If you’re planning for the future, it is wise to stick to the world of finance.
Globalization paired with a growing economy and a complex tax and regulatory environment is expected to continue to drive the demand for finance professionals in the near future.
According to the Bureau of Labour Statistics, employment in business and financial operations occupations is projected to grow 5 percent from 2019 to 2029, creating about 476,200 potential openings for the online MBA in finance graduates.
When it comes to careers in finance, numerous options only increase as you gain more education and on-the-job experience.
The finance industry is divided into three main categories: public, corporate, and personal. From financial analysts to investment bankers, finance MBA graduates power the world.
Pursuing a masters in finance is the first step to unlocking your finance career potential. In this article, we will discuss the four main things you should know about MBA in finance.
- What is MBA in Finance
- Careers in Finance
- Essential Skills For Finance Majors
- Benefits of MBA in Finance
What is an MBA in Finance?
The MBA in Finance is a post-graduation program that revolves around the financial management of companies for them to achieve certain financial objectives.
The program’s curriculum provides students with in-depth knowledge of pricing, asset management, risk management, financial planning, etc. They get to learn how to apply theoretical knowledge to real financial situations.
Finance management is a great career move for students with sound financial knowledge and the ability to analyze. It’s also a wise choice for individuals with a deep-rooted understanding of financial models and the stock market.
What is The Difference Between Accounting And Finance?
These two fields differ in the specific aspects of the financial scope of their work. While accounting is more focused on the financial transactions that occur daily, finance focuses on broader investment management over time.
Working in the accounting field includes managing audits, taxes, and budgets constantly. On the other hand, people within the finance field focus on stocks and bonds. They are in charge of determining good investment strategies to ensure that their finances grow with the ever-changing market.
Careers in Finance
An accredited online MBA finance program is your golden ticket to numerous lucrative job opportunities in both the private and the government sectors.
You can get an opportunity to work in the stock market or any finance-related organization. Besides this, an MBA in finance online degree empowers you to run your own business independently.
As an online finance degree graduate, you can find your place under the sun in various fields such as financial statement reporting and analysis, international finance, asset finance, investment banking, taxation, tax planning, hedge fund management, and insurance management.
Below are some of the roles you can take on:
- Accounting Manager
- Chief Financial Officers
- Cash Managers
- Credit Managers
- Corporate Controllers
- Financial Analyst
- Finance Officers
- Investment Banking Associates
- Investment Bankers
- Investing Sales Traders
- Insurance Risk Managers
The data related to the average annual payments for the following positions is taken from Salary.com.
Accounting managers are responsible for overseeing the accounting department functions. They need to ensure the timely and accurate delivery of financial statements and reporting. Their duty is to drive team performance and get the most out of individual contributors.
The median salary for this position is $107,628.
Chief Financial Officers
These professionals are the top-level financial controllers that handle everything relating to cash flow and financial planning.
Apart from tracking cash flow and financial planning, the regular duties of a chief financial officer (CFO) include analyzing the company’s financial strengths and weaknesses and proposing corrective actions.
With great responsibility comes a great salary: You can earn a whopping $394,235 per year on average by working in this position.
Cash Managers are in charge of managing company funds, overseeing the allocation of cash balances, loans, disbursements, and investments. They also review forecasted balances, examine and correct any shortages or overages. Cash Managers need to ensure that all actions comply with state financial laws.
These professionals can make approximately $95,625 per year.
This role revolves around evaluating requests for credit using credit scores, projected profits and losses, and risk factors. Credit managers are responsible for accepting or rejecting loan applications based on these criteria and have the authority to oversee the company’s lending process.
The average annual salary for this position is $38,602.
These professionals supervise all accounting and financial functions at companies. Some of their regular duties include establishing and implementing financial policies, performing financial risk assessments, and preparing annual budgets and forecasts.
This is quite a lucrative career as the median annual salary for this role is $202,293.
Financial analysts are in charge of financial analysis, planning, and projection for businesses and corporations. They determine capital budgeting for projects by forecasting future revenues and expenditures.
You can expect to make around $59,854 per year by working in this role.
Within the company, finance officers are responsible for providing financial and administrative support to colleagues, clients, and stakeholders. This role may appeal to applicants keen to move up the financial corporate ladder if they wish to become Finance managers, or even the CFO one day.
The average salary of Financial officers is $52,592 per year.
Businesses of all sizes need Treasurers as they are responsible for overseeing the company’s budget and investments. They minimize financial risk by supervising cash management and also help the business grow by supporting proper expenditure.
With the median salary of $215,777 per year, working in this role pays out pretty well.
Investment Banking Associates
This role revolves around performing support tasks for clients and ensuring efficiency and client satisfaction. Investment Banking Associates are primarily responsible for identifying and meeting clients’ needs, assisting them in reaching their financial goals.
The median salary for this position is $90,480 per year.
These professionals help their clients raise capital by issuing stock or borrowing money.
Regular duties of Investment bankers include assisting clients with mergers and acquisitions and advising them on unique investment opportunities.
You can make around $76,894 annually by working in this role.
Investing Sales Traders
Sales traders take on the role of a mediator between their client and the people who are responsible for actually executing the trades. Rather than directly making risky decisions like the flow and proprietary traders, they take orders from their clients and communicate them to the traders who are working on the front line.
The average base pay for this role is $109,965 per year.
Insurance Risk Managers
Risk managers are responsible for identifying the critical causes of accidents or losses, recommending and implementing precautionary measures, and coming up with plans to minimize cost and damage in case a loss occurs, including the purchase of insurance.
They earn up to $149,110 per year on average.
Essential Skills For Finance Majors
While attending your online finance MBA program, you will have a chance to gain a solid knowledge of financial insight, technology, and interpersonal skills that are essential for success in the job market.
Gaining an understanding of the different types of financial environments will be crucial for determining the course of your financial career. Below are the ten essential skills for succeeding in the finance industry:
- Accounting Qualifications/Certifications
- Analytics Capabilities
- Business Savvy
- Communication Skills
- Financial Forecast Reporting
- Interpersonal Skills
- Innovative Skills
- Management Skills
- Software Skills
- Strong Problem Solving Skills
Benefits of MBA in Finance
The field of finance offers excellent earning potential and rewarding career options across the industries. The finance industry has witnessed significant growth despite the economic downturn, so it’s safe to say that this career path is a little more secure than other ones.
As finance is virtually everywhere, obtaining sound knowledge about it will make you a worthy asset to every type of business. This means you won’t just have to stick to working for banks and other financial organizations: As an online MBA finance graduate, you can work in any company’s finance department.
By enrolling in the online finance MBA you can gain knowledge and skills both in fields of finance as well as business that are essential for a successful career. Tap into foundational knowledge needed to understand the local and global economics, investment strategies, mergers, and acquisitions, as well as insurance and corporate risk.
How to Choose an MBA in Finance Program?
In case you’re a working professional, going for an online MBA program is your best bet as it offers greater flexibility than the on-campus programs. They generally only take two years to complete and allow you to study at any time, from wherever best suits you.
With its uniquely-crafted syllabus and guidance of experienced faculty, UNZA Ecampus prepares students for the challenges of the finance world and equips them with the knowledge necessary to succeed.