Having an advanced degree has become a necessity in the professional arena today. However, it is not always a simple decision for Finance students. On the one hand, they could opt for an MBA in Finance, which could help their careers in blossoming, but on the other side is the option of enrolling a
1. Career Choice
The first and foremost consideration for you has to be the field which you want to enter. If your interest lies in the world of academia, then a
Most MBA Finance degrees are limited to a two year timeframe. On the other hand, a PhD might require you to invest a significantly longer period of time. Additionally, the possible effort required for a PhD is often much more compared to an MBA in Finance. Merely choosing your topic can be a tricky aspect of a PhD, while MBA courses are much better defined in terms of their modules. A PhD degree is also dependent on your thesis being accepted, while this is not the case in an MBA in Finance where the rules are much more lenient.
3. Cost Involved
Another aspect that needs to be considered in comparing the two has to be the cost involved. While an MBA in Finance is expensive in itself, obtaining a PhD degree can prove to be much more expensive without university grants. Such grants are not available to students in every case. Without the grants, the investment required for a PhD can be too much to bear for individuals who are not from a wealthy background.
4. Practical Experiences
An MBA in Finance would teach you a lot about the corporate world. This includes the ability to handle tricky situations in the workplace, the ability to adhere to tight deadlines, as well as the soft skills that are needed in order to get work done from others. All such skills are invaluable for your career in the long run. On the other hand, if you wish to focus on the theoretical, then a
5. Ability to Switch
Furthermore, an MBA in Finance also gives you the ability to switch fields and industries at a later stage in your career. This is because there are so many spheres of work within Finance, such as investment, taxation, research, treasury, etc. On the other hand, a
6. Wage Factor
If you are looking to make more money in the future, the prospects are brighter for an MBA in Finance. This is because the theoretical research of a
Almost all full-time MBA Finance courses require you to attend classes throughout the duration of the degree. This means that there is little chance of you working remotely in order to achieve your degree. Whereas during a
In terms of collaborating with others, an MBA in Finance will provide you with more opportunities. This is due to the fact that there are numerous group projects during an MBA degree. Throughout these projects, you have to communicate, deal with your team-mates and create synergies with them. This is not possible during a PhD since in most cases you are working alone on projects. Also, working on a PhD alone can require you to collect a lot of market data individually, whereas an MBA in Finance allows you to work in groups.
9. Enrolment Criteria
The enrolment criteria for an MBA in Finance is usually much more relaxed compared to a
10. Mental Strength
Enrolling in a