Business school offers a diverse number of study focuses. The most common majors include finance, management, accounting, human resource management, operations management, and marketing research. Each of the study disciplines develops expertise in management matters in specific fields.
Finance and management are the two subject majors most debated by students needing to make a selection. Both topics cover vital functions in a corporate setting, confounding choices students need to make, to have a well-informed selection. Both subjects have pros and cons and, a pertinent consideration should be the student’s interest in specializing in specific fields.
Upon establishing your area of interest, you should weigh the pros and cons to determine if your desires still present a lucrative field for study. Options of business schools are limitless, but some schools are exclusive, and getting an entry is tough, e.g., Stanford, Harvard.
The Pros and Cons of Finance
A finance major in business enables students to have the sound financial management acumen needed for business decision-making. The study readies you for management positions in financial institutions like banks, fund management companies, and other organizations requiring financial management skills. The MBA study focus on the finance field has its advantages and disadvantages.
Finance is a specialized course to advance your financial management career—the study makes you market-ready for specific positions in financial institutions. The career prospects include corporate financing, investment banking, financial planning, etc. The specialization characteristic of an advanced finance degree for graduates enables them to access higher-paying jobs relative to other business studies.
The finance field is considered one of the most financially lucrative focuses for MBA graduates. Many recruiters headhunt for qualified and experienced financial experts.
3. Graduate Early
The Master of finance programs are shorter than other business degrees, enabling students to finalize their studies in shorter periods and embark on their career journey.
1. Remain Competitive
A finance major is competitive in the main fields like portfolio management, financial advisory, etc., due to many entrants in the industry. The competitiveness means it may take a while before landing the lucrative job offer you envisioned when enrolling for the course.
2. Special Perks
Overall, finance graduates get high perks because of their specialized skills. However, some students might earn less depending on where they got an MBA finance degree. Some employers prefer particular school graduates over the others hence relegating the less known school graduates to lower pay.
3. Difficult Coursework
The course has some complex units that some students struggle with – the study field aims to equip students with sound analytical and forecasting financial analysis skills. Grasping the concepts of such units requires in-depth studying and concentration, which students find demanding.
4. Demanding Careers
The careers of financial experts are highly demanding, taking them away from their social/family lives. Organizations rely on financial experts to keep abreast of the stocks and continuously adjust projections and deficits to keep businesses afloat.
The Pros and Cons of Management
Management majors prepare students for diverse aspects of organizational administration. Management is less specialized than the finance major and also has its advantages and disadvantages.
1. Diverse Course Load
The business management emphasis allows a more diverse course load for students. Diversity means the students can fit in broader areas in a corporate organization and need not feel compelled to settle for only a few job options.
2. Applicable Skills
Business management instruction will teach students skills applying to almost any job (writing, oral skills, effective collaboration, etc.). There is the flexibility of course options depending on the work experience of the students. Mature students who have several years of experience in executive roles can opt for an Executive MBA program.
The program is custom-made for experienced students and takes a relatively shorter time to complete. The management course equips you with the requisite skills to start a business. The characteristic of imparting knowledge in the broad spectrum of management practice provides students with skills in all aspects of running a business.
1. Unfamiliar Subjects
The diverse course load that the emphasis offers can also be a downside because the student can become overwhelmed with many unfamiliar subjects.
Management is a competitive program as one of the most popular focuses at top business universities. There are many graduates in the field and landing the coveted job opportunity may take longer.
3. GMAT Requirement
Acceptance to the business schools means first passing the GMAT. You must take a GMAT prep course online course to prepare for the test. A passing score will enable your enrollment to business school.
The tuition comes at a high price, particularly for those pursuing an executive MBA. Many students find the financial burden overwhelming.
Get Your Preferred Study Course
The bottom line is to weigh your options and make a selection based on the best fit. Both the MBA finance and management majors have desirable benefits and, whichever one you choose is an excellent choice in their own way. You only need to consider the option which has the best outcomes.