Earning an MBA (Master of Business Administration) can provide graduate students with enhanced knowledge and skillsets in the broad field of business. The article gives you an in-depth look at the differences between an MBA in finance and an MBA in human resources.
MBA in Finance Compared to an MBA in Human Resources
An MBA is a professional degree that business students earn to enhance their business skills and learning that will enable them to pursue a higher career position. The difference between the MBA in finance and an MBA in human resources lies in the chosen concentration or major, and both are key programs in the business world.
MBA in Finance
The MBA in finance incorporates the traditional MBA program with finance courses. Typically a two-year program, which can often be done online or on-campus, it emphasizes the use of finance theories and applications to master practical issues in financial management used in business institutions, government, and business firms. Part-time and full-time options may be offered, which could have an effect on program length. A bachelor's degree in finance, accounting or a related field is commonly preferred to enter this program. Some of the courses included in the finance concentration could be corporate finance, international finance, investment analysis, and venture capital and private equity. Graduates of this program pursue advanced positions in various financial establishments, such as banks, non-profit entities, and management consulting firms.
MBA in Human Resources
Whether online or on-campus, the MBA with a concentration in human resources can help students understand the issues surrounding the field of human resources brought about by the international business environment and technology, and how their knowledge as a professional in the field may be applied in various organizations. Beyond the traditional MBA classes, the courses included in this specialization might be human resources management, workforce trends, total compensation, learning and development, ethics and international HRM (human resources management). Graduates of this program may be able to use their knowledge to effectively and ethically hire, train, retain, compensate and overall manage a workforce. A bachelor's degree is required to enter this typically two-year program, and you may enroll as either a full-time or part-time student, which could affect time to completion.
Program Admittance Requirements
Aside from holding a bachelor's degree, most schools offering MBA programs require you to take either the Graduate Management Admissions Test (GMAT) or the Graduation Record Examination (GRE). Some schools require a minimum grade point average to apply for the program, while other schools look into the number of work experiences you have before joining the program. Another important requirement is the transcript record from any previous university or college. Other requirements include, but are not limited to, a letter of intent, application fees, letters of recommendation, personal essays and resume indicating work experiences.
Many schools with MBA programs offer various areas of specialization, with human resources and finance being quite common, completed in various formats and settings. With many other program factors being equal, the choice basically comes down to the student's career goals for after graduation.