MBA vs. Master’s in Finance: A Complete Guide to Choosing the Right Path

Master of Marketing. Master of Management. Master of Accounting. There are so many different advanced business degrees out there that it might feel like you need a graduate degree just to figure out which one is right for you.¹ Among the more popular business degrees, you'll find the Master of Business Administration (MBA) and the master's in finance. Both are powerhouse qualifications offering skills that can help you chart a path to the C-suite.

There are, however, significant distinctions between them. If you're not clear on the difference between an MBA and a master's in finance, you risk investing time and resources in a degree that doesn't align with your career goals.

This post looks at the MBA vs. master's in finance, examines the key differences between the programs and their associated career paths, and explains why you might favor one over the other, depending on your personal circumstances and aspirations.

Understanding Each Degree

What exactly is a master's in finance vs. an MBA? Start with some broad definitions.

What is an MBA?

An MBA is a degree program that instills a thorough grounding in all the major elements of business, from marketing and accounting to finance and entrepreneurship. The curriculum generally focuses on leadership skills and strategic thinking to help you prepare to move into an executive role. Courses will likely have a broad focus on management, governance, and business strategy.²

What is a Master's in Finance?

A master's in finance program offers deep specialization, in contrast to the MBA's more general study of business principles. It provides a deep study of financial analysis techniques, principles of investment, and financial constructs such as markets.²

Key Differences Between an MBA and a Master's in Finance

When you look more closely at master’s in finance vs. MBA programs, you’ll find notable differences in curriculum, duration, and admission requirements.

Curriculum

As suggested above, a master's in finance curriculum takes a specific focus, offering courses on topics such as financial reporting and mathematics, with electives covering quantitative finance and capital markets.² An MBA's curriculum is usually broader. For example, core courses in the Online MBA program from the Leavey School of Business at Santa Clara University include modules on financial accounting, managerial economics, analytical decision-making, and operations management.

Program Structure

As you might expect, the degree programs are structured differently. Master's in finance programs typically follow a more prescribed path with a core curriculum and fewer electives, while MBA programs include electives that can contribute to a concentration in a specific discipline.² At Santa Clara, for example, students can pursue a general MBA or specialize in one of five concentration areas: Data Science and Business Analytics, Leading Innovative Organizations, Marketing, Finance, and Entrepreneurship and New Ventures.

Duration

It often takes between two and three years to complete an MBA, whereas a master's in finance is a one-year course of study.²

Admission Requirements

Both degrees typically require standard graduate school admissions testing, such as the Graduate Management Admission Test (GMAT) or Graduate Record Examinations (GRE).^3,4 MBA programs usually look for leadership experience and potential, attaching great value to work experience.⁵ For a master's in finance, admission to the program often requires evidence that you will be proficient in handling advanced financial concepts.⁶

Career Outcomes

Imagine: You've worked your way through detailed admissions checklists, handled an intense course of study, and now you're ready to put your advanced degree to work. What can you do with an MBA or a master's in finance?

MBA graduates tend to hold a wider variety of positions, consistent with the degree's broader knowledge base. You can find MBAs in all the major business functions, including leadership roles in accounting, marketing, purchasing, and operations.⁷ Master's in finance graduates typically find career paths more closely aligned with their specialty. They become financial analysts, portfolio managers, and forensic accountants.⁸

Both qualifications can help you advance to the C-suite. In both cases, employers know they’re hiring ambitious, well-educated individuals who are capable of taking on leadership roles. MBA and master's in finance grads are the next generation of team leaders, department heads, and chief executives. These degrees prepare you for meaningful, impactful work, masterminding product development, unearthing new ways to boost productivity, or directing investment strategy.

Ideal Candidates for Each Path

When assessing which degree is right for you, consider your preferences and ambitions. An MBA is perhaps best if you're seeking management roles or have an interest in leadership; the broad knowledge base it offers is also excellent for career-changers. A master's in finance facilitates more finance-specific careers. If you have experience in the field or know you want a life in finance, the more specialized degree is your best choice.

Beyond the specific career path you choose, both degrees signal something important to employers. You'll find MBA and master's in finance graduates spread across the leadership of the largest companies and the freshest start-ups. Candidates for these degrees are passionate, focused, ambitious, and diligent. The commitment to securing an advanced business degree doesn't just tell employers that you're interested in elevating your knowledge base; it identifies you as a top achiever who pursues the highest standards.

Program Costs and Financial Considerations

The average cost of an MBA can easily exceed $100,000.⁹ A typical master's program in the United States, such as a master’s in finance, carries tuition closer to $60,000, though that can vary significantly.¹⁰

Carefully research funding options, including the availability of scholarships, for the programs you are considering. Bear in mind that part-time and online programs allow you to carry on working—and drawing an income—while completing your degree.

How to Decide Which Degree is Right for You

Ultimately, the degree that’s right for you depends on your career goals, background, and skill set. If you're an experienced business professional who aspires to the C-suite, an MBA may be the best fit. If you're a finance whiz who needs to take the next step toward more advanced roles, a master's in finance could be ideal for you.

Help focus your decision by asking yourself some questions, such as:

• Do I want a specialized knowledge of finance or a broader understanding of a range of business functions?
• Am I hoping to pivot to another industry or seeking to push further within my current field?
• Do I want to pause my career and focus exclusively on my studies, or do I favor flexible, online learning that allows me to apply new skills immediately in my current job?

Questions about your preferred subjects, desired career outcomes, and favored approach to learning can help you to develop a profile of your ideal program.

Position Yourself for Long-Term Leadership Success

An MBA is a broad-based business degree that trains potential leaders in all business disciplines. Full-time programs call for a two- to three-year commitment, and often require a six-figure financial outlay. You can complete a master's in finance in less time and at a lower cost, but this degree program trains you for a narrower, finance-specific set of roles. Understand your own aspirations and the difference between the degrees you're considering, and you will make a confident, goal-aligned decision.

The Online MBA program at Santa Clara University offers flexibility and rigorous courses taught by expert faculty with experience in Silicon Valley. It includes five concentration options—Data Science and Business Analytics, Leading Innovative Organizations, Entrepreneurship and New Ventures, Marketing, and Finance—as well as a broad range of electives. You can customize the curriculum to focus on the skills and knowledge you need to support your career ambitions, and you can complete the program in as little as two years.

Coursework is bookended by on-campus residencies that allow you to meet peers and faculty, as well as tour some of the world-class businesses that give Silicon Valley its reputation for innovation and leadership across tech, finance, healthcare, and beyond.

SCU’s Online MBA program blends the best practices of Silicon Valley business and entrepreneurship with an ethical, holistic Jesuit approach to education. The university’s commitment to these founding principles delivers programs rooted in Jesuit values and committed to academic excellence.

Explore our course information and admissions requirements online. When you're ready to discuss how Santa Clara University can help your career in business, schedule a call with an admissions outreach advisor.