The MBA vs. MF debate
What are the key differences between the two programs and which one suits you best? Masters of Business Administration (MBA) equips you with a broader skill set and a knowledge base composed of multiple aspects of business. Whereas Masters of Finance (MF) programs are more finance specific. You should determine which program suits you best by looking at your career goals.
MBA degree:
Graduating from an MBA can be a crucial step in climbing the corporate ladder. The coursework includes a wide variety of business-related topics which include accounting, statistics, economics, communications, management and entrepreneurship.
The MBA programs prepare you to work for financial institutions quite soon after graduation. These include, banks, government agencies and non-profits, start-ups and other established companies.
You are expected to have a good undergraduate GPA and receive an adequate score on the GMAT exam.
There are two routes to earning your MBA - full-time or part-time:
Full-time: You will probably study with many other younger MBA candidates who have recently completed their bachelor’s degree. Younger students are usually able to continue to afford studying full-time on campus. A full-time student won’t make much money for the 18-36 months whilst being in b-school.
Part-time MBA programs come with two options:
Firstly, the Executive MBA (EMBA) is designed for students who have been working for some time in executive or leadership roles — on average they are 38 years old. The EMBA programs can be expensive therefore, employers usually pay for you.
Secondly, the other part-time MBA is geared towards employees who work full-time already, but are not in leadership positions, yet. You will take classes after work, in the evenings, or on weekends in order to enhance you career.
Master of Finance degree:
The MF degree is appropriate if you want to focus specifically on finance or any other closely related fields. MF programs focus on finance in a comprehensive manner. These courses include financial theory, mathematics, quantitative finance, investments, markets, financial reporting and analysis, and valuation.
The MF programs don’t require any previous work experience, therefore, MF students tend to be younger than MBA students.
MF programs are becoming more popular, as they are shorter. Generally speaking, the course is just one year of full-time study.
MBA graduates are taught to be prepared to work in a variety of fields, but MF graduates are trained to enter specific fields such as trading, investments, or risk management.
In the beginning, MF graduates should expect to earn lower salaries than MBA graduates. The reason for this is MBA graduates have already had relevant work experience prior to their MBA degree. As well as acquiring a broader range of skills.
More and more universities offer MBA programs and the field is becoming more crowded than before. Therefore, MF would be a good alternative.