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:
- What is your key area of interest?
- Which subjects in your educational background have worked well in enhancing your performance?
- Do you have a work experience (work-ex)? If yes, these how has been your experience with the job role assigned to you?
- 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:
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