Studying Financial Planning at a Glance
If you're good with personal finances, enjoy giving financial advice and already have a bachelor's degree, you may want to consider a Master of Business Administration (MBA) or a doctoral degree in financial planning. According to the U.S. Bureau of Labor Statistics (BLS), jobs in financial planning were expected to grow 32% from 2010-2020 (www.bls.gov). This increase is attributed to a decline in private pensions and a growing demand by individuals, especially baby boomers, for assistance managing retirement funds.
Financial planners with a MBA may work as financial managers, stockbrokers or financial analysts. Those with substantial work experience may also work as a chief financial officer. If you obtain a Ph.D., you may also work as finance professor or economist.
| MBA | PhD | |
|---|---|---|
| Who is this degree for? | Individuals interested in teaching at the junior college level or seeking additional credentials for job advancement | Individuals seeking academic work as researchers, instructors and professors, government or private industry experts |
| Common Career Paths (approximate mean annual salary) | - Personal Financial Advisor ($91,000)* - Financial Analyst ($88,000)* - Securities, Commodities Sales Agent ($99,000)* - Chief Executives ($177,000)* - Financial Manager ($120,000)* | - Post-secondary teacher ($74,000)* - Economists ($100,000)* |
| Time to Completion | Two years full-time | 2-5 years full time, depending on pace and progress |
| Common Graduation Requirements | - 6-8 graduate-level courses - Complete teaching and seminar requirements - Master's research paper | Most (or all of the master's degree requirements), plus: - Proposal and Defense of Dissertation - Student teaching - Professional seminars -Research publications - 8-16 additional courses |
| Prerequisites | -A bachelor's degree - GMAT - business experience | -A bachelor's or master's degree - Economics, statistics and calculus courses |
| Online Availability | Yes | Yes, but rare |
Sources: *U.S. Bureau of Labor Statistics (May 2010 figures)
