For many, an MBA in finance is a sound economic choice. Online MBA programs offer courses of study 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 business administration. While that term applies broadly across the industry, there are a few common paths that many find lucrative. According to Payscale.com, an MBA in finance can open the door to a suite of upper-level management positions 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 and budgeting skills.
Among the top job titles for MBA in finance graduates are senior financial analyst, management analyst, financial manager and chief financial officer (CFO). The U.S. Bureau of Labor Statistics (BLS) projects that the demand for each of these professions will grow at or above the average for all professions over the next several years, with the fastest in the 14 percent range.
Career Salary Progression
The earliest salaries reported to Payscale.com for MBA in finance graduates are strong. With less than a year of experience, these MBAs earned an average of around $54,000 per year. After 10 years, that salary jumps to almost $110,000. With over 20 years’ experience, most careers for those with an MBA in finance top out at around $130,000. However, many C-level jobs, such as CFO, can earn upwards of $150,000 per year.
While the Bureau of Labor Statistics (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 financial analysts, Texas ranks in the top five states in terms of job demand. For management analysts, financial analysts and financial managers, Texas repeatedly offers higher salaries than the national average. Financial managers, for example, earn a national average salary of $117,190, while Texas financial managers average around $145,200 per year.
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 Texas A&M-Corpus Christi, 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 the TAMU-CC online MBA in Finance program.