A bankerâ??s CV used to automatically include an MBA, but new careers in finance has led to a range of masters degrees.
An MBA has historically been considered a passport to the glamour and riches of a high-finance career, but times are changing, says Professor Pablo Triana, director of the Centre for Advanced Finance at the IE Business School in Madrid.
â??These are interesting times when MBA [graduates] face real competition when it comes to investment banking, private equity and hedge-fund jobs. Before the emergence of the masters in finance the MBA faced no competition. Now a MBA graduate from a top-ranked b-school could find [that] an prestigious masters in finance is hired ahead of them, and that hasnâ??t happened before,â? Professor Triana says.
In the past decade there has been a proliferation of masters in finance (MiF) courses. These need to be distinguished from the growing number of masters in quantitative finance degrees â?? specialised technical courses â?? that prepare graduates for technical finance roles. The main competition for graduates from these quantitative courses is likely to be candidates with PhDs. Professor Triana says too that it is important to compare apples with apples. An MBA from a top business school is always likely to trump a MiF from a lower ranking school.
So, for a role you can bank on, it pays to weigh up your career aspirations against the type of degree and the investment in time and money youâ??re prepared to make. â??The MBA may continue to be the safer bet â?? if you donâ??t get into investment banking you can try other things, such as consulting… but for those that are brave or visionary enough to do a specialist degree then the payout could be superior to an MBA,â? Professor Triana concludes.
IE Business School has designed two new programs which are in perfect line with the above mentioned argument:
Master in Finance for people at the starting point of their financial career.
Master in Advanced Finance for professionals with relevant work experience and who aspire to work in the finance industry as associate
This in an excerpt of an article which was published in The Times on February 14, 2008.