While an MBA can help you stand out in today’s competitive job market, it’s important to understand that not every MBA is created equally. There are many factors to consider, but if maximizing your earning potential is at the top of your list, then an MBA with a concentration in finance might be your best option.
The University of Texas of the Permian Basin’s Master of Business Administration with a concentration in Finance Online can help you reach that goal by enhancing your general business acumen while expanding your knowledge in financial management.
As Stacy Blackman points out in an article in U.S. News & World Report, an MBA is a general degree designed to prepare graduates for careers in any area of business management. More and more, however, programs are offering students the option of specializing in focus areas. These days, that choice — and whether or not it is an online option — can be a determining factor in where you ultimately decide to pursue your MBA.
Maximizing Your Earning Potential Through Specialization
Which concentration to focus on is a personal choice, influenced as much by the area of business in which you hope to work as anything else. Certainly, the ability to maximize your earning potential through specialization is probably high on the list of factors that will influence your decision.
Jeff Schmitt’s article titled “The Best Paid MBA Concentrations” on Poets&Quants lists some of the higher-paying concentrations. Near the top of the list is a concentration in Finance that projects an average mid-career salary of $126,800 per year for MBA graduates.
Schmitt’s article also points out that an MBA with a specific concentration usually provides superior earning potential to a general master’s degree in the same field. For example, while an MBA graduate with a finance concentration makes an average salary of $126,800, an employee holding a general master’s degree in finance makes just $113,400.
Putting a Concentration in Finance to Work for You
The narrow focus of many concentrations can be a double-edged sword. While a concentration can give you a leg up on the competition in the job market, it might not leave you with as many choices. The good news with a finance concentration is that it applies to virtually all industries and offers you a wide range of work options including analyst, comptroller, finance manager and finance director roles.
The financial analyst position offers an entry point into the world of finance for many MBA graduates, with average pay ranging from $46,512 to $86,135, according to PayScale.com. It also offers opportunities to advance into senior analyst positions which pay from $63,993 to $102,166 on average.
Finance Managers and Finance Directors
Senior analysts can often make the leap into management positions where the pay ranges on average from $65,223 to $123,668. Successful managers can then progress to director-level positions that pay between $75,274 and $163,643.
Chief Financial Officers
The career goal for many MBA graduates with a concentration in finance is reaching the position of Chief Financial Officer (CFO), with a pay range of $82,294 to $239,849.
Choosing an MBA Program
The process of choosing an MBA program that’s right for you is not easy. The decision to pursue a specific concentration, however, can help you sort through the many options available to you.
If you decide to pursue an MBA with a concentration in finance, UTPB’s online program provides you with an affordable, fully accredited option worth exploring.
Learn more about the UTPB online MBA program with a concentration in Finance.
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