Which One is Better - MBA in Finance or MBA in Marketing

We all know and agree that an MBA degree is becoming hotter than ever before with specialisations in finance and marketing remaining highly sought after and hotly pursued. In such a situation, a question that most of the aspirants find themselves face to face with is which one would be more beneficial or rather say provides more rewarding career options. If you put this question up for debate in the open for those who know both fields closely, it is highly likely that you’ll get a barrage of answers – some arguing in favour of MBA in Finance and others vouching for MBA in Marketing.

Without jumping to the conclusion, we’re presenting facts and letting you, the reader that is, decide which business management course has an edge over the other. We’ll love to hear from you through the comment section at the end of the article. Do voice your concerns and let others know your take on the discussion.

In our drive to make you familiar with both sides of a coin and help you make an informed decision, we are comparing both professional management courses on certain parameters. Before we do that, let’s touch both areas of management study briefly.  

• Brief Introduction: MBA Finance and MBA Marketing

MBA in Finance is all about managing all affairs concerning to finance. Professionals in this field are involved in financial decision-making – more specifically how to obtain, manage and distribute funds for various projects in a particular business. Studying financial management in any of the prestigious colleges delivers knowledge of economics, data analysis, financial accounting, finance, budgeting and to some extent, market. You look after the finance and its overall management to ensure the business doesn’t fall short of financial resources in the crucial times or when venturing into a new field altogether. In a nutshell, the route to the coffers in a business goes through the finance manager.

MBA in Marketing is more into the marketing and sale of products and services that companies want to promote. Aside from this, professionals with a degree in marketing management are involved in making marketing decisions regarding public relations, advertising, communication fields and making strategies to build a brand image. They make strategies for promoting the company, its products and services through various online and offline resources. Strategic planning, market research, economics, financial analysis, consumer behaviour, business trends, sales and marketing are some of the core areas that professionals from this field focus on. More importantly, marketing brings in the money that finance manages.

• Skill set required: MBA Marketing versus MBA Finance

When we talk about the skill sets, both the MBA Specialisations require different skills. To pursue MBA in finance successfully, one needs to be an expert in managing finance and has to have considerable knowledge of financial management principles. S/he should have a great understanding of accounting, analytical skills, decision-making abilities and expertise in managing financial affairs. Reasoning skills, positive attitude, problem-solving and communication skills are some of the other traits that make a difference and help marketing professionals to excel in the field.

Whereas for MBA in marketing, the skill set required include flexibility,  strategic thinking, quick wit, negotiation skills, creativity, passion, ability to present things differently, being outgoing and having an impressive personality will be an added benefit for sure. In addition to this, marketing, product management and marketing, developing market strategy, social media marketing, market research and product development are some of the other areas that marketing professionals should know about.

• Job areas and Titles: MBA Marketing versus MBA Finance   

Being an MBA in finance from one of the reputed colleges in India opens a myriad of job options across various businesses and industries. You are warmly welcomed in various sectors that include, but surely not confined to, banking, finance consultancies, investment banking, banks, corporate finance and merchant banking. Various job titles that this field of business management makes you eligible for include Accountant, Personal Financial Advisor, Budget Analyst, Financial Research Analyst, Chief Financial Officer Credit Risk Management Analyst, Administrators and Portfolio Manager.

As more and more companies are shouting out loud and clamouring attention for their products and services, it opens a window of opportunity to professionals with MBA in Marketing from any of the reputed colleges. The corporate world is ever hungry for professionals who can develop an effective marketing plan, bring in some quick money, build a brand image and add more clients every day. With considerable knowledge of how business is developed and surging trends, marketing professionals can be an integral part of any organisation interested in selling its products and services aggressively and make more profits than possible otherwise. The job titles for professionals with MBA degree in marketing may include Branding Specialist, Advertising Executive, Marketing Manager, Product Manager, Public Relations Specialist and Marketing Analyst.  

•  Work Profile and roles: MBA Finance versus MBA Marketing

Professionals with MBA in finance are involved in designing the strategies to raise the finances/capital from myriad resources to manage the current projects and support the new ones. Professionals make sure that the market conditions are analysed, strategies to counter risks developed and benefits calculated vis-à-vis market economics. They weigh every aspect and almost everything from the finance point of view and make sure that the funds are not wasted, rather generated for the organisation. The work profiles for professionals in this field include assessing the feasibility of a project from the financial point of view, compile financial information, cost management, analysing the legal aspect of new investment.

Professionals with MBA in marketing are involved in innovating new ways, designing strategies and promoting businesses at different levels. They make plans that cut across people and challenge market conditions to help an organisation to remain profitable even in adverse conditions. Moreover, marketing professionals provide the vital juice to the organisation, finance that is. The work profiles for professionals in this field include calculating the product feasibility, setting marketing goals; develop strategies, planning, brand building, client research and promotional campaigns.  

• Career demand and risks: MBA Finance versus MBA Marketing

Even when finance is the blood and soul of an organisation, the career demand for MBA in finance remains medium. The reason being, a team within a business consists of less financial management members as compared to marketing and sales representatives. As fluctuating market conditions directly dictate and affect jobs in the finance sector, they are not that secured in the investment companies. However, jobs in finance are far safer in other companies as the career risk falters between medium and high.

The career demand after MBA in marketing remains high for organisations need different market teams to push their products and services aggressively in the market. Different marketing and sales teams in an organisation demand more professionals. Even then, the jobs in the field of marketing are on the higher risk. Higher jobs in the field of marketing are based on performance and since the market remains unpredictable, the jobs in this sector are unpredictable too. Particularly, non-performers, those with the lazy and laidback approach are at a higher risk of losing jobs.

• Remuneration: MBA Finance versus MBA Marketing

Remuneration is a subject to industry segment one is working in and place of work. However, the broad pay packages range between INR 25,000 to INR 50,000/month at the entry level, from INR 60,000 to 1.2 laks/month at medium level and sky is the limit at the higher level.

 My two cents

The debate here isn’t about whether MBA in finance or MBA in marketing is better. It’s more about the likings, aptitude and aspirations of a candidate. Those with an outgoing personality, excellent communication skills, ability to impress others and quest to explore different markets for various businesses should opt for marketing. In the same way, those who have an eye for the detail, are research oriented and love finance more than any other field should go for MBA in Finance. Obviously, you can’t spend your whole life doing something that you never liked and just opted for it only because it showed you better career opportunities. Instead, doing something that you are interested in would keep you motivated to explore the field more. With this, chances of more success coming your way are higher.