Money drives many aspects of society, including business and the economy. Unsurprisingly, finance is one of the most significant sectors, making up nearly one-quarter of global industries.
Finance students can choose from numerous career paths to pursue roles as accountants, financial analysts, and investment strategists. They can also become financial consultants for businesses or personal financial advisors.
Earning an MBA in finance online or in person can help individuals progress from entry-level roles to more advanced positions. For instance, accountants can earn licensure as certified public accountants (CPAs) and work toward becoming financial executives. Finance MBA graduates may also receive higher pay than individuals with bachelor's degrees alone.
This guide explores the benefits of pursuing an MBA in finance online, along with scholarship information and professional resources.
What Is an MBA in Finance?
MBAs in finance prepare students for financial management careers through coursework in management, finance, and marketing. Enrollees also explore accounting, budgeting, and compliance topics. This versatile degree can lead to careers in many fields, including marketing management, financial advising, and fundraising.
Due to a growing demand for advanced business and leadership skills, financial managers enjoy excellent job prospects. The Bureau of Labor Statistics (BLS) projects a 17% growth in financial manager positions from 2021-2031. Payscale data indicates that the average annual salary for professionals holding finance MBAs was $103,000 as of February 2023.
Best Online MBA Programs in Finance
Discover what makes the top MBA programs in finance stand out among the competition. Below, we list the five best programs in this field. The following link provides more information on our ranking methodology.
#1 The Best Online MBA Programs in Finance
University of North Carolina at Chapel Hill
- Chapel Hill, NC
- 4 years
- Online + Campus
In 1795, UNC-Chapel Hill became the first public university in the country. Over two centuries later, more than 30,000 learners enroll in its 260+ programs across 14 schools.
Online MBA in Finance
The stem-designated online MBA at UNC-Chapel Hill develops the ability to make data-driven decisions in the workplace. The program has six concentrations, including entrepreneurship, marketing, and finance. MBA in finance online learners explore managerial accounting, statement analysis, and taxes.
UNC-Chapel Hill offers four start dates for online learners. While students take most classes online, they also complete at least two in-person summits. These interactive immersions occur at the Chapel Hill campus or several international locations.
UNC-Chapel Hill's Affordability
UNC-Chapel Hill accepts federal financial aid, along with offering scholarships and fellowships. Learners can also research employer assistance, sponsorship programs, and private loans. UNC-Chapel Hill provides several payment options, including installment payment plans.
Program at a Glance
- School Type: Public
- Accreditation: SACSCOC, AACSB
- Tuition: $2,026/credit
- Required Credits: 62
- Program Length: 18-36 months
- Delivery Format: Online (synchronous and asynchronous) with in-person requirements
- Admissions
- Process: Each applicant must submit bachelor's degree transcripts, GMAT or GRE scores, and a resume with two years of professional experience. Candidates also need two letters of recommendation, a personal essay, and an interview.
- Standardized Tests: GMAT or GRE (waiver available with over five years experience)
- Cost: $150
Percent Online Enrollment
91%
Percentage of all students who are enrolled online.
Accreditation
Yes
Southern Association of Colleges and Schools Commission on Colleges
#2 The Best Online MBA Programs in Finance
Texas A & M International University
- Laredo, TX
- 4 years
- Online + Campus
An official member of the Texas A&M University System since 1989, TAMIU's roots date back to 1970. The internationally focused university comprises five schools and enrolls more than 8,400 students in its 100+ programs.
Online MBA in International Banking and Finance
At TAMIU, the online MBA has six concentrations, including management, international business, and international banking and finance. In the MBA in finance online, learners study international regulations, central banking practices, and international investment strategies. The program also includes management seminars.
Online students can choose from six start dates with accelerated seven-week courses. TAMIU offers business prep-module courses for students who lack business experience and education. The school also runs various professional development workshops throughout the year.
TAMIU's Affordability
TAMIU offers affordable tuition for in-state students at $367 per credit. Along with federal aid and scholarships, the school offers financial aid counseling, emergency loans, and installment payment plans. The accelerated and asynchronous nature of the program can also deliver a better work-study balance.
Program at a Glance
- School Type: Public
- Accreditation: SACSCOC, AACSB
- Tuition: $367/credit (in state); $1,030/credit (out of state)
- Required Credits: 30
- Program Length: 21+ months
- Delivery Format: 100% online (asynchronous)
- Admissions
- Process: A candidate needs to submit bachelor's degree transcripts, a resume, and three references. Applicants with lower GPAs must submit test scores and personal statements.
- GPA: 3.25 minimum
- Standardized Tests: GMAT or GRE (waiver available with a minimum 3.25 GPA)
- Cost: $35
Percent Online Enrollment
59%
Percentage of all students who are enrolled online.
Accreditation
Yes
Southern Association of Colleges and Schools Commission on Colleges
#3 The Best Online MBA Programs in Finance
University of Maryland-College Park
- College Park, MD
- 4 years
- Online + Campus
UMD, founded in 1856 as a state agricultural school, has since become a leading research institution with about 40,000 students across 300 programs.
Online MBA in Finance
Students in UMD's online MBA can choose from six concentrations. MBA in finance online enrollees explore coursework in commercial bank management, applied equity analysis, and financial restructuring.
Online courses blend flexible asynchronous delivery with live and interactive sessions. The program opens with a three-day residency on campus and concludes with an in-person capstone project. Online students can also take an optional international business immersion.
UMD offers various professional development opportunities, including career coaching, networking strategy workshops, and an online recruitment system.
UMD's Affordability
The MBA tuition exceeds $93,000 in total, but UMD's financial aid initiatives may help reduce costs. The Terrapin Commitment program, for example, commits more than $20 million annually to Maryland students. UMD also offers scholarships, grants, assistants, and fellowships.
Program at a Glance
- School Type: Public
- Accreditation: MSCHE, AACSB
- Tuition: $1,733/credit
- Required Credits: 54
- Program Length: 24+ months
- Delivery Format: Online (synchronous and asynchronous) with residency requirements
- Admissions
- Process: Each applicant must submit bachelor's degree transcripts, a letter of recommendation, and a personal essay. They also need a resume with two years of professional experience.
- GPA: 3.0 minimum
- Standardized Tests: GMAT or GRE (optional)
- Cost: $75
Percent Online Enrollment
93%
Percentage of all students who are enrolled online.
Accreditation
Yes
Middle States Commission on Higher Education
#4 The Best Online MBA Programs in Finance
Babson College
- Wellesley, MA
- 4 years
- Online + Campus
Founded in 1919, Babson has more than 3,300 students and over 43,000 alumni. As a leader in entrepreneurial education, the school offers more than 15 executive education programs.
Online MBA in Finance
Babson features an MBA program with optional part-time delivery, featuring concentrations in entrepreneurship, marketing, and finance. The online MBA in finance teaches students to make effective financial decisions and manage securities and investment portfolios. Learners build 12-credit specializations from courses like corporate finance, finance for new ventures, and real estate finance.
Online classes run synchronously in the evenings. Flexible course load options allow learners to graduate in as little as 18 months. Babson also offers a hybrid flex program for students seeking on-campus experiences.
Finance students can access a state-of-the-art lab, mentor programs, and seminars through the Stephen D. Cutler Center for Investments and Finance.
Babson's Affordability
Babson features several tuition-saving options, including 20% tuition discounts for alumni and members of the Strategic Alliance program. The school also has part-time merit awards, loans, and scholarships.
Program at a Glance
- School Type: Private
- Accreditation: NECHE, AACSB
- Tuition: $1,990/credit
- Required Credits: 45
- Program Length: 3 years
- Delivery Format: 100% online (synchronous)
- Admissions
- Process: Each candidate submits bachelor's degree transcripts, a recommendation letter, and a resume. They also need to submit short question answers. An interview may be required.
- Standardized Tests: GRE or GMAT (optional)
- Cost: $100
Percent Online Enrollment
79%
Percentage of all students who are enrolled online.
Accreditation
Yes
New England Commission on Higher Education
#5 The Best Online MBA Programs in Finance
Purdue University-Main Campus
- West Lafayette, IN
- 4 years
- Online + Campus
Purdue Global officially launched in 2018 and joined the Purdue University system. The school runs 175 online programs with more than 32,500 students.
Online MBA in Finance
Purdue Global's online MBA features seven concentrations, including global business, human resources, and finance. The 16-credit finance specialization covers investment strategies, international business management, and mergers and acquisitions.
Classes in the fully online program run through six-week sessions. Learners can also opt for virtual or in-person international experiences to pursue graduate certificates.
Applicants with Purdue business undergraduate degrees can consider the accelerated MBA pathway. The school also offers a competency-based ExcelTrack, which allows enrollees to accelerate their studies. Purdue Global boasts a 94% employment rate within 18 months of graduation.
Purdue Global's Affordability
Purdue Global offers several cost-saving opportunities, such as corporate partner benefits, 25% discounts for international students, and military tuition reductions. The ExcelTrack option leads to savings for students taking heavier course loads, who can often graduate more quickly.
Program at a Glance
- School Type: Public
- Accreditation: HLC, ACBSP
- Tuition: $485/credit; $1,700/session (ExcelTrack)
- Required Credits: 76
- Program Length: 2.5 years
- Delivery Format: 100% online (asynchronous)
- Admissions
- Process: Each applicant must submit bachelor's degree transcripts and a professional resume.
- GPA: 2.5 minimum
- Cost: $0
Percent Online Enrollment
82%
Percentage of all students who are enrolled online.
Accreditation
Yes
Higher Learning Commission
Why Should You Get an Online MBA in Finance?
Online students, unrestricted by commuting constraints, can consider the nation's best online MBA programs. The flexibility afforded by distance learning MBA programs allows working professionals to use their personal time to acquire new skills, explore more career options, and increase their salary potential.
Often populated by working professionals, top online MBA programs in finance offer excellent networking opportunities that can lead to career advancement. Working professionals also pursue finance MBA programs in hopes of promotion and higher salaries.
Unlike MA or MS degrees in finance, which prepare students for finance-specific positions, MBAs in finance provide diverse and flexible general skills that apply to leadership roles across many industries.
Midcareer financial controllers earned an average annual salary of $94,750 as of February 2023, according to Payscale. In this same period, financial directors earned an average annual salary of $118,190. Financial managers, on the other hand, earned a median annual salary of $131,710 in 2021, according to the BLS. Salaries vary based on job title, employer, and industry, along with experience and location.
What Can You Do With an MBA in Finance?
Finance Director
These directors oversee finance departments and teams to create and implement financial strategies. They must possess advanced skills in accounting and financial analysis, projection, and reporting, along with master's degrees in business administration, finance, or related fields.
These managers also hire and evaluate finance staff. Finance directors earn an average annual salary of $118,190, according to February 2023 Payscale data.
Certified Public Accountant
Accountants and auditors produce, organize, prepare, and review tax documents and other financial records for accuracy and legal compliance. They may work for companies, governments, organizations, or private clients and may specialize in areas such as auditing, financial planning, or valuation.
CPAs sometimes help their employers streamline financial processes such as bookkeeping. Payscale reports that, as of February 2023, CPAs earned an average annual income of $73,320. The BLS projects a 6% job growth for accountants and auditors from 2021-2031.
Financial Controller
These professionals oversee accounting, auditing, and budgeting departments. Financial controllers generate financial analyses, projections, and plans. This role also involves regulation compliance paperwork and financial reporting duties.
Financial controllers need excellent communication, problem-solving, and quantitative skills. Most financial controllers hold related master's degrees and CPA, financial accountant, or financial manager certifications. Financial controllers earned an average annual salary of $89,360 as of January 2023.
Financial Manager
Tasked with ensuring organizations' financial health, financial managers create financial goals, strategies, and plans to safeguard and improve their companies' financial success. These professionals need analytical and leadership skills to analyze data and market trends, direct investments, and supervise financial staff.
Types of financial managers include credit or cash managers, treasurers, risk managers, and financial controllers. According to the BLS, financial managers earned a median annual salary of $131,710 as of 2021. The BLS also projects a 17% growth for this profession between 2021-2031.
Financial Analyst
Financial analysts advise public companies or private clients regarding financial investments. These analysts evaluate existing investments, such as stocks and bonds, and recommend new investments based on analysis of risk and market trends. They may also evaluate companies' financial statements and management teams.
Financial analysts need quantitative and communication skills to analyze and report on investments and other financial information for clients. Financial analysts earned a median annual salary of $95,570 as of 2021, according to the BLS. The agency also projects a 9% increase in financial analyst employment from 2021-2031.
Online MBA in Finance Curriculum
Online finance MBA program curricula vary by school, but most programs include core business management classes and finance-related coursework in budgeting and financial planning. See below for descriptions of three sample MBA in finance courses.
Budgeting: Budgeting courses cover cost/benefits analysis, risk analysis, and financial data analysis. Students learn to create operating budgets by calculating expenses, production, and revenue.
Financial Forecasting: This course covers financial analysis and planning, teaching students to utilize financial statements and variance analysis to estimate differences between budgeted and actual expenses.
Financial Compliance: Financial compliance courses cover current compliance rules and regulations. Subtopics include security, risk management, ethics, and fraud.
See More Top MBA Programs
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How to Choose the Right Online MBA in Finance Program
Aspiring graduate students in finance may choose from several related master's degrees, so make sure to compare available program types, curricula, and attendance structures.
Recent college graduates or inexperienced professionals interested in finance-specific careers such as investments or securities trading often opt for the master of science in finance. Meanwhile, the tax-focused curriculum of the MS in taxation and accounting prepares aspiring accountants and tax professionals seeking CPA licensure.
Unlike these two narrower paths of study, the finance MBA program curriculum includes finance coursework and a focus on foundational business management skills and topics. Consider your career interests and goals carefully — keep an eye out for MBA programs offering concentration options tailored to your desired industry or position.
Finance-related master's programs also vary in quality, so make sure to apply only to accredited schools and programs. The top online MBAs in finance boast institutional accreditation status. High-quality business programs usually boast accreditation by the Association to Advance Collegiate Schools of Business or the Accreditation Council for Collegiate Business Schools and Programs.
Scheduling limitations can also factor into application decisions. New college graduates and individuals with flexible schedules can consider full-time or accelerated MBA programs, while busy working professionals may prefer part-time programs. Experienced business leaders frequently choose part-time executive MBA programs.
Top online MBA programs usually require capstone thesis projects or on-site internships, so before you apply, make sure that you can meet these in-person requirements. School name recognition and existing partnerships between local schools and businesses can enhance networking, internship, and employment opportunities.
Scholarships for Finance MBA Programs
MBA degrees often carry high price tags, but scholarships and other financial aid can help college students defray education expenses. You may qualify for general or business-related scholarships based on personal details, financial need, academic merit, or area of study. See below for a sampling of available scholarships.
Featured Scholarships:
Who Can Apply: Full-time graduate students in accounting or related majors who plan to become CPAs qualify. Applicants should also be U.S. citizens or permanent residents and AICPA student members.
Amount: $3,000-$10,000
Who Can Apply: Full-time graduate students interested in local or government finance careers are eligible. Each applicant must be a citizen of Canada or the United States, have not previously won a Government Finance Officers Association scholarship, and submit a letter of recommendation.
Amount: $20,000
Who Can Apply: Women enrolled in graduate degrees in finance, logistics, or another subfield of transportation may apply. Applicants must also meet the requirements set by their local WTS International chapters.
Amount: $10,000
Who Can Apply: Full-time graduate students enrolled in at least six semesters in accounting, business administration, or fraud-related programs qualify.
Amount: $2,000-$10,000 and a one-year Association of Certified Fraud Examiners, Inc. membership
Who Can Apply: U.S. citizens or permanent residents who are full-time students pursuing a finance career and minorities as defined by the U.S. Department of Labor can apply. Each recipient must participate in a two-year program with workshops, networking opportunities, and leadership development.
Amount: Not listed
Professional Organizations for Finance
Financial professionals typically rely on networking to advance their careers. Many financial professionals and students use networking opportunities afforded by the conferences, online forums, and career centers run by professional organizations.
Most professional organizations also administer certification programs and other continuing education courses that increase financial professionals' skills, knowledge, and marketability. The following list includes several professional organizations for finance professionals.
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American Association of Finance & Accounting: Since 1978, AAFA has connected executive search firms hiring accounting and finance professionals across North America. AAFA provides talent-identifying tools for employers and job-finding tools for financial and accounting professionals.
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Association for Financial Professionals: This professional association connects and supports financial and treasury professionals through conferences, continuing education, and other career advancement resources.
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Certified Financial Planner Board: The CFP Board establishes professional standards and provides certifications for financial planners. This board offers a career center, professional toolkits, and publications.
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Institute of Management Accountants: Also called the Association of Accountants and Financial Professionals in Business, IMA connects financial and accounting professionals, certifies management accountants, and provides career advancement resources.
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Society of Financial Service Professionals: This multidisciplinary community maintains dozens of local chapters around the country. FSP features publications, conferences, education, and professional development opportunities.
Common Questions About Online MBAs in Finance
Can I do an MBA in finance with no experience?
Most graduate schools require finance MBA applicants to have some experience. However, learners may enroll in some MBA in finance programs without finance backgrounds if they have previous business-related education, complete prerequisite courses, or pass standardized tests.
Is an MBA in finance difficult?
Like any master's program, an MBA in finance can be challenging. An MBA in finance covers complex mathematical and analytical concepts. Finance MBA students should expect to devote several hours of study time to their program beyond class hours.
Is an online MBA in finance worth it?
Earning an MBA in finance online can be worthwhile for finance professionals looking to advance their careers. Students with MBAs in finance can pursue managerial positions like chief financial officer, which carries higher salary potential.
Who earns more - graduates with an MBA or MA in finance?
An MBA in finance can lead to a higher salary than an MA in finance. Compared to an MA, MBAs generally take more time to complete and cover more business concepts.
