What Is an Online MBA in Finance Program?
If your career goal involves business leadership — especially in the financial sector — you’ll likely need a master’s in business administration (MBA) to qualify for related roles. Ideally, you’ll want to get an MBA in finance. This degree will allow you to be competitive in the job market for a variety of careers, most of which feature salaries and job outlooks that are better than average.
For example, one of the most popular jobs you can get with an MBA in finance is that of a financial manager at a bank, insurance company, or investment firm. Other roles that require an MBA in finance include a chief financial officer, financial controller, accountant, financial advisor, and financial analyst. Regardless of which job you’re interested in, you’ll typically spend a lot of your day crunching numbers, creating reports, and advising people on the best ways to handle their money. If these job responsibilities sound interesting to you, it’s time to look into how to get an online MBA in finance programs.
The reason to look into online programs specifically is their flexibility. Many people working toward an MBA in finance already work in some capacity, so they need to look into online MBA in finance programs that will fit their employer’s schedule. With online programs, you don’t need to go to campus at a particular time to take a class. Instead, you can usually take the classes anytime from any device — you can be at home or at work on your lunch break as you learn from your laptop. Even in the rare case that a program requires you to log in at a certain time, it’s often on nights or weekends in order to accommodate typical work schedules. So if your weekdays are too full to squeeze in traditional college classes, online MBA in finance programs may suit you best.
One more detail to think about is whether you want a program that requires the GMAT first. The GMAT is the Graduate Management Admission Test, a business school entrance exam that can be so intimidating that it often discourages students from trying to get into business school. The test takes more than three hours to complete and requires hours of studying beforehand for a chance at a good grade. This is why more and more schools have dropped the GMAT requirement, choosing instead to look at the student’s undergraduate grades or professional experience when deciding who to admit into the school. If you don’t have the time or desire to study for this exam, you should look for finance programs with no GMAT required. Fortunately, there are dozens to choose from.
How Much Does an MBA in Finance Cost?
Online MBA in finance programs vary in cost, but in general, they range from $30,000 to $130,000. For example, Purdue University Global has an online finance program with no GMAT required, and tuition starts at about $29,000. Seton Hall University has a similar program that costs about $52,000 for tuition. And at PennState World Campus, the same degree costs about $60,000 for students who want an MBA in finance.
The amount you pay typically depends on whether you choose a private or public school, how long the program takes you to finish, and how much books and other college expenses cost you. If you’re looking to save money, you can try to find scholarships and grants that are eligible to students who want to attend finance programs with no GMAT required.
Another way to save money is to stick with online programs. This way, you can avoid the expenses that come with commuting to school every day or moving to be close to the college. This option also allows you to work part- time or even full-time as you go to school, which can help you pay for tuition, books, and living expenses as you improve your education. Plus, many online MBA in finance programs cost slightly less per credit hour than on-campus options, which is why many students who are trying to save money on school choose the virtual degree program.
Average Salary for an MBA in Finance
One benefit of looking into online MBA in finance programs is the high average salary you stand to enjoy once you graduate. According to PayScale, the median annual salary for people who have an MBA in finance is about $101,000 per year as of July 2021. Of course, there are many factors that go into whether you make this amount. The amount of experience you have and your location are just a couple of them, as people usually make more money if they have years of experience in finance and live in a big city. You might start out with a salary that’s lower than the median, but you can probably expect it to increase steadily as you gain experience.
Another big factor that affects your salary in the finance industry is the job you choose. One of the most popular jobs is that of a financial manager, which PayScale reports makes a median annual salary of about $105,600. On the other hand, if you want to be a financial analyst, the same PayScale report states that the median annual salary is about $66,400 per year, while it’s closer to $165,000 for a chief financial officer (CFO).
Fortunately, there are lots of careers to choose from when you graduate with an MBA in finance, and as you can see, many of them pay better than average. It may be worth checking out finance programs with no GMAT required if you want to improve your career prospects and ability to make a good living.
What Is the Job Outlook for MBA in Finance Holders?
There are several occupations you can choose from when you get an MBA in finance, and many of them have promising growth potential. For instance, the Bureau of Labor Statistics (BLS) reported that the role of financial managers — a popular career for people with an MBA in finance degree — has a job growth outlook of 15% between 2019 and 2029. This is much faster than the average, as BLS expects about 108,000 new jobs to be added to this field in the next decade.
Another job option for people who complete online MBA in finance programs is the role of financial analyst. The job outlook for this, according to the BLS, is 5%, which is higher than average. BLS also finds that the job outlook for management analysts is bright, as it will likely grow 11% — much faster than average. So if you want job stability and the potential for growth, getting an online MBA in finance programs is a good idea.
Courses in Online MBA in Finance Programs
As you look through your options for finance programs with no GMAT required, you’ll find that most offer very similar courses. Some of the most common classes you’ll see when you take on this degree program include:
- International finance
- Risk management
- Investment banking
And these are just the finance-related courses. When you get an MBA in finance, you’ll also need to take general business and marketing courses that can prepare you for a career in which you’ll use your advanced degree. These courses may include:
- Data analytics
- Project management
- Human resources
- Marketing management
- Supply chain management
- Strategic thinking
- Business laws and ethics
Difference Between an MBA in Finance and a Master’s in Finance
While you research finance programs with no GMAT required, you might see a program that sounds similar, called a Master’s in Finance. While both programs are forms of advanced education that seek to prepare you for a career that involves finance, this degree differs slightly from an MBA in finance.
The major difference is that an MBA in finance gives you an overview of business knowledge, with an emphasis on the financial aspects you need to know about. By contrast, a Master’s in Finance focuses just on finance, preparing you for a career in a finance-related field. So if you know you only want to work in finance, such as investments or trading, a Master’s in Finance may work for you.
But an MBA in finance is better if you want a more comprehensive education that relates to running a business, which is why this advanced degree applies to a wide variety of jobs. As a result, graduates who complete an online MBA in finance program tend to earn more than those with a Master’s in Finance, as a vast range of employers consider the degree useful. Additionally, there’s greater flexibility with this degree, as there are more schools that offer online finance programs with no GMAT required than there are that offer online Master’s in Finance programs. So if you’re looking for a program that you can complete entirely online, an MBA may be the best choice for you.
Why Should You Get an MBA?
As you start your search for online MBA in finance programs, you might wonder if it’s worth it to get this type of advanced degree. In general, it is worth it if you plan to go into a competitive field that either requires or strongly recommends an MBA. Even when this degree isn’t mandatory, it can give you an advantage over other applicants who may only have a bachelor’s degree. Ultimately, completing this type of program will probably help you find a job in finance faster.
Another reason to get an MBA is the higher salary you’ll likely earn. Studies show that the median salary of an MBA graduate is $115,000, which is 75% more than those with a bachelor’s degree, according to the Graduate Management Admission Council. Plus, online MBA in finance programs are simply good at preparing you for working in a business or finance-related field. When you’ve successfully completed all the coursework and exams associated with this degree, you’ll feel confident that you have the skills you need to do well in your chosen role.
Why Should You Look at Finance Programs With No GMAT Required?
Traditionally, graduate schools required all applicants to pass the GMAT, which is a standardized test that evaluates each student’s aptitude for business. The test has four parts: integrated reasoning, analytical writing, verbal, and quantitive. It can take up for four hours to finish and costs $275 (as of February 2020) to take. And in order to impress most business schools, you need a score of at least 600 out of 800, with the more competitive schools expecting a score of at least 700.
As you might imagine, students usually spend months studying to take the GMAT so they can get into top MBA programs. If this sounds overwhelming to you — and if you simply don’t have months to study before applying to schools — you should look into finance programs with no GMAT required. Increasingly, schools are no longer requiring this test for entry. Instead, they’re relying on other factors that take the place of a GMAT score.
For example, finance programs with no GMAT required usually place a higher value on undergraduate grades, so be sure yours are above par if you want to be admitted to a school that doesn’t require the GMAT test. They often also look at work experience, which means if you’ve worked in the business or finance sector before applying for an MBA, they might consider you a competitive applicant for their school.
Such institutes might also place a lot of importance on letters of recommendation, essays, and any professional licensure you hold. So if you don’t have the time or money to take the GMAT test, you’re not necessarily going to be barred from getting an MBA in finance. Just look for finance programs with no GMAT required, which are fortunately becoming increasingly easy to find.
FAQs on Online MBA in Finance
- Online MBA in finance programs typically take 24 months to complete
- Accelerated programs can take 12 to 21 months to complete
- Online programs let you take classes anytime so you can still work while in school
- An MBA in finance qualifies you for several high-salary positions
- The job outlook for many financial positions is better than average
- An advanced degree of this kind gives you a competitive advantage in job search
- Tuition for finance programs with no GMAT required is widely variable
- Programs can cost as little as $30,000
- You might get scholarships and grants to help pay for school
- Some employers will help pay for tuition when you seek an MBA in finance
- Online options let you go at your own pace, which can save you money
|University Name||Program’s Name||GRE Required?|
|American Intercontinental University||Master of Business Administration – Finance||Not Required|
|Indiana Wesleyan University||Master of Business Administration||Not Required|
|Kansas State University||Master of Business Administration||Waivers Available for Qualified Applicants|
|Liberty University||Master of Business Administration – Finance||Not Required|
|Northcentral University||Master of Business Administration – Financial Management||Not Required|
|Penn State World Campus||Master of Business Administration||Waivers Available for Qualified Applicants|
|Purdue University Global||Master of Business Administration||Not Required|
|Southern New Hampshire University||Master of Business Administration – Finance||Not Required|
|The University of Scranton||Master of Science in Finance||Not Required Until After Spring 2022|
|University of Saint Mary||Master of Business Administration – Finance||Not Required|
|Walden University||Master of Business Administration||Not Required|