Selecting a major is a painstaking task that decides the future of your career and sets the direction for you in a professional world. If carefully decided, you can excel in your chosen field and step on the ladders of success and career growth.
A finance degree can never go wrong or out of scope due to its immense importance in every business and organization. You cannot imagine a firm working without a finance department.
Similarly, a rising trend in entrepreneurship also expands the value of finance majors. However, it is not suitable for everyone to go for a degree in finance. You must ask some questions before pursuing an MBA in finance.
1. Does this finance degree fit with my career goals?
The most important factor before pursuing a finance degree is to consider whether it aligns with your career goals or not. You must be clear about your career goals at this stage. Invest some time to explore your interests and career aspirations.
Think how a finance degree can prove to be rewarding for your career and job advancement. Research about specializations or concentrations that you want to opt for.
For instance, an MBA degree offers specialization in general management, focusing on several management courses. These include advanced operations management, creative and innovative management, corporate financial management, advanced global management, and advanced strategic management.
If you want to serve in a management position in the future, this degree perfectly aligns with your career aspirations.
2. Can this finance degree direct me on a stable career path?
The ultimate purpose of getting an education is to earn and advance your career. MBA is one of the most sought-after degree programs with financial stability.
Explore the job prospects of an MBA program on the internet and figure out where you see yourself in the future. Look for the job placement ratio and exact titles of the most common jobs available for your degree. You can also find information from the admission office regarding the employment ratio of graduates with an MBA degree.
Similarly, seek information about the internship opportunities and chances of landing a permanent job based on the internship. Graduate employability reports are available at websites of several business schools from where you can get relevant information on how an MBA program can prove beneficial for you.
3. Is this MBA degree suitable for me?
You must consider several factors when deciding on your MBA degree. The most crucial is whether you can bear the cost of a degree or not. Most MBA programs are expensive due to bright career prospects.
However, you can go for online or hybrid programs that offer the same course content but with lower costs. Student loans and scholarships are also good options to consider when estimating the costs of a degree.
The duration of a degree is also an important deciding factor. The majority of MBA programs generally take two years to complete. If you cannot take that much time for regular studies, you can choose part-time or online programs. In this way, you can manage your studies and other responsibilities simultaneously.
Location of a school also matters as you have to invest time and money for commuting. Look for nearby business schools with affordable fees. You can also think about relocation options. But you must consider the cost for every possible solution as your budget plays a vital role while deciding on a degree.
4. What is the preferred learning style for me?
There are a variety of learning styles offered by an MBA program. You must know about these variations for getting the most of the benefits out of your degree. For instance, if you learn fast in a traditional classroom setting, you must go for a full-time MBA program.
On the contrary, online programs are suitable for you if you are on the go and cannot attend physical classes due to hectic job schedules or other family commitments.
You need to know that online programs are also synchronous and asynchronous, having some differences. You have to take virtual classes at specific times and engage with students and teachers in synchronous mode.
On the other hand, an asynchronous mode is a self-paced program and you don’t have to join online classes during fixed timings. Though, you have to meet certain deadlines in this mood.
5. What kind of networking opportunities are offered by an MBA program?
Extensive networking in professional circles can help you to bring the best out of yourself. MBA programs are best known for mentorship and rapport building.
Whether you choose an online or traditional mode of study, all MBA programs provide you with the opportunity to interact closely with students, instructors, professors, etc. You must find information about the business school’s alumni, other workshops, and capacity-building events that can help you connect with professionals from the business community and other relevant sectors.
You can benefit from rewarding career opportunities and get exposure to the challenges faced by the real business world by engaging with professional networks.
6. What is the preferred teaching style for me?
Before pursuing an MBA degree, get the answers about the teaching style offered by degree programs in different business schools. For instance, do they prefer presentations or study tours to any industry? Do they encourage students to work in groups or alone?
Does their faculty include academic experts or seasoned professionals with hands-on practical knowledge? What are the class sizes? In case of less strength of students in class, you have a chance to interact and ask questions directly from professors.
It is always better to prepare for your degree than regret it later. Get the maximum knowledge about the finance degree you are looking to get admission in.
Some additional considerations may include culture and diversity. Some business schools have a high ratio of international students coming from different backgrounds, thus giving you a world-class experience.
Similarly, you can research information about support services offered by business schools. They may include academic support, tutoring, financial support, career preparation, and internship opportunities. In addition, you can visit many business schools before getting admission to get a real-life experience.
They run their open day events or job fairs in collaboration with other stakeholders, allowing you to meet and ask questions from professors, students, and alumni.
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I am Adeyemi Adetilewa, a media consultant, entrepreneur, husband, and father. Founder and Editor-In-Chief of Ideas Plus Business Magazine, online business resources for entrepreneurs. I help brands share unique and impactful stories through the use of public relations, advertising, and online marketing. My work has been featured on the Huffington Post, Thrive Global, Addicted2Success, Hackernoon, The Good Men Project, and other publications.