Study Banking Management: Degrees at a Glance
Banking management degree programs teach students the skills necessary to take on a leadership role in the financial industry. Programs may also be offered under banking and financial services management, finance or financial management, or may be included as a concentration in finance within a Master of Business Administration (MBA) or Doctor of Business Administration (DBA) degree program.
There are a few field options for graduates of a banking management program, such as finance or academia. According to the U.S. Bureau of Labor Statistics (BLS), employment for financial managers was expected to increase with a slower-than-average growth of 9% between 2010 and 2020. Prospects were predicted to be better for those who have previous financial experience or those with a master's degree. And although financial analysts had a faster-than-average growth of 23% for the same time period, applicants with a graduate degree can expect improved job prospects compared to the competition.
| Master's | PhD | |
|---|---|---|
| Who is this degree for? | People interested in moving into leadership roles in the financial field | Individuals interested in pursuing a research or teaching position |
| Common Career Paths (with approximate mean annual salary) | - Financial analyst ($88,000)* - Financial manager ($120,000 - this salary is more common for people with at least five years of experience)* | - Business teacher ($87,000 - this salary is more common for people with prior experience)* - Finance or banking researcher (salary unavailable) |
| Time to Completion | 1.5-2 years | 4-5 years |
| Common Graduation Requirements | Capstone or research project | - PhD exams - Dissertation or thesis |
| Prerequisites | - Undergraduate degree - Prerequisite courses - GMAT or GRE scores | Similar to those of a master's degree program |
| Online Availability | Yes | Rare |
Source: *U.S. Bureau of Labor Statistics (May 2011 figures)
Master's Degree Programs in Banking Management
Master's degree programs in banking management are offered at many universities, though it's more common to find them under banking and financial services management, financial management or finance. Programs tend to award a Master of Science, and some schools may offer banking and finance as a concentration within a Master of Business Administration program. Some programs may have optional internship opportunities available.
Pros and Cons
Pros
- Graduate studies related to banking management can be applicable to many different types of businesses
- Job growth for financial analyst should be faster than average (23%) from 2010-2020*
- Potential careers generally pay above average for level of education*
Cons
- Overtime and/or long hours for related careers are common
- Competitive field with many people vying for the same jobs
- Licensure may be required for some positions
Source: *U.S. Bureau of Labor Statistics
Common Course Requirements
Master's degree programs typically require you complete credits that are usually divided up into core courses and electives or specializations. Some programs may also have prerequisites that need to be completed and may require completion of a graduate-level project or thesis.
Common course topics you may find in a master's degree program in this field include:
- Corporate finance
- Investment analysis
- Financial modeling
- Bank management
- Decision making for economics
Online Degree Options
There are some master's degree programs offered completely online. These options often award a Master of Science degree. Online MBA programs with a finance concentration are available, and they typically have on-campus or hybrid alternatives.
Getting Ahead With This Degree
Because this is a highly competitive field, earning professional certification may help you achieve your career goals. The Chartered Financial Analyst (CFA) Institute offers the CFA charter, which requires a program of courses and the passing of three exams, and the Certificate in Investment Performance Measurement (CIPM). To earn the CIPM, you must pass two exams, meet professional experience guidelines and become a member of the CIPM Association. Aside from these certifications, the CFA Institute also offers members access to an international network, tracking of continuing education credits and career services.
Doctoral Programs in Banking Management
Doctoral programs in banking management are almost always presented as a PhD in Business Administration or DBA with a concentration in banking and/or finance. There may be additional areas of concentration within the finance specialization. These doctoral programs tend to be offered by universities and can take 4-5 years to complete. DBA or PhD programs in banking management typically prepare students for roles in academia. Students in these programs may also be expected to teach undergraduate courses while working on their degree.
Pros and Cons
Pros
- Prospective postsecondary teachers with a doctoral degree may be favored over those with only a master's degree
- Teaching positions in business fields can be stable, well-paying jobs
- Positions may be highly flexible, allowing you to set your own schedule
Cons
- Careers in academia may require gaining teaching experience in addition to your degree
- Degree programs at this level require a significant time commitment
- Small programs make entry into degree programs very competitive
Common Course Requirements
Doctoral programs in banking management usually are a mix of coursework, dissertation or thesis work and exams. Programs are typically structured so most of the coursework is completed in the first few years before switching the focus over to the dissertation or thesis. Coursework tends to be mostly financial subjects, with some related subjects like statistics and economics included. Many programs also include teaching courses.
Class topics you may find in a doctoral program include:
- Econometrics
- Financial markets
- Microeconomics
- Financial institutions
- Financial research
Online Degree Options
Online PhD or DBA banking management programs are extremely rare, and those that exist tend to be offered by for-profits schools. However, earning a doctoral degree in banking management on-campus may be more useful. You will gain hands-on teaching and research experience, as well as have better access to your professors.
Getting Ahead With This Degree
Joining a professional society can help you stay up to date with changes in the field. For example, joining the Association for Financial Professionals gains you access to discussion forums, newsletters, resume services and job postings, research reports and their member directory. Additionally, you may consider attending a conference, such as those offered by organizations like the Global Finance Association and Financial Research Association.
