What is a master's in finance, and how does it differ from a Master of Business Administration with a concentration in finance? Learn the distinctions and how the Master of Finance may advance your financial career.
The most common graduate studies option for a financial career is a Master of Business Administration. However, other programs can also advance your understanding of corporate financial practices and elevate your career prospects.听
A Master of Finance (MOF or MFin) or a Master of Business Administration (MBA) with a concentration in finance are structured differently. Which one you want to choose depends on your experience and career goals. In this article, we鈥檒l cover these types of graduate finance degrees, how they compare, and what you鈥檒l learn in each type of program. Read on to learn about a Master of Finance and how it compares to an MBA.
A Master of Finance is designed for financial professionals who want to quickly further their financial knowledge and technical skills. On the other hand, an MBA is for students who want to gain broad business knowledge. In your MBA studies, you鈥檒l learn a little bit of everything before choosing a specialization, such as finance.听
Master of Finance students are likely already working in finance, perhaps as staff accountants or as members of a company鈥檚 corporate finance team. MOF programs are shorter鈥攁round 18 or 20 months鈥攖han a traditional two-year master鈥檚 degree. At some schools, you may even have the option to complete your degree in a one-year accelerated program. In Canada, you can find one-year offerings at institutions such as:聽
University of Manitoba
Queen鈥檚 University
York University
Wilfrid Laurier University
Saint Mary鈥檚 University
There鈥檚 also a growing number of online master鈥檚 in finance programs, which can be a helpful option when you鈥檙e working full-time and prefer greater flexibility to complete your education. You may have the opportunity to enroll part-time or full-time in an online MOF program, taking courses asynchronously or virtually and working through the program at your own pace.听
Master of Finance courses explores the subject theoretically and practically, so you can strengthen important skills to perform tasks like modeling. You can expect to deepen your knowledge of economics, statistics, ethics, data, and other topics.听
Your courses may include:
Foundations of finance聽
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Risk management
Investment analysis
Financial modelling
Financial reporting
Quantitative methods
Financial regulations聽
Financial analytics聽
You may be able to choose electives based on an area of finance you鈥檙e interested in. After completing the outlined coursework, you can select an aspect of finance you want to learn more about as a specialization. Students often choose a specialization based on their career goals.听
Specializations can include:
Corporate finance
Market finance
International finance
Venture capital
Hedge funds
Mergers and acquisitions聽
Financial management
Financial econometrics聽
Financial engineering
Financial planning
Business law and ethics聽
Finance is a common MBA concentration. Not all students will pursue a career at a financial institution, but many graduates work at investment banks, asset management firms, consulting firms, and brokerages.
Unlike the MOF offering, you won鈥檛 choose a financial specialization. Instead, finance will be your concentration.听
Traditional MBA degrees take around two years to complete, and most programs expect full-time attendance. However, there are several options, such as part-time or online MBAs, that allow students to keep working while earning their degree.听
The courses you complete as part of your MBA will combine foundational business classes with electives that focus on finance.听
Examples of general business courses:聽
Foundations of leadership
Business strategy
Managerial accounting
Operations management
Corporate finance
Cultural psychology
Business ethics
Examples of MBA in finance courses:聽
Financial strategy
Entrepreneurial finance聽
Global economics
Corporate valuation
Investment banking
Mergers and acquisitions聽
To make sure you pick the best master鈥檚 in finance, it helps to consider what you want to learn by enrolling in a master鈥檚 program and what you hope to do after graduating.听
An MOF may be the stronger option if you鈥檙e a financial professional who wants to accelerate your career. If you have no financial experience but are interested in a financial career, an MBA may be the best option, as it鈥檒l give you a more general introduction. Plus, unlike a MOF degree, you typically don鈥檛 need previous training or experience.听
Regarding careers, you can pursue many similar senior or managerial financial roles with both degrees. You can also expect a lucrative role with a finance degree. According to Glassdoor, the average finance graduate's base salary in Canada is $108,135 [].
Still, finance programs can be incredibly competitive鈥攁nd expensive. A Canadian MBA program's tuition can range from $20,000 to more than $50,000. Comparatively, master鈥檚 in finance degrees tend to range between $16,000 and $80,000, depending on the university you attend. If you enroll in an expedited program, you may pay less overall for your degree.听
The possibilities for work following a master鈥檚 in finance are strong across many industries. See below for an idea of your typical earnings in some of the various roles typically available to finance graduates.听
Job title | Average Canadian salary* |
---|---|
Budget analyst | $72,965 [] |
Financial analyst | $64,583 [] |
Business controller | $86,698 [] |
Investment manager | $67,381 [] |
Financial manager | $78,397 [] |
Chief financial officer | $159,529 [] |
Before committing to either a Master of Finance or an MBA, you might聽 鈥渢ry before you buy鈥 by completing a relevant certificate. 糖心vlog官网观看 hosts many finance courses, including Introduction to Blockchain for Financial Services.
Glassdoor. 鈥 https://www.glassdoor.ca/Salaries/canada-finance-graduate-salary-SRCH_IL.0,6_IN3_KO7,23.htm?clickSource=searchBtn.鈥 Accessed November 18, 2024.
Glassdoor. ", https://www.glassdoor.com/Salaries/canada-budget-analyst-salary-SRCH_IL.0,6_IN3_KO7,21.htm." Accessed November 18, 2024.
Glassdoor. ", https://www.glassdoor.com/Salaries/canada-financial-analyst-salary-SRCH_IL.0,6_IN3_KO7,24.htm." Accessed November 18, 2024.
Glassdoor. ", https://www.glassdoor.ca/Salaries/canada-business-controller-salary-SRCH_IL.0,6_IN3_KO7,26.htm." Accessed November 18, 2024.
Glassdoor.", https://www.glassdoor.ca/Salaries/canada-investment-manager-salary-SRCH_IL.0,6_IN3_KO7,25.htm." Accessed November 18, 2024.
Glassdoor. ", https://www.glassdoor.ca/Salaries/canada-financial-manager-salary-SRCH_IL.0,6_IN3_KO7,24.htm." Accessed November 18, 2024.
Glassdoor. , https://www.glassdoor.ca/Salaries/canada-chief-financial-officer-salary-SRCH_IL.0,6_IN3_KO7,30.htm." Accessed November 18, 2024.
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This content has been made available for informational purposes only. Learners are advised to conduct additional research to ensure that courses and other credentials pursued meet their personal, professional, and financial goals.