Graduates of MBA programs specializing in finance should see an impressive return on their investment. "Finance is known as an MBA-heavy field, even at the junior level," notes Monster. "Financial analysts and portfolio managers often either have an MBA or are working on one." Thousands of six-figure positions are available in banking, financial services, insurance and related industries, and MBA graduates are in high demand for many of these positions.
The Graduate Management Admission Council confirmed this in its Alumni Perspectives Survey of 2018. The report reveals that MBA graduates earn nearly $1 million in cumulative base salary on average, not including bonuses and incentives, in the 10 years following graduation.
Common careers for finance MBA graduates can be segmented by industry into financial services, banking and insurance. Here are several of the most commonly held jobs within each sector, with compensation as of August 2019:
Financial advisor - This widely diverse set of positions encompasses personal financial advisors, financial analysts, reporting directors, accountants and CFOs. Salaries range from $52,190 to $465,790, based on factors including position, education, certifications, additional skills and years of experience.
Financial reporting manager - $118,179 average salary: This position is responsible for ensuring that reports, filings and documentation comply with company regulations, professional standards, and SEC and GAAP reporting guidelines. It also distributes financial statements to investors and the media.
Financial analyst IV - $103,397 average salary: In this role, professionals handle the coordination, preparation and documentation of complex financial analysis projects, including working capital, investments, and financial and expense performance. They prepare forecasts and analysis of trends in sales, finance and business conditions, and present findings to senior management.
Financial reporting director - $137,775 average salary: This corporate leader oversees the preparation and distribution of financial statements, ensures that documentation complies with regulations, and confirms that entries, transactions and accounts are accurately reflected in all documentation. This role also advises management and recommends best approaches for any needed changes in reporting.
Banking and Investing
Business banking relationship manager III - $109,486 average salary: These professionals develop and maintain business relationships for their banks and financial institutions. They generate business by finding cross-sell opportunities for additional banking services for their clients.
Commercial loan manager - $156,164 average salary: Here, professionals manage commercial loan officers to build the business in a designated market. This position is responsible for delivering operational guidance and approving requests for loans beyond the officers' approval limits.
Chief lending and credit officer - $185,000 average salary: This position directs loan portfolios for institutions and determines corporate policies and procedures for lending activities to further long-term portfolio growth.
Chief underwriting executive - $189,500 for life insurance: This position oversees the activities involved in underwriting and develops guidelines for risk management, renewals and rejections. The position is responsible for keeping up with changes in the legal environment and reporting to the top underwriting executive.
Claims director - $142,265 average salary: This role ensures that the claims department meets financial and service requirements. This professional sets policies on claims based on coverage, appraisal and verifiable damage, and is responsible for the strategic processing and payment of claims.
A specialized MBA in the lucrative field of finance can open the door to positions like these and thousands more with the nation's top employers. Demand is high for specialized training across banking, financial services and insurance, and that trend does not appear to be letting up any time soon.
Learn more about SOU's online MBA with a Concentration in Finance program.
Sources:Salary.com: Claims Director Salary
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