Difference between MBA and Master of Finance? (bachelor, degrees, schools)

[Oscillatory]

I'm halfway finished with my undergraduate degree in electrical engineering and have been interning at a company this summer. Many of the managers here have been telling me that it's really useful to have a background in finance and business if you have hopes of moving up the rankings in your career in the future. I enjoy engineering and mathematics but I consider myself pretty ambitious, so I'm open to anything that can advance my career even if it may not be engineering related.

I've been researching some graduate programs and most offer MBAs but some offer a "Master of Finance" (sometimes financial mathematics) degree. Could anyone give me a general idea of what some of the main differences between the degrees are? It probably varies from program to program, but I imagine there are some fundamental differences that distinguish each degree.

Thanks

[pzrOrange]

the difference is specialization.

MS in Finance implies your future career is going to be in Finance. it is a very narrow / concentrated program with lots of numbers crunching. in addition, it is not always available as a part-time option for working professionals. if you are absolutely in love with Finance and you cannot imagine a change down the road - go for it.

MBA implies your future career is going to be in management (not necesserily Finance). it is a broad / generalist degree and you can pick your own concentration if you want, but you will have to take Finance / Accounting / Management / Marketing, etc to get a better perspective. there are lots of part-time programs. if you want more flexibility in your career down the road, and if you want to become a manager or may be even start your own business - go for this option instead.

I just finished my MBA and I can tell you that roughly 1/2 of the people I went to school with were engineers who are looking to develop expertise in managing business. this is pretty common in general and there is a certain logic to it. my personal advice would be to get into the best scool you can, get an MBA with concentration in Finance. you will thank me later . in the end of the day, one of the main reasons why you would get a masters in business is to network with future leaders.

that said, please do yourself a favor a get some work experience before you decide on your MBA. highly recommend at least 4-5 years of relevant professional experience, otherwise you simply won't get the same bang for your buck and won't bring anything good to the table on team project work. I had to deal with people who have very limited work experience and they have been a drag on everyone.

[sunset2000]

Originally Posted by Oscillatory

I'm halfway finished with my undergraduate degree in electrical engineering and have been interning at a company this summer. Many of the managers here have been telling me that it's really useful to have a background in finance and business if you have hopes of moving up the rankings in your career in the future. I enjoy engineering and mathematics but I consider myself pretty ambitious, so I'm open to anything that can advance my career even if it may not be engineering related.

I've been researching some graduate programs and most offer MBAs but some offer a "Master of Finance" (sometimes financial mathematics) degree. Could anyone give me a general idea of what some of the main differences between the degrees are? It probably varies from program to program, but I imagine there are some fundamental differences that distinguish each degree.

Thanks

If your field is engineering and you want to stick to engineering and not finance, go for the MBA. If finance interest you, get the best of both world by going for a regular MBA with concentration in finance.

[ja1myn]

Originally Posted by pzrOrange

that said, please do yourself a favor a get some work experience before you decide on your MBA. highly recommend at least 4-5 years of relevant professional experience, otherwise you simply won't get the same bang for your buck and won't bring anything good to the table on team project work. I had to deal with people who have very limited work experience and they have been a drag on everyone.

This.

I don't think people understand this at all.

[Momma_bear]

An MBA is a degree in business. It is a generalized degree which includes courses in marketing, management, economics, accounting, operations, and finance. In many MBA programs you are restricted from taking to many electives in one area of concentration.

A Masters in Finance is a specialized degree in Finance with a deep focus on Finance and less focus on general business subjects.

I agree that engineers will benefit from the type of generalized business education that an MBA provides. However, I would caution you about leaping into an MBA with no work experience. I got my MBA from UCONN in 1994 (at the Stamford campus). When I went the program in Stamford required 2 years of work experience. We had some people from the Storrs campus, which did not require any work experience, take some courses at our campus and it was clear that they did not understand how a real world work environment functioned. Wait until you get some work experience.

[vademo]

I have bachelor in engineering and work in healthcare. I was very close to get in masters in Finance but definitely changed my mind after searching more. MS in Finance is great if you really want to focus on finance. However, if you want to perform management, MBA will benefit you more. MBA in Finance is probably the best option for you.

I currently cannot start my MBA degree because
1. It is very expensive
2. You have to quit working and I cannot afford losing 100k+ income
3. It is very hard to get in top schools

The way I plan to pursue my MBA is that I probably will get it partime or do it online. However, I recommend you to do the same. Get your MBA and with your bachelor in engineering, you will be always top picked.