Adapt to the Changing Business World to Earn An MBA Finance Salary
Although some finance careers don’t necessitate special training as part of the application process, it’s likely going to take a lot longer to earn MBA-level pay without an education. The business world prizes experience, but right now the failed business models that caused an economic downturn are being tossed out the window, and the individuals who seek to learn the new ways of finance will be the most desirable, and employable, in the next 10 years.
The majority of entry-level finance careers require a bachelor’s degree, but competition for these positions is fierce, because finance is one of the highest paid industries. An MBA finance salary can reach six figures if the professional perseveres, but most people wonder what salary an MBA graduate can expect to earn.
Median MBA Finance Salary Range
Personal Financial Advisor: $92,970
Financial Analyst: $84,780
Credit Analyst: $64,580
Insurance Underwriter: $62,600
Emergency Management Specialist: $53,460
Loan Counselor: $41,970
Tax Preparer: $35,520
On average, the above salaries reflect what someone with an MBA in finance can expect to earn at a given position. To get a better idea of how this salary might differ without an MBA, consider these lower-level salary ranges for the same set of positions:
Financial Analyst: $54,930
Personal Financial Advisor: $46,390
Insurance Underwriter: $43,490
Emergency Management Specialist: $37,200
Loan Counselor: $31,000
Credit Analyst: $30,390
Tax Preparer: $21,670
The shift in pay rates is at times staggering, especially in cases like the Personal Financial Advisor position where the average salary is almost halved, depending on the level of education, experience and other influencing factors like location and company budget. In some cases, the monetary bump from the entry-level salary to the MBA finance salary may not seem so impressive, especially in the lowest-salary careers. However, these figures all pale in comparison with the potential salaries the some are earning with MBA finance degrees.
Highest Percentile MBA Finance Salary
The following salaries reflect the actual pay rate for the top 90th percentile of professionals who work in the listed position. The salaries demonstrate more than just the potential to earn more in a given career but also stand to help future professionals identify which careers have the most room for growth.
Personal Financial Advisor: $166,400
Financial Analyst: $141,070
Credit Analyst: $108,370
Insurance Underwriter: $99,940
Emergency Management Specialist: $85,060
Loan Counselor: $63,680
Tax Preparer: $63,240
Top-paid finance professionals earn their wages because of their incomparable finesse in terms of money management, which is just one of the valuable skill sets included in the core of any MBA program. As MBA programs bend to fit the demands of a changing society, the demand for online programs, like the accelerated online Finance MBA program at Marylhurst University, has risen as professionals elect to balance their careers with furthering their education.
What to Look For in Programs to Be Better Positioned for a High MBA Finance Salary
MBA programs are undergoing a massive change in order to discover new ways of modeling businesses and managing funds. During this exciting time for finance industry insiders, those who are either new to the game or at least not entrenched in the old way actually have a unique advantage in helping to create the new system. Some of the most notable ways that MBA programs are changing for the better include
Emphasis on Real-world Implementation of Skills: MBA programs could include a practical portion or project that encourages students to test out their ideas in the real world. This not only prepares them for the future in the business world but also assists broken companies in finding new solutions quickly.
More Time Spent on Ethics and Integrity: One major change that most MBA programs immediately made in their curriculum was increasing the study of ethics. This occurs either in specific ethics core classes or by adding more ethics components to other core classes.
Focus on Making Business Green: Sustainability is more than just a buzzword to business schools, and many MBA programs are building up entire degree programs around this burgeoning business. Finding programs that are savvy to this trend in business better positions graduates for building responsible business practices later on in their careers.
For many, an MBA finance salary represents a reachable goal that can be obtained without disrupting their regular working days. By understanding which positions have the most potential for growth, students can find monetary reward quickly after graduating. More than that, though, the world of finance is undergoing a radical change, and that change is starting in the schools. By studying, professionals maintain an active role in the business world, not just personally but in a national sense, and the reasons to strive for an MBA finance salary have never been so numerous.