How an MBA Can Advance Your Career in Corporate Finance
A career in finance has so much to offer, especially to ambitious professionals. There are many benefits to pursuing finance industry positions, making it a lucrative and competitive sector.
So, how can you stand out from your competitors? The answer is simple: an MBA. A Master of Business Administration will help ensure that a graduate enjoys a successful career in finance and will virtually guarantee increased earning potential. Additionally, this specialised degree will offer a wide array of career options and train the financier in the pertinent subject matter.
Once you receive your MBA, doors to new career opportunities will swing open in rapid succession. Those entertaining a career in finance should remember that this sector offers unparalleled job security, room for growth, and a desirable work-life balance.
However, to fully capitalise on these benefits and avoid stagnation in your professional growth, financiers must consider pursuing an MBA. Are you wondering where to get started? Consider a college net price calculator to help you total out-of-pocket expenses required for your top-choice university.
If you’ve accrued student debt from your undergraduate degree, you may be wondering: isn’t the MBA cost astronomical? You will indeed incur further college fees by pursuing an MBA. However, given that an MBA gives you access to a better pay package, you will recover the additional expenses within a short period.
Still doubtful that an MBA is worth the incurred student debt? Data shows that MBA holders in finance earn an annual median salary of $129,000. This figure is approximately $30,000 more than those financiers holding a bachelor's degree only. This disparity could even be more widespread, depending on the position.
Why you should consider an MBA for your finance career
Most professionals want to earn an MBA for some of the following reasons:
- They want to relive their college days
- Their employer offers MBA tuition reimbursement
- For an added sense of achievement
While the above reasons are permissible, you can derive other incredible benefits from venturing down the MBA path.
A Master of Business Administration will help ensure that a graduate enjoys a successful career in finance and will virtually guarantee increased earning potential.
Expanded career opportunities
An MBA in finance introduces you to a world of vast opportunities. This degree will grant you access to nearly every level of public and private companies. To put this degree’s usefulness into perspective, CEOs of S&P 500 companies hold more MBAs than all other undergraduate degrees combined.
Therefore, many professionals pursue MBAs to gain promotions that they wouldn’t qualify for with an undergraduate degree alone. An MBA prepares financiers in the following positions:
- Financial manager
- Chief Finance Officer (CFO)
- Financial analyst
- Finance controller
- Financial consultant
As you can see, an MBA in finance gives you a head start in one of the most versatile careers. If your career goals point towards executive positions, an advanced degree is non-negotiable.
An MBA in finance gifts you with invaluable finance management skills that prepare you for business management in the real world. An MBA hands you skills that help you navigate personal and business finances, ensuring success in both realms.
Examples of marketable business skills include delegation, time management, networking, negotiation, customer service, organisation, leadership, and decision-making skills.
Despite popular misconceptions, these skills aren’t exclusively demonstrated by managers and business owners. Remember, companies value employees that think like business owners and factor the big picture into their everyday tasks.
An MBA in finance gifts you with invaluable finance management skills that prepare you for business management in the real world.
Networking is a direct channel to optimal career growth. However, the harsh reality is that it's challenging to meet business professionals in your current job position who can connect you with new opportunities. However, when studying for an MBA, you get to connect with like-minded individuals with similar career ambitions. Should you succeed in nurturing long-lasting bonds that can last for a lifetime, these fellow graduates can refer you to high-paying position openings.
Though you can still network and develop lifelong connections during your undergraduate career, it often limits you to the student level. With an MBA, you interact with people from different professions with diverse business experience.
While increased earning potential is an obvious advantage of earning an MBA, it’s essential to understand the reasoning behind these increased opportunities for pay raises. Finance is a critical function in many organisations. As a result, employers generously compensate financiers for their skill sets.
Better yet, with an MBA, you are likely to earn as follows, depending on the position you hold.
- Finance manager: $126,000
- Financial analyst: $57,000
- Chief Finance Officer: $313,541
- Account manager: $102,982
- Corporate controllers: $95,000
- Management consultant: $86,000
Note that with a management consultant salary, yearly pay will depend on the consultancy and the nature of the organisation. When projecting your earning potential, the above figures could be 25% less if you only have a bachelor's degree.
How do I gain admission to an MBA program?
Typically, admission to MBA in finance is comparable to the admission process of other MBA programs. While there could be some variations here and there, below are the general requirements for an MBA admission.
- A bachelor’s degree from an accredited university
- A GPA above the specific requirement of the program (often a 3.0 or 3.25 GPA)
- Glowing references from past employers, mentors, advisors, etc.
- A GMAT score above the recommended level
- Completed FAFSA forms for the purposing of accessing federal loans
Having fulfilled the above, you can submit online or physical applications just like the undergraduate programs.
The world revolves around the financial sector. From our morning coffee to the late-night TV commercials we watch, finance departments have a say in it. You could say that finance is one of the disciplines that run the world. With this in mind, finance professionals should recognise that they’re immersed in a career with limitless possibilities. To enlarge this sea of opportunities, an MBA will come in handy. Don’t stunt your growth. Strive for greatness, and shatter your self-constructed ceiling of opportunity.