As you contemplate furthering your career with a post-graduate degree, one of your first objectives is choosing a program that will be the strongest investment. You want excellent career and compensation prospects, and meaningful work in an industry with staying power. An MBA with a specialization in finance fits the bill.
A "Best-Paying" MBA Major
The Graduate Management Admission Council, in its Alumni Perspectives Survey of 2018, says MBA graduates earn nearly $1 million in cumulative base salary in the 10 years following graduation. That is just base salary alone, at today's averages. Monster.com recently identified the "Best-Paying MBA Majors" and highlighted the finance concentration as one of its top choices. "Finance is known as an MBA-heavy field, even at the junior level," according to Monster. "Financial analysts and portfolio managers often either have an MBA or are working on one." An MBA has nearly become a requirement for entry into this lucrative and dynamic field. Investors — individuals and organizations alike — depend on finance professionals who have the right training and expertise.
Common Finance Positions and Compensation
Personal Financial Advisor: Provides advice to help clients with investments, mortgages, insurance, estate planning, taxes, college savings and retirement accounts. They usually work in the finance and insurance industry or are self-employed. If you choose to become a personal financial advisor, you will gain access to an industry that is projected to grow much faster than average. Growth for this position — one of the most widely sought by MBA graduates — is projected at a rate of 15 percent between 2016 and 2026, with 40,400 new jobs to be created, according to the U.S. Bureau of Labor Statistics. U.S. News & World Report ranks it as #8 in Best Business Jobs and #18 in Best Paying Jobs in all fields. The median yearly salary as of November 2018 was $90,530.
Financial Manager: Responsible for the financial health of an organization. This position manages the daily financial activities and functions for an organization, including accounting, budget, credit, insurance, tax and treasury. This role is expected to grow even faster than financial advisors, with a 19 percent growth rate between 2016 and 2026. The U.S. Bureau of Labor Statistics anticipates 108,600 new jobs over this period. Salary.com provides updated average salary data, and as of November 2018, the average total compensation for this position (also known as finance manager) is $114,456 - $122,954 per year.
Financial Analyst: Provides investment guidance to both businesses and individuals. They assess the performance of stocks, bonds and other investments. Job growth is projected at 11 percent between 2016 and 2026, with 32,200 new jobs expected. Salary.com identifies the median salary range for Financial Analyst III (MBA graduate with 3 to 4+ years of experience) as between $76,680 and $92,821 per year, as of November 2018.
Earning an MBA is a proven way to advance your career. If your passion is finance, consider the opportunities, rewards and feeling of accomplishment you will have with an MBA and a career well-spent.
Learn more about the University of Wisconsin-Parkside's online MBA with a Concentration in Finance program.
Sources:U.S. Bureau of Labor Statistics: Financial Analysts
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