If you are planning to study for an MBA with a concentration in Finance, it is important to compare the gains and the opportunity costs so that you can make the best choice. Some prospective business school students are hesitant to enroll in an MBA program because of the large supply of Master of Business Administration grads that are currently in the market for a high-paying position. While the supply of MBAs is larger than ever, there are some real benefits to earning your advanced business degree.
Resource: Top 10 Most Affordable Online MBA in Finance Degree Programs 2015
Satisfy Requirements to Become a CPA
Having your Bachelor’s degree in Accounting or Business will satisfy requirements to land a mid-level position, but this degree no longer satisfies CPA criteria. If your goal is to become a Certified Public Accountant, you might not need an graduate degree but you must complete advanced coursework in Business and Accounting. Currently, you need to following before you can sit for the Uniform CPA Exam:
- An accredited Bachelor’s degree in a relevant area of study
- A total of 150 credits with a regionally accredited institution
- At least 24 business class credits
- At least 36 accounting credits
By earning your business degree with a concentration in an area like finance, you can combine your undergraduate experience with your graduate school experience to satisfy CPA requirements all while earning another degree that you can add to your resume.
Compete for Promotions and for Upper-level Positions
You might be worried about getting your degree because of the large supply of grads who are actively searching for a job, but not having your degree should be more of a concern. It takes a decade or more of experience to replace a graduate degree for recruiters. If you do not have that level of experience, there is a good chance your resume will be passed over. With your degree and experience, you will get just that much more attention so that you get attention when you apply for a promotion or a new position.
Increase Your Lifetime Earning Potential
The cost of a degree from a reputable business school can be a cause for concern, but many times your increase in earning potential will more than cover the costs. According to a study conducted by Forbes, the average post-MBA salary was about 50-60% higher than the professional’s pre-MBA salary. Even more promising is the fact that the post-MBA professional showed an increase of 80% over their pre-MBA earnings after 5 years. This more than pays for the cost of the degree if you still have a good amount of time left in your professional life.
Learn How to Lead and Think Globally
Business school is so beneficial because it focuses on real-life issues at a global level. Since the economy is becoming a global one, you will be a more strategic financial professional when you finish business school. If nothing else, you will be better at what you do.
There are so many benefits to studying for your Master of Business Administration. You should weigh these benefits with the costs and then make a decision. If you want to advance your career and hold a more prestigious title than you do, it could be in your best interest to earn your MBA in Finance to speed up the process.
Additional Resource: Top 10 Most Affordable Online Master of Finance Degree Programs 2015
