According to the U.S. Bureau of Labor Statistics (BLS), the field of finance will grow rapidly between 2022 and 2032. BLS projects 13% job growth for personal financial advisors during this period, with 42,000 new jobs by 2032 and 25,600 job openings each year. BLS reports that financial analysts will see 8% growth through 2032, and employment of financial managers will likely increase by 16% — over five times the average growth rate for all occupations nationally.
In terms of pay, the median 2022 salary for personal financial advisors was $95,390 per year, according to BLS. But the highest 10% of earners made $239,200 or more annually. Earnings potential for financial advisors increases with training in financial planning, investment management, portfolio management, investment planning and financial reporting, all of which are covered in the online Master of Business Administration (MBA) with a Concentration in Financial Services program from the University of North Carolina at Pembroke (UNC Pembroke).
The Accelerated Online MBA From UNC Pembroke
This advanced degree program offers a broad understanding of corporate finance, financial restructuring, portfolio management, and banking systems and policies. Students learn how to evaluate the financial market and determine risks. The financial services concentration specifically helps students develop the analytical, communication and negotiation abilities needed to excel in customer-based roles.
This training prepares graduates for success in lucrative, high-growth careers in financial analysis, management and securities sales. Plus, UNC Pembroke’s accelerated program allows students to earn the MBA online in just one year.
Factors to Consider Before Enrolling in an MBA
Professionals with the innate ability to succeed in the field of finance are often methodical and systematic. Calculations may come easy, but these questions require considered thought: Is now the right time to invest in this training, or is it smarter to continue working while saving money for tuition?
A working professional may have to make compromises to enroll in an MBA program. Given this, it is important to work through some of the considerations and calculations of pursuing an MBA now versus postponing for the future.
3 Positive Considerations
There are many benefits to earning an MBA degree. The following are just three advantages of completing a program like UNC Pembroke’s online MBA in Financial Services:
1. Earnings Potential: Many positions graduates may qualify for have income potential well into the six figures.
- As noted earlier, financial advisors earned a median salary nearing the six-figure mark in 2022, with top earners making well over $200,000. The same holds true for financial analysts. The 2022 median annual salary for financial managers was an impressive $139,790, with exponentially higher earnings in the upper percentiles.
- According to the Graduate Management Admission Council (GMAC) 2023 Corporate Recruiters Survey, top recruiters and hiring managers in the U.S. report that they plan to offer new MBA grads a median starting salary of $125,000.
2. Employment Prospects: MBA training offers the expertise and flexibility needed to open career doors in more industries, departments and functions. It also provides exposure to various career paths, enabling informed career decisions.
- A focused MBA adds specific training for candidates who are sure of their interest in a particular industry or discipline.
- Networking in a focused MBA program enables students to grow their list of potential employers, referrals and clients.
3. Skills Development: Graduates bring their employers a broad range of in-demand skills, including critical thinking and analysis. Through an MBA program, they gain exposure to a wider range of concepts, strategies and skills than are available through training in one position or with one employer.
2 Potentially Negative Considerations
Potential students should consider some of the possible challenges of pursuing an MBA degree from certain institutions that do not offer affordable, flexible options:
1. Opportunity Cost: A crucial factor in determining an MBA program’s true cost and return on investment is the potential opportunity cost. In the simplest sense, this could be losing two years of income to attend a full-time, on-campus MBA program. Consider the following:
- Foregoing a current salary of $60,000 for two years equals $120,000 in lost wages.
- The cost of missing out on raises or advancement opportunities could increase the total lost income to $130,000 or more.
- The value of lost work experience and growth opportunities is difficult to quantify.
2. Tuition and Expenses: Earning an MBA can be an expensive proposition for most working professionals and recent college graduates.
- The tuition cost of full-time, on-campus MBA programs — and even some online MBA programs — can total $100,000 to $200,000 or more.
- Room and board can be expensive for on-campus programs.
- Attending class in person requires commuting and possibly relocation expenses.
Potential six-figure debt, career risks, stress and loss of income are enough to make many prospective MBA students feel indecisive. Fortunately, there is a solution that limits the risks while optimizing opportunities for success. The specialized online MBA from UNC Pembroke provides students with the quality education of a UNC system degree at a fraction of the cost — and time — of many full-time programs.
A Flexible Program for Working Professionals
UNC Pembroke’s online MBA program structure enables students to work while completing their studies. In this way, the online model can help working professionals avoid the prohibitive opportunity cost of returning to school. Plus, if students need to balance work and family obligations, they can spread their course schedule over a longer time frame, finding a pace that works for them. The convenience, flexibility and affordability of UNC Pembroke’s online MBA in Financial Services program can make it a smart investment for the savvy finance professional.