Banks Communicate New Needs From MBA-Finance Graduates
We’re in a digital revolution in the financial services sector, and an MBA in Finance with a strong focus on technology is the ticket you need to secure postgraduate employment.
According to a recent article in Business Administration Information, big banks such as Barclays, HSBC, and American Express are facing competition from digital payment providers like Apple Pay and PayPal, resulting in bolstered recruitment. In fact, American Express plans to hire 250 MBAs in 2015 alone, and Barclays is targeting its hires towards MBA graduates with digital project knowledge.
“The MBA Finance concentration offers a general finance approach with a focus on financial institutions, corporate financial tools and a real world simulation in investments,” said Randall J. Lewis, program chair, Finance Program and Director of CP Federal Credit Union Trading Center. This concentration will prepare students for a career in the growing field of finance. Careers include financial advisors, financial analysts, bankers, stock brokers, insurance specialists and many other specific areas of finance. A financial career usually provides higher levels of compensation, a greater degree of job security and enhanced potential for upward mobility. Additionally, the curriculum integrates faith and ethical considerations in all courses to provide students with a well rounded approach to learning. The professors who teach in the MBA program have extensive business and educational experience as they integrate faith and learning.”
More specifically, banks are looking for MBAs who can navigate the conflict between traditional branch banking and new electronic banking technology. Graduates will need to understand how to harness new digital technology for banking growth. This includes how to implement world class digital experiences for customers in the finance sector.
There’s other good news on the MBA front. According to a recent survey by the Graduate Management Admissions Council, 80% of US firms plan to hire an MBA graduate; of those surveyed, 44% plan to hire MBA–Finance graduates. These employers are seeking business graduates who are highly proficient in communications skills, specifically oral communications, followed by writing and listening skills. Teamwork, leadership and technical skills are also at the top of the new hire needs list.
The Future of Banking
Bank branches aren’t going away. Consumers still want personal interaction with their bank when it comes to big decisions such as wealth management and small banking services. What’s changing is the one-size-fits-all bank branch model. According to Bankrate, more banks are using remote tellers to offer 8 a.m. to 10 p.m. hours on the weekdays and 8 a.m. to 5 p.m. hours on Saturdays and Sundays. Banks of the future also will open smaller branches in supermarkets, subway kiosks, and the like.
Popular Career Choices for MBA in Finance Graduates:
- Investment banker
- Chief financial officer
- Financial manager
- Financial analyst
Explore MBA in Finance Cities and Salaries.
- New York, New York: $73,698 - $141,414
- Charlotte, North Carolina: $85,000
- Houston, Texas: $71,469
- Dallas, Texas: $88,750
- Minneapolis, Minnesota: $123,500
Your selection for a finance concentration in the MBA program will prove to be one of the best academic investments you will ever make,” said K. Caleb Chan, professor of Business and Management at Spring Arbor University. “Not only will you learn about finance, you will also grow in your wisdom as you apply your knowledge and skills appropriately to bring changes to the financial world."
Spring Arbor University’s 36-credit hour MBA in Finance can be completed online in as few as 18 months. The total tuition for this program is $21,708 – one-fourth the average cost of top 10 business programs.