For many, a Master of Business Administration (MBA) in finance is a sound economic choice. Online MBA programs like the one offered by Texas A&M University-Corpus Christi (TAMU-CC) provide advanced studies that prepare students for a wide variety of financially rewarding jobs. The following is a rundown of potential careers, salary progressions and regional salaries for graduates of an MBA in finance program.
Possible Career Paths
An MBA in finance prepares graduates for careers in the financial management side of business administration. While that term applies broadly across industries, there are a few common career paths many people find lucrative and rewarding.
According to the jobsite Indeed, an MBA in finance can open the door to a suite of upper-level management positions, many with salaries well into six figures. An MBA with a finance focus teaches a number of skills that lead to these career paths, such as financial analysis, modeling and reporting, as well as project management, budgeting and multinational financial planning.
Among the top job titles for MBA in finance graduates are senior financial analyst, actuary, management analyst, financial examiner, personal financial advisor, financial manager and chief financial officer (CFO). With the exception of CFOs, the U.S. Bureau of Labor Statistics (BLS) projects that employment in these financial professions will grow substantially faster than the average for all professions between 2021 and 2031, with expected growth rates between 9% and 21% (compared to 5% for all professions).
Career Salary Progression
Earning an MBA in finance can help open doors to significant increases in pay, accelerating the typical career salary progression for finance professionals. According to the 2022 Corporate Recruiter’s Survey from the Graduate Management Admission Council (GMAC), new MBA grads in the U.S. can expect a median starting salary in the range of $115,000, the same level of salary recruiters offered experienced direct-from-industry hires.
Moreover, GMAC reports that the median starting salary recruiters offered bachelor’s degree grads in 2022 was $75,000. This means earning an MBA could represent a $40,000 salary increase as a new hire, offering an excellent foundation for your career salary progression. Plus, an MBA in finance can give you a competitive edge when ascending the corporate ladder to financial manager, financial director or CFO positions, expediting career advancement and further wage increases.
While BLS categorizes records by job, rather than degrees earned, the aforementioned careers offer an idea of how Texas compares to the rest of the nation. For example, Texas ranks in the top five states in terms of overall employment of financial analysts, personal financial advisors and financial managers. The West Texas region is among top paying nonmetropolitan areas in the country for financial analysts. North Texas is among the top paying nonmetropolitan areas for financial managers. And the third top-paying metropolitan area in the country for chief executives is Dallas-Fort Worth-Arlington.
Further, figures extracted from BLS’ Occupational Employment and Wage Statistics Query System show that financial managers in Texas made a higher median salary than the national average in 2021. And chief executives (including CFOs) in Texas made a 2021 mean salary of $264,210, as compared to the national chief executive mean salary of $213,020.
Given the wide range of career choices, coupled with job security and lucrative pay, many professionals are choosing to pursue an MBA in finance. Some schools, including TAMU-CC, offer online MBA programs with a focus in finance; and those who wish to remain in Texas after graduation will find ample openings for financially and personally rewarding careers.
Learn more about TAMU-CC’s online MBA in Finance program.