Common motivations for earning an MBA degree include job advancement, a higher earning potential, and built-in opportunities to network. In addition to these career-enhancing benefits, specialized MBA programs offer candidates the opportunity to add expertise in a concentration area to a broad-based business education. Of the many concentration choices available today, finance is a standout for several reasons.
Developing an expertise in the financial markets, regulation and risk management will pay dividends when you graduate with an MBA focused on financial studies. Earning an MBA is valuable in any case, but the scenarios explored within a finance concentration sharpen one’s planning and decision-making skills.
Personal and Professional Benefits
Few degrees and concentrations can be as beneficial to an individual’s wealth, as well as to their career, as an MBA in Finance. Students will have the opportunity to enhance their business organizations, while concurrently preparing themselves to secure their own futures through their study of financial planning, portfolio management and the financial markets.
Cross Industry Application
Some struggle to find their bearings in the business world, but professionals who choose to specialize in finance have a wealth of choices available to them. Commercial and investment banking, financial analysis, and CFO-track careers provide finance-focused MBAs with options in a variety of industries and nonprofit organizations. An MBA in Finance can prepare you for career advancement opportunities and the accompanying earnings boost.
C-Suite or Self-Employed
Experts who sharpen their skills in the financial management arena can work with startups, fill a leadership role at a Fortune 100 company, or strike out on their own as independent financial advisers or entrepreneurs. Making a significant impact in a field that fits your personality and interests can lead to career satisfaction.
Earning an MBA in finance is also a route to international and multinational careers. Given Britain’s exit from the European Union and the presidential administrative change in the United States, the need for financial experts will be ongoing. Several global companies are expected to shift headquarters and production operations to other countries, creating opportunities for finance professionals to redefine asset portfolios and influence significant changes of direction.
The Aging Population
Steven Spielberg, Reggie Jackson, Dolly Parton and Sylvester Stallone — all Baby Boomers — reached the age of 70 in 2016. AARP reported that by 2022 almost a quarter of people aged 70 to 74, or double the number from 1992, will still be working.
The shifting demographics provide new challenges for financial managers who help individuals manage their finances into their retirement years. Ongoing mortgages, wealth management for those with failing or preserved health, and positions left vacant by retiring Baby Boomers will all contribute toward creating opportunities for professionals with finance-focused MBAs.
Job Outlook and Salary
The U.S. Bureau of Labor Statistics (BLS) projects a 30 percent increase in the number of jobs available to financial advisors between 2014 and 2024. The BLS placed their median yearly salary at $90,530 in 2016. The job growth rate for other financial manager positions, such as comptrollers and financial directors may be more modest at 7 percent; however, these positions offer a higher median income of $121,750 per year. The earning potential for C-level executives including CEOs, CFOs and COOs is even higher with their $181,210 median annual wage ranked only slightly behind that for top tier medical professionals.
Earning an MBA in Finance from an accredited school shows the breadth and depth of your preparation for a finance-focused career. With the degree in hand, you can position yourself as a finance expert with the managerial skills required for leadership roles in a variety of industries.
Learn more about the TAMU-CC online MBA in Finance program.