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#MBA vs Master s In Finance

Those looking to get into a career in finance often are encouraged to continue their studies by earning an MBA, or Master's degree in Business Administration (MBA). An MBA education offers a broad curriculum in finance, markets, accounting, entrepreneurship and management. A more focused alternative that is becoming increasingly popular is to earn a Master's degree in Finance, or MF. Choosing which of these programs best suits a prospective student may be challenging, yet both programs offer the potential for high-paying career opportunities. (For more, see: Should You Get A CFA, MBA Or Both? )

What's the difference between these programs? The MBA equips graduates with a broader skill set and knowledge base comprising multiple aspects of business. A Master of Finance program is much more finance specific. The applicant's career goals will largely determine which type of program to choose. (For more, see: How much does GPA matter when applying to business school .)

The MBA

Earning an MBA can be an important step in climbing the corporate ladder. MBA coursework involves a broad spectrum of business-related topics including accounting, statistics, economics, communications, management and entrepreneurship. MBA programs not only ready students to work for financial institutions such as banks, they also prepare students for management positions in other fields or as executives in start-up companies. Applicants are expected to have good undergraduate GPAs and achieve an adequate score on the GMAT exam .

There are two routes one can take in earning their MBA: a full-time or a part-time program. Although both sorts of program will result in earning an MBA, there is a trade-off that must be taken in to consideration. A full-time student won't make much money for the eighteen to thirty-six months they are a full-time student. These programs are most popular, therefore, with younger students who have recently earned their bachelor's degree and can afford to study full-time on campus.

Part-time MBA programs typically come in two flavors. The Executive MBA (EMBA) is designed for students who have been in the workforce for some time in executive or leadership roles, typically 32-42 years of age. These programs can be very expensive, and the expectation is that employer's will pick up the tab. The part-time MBA is geared for employees who work full time, but are not yet in leadership positions. These students tend to be 24-35 years old and take classes after work, in the evenings or on weekends in order to enhance their career. (See also: Part-Time vs, Executive MBA )

The Master of Finance

For students looking to focus specifically on finance or closely-related fields, the Master of Finance degree may be more appropriate. MF programs will study the subject of finance in a comprehensive manner taking courses in financial theory, mathematics, quantitative finance, investments, markets, financial reporting analysis, and valuation. These programs do not typically require any previous work experience, so these students tend to be younger than their MBA counterparts.

MF programs also tend to be shorter, taking up just one year of full time study, and are becoming increasingly popular. While the MBA prepares students to work in a variety of fields, the MF trains its graduates to enter fields such as trading, investments, or risk management.

MF graduates can expect to earn lower salaries than MBAs since the latter usually have some relevant work experience already under their belts. But as more universities offer MBA programs, the field is becoming crowded and more people are seeking quality alternatives. Expect top MF programs to become more and more competitive over the next few years.

The Bottom Line

Graduates of both MBA and MF programs can expect a quality education that can help further their career paths. While an MBA offers more flexibility in terms of curriculum and ability to take classes part time, it is becoming a more crowded space, and the top business schools are more competitive. A Master of Finance is a good alternative for students seeking a finance-specific career, while devoting only one year to earning their degree.

In addition to the MBA or MF, other excellent options exist for those seeking jobs in finance-related fields. The Chartered Financial Analyst, or CFA program is highly regarded for its curriculum and challenging exams. Other subject-focused Master's degree programs may also be appropriate such as in economics, applied mathematics or accounting.