Common motivations for earning a Master of Business Administration (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 like those offered fully online by Texas A&M University-Corpus Christi (TAMU-CC) offer candidates the opportunity to add expertise in a concentration area to a broad-based business education. Of the many concentration choices available today, an MBA with a Concentration in Finance is a standout for several reasons.
Developing expertise in 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
As noted in articles from Monster and Bankrate, few degrees and concentrations can be as beneficial to an individual’s earning potential — as well as to their career opportunities — as an MBA in Finance. Students will have the opportunity to enhance their business organizations, while concurrently preparing themselves to secure their own futures and career advancement through the in-depth study of financial planning, portfolio management and 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 MBA grads with options in a variety of industries, nonprofit organizations and governmental agencies. An MBA in Finance can prepare you for myriad 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 ongoing economic disruption as well as environmental, political and social upheaval abroad and in the U.S., the need for professionals with specialized international finance expertise will continue. 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. Dedicated studies like TAMU-CC’s course Multinational Finance prepare professionals to manage the many complexities of the global business environment.
The Aging Population
According to the U.S. Census Bureau, roughly one out of every six Americans were age 65 and over in 2020, compared to one out of every 20 a century ago. The 2010 to 2020 decade represented the largest-ever numeric gain for the 65-plus population. The Census Bureau attributes this growth in the older population largely to the baby boomer generation.
Further, AARP notes that the number of working adults age 65 and older grew by 117% over the last two decades, as did the number of workers 75 and older. In fact, if treated as a singular population, the older age cohort of Americans would represent the world’s third largest economy, eclipsed only by China and the U.S. as a whole.
These shifting demographics provide new challenges for financial managers who help individuals manage their finances into their older working or 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 13% increase in the number of jobs available to personal financial advisors between 2022 and 2032, representing much faster growth than the average for all occupations. BLS placed the median yearly salary for these professionals at $95,390 in 2022. Projected at 16%, the job growth rate for financial manager positions will likely be even more impressive. Moreover, these positions offered a higher median income of $139,790 per year in 2022.
The earning potential for chief executives — including CEOs, CFOs and COOs — is even higher, with a 2022 median annual wage of $189,520. BLS also notes that pay for chief executives varies greatly, with higher levels of pay generally found in corporate settings. Corporate finance executives may also receive substantial additional compensation in forms like stock options and bonuses.
Earning an MBA in Finance from an AACSB-accredited school like TAMU-CC 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 with a Concentration in Finance program.