Finance MBA Career Guide
Obtaining a finance MBA can lead to a number of opportunities as you advance along your career path. The challenge, you may find, is clarifying the opportunities and finding the right career path based on your interests and goals.
A finance MBA will give you many of the course offerings of a standard MBA, including leadership and management courses. You’ll also get a deep dive into the world of finance, helping you understand the inner workings of how companies make, lose and keep money.
Let’s take a look at some of the different career options for people who graduate with their finance MBA. These salaries are medians, so it’s important to remember that some salaries will be higher than those listed here, while others will be lower. Cost of living, financial health of the company, and an employee’s experience can all play into their actual salary.
Senior Financial Analyst
Median Salary: $79,000
Senior financial analysts are data wizards who are also important leaders within their organizations. It’s important for senior financial analysts to be able to look at financial reports and quickly develop an understanding of whether the company is headed in a positive or negative direction. Senior financial analysts also need to be able to put complicated financial concepts into layman’s terms for other executives in the company, as well as board members.
Senior financial analysts are often looked to as the experts when it comes to decision making that affects the financial well being of the company. This can mean making difficult decisions that may ultimately result in layoffs or budget reductions for certain departments. While financial analysts spend most of their time dealing with numbers, it’s important that they also have strong leadership skills. At the senior level, financial analysts often work with a team of less experienced analysts, using their data to come to conclusions on the best next steps for the company.
The position of senior financial analyst often requires long hours, and can be stressful. That being said, the pay can be lucrative. If you’re interested in being a leader in your organization, this career path might be a good fit for you after you earn your finance MBA.
Finance Manager
Average Salary: $89,000
Finance managers are leaders within their organizations; they are often in charge of developing and managing budgets for one or more departments. Finance managers need to not only be experts in budgeting, but also in the work of their department. This may mean meeting regularly with employees to find out what materials, trainings, and supplies employees need in order to do their jobs well. Finance managers are sometimes under pressure to cut costs wherever possible; this can make them feel stuck between staying within budgetary constraints and keeping the employees in their department happy.
It’s important for finance managers to have strong analytical skills. They need to be able to look at how their department functions and find places where things could run more smoothly, saving money and increasing productivity. It’s important that finance managers have excellent presentation skills, as they are often responsible for explaining the rationale behind departmental changes to employees.
Financial managers with limited work experience may make less than more experienced counterparts. You can expect your income level to increase as you gain experience in financial services.
Investment Banker
Average Salary: $82,500
Investment banking is a traditional career path for finance MBA graduates. our role as an investment banker may include assisting companies with mergers and acquisitions and buying and selling stocks for your clients. Exact roles depend on the company and your position within an investment banking firm, so you should prepare with a specialization in investments, as well as in mergers and acquisitions, during your MBA program.
As you gain experience in investment banking, you can expect your salary potential to increase to reflect your experience. Companies may also offer bonuses based on performance.
Finance Director
Median Salary: $111,000
Finance directors are organizational leaders who often report directly to the CFO. Professionals in this position are often largely involved in developing a budget that fulfills the company’s vision without exceeding the funds available. Finance directors typically work closely with finance managers to find ways to cut costs and problem solve. This is why it’s important for finance directors to have excellent delegation skills.
A finance director’s public speaking skills need to be strong, as they are often called upon to develop reports on the company’s budget and deliver those reports to people who have invested in the business. It’s also important for finance directors to be able to think on their feet, as they are often hit with tough questions regarding the company’s budget during presentations. Finance directors have impeccable organization skills and keep exceptional records to protect the company in case of an audit.
Financial Controller
Median Salary: 95,000
Also known as a financial comptroller, the financial controller oversees all departments of a company that deal with money, such as accounting, audit department, accounts payable, accounts receivable, and payroll. The financial controller ensures that the company is following all local, state, and federal laws. It’s important for financial controllers to stay up to date on changing laws so that they can ensure that their company is in compliance.
Financial controllers need to have confidence and strong leadership skills, as a large part of their job can be telling high level executives about changes that need to be made within the company. While financial controllers rarely have to give large presentations, they may need to present to company executives in small scale meetings.
Salary Potential with a Finance MBA
Of course, the trends in business are constantly changing, and there are a variety of different job options available to professionals with their finance MBA. As you earn your degree, pay attention to the course offerings that especially spark your interest, and talk to your professors about careers that might suit you. Higher education opens doors, but it’s up to you to figure out which career path will make the most sense for you.
As a general rule, finance MBA graduates with limited work experience can expect to earn roughly $47,000 to $67,000 per year. When graduates gain experience in their industry, their income potential increases. An experienced professional in a mid-level position may expect to earn around $64,000 to $102,000 per year. Upper management and executive positions offer a higher income potential for finance MBA graduates. An executive officer, up to the role of a CFO, may expect to earn roughly $82,000 to $288,000 per year.
Working on a finance MBA offers opportunities to advance in your career, or move into a job related to financial services.
Source
https://www.glassdoor.com/Salaries/mba-finance-salary-SRCH_KO0,11.htm,
https://study.com/articles/Careers_with_an_MBA_in_Finance_Career_Options_and_Salary_Info.html,
https://learn.org/articles/What_Careers_Does_an_MBA_in_Finance_Prepare_Graduates_For.html,