8 Career Options for Those with an MBA in Finance

8 Career Options for Those with an MBA in Finance

A career in finance is always going to be a healthy option. There will always be money and there will always be a business in need of a mathematical mind – that’s where you come in. Quality financial talent is in high demand, and for those of you with advanced degrees, you can work your way into high-paying roles. If you’re looking to get into business management with a specialism in finance, an MBA in finance is the perfect option for you.

Throughout this article, we will tell you what an MBA is and outline everything you need to know about the roles you can aim for.

What Is An MBA?

An MBA is a master’s in business administration. This is a postgraduate qualification for people looking to secure high-salary positions within the business of their choosing. As you will have guessed, if you opt to specialize in finance, you will learn what goes on regarding the organization, control, and planning of a business.

Equipped with an MBA, you will be taught business systems across marketing, accountancy, and management. The finance part of the course will teach you everything you need to know about budgeting, accounting, banking, compliance, and business investment. With an online MBA Degree Finance Concentration from Suffolk University under your belt, you will be in a position to perform deep audits and analyses of a business’s finances. Through this, you will be able to recommend actions to improve systems.

What Does an MBA In Finance Include?

This comes down to the course you take. Typically, an MBA will last anywhere from one to two years. However, you can take the course on a part-time basis if you’d like longer.

With an MBA in finance, your modules may include strategic management, financial management, international finances, and investment strategies. The course is designed to give graduated students a platform to boost their careers into management positions by teaching analytical thinking and risk management.

Now, we move onto the juicy part of the article and take a look at your potential future job roles.

Chief Financial Officer – $134,100 Avg

This is the top tier of the financial business career path, so aim high and reach for the big money. The only person you need to report to in this role is the CEO, and you will also liaise with the board of directors. After your hard work and dedication, you will have the final say on all things financial policy.

Rather than simply leading the financial charges of your own company, you will be searching for ways you can grow the company. Typically, you will navigate the acquisitions side of the business as well. Further, you will be responsible for the financial infrastructure of a business including the retirement fund and corporate benefits.

Risk Manager – $85,500 Avg

As you may have guessed, the risk manager is responsible for spotting the potential for loss and making recommendations to minimize such instances. In the event that losses do happen, you will be directly responsible for ensuring that the fallout is minimal. To do this, you will design new policies for the prevention of loss as well as obtain any necessary insurances.

If you choose to become a risk manager, you can choose two forms of employment. You can either become employed traditionally, and earn a stable salary, or you can work as a consultancy and earn a profit on a case-by-case basis.

Your daily working life will largely depend on the type of organization you work for and the size of the business. However, you will typically be required to train employees to create a culture of loss awareness, liaise with senior managers and important stakeholders, as well as document and analyze all business risks. If you choose to become a risk manager, there will always be a need for your services.

Accounts Manager – $96,000 Avg

In this role, you need to be an expert in business management as well as accounting. You will be responsible for the management of the accountant’s team. You will ensure that legal regulations are being adhered to and will report financial information to the upper management. Through your work, you will recommend actionable alterations to business procedures. In some cases, you will be charged with the creation of annual budgets and the tracking of all financial data. Before the CFO makes their changes, you will often influence the final bill.

To succeed in this role, you will need to demonstrate flawless accounting skills. Further, you will be required to impart your knowledge on budding accountants and create training materials. Also, you will be responsible for carrying out employee reviews for anyone in the accounting crew.

This is a fast-paced environment that will offer high levels of reward. If you wish to become a CFO, this is a great position to aim for to give you essential experience. You can enter into this role anywhere you like including the government, healthcare, financial services, and hospitality.

Budget Analyst – $93,500 Avg

As the name may suggest, in this role you will be responsible for assisting businesses in allocating their financial resources. You will analyze current spending and make practical suggestions that will impact the future budget of a company.

Typically, those higher up the chain will rely heavily on budget analysts to provide insights. These will then help build essential choices. You will be integral to the future of the company because without an accurate budget a business will likely fail.

Your daily working life will be spent looking over data and adjusting financial proposals. You will become close colleagues with project managers, who are responsible for the budgeting needs of a given project.

Financial Analyst – $81,000 Avg

The job of a financial analyst differs from the above role in that they are often responsible for the investment side of a business’s finances. Your job will be to research macro and microeconomic conditions alongside business fundamentals. Through carrying out this research, you will make business predictions that will help inform upper management how to invest their stocks. Alternatively, you may be required to analyze marketing efficiency and create budget recommendations.

If you follow this career path, you can decide to work in the banking sector or general finance, so you can follow your likes. Wherever you decide to go, you will sit at the center of a business’s financial profit. Through your expert analytical skills, you will make recommendations that can reap more rewards.

Financial Manager – $129,900 Avg

In this role, you will lead the financial team and be the link between senior management and the financial sector. You will be responsible for creating financial policies that are agreeable to a company’s mission. Once your team of analysts has finished generating reports, it is your turn to finalize them and make amendments before you pass them onto the higher-ups.

By bridging the gap between senior management and the financial team, you are responsible for the long-term financial health of the business. To get into this position you will need to build your way up the chain, often starting as an analyst yourself.

Treasurer

The treasurer oversees all elements of an organization’s finance management. In this role, you will need to collaborate closely with other management staff to ensure the safety of your company’s finances. Although you will be responsible for ensuring that all tasks are met, you will often be able to delegate tasks to someone else.

Typically, there are six critical areas that you will take responsibility for including controlling assets, banking/bookkeeping, fundraising for sales, financial planning, general oversight, and reporting any financial issues. You will be responsible for ensuring these elements are completed. Then, you will report to business committees and weigh in on all financial implications.

The reason that you need to delegate responsibility is that financial processes shouldn’t be carried out by one person alone. Without collaboration and management, your finances could end up costing your company. All that financial responsibility is too much for one person. If you work alongside a small business, you will likely work alongside a couple of people and report directly to the financial board.

Auditor

If you enjoy something with a little bit more of an investigative flair, auditing is the perfect career option for you. Often, you work as an accountant before jumping into this field. Therefore, an MBA in finance is the perfect postgraduate course to get into this role. Your job will be to examine a business’s accounts and check for any inaccuracies. For example, you may find that there are items on the financial statements that don’t match up with incoming inventory.

You will work with the company to create a report. In this report, you will make any recommendations that will improve a company’s financial recording. For example, their statements may be missing details that aren’t necessary by law but could be misinterpreted as a breach of law. Once you have sat down with your client and explained your findings, you may want to return later to ensure that changes have been made.

Managing financial records is a tough job and businesses may be flouting the rules without being unaware. Although you won’t be a fan favorite, you will be responsible for improving business practices.

This is the perfect career path for anyone who decides that business management is not for them, but that still wants to work in the financial sector.

Is An MBA in Finance Worth It?

If you are a graduate and you have a position within a business and an avid interest in finance, then an MBA in finance is absolutely worth doing. In terms of progression, there aren’t any higher financial business courses than this. Armed with this course, you will have opened the door into potential C-suite positions – like the Chief Financial Officer.

As well as a greater understanding of financial processes within businesses, you will also be taught the general processes of business management. This is important because you may change your mind later in life and move away from the financial side of business management. Therefore, an MBA in Finance is worth it if you’re sure that, at least for now, you wish to travel down a financially orientated career path.

How High Is Demand for Finance Jobs?

There is a significant lack of financial talent, potentially as a result of the move towards more people becoming IT professionals. Therefore, the demand for experts in financial business management is sky-high. This is great news for you because it means you will get snapped up by someone in no time. Completing your MBA in finance is the perfect way to showcase your brilliance, and it will put you ahead of people who have only got their experience to rely on.

How To Gain Employment After Graduating

There are many roads you can travel after graduating, as outlined above. Once you have completed your course, you need to ensure that your resume is flawless so that you get taken on into junior positions.

If you’ve completed your MBA in finance after years of experience, you may be in a position to walk into a senior position straight away. Further, if you are viewed as a success by your employers, they may pay for you to complete the MBA part-time so that you can enter into a senior position straight away. Just remember, because a company invests in your future, it doesn’t mean you have to stay with them for life.

While there is cash flowing through and between businesses, there will always be a need for financial experts. This means that any job within the financial sector is futureproofed. Even if your industry faces a collapse, there will always be opportunities for recovery. Whether you want to analyze budgets, become the CFO, or liaise with businesses as an auditor there are thousands of positions waiting for MBA in finance graduates. If you change your mind down the line, you’re winning.