MBA in Finance vs MBA in HR: Which one has a better scope?
How to choose a Right MBA Programme? This 10 step guide will help you choose between MBA in finance vs MBA in marketing. Read on to find out which MBA course has a better scope.
Before getting admission into MBA course, often a candidate comes across a choice to pick one MBA specialisations that would serve as the foundation for his/her career growth. There are several specialisations which being offered by the B-schools in India and globally. However, the decision is yours to pick and choose one MBA specialisations among many at the end of the day! Among all the top specialisations that are high in demand, MBA in finance and MBA in HR are two specialisations that are quite financially rewarding for the MBA aspirants. Making a decision to choose one between the two requires great deal of time and thought.
To help you streamline this decision, we have prepared a list of various parameters basis which, you can decide the best option for your career growth. There are institutes that even offer dual specialisations but a candidate needs to choose one as a major and another as a minor specialisation. In that case also, this article will come to your rescue when filling the form at the B-school.
Read on to find out which one has a better scope: MBA in Finance vs MBA in HR:
Also Read: MBA in Finance: Prospects and Career Options
Discussions with his professors, friends, and professionals in the HR and finance world helped to an extent. Some of the key things that he had to keep in mind while coming to this decision were as follows:
1) 
SUBJECTS of INTEREST
Whichever branch of MBA you decide to pursue, it is essential that you identify with the subjects that are offered in the program. If your favorite subject features in the program you are more likely to ace in it.
2) 
INDIVIDUALITY
Are you a people person or are you more comfortable solving mathematical problems?
It is no longer true that being a people person is helpful only for a HR professional. Even in finance when it comes to mergers and acquisitions, besides crunching numbers you need to be able to sweet talk the opposite party in agreeing with you. Hence, whichever field you choose, you should be ready to develop skills that are deficient.
3) 
AMBITION in LIFE
Is earning money is the end goal of your life or do you also want to learn and impart knowledge? Many people today are in high paying jobs, but job satisfaction is absent. Do not get into myths that MBA in finance can offer you high paying jobs whereas MBA in HR can’t. A highly skilled and developed professional irrespective of the field he is in, will always draw head hunters to bid over him.
Also Read: MBA in HR: Prospects and Career Options
Once my brother walked past the above three steps he studied the difference between MBA in HR and Finance in detail.
MBA in Finance or MBA in Human Resource?
| Basic |
HR |
Finance |
| Eligibility |
1. Any graduate 2. Clearing the MBA entrance exam |
1. Commerce graduate preferred 2. Clearing the MBA entrance exam |
| Key topics/subjects |
1. Management concepts & organizational behavior 2. Business environment and Law 3. Human Resource management 4. Performance management 5. Operations research and management 6. Compensation management 7. Employee legislation
|
|
| Skills |
1. People person 2. Communication skills 3. Listening skills 4. Negotiation 5. Discretion 6. Innovation 7. Easily approachable 8. Emotionally Strong |
1. Analytical skills 2. Mathematical skills 3. Logical thinking 4. Problem solving 5. Time management 6. Market savvy 7. Technology savvy |
| Job Roles |
|
|
| Potential work place |
|
|
| Job title (Extensive list, quoting a few) |
|
|
| Remuneration |
Starting salary of Rs. 1.3 LPA for a entry level position as per Payscale India |
Starting salary of Rs. 1.9 LPA for a entry level position as per Payscale India |
| Top Professionals to follow |
1. Jay Thakkar (Head-Compensation & Benefits and HR Operations- Aditya Birla Housing Finance Limited) 2. Neha Sharma (Relation Manager, ICICI Bank) 3. Avijit Shastri (Channel HR-TATA Motors) 4. Benjamin Rajkumar (Titan Company ltd.)
|
1. David Ogilvy (Ogilvy & Mather) 2. Theodore Levitt (professor at Harvard Business School) 3. C K Prahalad (Originator of Bottom of the Pyramid) 4. Nandan Nilekani (Chairman - Infosys) 5. Sachin and Binny Bansal (Flipkart)
|
Salary Difference as per experience
| Experience |
MBA- HR |
MBA- Finance |
| 0-2 years |
Rs. 3.12 LPA- Rs. 3.45 LPA |
Rs. 3.19 LPA- Rs. 3.80 LPA |
| 2-5 years |
Rs. 4.20 LPA- Rs. 7.50 LPA |
Rs. 4.45 LPA- Rs. 7.75 LPA |
| 5-10 years |
Rs. 7.50 LPA- Rs. 12 LPA |
Rs. 7.75 LPA- Rs. 12.75 LPA |
| 10 Years and more |
Rs. 12 LPA and more |
Rs. 12.75 LPA and more |
Life of an HR Professional
Contrary to popular belief, it must be noted that the HR professionals do not have an easy job. They are no longer restricted to doling out salaries at the beginning of every month. Besides recruiting new staff, they need to ensure that orientation and training programs for the new recruits are in place.
They need to be well versed with all the job roles of the company's employees and should be able to troubleshoot even in their sleep. Jokes aside, the function of a HR professional has to be cohesive in nature. They deal with the foundations of the company, the employees, everyday.
Hence it is essential that they are patient, a good agony aunt and easily approachable.
Life of a Finance Professional
Similarly a finance professional is not somebody who just crunches numbers in a cabin and is devoid of human contact. Today a finance professional is also expected to interact with clients, understand their needs and develop a good strategy to satisfy them. They need to maximize profits and minimize risks. They are expected to think about the big picture and not restrict themselves to their daily goals.
Top 10 MBA Specializations: Choices and Options
Conclusion
With the nature of the job roles changing rapidly, it is evident that whichever MBA program you choose, you have to be constantly upgrading and developing yourself.
It is also essential that you make your decision and be at peace with it. In case of doubts, always talk to your professors and professionals in the field who can enlighten you about the practical realities of their profession.
Confucius said,
The best way to achieve this is to choose to study something that equips you with the skills necessary for the aforementioned job.
We wish you Good Luck for a Well-Informed Future!!
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