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MBA in Finance vs MBA in Marketing: Detailed Comparison

Jul 25, 2018 11:41 IST
    MBA in Finance vs MBA in Marketing: Detailed Comparison
    MBA in Finance vs MBA in Marketing: Detailed Comparison

    Did you ever wonder that as an MBA aspirant why do you wish to compare two fields which are entirely distinct from each other? It is because; finding a right career which is apt for your personality seems to be a tough decision. A right career which fits your personality traits and which also brings contentment is often hard to discover. Often this practice becomes tedious as there is no guarantee to emerge as a successful person. But, in this article we bring to you apparent differences which will streamline your thought process. 

    Before you decide onto choosing a particular specialization in your MBA course, ask these four questions to yourself:

    1. What is your key area of interest?
    2. Which subjects in your educational background have worked well in enhancing your performance?
    3. Do you have a work experience (work-ex)? If yes, these how has been your experience with the job role assigned to you?
    4. What is the Return on Investment that you are expecting after earning an MBA Degree?

    You can also use this venn diagram to jot down the answers to these queries. Thereafter, focus on this chart and analyse which specialization holds a better future for you.

    After gaining a clear idea about these questions, you would be able to gauge which specialization is worth investing.

    Through this article, we would provide you a snapshot of the primary differences between both the specializations. These differences are the cornerstone of rational decision making for an MBA aspirant.

    In addition, they would also help you in the process of introspection which is mandatory before making a mark in your destiny. One right step can promise you a bright future, whereas one wrong move can wither the existing wealth possessed by you.

    So use your right to information and become aware of the difference between finance and marketing specializations. 

    MBA in Finance versus MBA in Marketing

    Basis

    Finance

    Marketing

    Technical Skill Set

    Commerce background preferable

    Penchant for numbers,

    Stock-market awareness

    Knowledge of Financial Instrument

    Know-how of financial statements etc.

    Expertise of MS Excel, Telly

    Knowledge of marketing strategies

    Ability to conduct SWOT analysis

    Aggressive approach to sell/persuade/communicate with customers

    Comprehensive understanding of target customers

    Personal Skill Set

    Analytical skills,

    Problem solving mind,

    Statistics oriented approach,

    Inquisitive mind,

    Meticulous researcher

    Cautious in taking risk

    Creative Ideas

    Out-of-the box thinking

    Exceptional Communication skills (Soft Skills)

    Critical Thinking

    Agility for learning technology

    Result/Target Oriented

    Power to persuade

    Knowledge-seeker

    Curriculum

    Financial Institutions and Markets, Portfolio Management, Hedge Funds, International Financial Markets, Insurance Management

    Marketing Research, Consumer Behaviour, Brand Management, Customer Relationship Management, International Marketing, Digital Marketing, Retail Management

    Financial Incentives

    Initial Salary: Rs. 3,50,000/-

    Initial Salary: Rs. 3,00,000/-

    Career Path

    Accountant

    Broker

    Tax Planner

    Investment Banker,

    Estate Planner

    Assistant Manager

    Consultant

    Manager

    General Manager

    Chief Financial Officer

    Sales Associate

    Customer Relationship Executive

    Market Research Analyst

    Media Planner

    Brand Manager

    Product Manager

    Corporate Sales Head

    Regional Manager

    Digital Marketing Head

    General Manager

    Chief Marketing Officer

    Scope of Job

    Banking Industry,

    Stock Market

    Mutual Fund Industry

    Insurance Sector

    Consultancy

    Academician

    Researcher

     

    Retail Industry

    Consultant

    Academician

    Researcher

    Digital (Content) Marketing

    Business Analytics

    Hospitality Industry

    Advertising Industry

    Nature of Job

    Risk-oriented,

    Analytical

    Profitability oriented

    Facts and forecast based

    Reasoning based

    Involves financial bearing

    Creative,

    Innovation in running campaigns

    Content Oriented

    Reputation/Image oriented

    Positive outlook

    Enthusiasm and zeal for selling

     

    Top Professionals to follow

    David Ogilvy (Ogilvy & Mather)

    Theodore Levitt (professor at Harvard Business School)

    C K Prahalad (Originator of Bottom of the Pyramid)

    Nandan Nilekani (Chairman - Infosys)

    Sachin and Binny Bansal (Flipkart)

     

    Bala Balachandran (Great Lakes Institute of Management)

    Amartya Sen (Nobel Prize winner in Economics)

    Raghuram Rajan (RBI Governor)

    Chanda Kochhar (CEO & MD – ICICI bank)

    Vikram Pandit (Indian-born American banker)

    Azim Premji (Chairman – Wipro)

    Read Also – MBA in Marketing: Career Options & Prospects

    Best Paying MBA Major(s)

    Also take a look at the table and graph given below which highlights the career growth of both MBA (finance) and MBA (marketing) professionals in terms of the salary earned by them. Salary is an important factor which acts as a catalyst in choosing a particular specialization because people often consider the ROI of this premium degree.

    Salary Difference as per experience

    Experience

    MBA in Finance

    MBA in Marketing

    Less than 1 year

    Rs 305,352/-

    Rs 310,096/-

    1-4 years

    Rs 395,118/-

    Rs 463,058/-

    5-9 years

    Rs 721,407/-

    Rs 686,957/-

    10-19 years

    Rs 1,422,938/-

    Rs 1,484,063/-

    20 years and more

    Rs 2,866,678/-

    Rs 2,996,339/-

    Source: Payscale.com

    Read Also – MBA in Finance: Career Options & Prospects

    This graph provides a bird’s eye view that there is not much difference between the salaries earned by both the professionals. It is because both the majors have their distinct strategic importance for the growth and sustainability of the organization

    MBA Major Preference: Global Data

    Another crucial consideration which we would like to bring to the knowledge of our readers is the global preference of MBA Majors. As per the survey conducted by GMAC, out of the total students who were being surveyed, 22% preferred MBA (Finance) over other courses; whereas 11% preferred MBA (Marketing)

    The statistics for the same can be seen below:

    Image Source: GMAC (2015) mba.com Prospective Students Survey.

    Versus

    Image Source: GMAC (2015) mba.com Prospective Students Survey.

    Conclusion

    We drew a comparison between both the specialization i.e. finance and marketing in order to guide you when you are in a state of perplexity. This article will give you a clear insight in making an efficient decision for your career growth.

    Although the global data shows that MBA in Finance is more preferred by the students, but Marketing major has its own merits. It entirely depends on your personality, interest and aims which should be the sole motivating factor in selecting a particular specialization.

    If you are more of an introvert, critical thinker and passionate about statistics and numbers then Finance specialization is well suited for you! Whereas, if you are an extrovert and love communicating your thoughts and are able to persuade people then you should opt for Marketing specialization

    Moreover, we advise that once you read about the career growth and path of the top industry pioneers, it will refine your decision-making process in a better way.

    But before taking the final decision, remember the final words coming from an experienced intellectual:


    If you enjoyed this article and have something more to share with us, please post your valuable comments. We would look forward to receive more inputs from you. You can also share this article with your friends to gain their unique insights on the information provided by us.

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