A master’s degree is considered one of the best ways to advance a career. Greater opportunity for professional advancement and higher salaries are just two reasons a Master of Business Administration (MBA) is the most popular choice.
An MBA in Finance can open the door to some of the most lucrative careers in the business world and financial and economic spaces. For instance, the Bowling Green State University (BGSU) online MBA with a Concentration in Finance program emphasizes the corporate finance and investing skills graduates need to drive financial performance at a high level, including in the four careers that follow.
Financial Manager
In its Best Business Jobs for 2022 rankings, U.S. News & World Report says, “If financial managers were doctors, the financial success of their organization would be a testimony to their treatment.”
Ranked 2nd in Best Business Jobs, financial managers oversee the financial health of their organizations. Typical activities include analyzing data to manage risk and optimize profits, preparing financial statements and business activity reports, monitoring financial activities to ensure compliance with tax laws and advising senior management on financial decisions.
Financial managers are in demand. According to the U.S. Bureau of Labor Statistics (BLS), employment of financial managers is projected to grow 17% from 2021 to 2031. To put this in perspective, the average growth rate for all occupations is 5%.
Median salary: $131,710, with the top 10% earning more than $208,000 (Source: BLS as of May 2021)
Financial Analyst
Are you always thinking of ways to cut costs and make more money? Do you have an entrepreneurial mindset with a talent for spotting the real story in a surplus of data? If so, you may want to consider this career. Financial analysts research and analyze financial data to forecast business gains or losses. Also known as financial risk analysts, these professionals play a crucial role in an organization’s financial health.
Financial analysts need solid research, analytical and mathematical skills. They also need strong leadership and communication skills to influence corporate investment decisions effectively.
Median salary: $91,580 per year, with the top 10% earning more than $166,560 (Source: BLS as of May 2021)
Financial Operations Manager
Financial operations managers oversee an organization’s daily financial activities, such as payroll, invoicing and account payables and receivables. As your organization’s financial operations manager, you may manage a team of accountants and other finance professionals. Other common responsibilities include preparing financial statements such as balance sheets and cash flow statements.
Like general operations managers, financial operations managers work to streamline processes and increase efficiencies. For example, they may implement corporate software to automate repetitive tasks and reduce errors. In the process, financial operations managers can free up their teams to focus on higher-value projects.
Median salary: $103,118 per year, reaching $159,000 at the top (Source: Glassdoor as of December 2021)
Chief Financial Officer
If your career goals include the C-suite, an MBA degree may accelerate your success. As partners in senior management, chief financial officers (CFOs) need more than broad business skills. Earning an MBA can prepare you with the global mindset and strategic leadership skills to take on your organization’s top financial leadership role.
CFOs set the overall financial strategy for an organization. They work closely with their organization’s Chief Executive Officer (CEO) to keep an organization on track with short- and long-term goals. CFOs have diverse responsibilities, from controlling budgets and expenses to ensuring compliance with financial regulations and making investment decisions. Ultimately, CFOs are responsible for business growth.
Median salary: $419,100 per year, with the top 10% averaging $641,476 (Source: Salary.com as of October 2022)
A Lucrative Path of Opportunity
In addition to high salaries, the finance industry is also known for generous bonuses. For example, with salary plus bonus, the average CFO earns $576,700, an increase of $157,600 over salary alone.
According to GMAC’s 2022 Corporate Recruiters Survey, 92% of recruiters expect to hire MBA graduates. Whether you are looking for new career opportunities or pursuing a promotion, an MBA in Finance can give you an edge. The online format of BGSU’s MBA with a Concentration in Finance offers the flexibility working professionals need to continue to gain industry experience while earning this sought-after degree.
Learn more about BGSU’s online MBA with a Concentration in Finance program.
