursuit of truth, in line with our philosophy as a Christian, liberal arts institution.
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