An online MBA in finance may be precisely what you need to succeed in this field. These programs prepare students for various coveted roles, including financial analyst, investment banker, and financial manager, offering salaries ranging from $99,890 to $156,100 annually. With flexible study options, these programs can be completed in as little as 18 months, allowing working professionals to balance their careers and education. While costs can vary depending on the institution, the average tuition for a graduate degree is $20,513 per year.
How To Choose an Online MBA in Finance Degree Program
Choose your area of study
Many programs will allow you to select a concentration and focus your studies on a particular niche in this field. So, consider your career goals and strengths within the realm of finance when choosing your program.
For example, students with an analytical mindset may be well-suited for a concentration in investment analysis, while natural leaders will thrive in financial management. Research the specializations offered within MBA programs and consider the courses and curriculum content.
Additionally, seek advice from professionals already working in your field of interest to gain insights into the industry’s future trends and potential opportunities. This can highlight a specialization you are an excellent fit for but have yet to consider.
Research schools and programs
Once you’ve chosen your area of specialization, conducting thorough research on schools and programs is crucial to finding the best institution for your needs. Start by identifying reputable universities and business schools offering an online finance MBA in your chosen specialization. You should also look into each option’s faculty and the services provided to online students.
Only apply to institutions that have been approved by a DOE-recognized regional accrediting organization, such as the New England Commission of Higher Education or Northwest Commission on Colleges and Universities. These organizations evaluate schools to ensure they provide students with a high-quality education. Those who attend a school that isn’t regionally accredited may be unable to access financial aid or transfer credits to another institution if needed.
Ideally, your MBA in finance program will also be accredited by a respected industry group like the Association for the Advancement of Collegiate Schools of Business (AACSB) or the Accreditation Council for Business Schools and Programs (ACBSP). These programmatic accrediting organizations have particularly high standards for business education.
To learn more about any schools that you’re interested in, you can visit the school’s website, contact an admissions counselor, follow the school on social media, or attend an in-person or virtual open house.
Prepare for tests and applications
To effectively prepare for tests and applications, consider following these critical strategies. First, familiarize yourself with the test format, such as the GMAT or GRE, and create a study schedule that allows for regular practice. Utilize official study materials and practice exams to proactively identify your strengths and weaknesses. Some students benefit from enrolling in test preparation courses or working with a tutor to receive personalized guidance.
Application requirements vary by school and program. Undergraduate transcripts are typically required, and you may also need to submit letters of recommendation and a personal statement. Always contact an admissions counselor to ensure you have the most accurate information regarding requirements and deadlines.
Select your program
Before making your final decision, review your needs and goals again. Do you plan to attend school full-time or part-time? Do you want your program to be as online as possible, or are you fine with a hybrid program that has a fair amount of in-person requirements? Some programs offer asynchronous courses, which can be completed at your own pace, while others only offer synchronous courses, which involve remotely attending lectures and completing assignments at the same time as other students — which of these two online learning formats do you prefer? Your school should accommodate your scheduling needs and learning preferences.
Determine how you’ll pay for your degree
Be sure to speak to financial aid counselors at the schools you’re interested in for the most accurate and specific information about program cost. While paying for an online MBA can initially feel overwhelming, many resources are available to help alleviate the financial burden of pursuing this advanced degree.
Explore financial aid options, including federal student aid, by completing the Free Application for Federal Student Aid (FAFSA). Check with your institution to see what scholarships they offer specific to your MBA program or related to finance. Additionally, scholarship and grant options may be available from professional organizations and private foundations. Some students can balance part-time work to help finance their education, and many MBA students utilize employer tuition reimbursement programs as a funding source.
The Top 51 Online MBA in Finance Programs
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How We Rank Schools
This list features some of the best online MBA in finance programs at top colleges nationwide. Each school featured is a nonprofit, accredited institution — either public or private — with a high standard of academic quality for postsecondary education. Many of the schools on our list have been accredited by the Association to Advance Collegiate Schools of Business, which assesses business-related programs’ objectives, quality, and overall effectiveness.
We evaluated each school’s program on admission, retention, and graduation rates as well as tuition costs, faculty, reputation, and the resources provided for online students. Then, we calculated the Intelligent Score on a scale of 0 to 100. Read more about our ranking methodology.
Next, we compared this comprehensive list of online MBA in finance programs to a list of aggregated college rankings from reputable publications like U.S. News & World Report, among others, to simplify a student’s college search. We pored through these rankings so students don’t have to.
What Can You Expect From an Online MBA in Finance Degree Program?
An online MBA in finance provides a well-rounded education designed to equip you with the necessary knowledge and expertise to succeed in the finance industry. Coursework covers financial analysis, investment management, corporate finance, risk management, and financial strategy. Students learn to analyze financial statements, evaluate investment opportunities, assess financial risks, and make strategic financial decisions.
Earning an online degree offers a certain degree of flexibility that makes it possible for working professionals to balance their education with other responsibilities, and an online MBA in finance is no exception. In an online learning environment, students engage in virtual collaborations, group projects, and discussions with classmates and faculty. Additionally, some programs may offer networking events, guest lectures, or virtual workshops to enhance the learning experience and foster connections with industry professionals. Most full-time students can complete all of the degree requirements in 18 months to two years, but some accelerated options may enable students to finish in less time.
Potential courses you’ll take in an online MBA in finance program
- Corporate Finance: A popular core course for finance majors, this class explores the financial decisions made within corporations, including capital budgeting, capital structure, dividend policy, and working capital management. Students learn to evaluate investment projects, optimize capital structure, and assess the financial impact of various decisions on the firm’s value.
- Managerial Accounting: Another standard course for finance majors, managerial accounting teaches students how to use accounting information for internal decision-making and planning. Students learn about cost concepts, budgeting, cost-volume-profit analysis, and performance measurement.
- Strategic Financial Management: Also known as “Corporate Financial Strategy,” this class is typically offered as an elective. Students focus on the financial aspects of strategic decision-making within organizations while learning how financial considerations shape corporate strategy.
- Global Financing and Emerging Markets: Another popular elective in finance curricula, this class focuses on the complexities of international finance and the unique challenges and opportunities presented by emerging markets. Students study foreign exchange markets, international capital budgeting, and global investment strategies.
- Mergers and Acquisitions: While mergers and acquisitions can be offered as a topic in financial strategy courses, some institutions offer this course as its own class. Students learn the fundamental concepts and strategies involved in corporate mergers, acquisitions, and divestitures. They study valuation methods, deal structuring, negotiation tactics, and post-merger integration.
What Can You Do With an Online MBA in Finance?
Career outlook
Although banking may be the first industry that comes to mind when you think of finance, your online MBA in finance prepares you for positions in just about any field in business and industry, as well as the nonprofit world.
Here are some common career paths you might follow:
- Top executive — Coordinate the work of an organization by establishing goals, overseeing activities, and appointing department heads and managers.
- Median annual salary: $103,840
- Projected employment growth (through 2032): 3%
- New job openings projected: 311,600 annually
- Financial manager — Maintain the financial health of an organization by directing investment activities and developing plans for meeting long-term financial goals.
- Median annual salary: $156,100
- Projected employment growth (through 2032): 16%
- New job openings projected: 69,600 annually
- Financial analyst — Evaluate investment opportunities, assess the financial health of businesses, and provide recommendations for optimal financial strategies.
- Median annual salary: $99,890
- Projected employment growth (through 2032): 8%
- New job openings projected: 27,400 annually
Online MBA in Finance Degree Frequently Asked Questions
How do I apply to an online MBA in finance degree program?
Applying to online MBA programs can be intimidating, but many institutions have similar application requirements. Access the online application form by visiting the program’s official website. Check to ensure you meet the program’s admission requirements, which typically include a bachelor’s degree, minimum GPA, and work experience. Then, prepare the necessary materials, including transcripts, letters of recommendation, a statement of purpose, and GMAT or GRE test scores. Don’t hesitate to reach out to an admissions counselor when in doubt. They can lend valuable insights into the admissions process, clarify any uncertainties, and ensure you meet all requirements before you apply.
How much does an online MBA in finance degree cost?
The most affordable online MBA programs cost about $310 per credit hour. However, these degrees can quickly become pricey, with the most expensive schools charging around $70,000 per year. It’s also important to consider the additional costs of an online degree, such as technology fees, textbooks, and course materials.
How long does it take to earn an online MBA in finance degree?
An online MBA in finance program can typically be completed in 18 months to three years. Many online programs offer more flexibility than their on-campus counterparts, allowing students to complete degree requirements independently. However, if a student chooses to enroll part-time, the program will typically take longer to complete. The total number of required credits also impacts this timeline, with most programs requiring 36 to 60 credit hours to graduate.
Is an online MBA in finance worth it?
Although many entry-level positions in finance are available to those with a bachelor’s degree in business or finance, an MBA in finance can open the door to higher-level positions, sometimes as part of an organization’s leadership team.
Many positions in the finance world are growing faster than average, making the field a good choice for individuals who want to enter or advance in a growing profession. These opportunities often offer high salaries as well.
Earning your degree online increases the number of institutions available to study at. There is little stigma around earning a degree online — instead, it shows potential employers that you are self-motivated and organized, with excellent time management skills.