MBA vs. Master’s in Finance: How to Choose

Kevin Bucardo '25MBA

Master's degrees aren't one-size-fits-all. That's why there are multiple to choose from if you're looking for an advanced finance education.

At Southern New Hampshire University (SNHU), for example, your options include:

• Master of Science (MS) in Finance
• Master of Business Administration (MBA) with a concentration in Finance

Although they're both master's degrees for aspiring finance leaders, there are more differences between them than you might think.

What is the Difference Between an MBA and an MS in Finance?

Simply put, an MBA is seen as a versatile business degree, while an MS offers a more tailored education.

"An MBA is a broad, leadership-focused business degree that builds skills across strategy, operations and management," said Dr. Enrique Barreiro, a senior associate dean of business at SNHU with more than two decades of experience in strategic leadership. "A master’s in finance is more technical and specialized, with a stronger emphasis on financial analysis, investments and quantitative decision-making."

Here are a few key distinctions between the degrees at SNHU:

"Think of it as a spectrum: the MBA is the broadest option, the MS in Finance is the most specialized and quantitative and an MBA with a Finance concentration sits in the middle," said Barreiro.

Read more: MS vs. MBA: Understanding the Differences

Is It Better to Get an MBA or a Master’s in Finance?

The best choice depends on you and the kinds of roles you'd like to pursue in the future, according to Barreiro.

Here's a closer look at your options:

MBA With a Concentration in Finance

The finance concentration is three courses within the 10-course MBA at SNHU, according to Barreiro. "It’s a strong option for students who want exposure to finance while maintaining career flexibility," he said.

For instance, Kevin Bucardo '25MBA chose this option because he didn't want to limit himself to finance — he also wanted to study leadership. "I wanted to pursue an MBA because it was a good way for me to understand how to become a better leader," he said.

He noted that his coursework about leadership and change management was especially valuable, along with everything he learned about business processes and creating synergies.

"It allowed me to just understand a little bit more about how people work in those corporate environments, but also — how can I adapt those particular skills into my everyday life and also my work?" Bucardo said.

MS in Finance

"An MS in Finance is more aligned with specialized roles such as financial analyst, investment analyst, corporate finance or risk management," Barreiro said.

Aaron Davenport '25G, who graduated with an MS in Finance from SNHU, said that he's hoping to use his new knowledge to grow at his current place of work, a mortgage lender.

"(My courses) helped show me a lot behind the scenes of what it takes to manage a business firm and all of the finance requirements that come with it," Davenport said.

He said the degree has helped him better understand the business world as a whole. And at the end of his program, he noted that he had grown as a person through the experience, too.

“I feel more mature,” Davenport said. “I definitely feel like I’ve grown.”

Learn more: What Can You Do With a Finance Degree?

Is a Master’s Degree Worth It for Finance?

Whether an MBA or dedicated master's degree in finance is worth it is subjective, but according to Barreiro, it can certainly make a difference.

"A master’s degree can help you build advanced skills, increase your earning potential and position yourself for growth," Barreiro said.* "The key is selecting the program that best fits the type of work you want to pursue."

On average, bachelor's-level workers earned $1,543 in 2024 compared to $1,840 for those with master's degrees, according to the U.S. Bureau of Labor Statistics (BLS).*

In finance, in particular, a master's degree plus experience could help you work toward roles like:

• Financial analyst: $101,910 median annual salary in 2024, BLS reports*
• Financial manager: $161,700 median annual salary in 2024, according to BLS*
• Personal financial advisor: $102,140 median annual salary in 2024, BLS said*
• Top executive: $105,350 median annual salary in 2024, BLS reports*

Consider your future plans and aspirations when you're deciding on a degree. Where do you see yourself headed?

"Choosing a graduate program is about aligning your education with your goals," Barreiro said. "The right program should not only build your knowledge, but also support where you want to go professionally."

*Cited job growth projections may not reflect local and/or short-term economic or job conditions and do not guarantee actual job growth. Actual salaries and/or earning potential may be the result of a combination of factors including, but not limited to: years of experience, industry of employment, geographic location, and worker skill.

Mars Girolimon '21 '23G is a staff writer at Southern New Hampshire University where they earned their bachelor’s and master’s, both in English and creative writing. In addition to their work in higher education, Girolimon’s short fiction is published in the North American Review, So It Goes by The Kurt Vonnegut Museum & Library, X-R-A-Y and more. Connect with them on LinkedIn.