Best Online MBA in Finance Programs

The finance industry is expected to grow rapidly in the coming years, and an online master’s degree in business administration (MBA) with a specialization in finance can help equip you with the skills to excel in this evolving sector.

Employment for financial managers is projected to grow by 17% from 2023 to 2033, according to the Bureau of Labor Statistics (BLS). That’s more than four times the average projected growth rate of 4% across all occupations, reflecting a booming sector.

Additionally, the financial technology (fintech) field in particular is set for meteoric growth. Estimates from a 2023 report by Boston Consulting Group project industry revenues to grow from $245 billion to $1.5 trillion by 2030.

An online finance MBA degree can help you improve your career prospects or break into the field, without even having to leave your current job. Explore our list of the best finance MBA programs based on student outcomes and affordability to help you find the right one for you.

In a broad field like finance, it’s important to choose an MBA program that meets your career and personal goals.

Make sure to weigh a program’s flexibility, application requirements, and cost. Also, consider its accreditation status, both at the institutional and programmatic levels. Confirming accreditation at both levels ensures that the college and program within it meet specific quality standards and may be required for certain career paths.

You should also evaluate the program’s curriculum to make sure it includes courses that align with your career goals. Dr. Angélica S. Gutiérrez, associate professor of management at Loyola Marymount University, says programs can differ in terms of specialization. For example, some may focus on corporate finance, investments, or real estate.

Pursuing an online MBA is usually more affordable than attending a traditional, in-person program.

In fact, National Center for Education Statistics (NCES) data from 2020 shows that online master’s programs in business/management, on average, cost less than half that of in-person programs before factoring in financial aid. This price can be further reduced by applying for scholarships and other financial aid programs.

However, keep in mind that the cost of online MBA programs can vary significantly from school to school. Nationally renowned business schools will be much more expensive, as a rule of thumb, than regional public institutions.

This even applies to prestigious public institutions: An online MBA program from the University of North Carolina Kenan-Flagler Business School or the University of Michigan Ross School of Business, for example, will cost you more than $100,000.

Finance MBA programs usually take around 2-3 years to complete, but that isn’t always the case, especially if you’re a part-time student.

The University of Michigan’s online MBA program, for instance, allows students to complete it in anywhere between two and five years based on their workload.

Other MBA programs feature an accelerated format. That usually means shorter, more intense courses to condense a two-year curriculum down into 12-16 months.

The application requirements for finance MBA programs usually include:

Enrolling in an MBA with programmatic accreditation is a good way to make sure you’ll get a positive return on your investment.

Academic programs undergo a rigorous evaluation process to earn programmatic accreditation, ensuring they meet stringent educational standards. Accreditors assess various factors, including faculty expertise, student employment outcomes, and the institution’s financial health, to determine whether a program qualifies for accreditation.

Here are some major accreditors to look out for when comparing programs:

Employment for business and financial occupations is projected to grow faster than the projected average rate of 4% growth for all occupations from 2023 to 2033, according to the BLS.

For instance, employment for financial managers is projected to grow by 17% from 2023 to 2033, and employment for financial analysts is projected to grow by 9% during the same time period, according to the BLS. This data reflects the fast-growing financial services industry and a looming advisor shortage.

The consulting firm McKinsey & Company projects a shortage of roughly 100,000 financial advisors by 2034 due to a declining workforce. This underscores the potential opportunities for those considering a career in finance as the demand for qualified professionals increases.

Below is a brief list of some jobs you can pursue with an MBA in finance degree:

Earning a finance MBA can help you develop essential business skills and stay up to date with industry best practices.

“An MBA in finance can help students develop the technical skills to be competitive, including analytical thinking, decision-making, and financial reporting,” says Gutiérrez. ” She also notes that you can develop interpersonal skills, such as management and communication, during your studies.

When combined with work experience, this degree can also help boost your earning potential well into six figures. For instance, financial managers earn a median annual salary of $156,100 as of May 2023, according to the BLS.

You may not even have to wait until graduation to start seeing a return on your investment. For example, more than 85% of online MBA students at the Indiana University Kelley School of Business reported a new job, raise, or promotion while still enrolled.

This increased earning potential can make an MBA in finance program an attractive option, especially for working professionals. In fact, online MBA programs are often designed with working adults in mind and feature an asynchronous format that lets you work toward your degree without pausing your career.

Beyond a finance MBA degree, you can consider certifications to deepen your expertise.

A growing number of business schools are now offering certifications in high-demand finance areas like fintech and AI. For example, in 2023, the Ohio State Fisher College of Business rolled out a two-course fintech microcredential program.

A doctoral degree is also an option if you’re looking to get into academia or high-level consulting. Many schools offer online doctor of business administration (DBA) programs that focus on applying research to real-world business challenges.