Choosing finance as a subject in MBA opens up many avenues and has a great potential of landing high earning jobs. According to the Salary Report provided by PayScale 2017-18, graduates in the US who hold a bachelor’s degree in finance earn to the tune of $57,500 to start with, which eventually rises to $97,100 within a decade.
Whether you have acquired your MBA in finance as a day scholar from a college in the US or have taken up an online MBA in Canada, or from any other institute, there are multiple career options for you to choose from. Accountancy firms, management consultancies, investment banks, insurance companies, high street banks, public sectors and the like are always seeking qualified finance graduates to absorb them in their organizations.
Careers after MBA in Finance
As an MBA in Finance, you have the option for the following careers:
Your job as an actuary entails forecasting, assessing, managing and advising on financial risks in the foreseeable future. You have to assess the risk of an event occurring by using mathematics, statistics and financial theory to help minimize the likely costs incurred in such risks for your organization.
To be an actuary, you have to be well versed in mathematical modelling techniques, statistical modelling tools and probability theories that are applicable to economic markets. The organizations that need actuaries are insurance companies, investment banks, pension funds and corporate finance.
Average salary: As an actuary, you can expect to earn $85,292 in the US.
#2 Chartered accountant
As a CA, you are not only required to take care of financial audits for multinational organizations, private companies and government bodies but are also required to offer financial advice, as also deal with the financial systems. You also have to deal with issues like insolvency.
As a chartered accountant, you have to specialize in one of the areas, like auditing, corporate finance, forensic accountancy, management consultancy and taxation. For becoming a chartered accountant in the US, passing the Uniform CPA exam is a must.
Average salary: You can earn $84,267 in the US.
#3 Financial adviser
Your job as a financial adviser, also called financial planner or wealth manager, is to offer specialist advice to clients for managing their money, helping them choose investments and products like savings, mortgages, insurance and pensions. As an independent financial adviser, your job is to research all financial products in the market.
For becoming a financial adviser in the United States of America, you have to pass FINRA’s Series 7 exam.
Average salary: In the US, you can hope to earn $58,590 in the US.
#4 Financial analyst
Your prime job as a financial analyst is to gather and analyze financial data for guiding your employer on investment decisions and recommending the best course of action in case of any investment challenges. These employers may include individuals, non-profit organizations, governments and other businesses.
This job requires you to be a strategic thinker with a strong understanding of statistics. Also, you have to remain aware of the market trends and investment opportunities in your area of specialization.
Average salary: You will earn $59,026 in the US as a financial analyst.
#5 Financial manager
As a financial manager, you are required to develop and maintain the financial goals of your company. In bigger companies, your role will be of a strategic analyst, in addition to managing budgets, reviewing financial reports, analyzing market trends, analyzing the outcome of investments, developing financial contacts and managing finance department employees.
A financial manager requires analytical and numerical skills, commercial awareness and must possess qualities of leadership, teamwork, decision-making and problem-solving.
Average salary: In the US, a financial manager can earn $70,573.
Other careers in finance
Careers in finance are not limited to the above but include many areas, such as financial trading, stockbroker, commercial banker, licensed conveyancer, etc. You can also take up roles in sectors, such as taxation, hedge fund and the like.
MBA in finance is a challenging course, but the kind of training you get makes you eligible for almost all financial roles. This is because of the diverse skills that you acquire in this course that qualifies you for all financial jobs. Doing an MBA in finance from a reputed college or business school helps.