Pros and Cons of a Master’s Degree in Finance
Is an advanced degree important for your career in the financial industry? Before you decide to go on to graduate school it may be a good idea to consider some of the pros and cons. Let’s take a look at the reason you should and shouldn’t pursue higher education so you can make an informed decision about your future.
- Career advancement opportunities. Can an MBA or other type of advance degree give you career opportunities that would otherwise be impossible without the education? In some cases having this degree on your resume and the experience that comes with it will give you an advantage over candidates without one. However, don’t forget that work experience is also useful and you really need both to advance your career the right way.
- Higher earning potential. Of course, one of the most attractive reasons to get an MBA or other degree is to maximize your earning potential. While someone with 25 more years of experience than you might still get a higher salary, you should be able to earn more money in an entry level job that your non-degreed competitors. The actual money will depend largely on your location, specialization, and experience so check out resources such as Salary.com to learn more.
- Increased cost of education. Keep in mind the total cost of your advanced degree. Master’s programs are not inexpensive. You will also want to make sure that you attend an accredited and reputable school as some online-only universities are not taken seriously in the business world. Look at the tuition costs for the programs in your area and evaluate your return on investment when compared to your higher earning potential. If the math doesn’t work out you may simply want to dedicate your time to advancing your career by gaining marketable experience.
- Time away from your career. Speaking of gaining valuable experience, another downside about concentrating on school is the potential to lose time that you could or should be dedicating to your career development. Will you go to school and work full time? If not, what kind of experience will you be missing out on? If you take three years to complete an MBA will you actually be behind the curve when you reenter the job market?
Do you think that getting a master’s will help your career prospects? Contact VincentBenjamin to see what financial opportunities you qualify for now. Our accounting and finance recruiters are located in Los Angeles, Orange County, Phoenix and Denver.