Mba Finance Business Ideas – While it offers some of the most challenging roles, it also offers ample opportunities for career development and good pay.
Your salary after an MBA in finance depends on the business school where you earned your degree and your skills. If you get a seat in India’s top MBA schools like IIMS and ISB, you can expect to get salary packages ranging from ₹ 15-20 lakh.
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The following are some of the personality traits and skills that recruiters look for in MBA finance candidates:
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You must apply logical thinking to various problems in your company and think on your feet
Almost all MBA specializations emphasize leadership. So, if you are an expert in finance, you are expected to face daily challenges in the field of finance and help other employees in their duties and responsibilities.
You are responsible for some important financial decisions for your employer. So, you must have unwavering confidence and consistency that you can demonstrate in making business decisions about risk management, investments, equity, etc.
There is no dearth of MBA colleges in India. However, an MBA degree with an unaccredited institution is as good as any degree. So, try your best to get into a reputed business school.
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If you don’t get a good CAT score, you can also look for alternatives. For example, it offers a work-oriented management program in partnership with a leading UK university.
It is a part of Shahani Group of Institutions. We are the only B-school in Mumbai that brings the best of international management education to India. We are ranked number 3 among colleges offering global business courses in India by Outlook.
Advance your career with an online MBA in finance. Learn more about job outlook and estimated salaries for finance professionals.
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Professionals with an MBA in finance can advance their careers and increase their salary potential. They can also get high-level jobs as senior financial analysts or chief financial officers.
According to the National Association of Colleges and Employers’ 2021 Salary Survey, MBA graduates earn an average of $27,980 more than those with business administration degrees.
An MBA with a financial concentration combines business concepts with financial skills. Graduates help companies manage and analyze their finances. Courses may include managerial accounting, business planning, and investment banking.
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A Finance MBA is best suited for professionals interested in corporate budgeting and planning. Students can also explore careers in investing, microeconomics, or risk management. Companies hiring experienced finance professionals may prefer MBA holders with a finance concentration.
This degree prepares graduates for advanced careers in finance with high salaries. For example, a financial manager may transition to a chief financial officer (CFO). PayScale data from January 2022 lists a median annual salary for CFOs of $138,510.
MBA in Finance Salary varies by position level and experience. Entry-level jobs tend to pay less than mid- and late-career roles. Also, non-management positions typically pay less than executive positions.
The Bureau of Labor Statistics (BLS) reports that financial managers earn a median annual salary of $134,180. This is higher than the national average salary of $92,230.
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Location can affect financial pay. For example, New York, New Jersey, and the District of Columbia ranked among the highest-paying states for financial managers as of May 2020. Idaho and Mississippi paid the lowest average wages. Four metropolitan areas including San Francisco-Oakland-Hayward, California; and Bridgeport-Stamford-Norwalk, Connecticut, pay a median annual salary of more than $190,000.
Finance salaries can also vary by industry. The securities, commodity contracts, and other financial investment activities industry was the highest paying financial industry in May 2020. This industry offers an average annual salary of $206,050. Careers in credit arbitration pay a low median annual salary of $124,040.
MBA in Finance students learn about advanced financial concepts and business strategies. The course prepares students to oversee and manage a company’s financial planning.
Unlike a bachelor’s degree, an MBA in finance prioritizes leadership and analytical skills, which financial executives need to guide successful businesses. This degree can help entry-level professionals advance to higher-level positions within a company.
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MBA graduates can apply the concepts and skills learned to many industries beyond finance. For example, health care systems employ finance managers, analysts, and consultants for reporting and budgeting. Other related sectors include government, manufacturing, and technical services.
Graduates can choose from several MBA finance careers based on their skills and interests. We have noted the most popular career paths for MBA in Finance graduates below.
Budget analysts prepare, monitor and manage finances for organizations. These professionals analyze financial trends to predict future needs. They also suggest funding and spending opportunities.
The CFO leads the company’s financial strategy and oversees the finance departments. The responsibilities of a CFO make it one of the highest paying careers in finance for executives.
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Financial analysts consult with organizations on expenses, budgets, and investments. They also value the company and compare its strategies with overall business financial trends.
Financial managers support a company’s financial strategy by overseeing its accounting, budgeting, and investment teams. Some financial managers work in specialized departments, such as risk or credit management.
Investment bankers look for financing and investment opportunities for new or growing businesses. Some responsibilities include conducting financial evaluations, negotiating contracts, and selling financial products.
Brandon Renfro is an assistant professor of finance at East Texas Baptist University and a practicing financial planner. He has worked in the financial services industry since 2010. He holds the Certified Retirement Income Professional designation from the American College of Financial Services. He lives in Hallsville, Texas with his wife and daughter and is a member of the Arkansas Army National Guard.
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Why did you decide to pursue a career in finance? Is this something that has always interested you?
I remember the first financial interview I heard in college. It is about the time value of money in the context of retirement planning. I was engrossed in that one lecture. It’s only in retrospect that I know that if something excites you that usually bores others, you’ve found your thing. At the time I had no idea that I would become a finance professor myself, but looking back it seems obvious. Retirement planning is still an interest of mine, and I maintain a professional practice in addition to teaching.
After my MBA I started working part time in an investment management company. I then went on to do my Masters in Finance and my Ph.D. Fortunately, the field of finance in higher ed does not suffer from the same overwork that other fields are known for, and I quickly found a full-time academic position.
Professional credentials beyond an MBA can make a big difference. Depending on the field you want to enter, a CMA [Certified Management Accountant], CFA [Chartered Financial Analyst], or CFP [Certified Financial Planner] may be viable options. Since MBAs are typically midlevel managers, some leadership or management experience would also be beneficial. This may include managing teams for civic groups or nonprofit organizations. The edge here is to demonstrate that you can achieve results when given responsibility for groups or resources.
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I was exposed to many subjects that I probably wouldn’t have been exposed to outside of an MBA. It also helps when teaching finance courses in an undergraduate or MBA program because I link the material to non-finance courses. There is also a universal understanding that an MBA is a business degree, which I think makes me more relevant to non-academics. Everyone knows that MBA represents a practical, application-oriented education.
What are some of the most rewarding aspects about working in finance? Some of the most challenging aspects?
The most rewarding is when you see a genuine sense of satisfaction or accomplishment from the person you’ve helped. This applies to students once they have grasped the concept of working, and also to people who feel good about their own retirement. One of the most challenging things about working in finance is that people hate doing finance the way they do math. They may convince themselves that something is difficult for them to understand. This can make it difficult to help some people because you have to overcome that artificial barrier.
Be different Everyone you enter the job market with will have an MBA. That goes back to credentials and work experience. Think about what makes you different, and reinforce that.
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Professional organizations help financial professionals obtain certifications, continue their education and stay current.