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Online MBA in Finance Degree

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Online MBA in Finance: An Overview

The field of finance has been a focal point of the global business community since the crippling economic recession that began in 2008. Finance is also one of the most popular fields of MBA specialization among today's business students; a 2016 survey of prospective MBA students found that about 23 percent of men and nearly 14 percent of women planned a finance specialization as part of their graduate studies.

Graduates with an online MBA in finance see not only greater financial rewards than those in most other business specialties, but increased job satisfaction as well. Midcareer professionals with a finance MBA earn an average salary of about $109,000, according to PayScale, an online salary database.

An online finance MBA degree program can provide professionals with the quantitative, analytical and communication skills needed to become a business leader.

Additionally, an MBA in finance online program offers optimal flexibility for students who are also working professionals. Web-based programs typically follow the same rigorous curricula as brick-and-mortar options, leading to similar advancement opportunities for graduates. The online format is also ideal for students who must tackle additional commitments – such as child or family care – on top of their work and class schedules.

What is the difference between an MBA in finance and a master's in finance?

A Master of Finance degree is geared toward students who are interested in nonmanagement careers related to corporate finance. The curriculum for this option is typically grounded in areas like economic theory, computational analysis and investment banking.

The MBA in finance also addresses these topics, but the curriculum is usually aimed at students with corporate experience who plan to pursue business leadership roles.

How long does it take to earn an online MBA in finance?

The duration of an MBA in finance degree program varies among schools. Most standard programs span 36 to 60 credits and can be completed after one to three years of full-time study.

Alternatively, accelerated programs consist of lower credit loads – typically around 15 to 30 total credits – and can be finished in as little as 12 months. Accelerated programs, where students progress at a faster pace by taking more credits at once, typically involve more condensed curricula and more advanced coursework.

How much does an online MBA in finance cost?

Like program duration, the overall cost of an MBA in finance depends on the school. On the low end, tuition at some schools costs $500 per credit; the most expensive options include per-credit charges of $1,500 and higher.

State residency may affect the price tag; out-of-state students may pay more than $500 more per credit than their in-state counterparts. Students should expect to pay at least $25,000 for their finance MBA – but some degree options total more than $100,000 in tuition and expenses.

Online MBA in finance admissions requirements

Since the MBA is geared toward students with a background in corporate employment, many programs will only admit candidates with at least one or two years of work experience. Additionally, schools often require students to submit scores from the GMAT exam as part of their application; score minimums vary by school, and some do not require a GMAT score at all.

Choosing an accredited online MBA in finance

Accreditation status is one of the most important considerations for prospective students. Colleges and universities in the U.S. receive accreditation from agencies recognized by the U.S. Department of Education; the accreditation process involves an extensive review of a school's educational programs and student services.

A school's accreditation impacts course credit transferability, as well as student eligibility for federal financial aid, so students should ensure the school offering the program has earned national or regional accreditation.

The Association to Advance Collegiate Schools of Business is one of the world's longest-serving and most widely recognized accrediting bodies of business schools. Online MBA programs with AACSB accreditation have undergone rigorous review by the association.

Online MBA in Finance Coursework

Example courses
  • Advanced corporate finance
  • Financial statements analysis
  • International financial management
  • Portfolio management
  • Financial strategy
  • Entrepreneurship and venture finance
An MBA program with a finance specialization often covers coursework in several foundational areas. These include management and leadership, business laws and ethics, international finance, accounting, economics, risk management and investment banking.

Additionally, multidisciplinary MBA in finance pathways cover other areas of business, such as marketing and advertising, human resources, strategic decision-making and supply chain management. Capstone projects and/or internships provide opportunities for students to apply their coursework to real-world situations and challenges.

Joint-degree programs are another possibility. These pathways combine the MBA in finance with a master's degree in another related field, such as accounting, international business, HR or supply chain management. Joint programs are typically around 12 months longer than standard MBAs.

Professional Associations in Finance

Professional finance organizations can provide a valuable career gateway for both current students and aspiring professionals. These organizations offer various services and resources for members, often including invitations to industry events and networking opportunities, discounts on continuing education courses, job leads and complimentary magazine and journal subscriptions.

  • American Finance Association: Since its inception in 1939, the AFA has been a leading academic voice in the field of finance and economics. The Journal of Finance – the AFA's flagship publication – has been in circulation since 1946, and the association offers full membership for $44 per year.
  • International Financial Management Association: Students with a background in global finance can pursue certification through the IFMA in five niche areas: credit analysis and management, internet finance, investment banking, investment and law, and management accounting. The association's website also features information about professional development courses and conferences and events.
  • National Association of Personal Financial Advisors: Considered the largest professional organization for personal financial advisors in the U.S., the NAPFA boasts a membership of more than 3,000. The association's website also features web tutorials, networking links and a “Find an Advisor” tool that connects financial experts with potential clients.

  • Example courses

    • Advanced corporate finance
    • Financial statements analysis
    • International financial management
    • Portfolio management
    • Financial strategy
    • Entrepreneurship and venture finance

    Job Outlook and Salary for Graduates

    Since 2008, the employment prospects for professionals with an MBA have steadily improved. A survey by the Graduate Management Admission Council found that 92 percent of 2016 MBA graduates were employed by the time they finished school or soon after.

    Personal financial advisors reported the highest growth potential; according to the Bureau of Labor Statistics, jobs in this industry are expected to grow by 30 percent – or nearly 74,000 positions – between 2014 and 2024. Above-average growth is also projected for financial analysts (12 percent) and financial examiners (10 percent). Jobs for financial managers are expected to grow by 7 percent between 2014 and 2024, which is on par with the national average for all industries.

    Salaries for MBA in finance graduates

    Students who obtain an MBA in finance stand to outearn employees with a bachelor's in finance by a considerable margin. Students who graduate with an MBA in finance earn a median annual salary of $69,400 during their first five years in the workforce; by comparison, bachelor's in finance degree holders earn a median $53,300 during the first five years. This represents a wage premium for MBA students of more than 30 percent.

    Field of studyMedian entry-level salary for bachelor's graduatesMedian entry-level salary for MBA graduates
    General business$45,000$61,800
    Business administration$46,100$58,100
    Finance$53,300$69,400
    Human resources$41,900$48,400
    Supply chain management$54,500$71,400
    International business
    $48,800$62,600
    Marketing and management$44,700$63,900
    Project management$49,500$61,200
    Source: PayScale

    According to PayScale's data, finance ranks second among the select MBA specializations, after supply chain management, for highest salary during the first five years. However, salary growth over the course of a 20-year career will depend on more than MBA specialization; additional factors include job title, employer size and location.

    What can you do with an MBA in finance?

    Finance is a critical aspect of any organization. As a result, an MBA in finance prepares students for several different roles in the corporate, public and nonprofit sectors. Common career paths in corporate finance for MBA holders include the following occupations.

  • Financial managers: These managers oversee the financial department of their organization. They are often responsible for writing financial reports, guiding investments and creating long-term business strategies.
  • Financial examiners: Examiners meticulously review financial records and activities to ensure their organization is compliant with various laws, ethics and regulations. They also evaluate areas like loan risk and bank management.
  • Financial analysts: Analysts evaluate the performance of businesses' and individuals' investments. They study economic trends and prepare reports recommending investment opportunities.
  • Personal financial advisors: Similar to financial analysts, advisors assist individuals and households by providing guidance on topics like investments, insurance coverage, property/mortgages, retirement and college savings.

  • Median salaries by occupation

    Source: BLS

    Job title Salary
    Salary
    Financial managers
    $121,750
     
     
    $121,750
    Financial examiners
    $79,280
     
     
    $79,280
    Financial analysts
    $81,760
     
     
    $81,760
    Personal financial advisors
    $90,530
     
     
    $90,530
    $0 $30,438 $60,875 $91,313 $121,750