While each degree program can prepare you to enter the workforce with foundational knowledge in your career field, additional certifications can make you a stronger job candidate. The skills that come naturally to you can prepare you for success in related coursework based on the program you choose. A master's in economics or finance uses skills like critical thinking, qualitative analysis and mathematics. MBA programs rely on business skills like communication, creativity and sales techniques. Your abilities and talents can help you decide which degree program would best fit your professional goals. Private colleges often set higher tuition and fees for graduate programs like MBAs that cover a wide range of courses and areas of expertise. MBA degrees typically cost more, depending on the institution you choose. Read more: 20 Best MBA Degree Jobs That Pay Well CostĪccording to the National Center for Education Statistics, graduate degree programs can range from $10,000 to $25,000 per year. Certain analyst positions also pay high salaries for qualified professionals. However, graduates with a master's in economics or finance may also fill positions like chief financial officer. Earning potential can be higher for MBAs because of executive leadership opportunities and the range of positions in multiple disciplines. The location of your work, industry and level of expertise in your position all contribute to your overall salary. Salaries for careers based on an MBA, economics or finance degree can vary due to multiple factors. Consider how you plan to use your degree to understand the best choice to meet the standards of a potential employer. For example, roles in government agencies or educational institutions may require a master's degree. Many specialized fields require extensive subject expertise, which means graduates with a master's degree may be more qualified as job candidates for these positions. Because some employers value work experience as much or more than a degree program, an MBA may provide the best opportunity for those looking to start a high-level career as a business professional. If you earn your master's in economics or finance directly after graduating with an undergraduate degree, you may not gain the same background as a working professional. Often, professionals who pursue an MBA do so after entering the workforce. MBAs do cover some mathematics such as financial accounting and statistics, however, these courses are meant to provide foundational knowledge for business leadership. High-level computing is also a large part of a degree in finance or economics. Master's degrees in economics or finance focus more on mathematics, often with prerequisites in algebra and calculus. The main difference between a Master of Economics or Finance and an MBA is the specialization and depth of studies in an economics or finance degree. Here are some of the key differences and similarities between these programs to help you make your choice: Program master's in economics or financeĭeciding whether to pursue an MBA or a master's degree depends on several factors, including your personal career goals, skills and talents and whether you want to specialize in a particular discipline. Related: Top 10 Benefits of Getting an MBA MBA vs. An MBA degree gives professionals the foundation for a variety of roles in corporations, entrepreneurial opportunities and public organizations. Because these studies cover a broad scope of learning, this degree program is less specialized. MBA programs offer classes in a range of topics, from sales and marketing techniques to international economic partnerships. Related: What Does an Economist Do? Duties and Work Environment What is an MBA?Īn MBA or Master of Business Administration is a broad degree program that prepares graduate students for careers involving business and leadership. Typical courses in these degree programs include: Some professionals earn this degree as an extension of undergraduate coursework to further expand their subject knowledge and expertise. These specialized degrees offer in-depth coursework in financial investment or economic trade and history. What is a master's degree in economics or finance?Ī master's degree in economics or finance is a graduate degree program that focuses on principles involving currency, monetary analysis and national or global markets. In this article, we explain the main similarities and differences between these programs, including coursework, potential jobs and salary expectations. Learning more about the focus and career outcomes of these programs may help you decide which educational path best fits your professional goals. Similarly, earning a graduate degree in economics or finance can also increase your career potential. Pursuing an MBA program prepares you for a career in a range of industries by providing versatile skills in a variety of business topics.
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