Are you interested in pursuing a rewarding career in the fast-growing field of finance? If so, an online Master of Business Administration (MBA) with a Concentration in Finance from a reputable school like Southeastern Oklahoma State University (Southeastern) may be well worth your consideration.
Career Outlook
Employment growth projections for positions within finance are exceptionally optimistic, according to the U.S. Bureau of Labor Statistics (BLS). Personal financial advisor roles are projected to grow by 13% between 2022 and 2032 — much faster than the average for all careers. BLS projects strong growth for financial analysts (8%) and even stronger growth for financial managers (16%) during the same period.
Why such an exceptional outlook for these roles at this particular time? Job growth in financial planning and management is driven by demographics. Aging Baby Boomers and longer lifespans are leading to longer retirements, which drive demand for financial services. Financial planning and investments are further complicated by evolving factors like cryptocurrency markets, increasing the need for savvy finance professionals.
Businesses, banks and investment firms actively seek financial advisors, analysts, sales agents and managers with finance MBAs. According to a 2023 Monster article, four of the 13 highest paying careers for MBA grads are in the field of finance — careers that professionals with a finance MBA are particularly well prepared to pursue. Here are these four careers along with average salaries according to Monster:
- Chief Financial Officer (CFO): $213,020
- Director of Finance: $126,342
- Financial Planning Manager: $103,126
- Financial Quantitative Analyst: $99,711
An MBA is practically a requirement for many positions within the field, and an MBA with an emphasis in finance may open up more career pathways in the finance sector than a general MBA. A concentration in finance provides stronger training in the specific skills required for success in financial management, planning, analysis, security sales and other related positions.
A 2023 article from Bankrate confirms the value of focused MBA programs, noting that “general MBAs do not offer in-depth, practical knowledge of specific areas of business.” According to Bankrate, prospective MBA students seeking to pursue a specific career should earn a specialized MBA, giving the example of an MBA in finance being an appropriate choice for aspiring CFOs.
Financial Coursework in a Concentrated MBA
Southeastern’s finance MBA concentration courses cover security investments, international financial management, valuation, financial institutions and fintech. The curriculum prepares graduates for positions such as CFO, financial advisor, senior financial analyst and financial manager. These professions are as rewarding as they are fast-growing:
- CFOs oversee the entirety of an organization’s financial activities. Monster explains that the responsibilities of a CFO range from financial and capital planning to supervising management and other staff as well as overseeing audits and reporting. As noted earlier, CFOs commonly make upwards of $200,000 a year. To succeed as a CFO, finance professionals need expertise in strategic planning at the highest levels.
- Financial advisors counsel clients on investments, insurance, mortgages, college savings, estate planning, taxes and retirement. Most work in the finance and insurance industry or are self-employed. The median 2022 salary for personal financial advisors was $95,390, with top earners making more than $239,200 annually, according to BLS. The skills that increase pay for this job are financial planning, investment management, portfolio management, investment planning and financial reporting, which are covered in Southeastern’s curriculum.
- Senior financial analysts offer financial or operational accounting guidance to decision-makers within organizations. They evaluate the performance of stocks, bonds and other investments. These professionals earn between $52,500 and $117,500 annually, with an average salary of $95,240 per year, according to September 2023 data from ZipRecruiter. The capabilities that enhance employment prospects include the skills to prepare detailed annual financial budgets and provide financial analysis support to various areas of a company.
- Financial managers produce financial reports, direct investment activities and develop long-term financial strategies. Financial managers claim high job satisfaction and enjoy great authority. Financial managers earned a median annual salary of $139,790 in 2022, according to BLS.
As an MBA graduate, you should not have to wait long for your expertise in finance to pay dividends. Ninety percent of employers reported plans to hire MBA graduates in 2023, according to the GMAC 2023 Corporate Recruiters Survey Report. Further, U.S. employers planned to offer a median base salary of $125,000 to MBA graduates in 2023. From there, your prospects continue to improve.
If your passion is finance and you have high ambitions, enrolling in an MBA program with an emphasis in finance may be the most consequential step you take in your career.
Learn more about the Southeastern online MBA with a Concentration in Finance program.