How Does an MBA in Marketing Compare with an MBA in Finance?
While a Master of Business Administration (MBA) in Marketing prepares students to develop marketing campaigns and sell products, an MBA in Finance teaches students to make long-term financial decisions for businesses. Read on to learn more about how MBAs in Marketing and Finance differ and determine which one is right for you.
Comparing a Marketing MBA with a Finance MBA
The fields of marketing and finance overlap in several ways. Professionals in both fields must be mindful of economic changes and trends. In addition, both types of professionals must keep a company's profitability and bottom line in mind. But the education and day-to-day job responsibilities of marketing and finance professionals differ greatly. Students deciding between the two MBA degree programs should consider their own individual skills, aptitudes and interests.
Important Facts About These MBA Degrees
|Online Availability||Full-time and part-time online programs are offered|
|Prerequisites||Bachelor's degree, required business courses or subject-specific competency exams|
|Possible Careers||Advertising Executive, Branding Manager in Marketing, Portfolio Manager, Private Wealth Manager in Finance|
|Key Skills||Both disciplines require technical/computer skills, management and leadership ability, analytical and critical thinking|
Overview of a Marketing MBA Program
Students interested in the sales and advertising aspects of business would probably prefer to pursue an MBA in Marketing over one in finance. Students enrolled in this program take courses in many subjects, including:
- Brand management
- Sales, buying and purchasing
- Pricing tactics
- Marketing strategies
- Consumer behavior
Overview of a Finance MBA Program
Those interested in learning how to help businesses make money through long-term financial planning may opt to earn an MBA in Finance. Students enrolled in an MBA program in finance often learn about financial planning, investments, fundraising and cost control. Additionally, these students can expect to take courses in such subjects as:
- Finance management
- Options and futures
- Global business finance
- Investment banking
- Corporate finance
Salary and Job Outlook for Marketing Professionals
The U.S. Bureau of Labor Statistics (BLS) states that in May 2018, most marketing managers earned an average annual salary of $147,240. Most of these professionals worked in company management departments, while the scientific research and development services industry paid the highest wages, with an average salary of $190,469 per year.
The BLS predicts that jobs for marketing managers will increase 10% between 2016 and 2026, which is faster than the average for all the country's occupations. Competition for positions may be high; the BLS advises that candidates with knowledge and experience around online marketing may see the best prospects.
Salary and Job Outlook for Finance Professionals
Graduates with an MBA in Finance and some professional experience may become financial analysts or financial managers. According to BLS data, the mean yearly salary for financial analysts in May 2018 was $100,990, while financial managers brought in an annual average salary of $143,530.
The BLS projects an 11% increase in the number of financial analyst jobs from 2016 to 2026. During the same period, financial managers are expected to experience a 19% increase in employment. In both cases, the BLS asserts that applicants who hold a master's degree are likely to find better prospects in these relatively competitive job markets.