08/07/2024
Finance professionals shape the future of businesses and economies by advising on investments, budgeting, resource allocation, and similar specialized matters. Many roles in finance are also expected to rise in demand, according to the U.S. Bureau of Labor Statistics. If you’re considering a career in finance or want to advance into more senior roles, graduate-level education can help you reach those goals.
A Master of Science (M.S.) in Finance and a Master of Business Administration (M.B.A.) are two advanced degrees with career-shaping potential. Future business leaders deciding between the two need to understand the benefits and drawbacks of each program. In this article, we discuss the curricula, career outcomes, admissions requirements, and other features of an M.S. in Finance compared to an M.B.A.
Curriculum: What You’ll Learn
M.S. in Finance: For the Analytical Mind
M.S. in Finance programs place a heavy emphasis on financial analysis education rather than general business topics like marketing and organizational management. This specialized focus gives students a deeper understanding of finance and helps them develop the skills to reach the highest levels of this field.
An M.S. in Finance’s curriculum teaches students financial modeling, quantitative analysis, and how to use financial tools and software. Students may also be able to take elective courses to specialize in areas such as asset management, financial engineering, or international finance.
Alongside technical financial skills, M.S. in Finance courses teach critical thinking and problem-solving. At MTSU, the M.S. in Finance program ensures that students leave the program ready to make a difference in the financial performance of both small and large organizations.
Students leave this program having learned to effectively evaluate a company’s financial position or quality: to look at data, extract meaning from it, and make better business decisions and recommendations because of it.
— Jeff Stark, M.S. in Finance Program Director and Associate Professor of Finance
M.B.A.: A Well-Rounded Approach
An M.B.A. provides a comprehensive education in the essential aspects of business management and leadership. Core subjects typically include strategic management, organizational behavior, marketing, operations management, accounting, finance, and economics. This well-rounded approach familiarizes students with how different business functions work together to contribute to an organization’s overall success.
M.B.A. programs, including the Flex MBA at MTSU, typically offer concentration options and a variety of electives so students can tailor their education to their interests and career goals. Practical learning experiences during an M.B.A., such as internships and case studies, enable students to apply theoretical knowledge to real-world business problems.
What Can You Do With Your Graduate Degree?
Though there is some overlap, M.S. in Finance and M.B.A. degrees qualify graduates for different types of jobs. Before you decide on a program, consider whether you seek a position that relies on specialized financial expertise, or if your career path requires a broader understanding of business management.
An M.S. in Finance prepares graduates for careers such as:
| Role | Median Annual Salary | Job Outlook, 2022-2032* |
|---|---|---|
| Loan officer | $69,990 | +3% |
| Budget analyst | $84,940 | +3% |
| Financial advisor | $99,580 | +13% |
| Actuary | $120,000 | +23% |
| Financial manager | $156,100 | +16% |
*The national average for job outlook growth is 3%
Many M.B.A. programs offer specializations or concentrations. As such, you can pursue a wide variety of roles. Here are some career paths you can pursue with a specialized M.B.A.:
| Role | Median Annual Salary | Job Outlook, 2022-2032* |
|---|---|---|
| Project management specialist | $98,580 | +6% |
| Management analyst | $99,410 | +10% |
| Financial analyst | $99,890 | +8% |
| Human resources manager | $136,350 | +5% |
| Marketing manager | $156,580 | +6% |
*The national average for job outlook growth is 3%
Target Demographic: Who These Degrees Are For
M.S. in Finance: For the Financial Specialist
An M.S. in Finance is geared toward recent bachelor’s degree graduates who want to specialize in finance and working professionals who seek to enhance their technical skills and advance their careers. These programs are also suitable for individuals hoping to pivot into finance from other fields, such as business administration, economics, or accounting. An M.S. in Finance degree is also an excellent first step for individuals who do not have business experience, but are looking to break into the finance field.
M.B.A.: For the Upward Leader
M.B.A. programs typically attract mid-career professionals who are looking to advance into leadership roles at the manager or executive levels.
How Long Does It Take to Complete a Business or Finance Degree?
M.S. in Finance degrees are often pursued immediately after completing a bachelor’s degree. These specialized programs typically last 1-2 years, depending on the student’s course load and program requirements. At MTSU, students can complete their M.S. in Finance coursework in one year as full-time students.
For M.B.A.s, some individuals may begin their degree directly after undergraduate studies, but it’s typical to gain a few years of work experience first. Like an M.S. in Finance, M.B.A.s usually take 1-2 years to complete.
Depth vs. Breadth: How You’ll Learn
An M.S. in Finance dives deep into core ideas and issues in the finance field. With curriculums that cover specialized analytical, quantitative, and strategic skills, these programs prepare students to tackle complex financial challenges. Students may get the opportunity to gain hands-on experience through case studies, which prepare them for high-level careers in investment banking, asset management, financial consulting, and corporate finance.
In contrast, an M.B.A. takes a more generalized approach to teaching business and management. In these programs, students gain a comprehensive understanding of operations, finance, marketing, and human resources. An M.B.A. also emphasizes leadership, and graduates enter the job market with the knowledge and practical necessary for management and executive roles.
Deciding Between an M.S. in Finance vs. an M.B.A.
Whether an M.S. in Finance or an M.B.A. is right for you will ultimately depend on your strengths, weaknesses, and career goals. M.S. in Finance programs usually accept individuals directly out of college, which means you can enter the job market sooner. M.B.A. programs often request several years of work experience for admission, but graduates enter the profession prepared for leadership roles.
At MTSU, the M.S. in Finance and M.B.A. also differ in structure. The M.S. in Finance uses a cohort structure, which groups students with a set of peers with whom they complete their entire graduate journey. The relationships formed among your cohort is a valuable network and prepares you for the collaboration and communication necessary in the professional world.
Earn your M.S. in Finance From the MTSU Jones College of Business
Gain the skills you need to succeed in the competitive finance world. We blend asynchronous coursework with virtual synchronous components, granting students the flexibility to pursue their finance degree from any location while fostering valuable connections. Whether you prefer a part-time or full-time schedule, our program accommodates your needs, with all synchronous classes held in the evening to ensure the success of full-time working students.
MTSU’s Jennings A. Jones College of Business is among the top 1.5% business schools in the world with Association to Advance Collegiate Schools of Business (AACSB) accreditation in both accounting and business. Our faculty of award-winning educators, researchers, and entrepreneurs provide students with cutting-edge education in management, finance, big-data tools, and business communication.
Download a program brochure to learn more or start your application to the M.S. in Finance.
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