There are a number of paths that you can take to become an entrepreneur. Some entrepreneurs don’t attend college at all. Bill Gates is a classic example after dropping out of Harvard University during his sophomore year to co-found Microsoft.
However, having an MBA can actually put you ahead of the curve. The trick is to focus on the right facets of business to have a competitive edge.
An MBA in Finance of Banking Can Give You a Strong Edge as a Business Owner
The truth is that you don’t need a college degree to succeed as a businessperson. Only about 44% of entrepreneurs have degrees.
However, it is important not to view this statistic and draw the wrong conclusion. The failure rate for businesses is pretty high. Only about half of businesses survive for five years. One study found that 82% of companies fail due to cash flow problems, which could be avoided with a better understanding of finance.
Pursuing a master’s in business administration or MBA is often considered as one of the best ways to enter the business domain. An MBA degree lets you pick any specialisation such as finance, accounting or human resource management and provides you with all the skills required for excelling in a corporate management setup.
Focusing on a single specialisation for an MBA can be difficult, especially if you do not want to diversify early in your career. If you are undecided on your MBA concentration, it can make sense to pick a generalised branch such as banking and finance. This will help you considerably with running your business, because you will fill in the gaps that most business owners have.
Read on to get a peek into why picking banking and finance as your MBA major can be beneficial for you and what is the future scope of the qualification is.
Why should you pursue an MBA program in banking and finance?
An MBA in banking and finance can act as a roadmap to a great career role and a good salary package. Here are the primary benefits of pursuing an MBA banking and finance course.
- Wide curriculum: The banking and finance stream has a broader curriculum as compared to other MBA specializations. The wider curriculum can help you get a bigger picture of the industry and expand the bandwidth of your career opportunities. With this specialization, you can get a better grasp on different financial instruments, risk management techniques, bankruptcy situations and investment banking approaches.
- Practical experience: A banking and finance course would emphasise on gaining a first-hand experience of the practical challenges of the banking and finance industry. Hence, most MBA banking and finance programs provide an avenue for obtaining work experience as a part of the curriculum.
- Well-paying jobs: Pursuing an MBA in banking and finance can be a great way to upgrade your salary package. According to payscale.com, a banking and finance MBA graduate can earn a salary starting ₹ 5 lakhs and above. You can pick a role that suits your interests and career aspirations.
What is the career scope of an MBA programme in banking and finance?
Here are a few roles that you can look forward to as a banking and finance graduate.
- Investment bankers
- Loan officers
- Financial consultants
- Chief financial officers
- Business relationship managers
- Finance teachers
- Bank managers
- Portfolio managers
Apart from these exciting roles, you can also make it big as a financial analyst, accounting analyst, finance manager, or a business development manager.
Owing to the rapid transformations in the banking and finance industry, an MBA in banking can lead to an advanced role in any financial field. Enrol in this course today, to further your business. You will also have an easier time creating a business in the financial sector.
Use an MBA in Finance and Banking to Make Your Business Stand Out
Every business owner needs to appreciate the benefits of an MBA program. You might have an easier time running your business if you understand the basics of cash flow management, capital financing and other financial management practices that are covered in an MBA program. Specializing in finance and banking can be your best option of all.