So, I decided instead of going for my accounting degree, to switch up and make my major business finance. I know Im going to get my bacholers in that, but I was wondering if there is a significant difference in salary with someone having a bachelors vs. a masters degree? How much can a person in business finance make with a master’s degree starting off? Also is it worth it to move forward and go for the masters? Thanks for the help!
By: Courtney
By: Courtney
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I would estimate that getting a B.S. in business finance, and then getting an MBA would get you an additional 20% salary over a bachelors degree. You didn’t specify what part of the country you are looking to be employed, and it also depends on where you get your MBA or MF degree from. Generically speaking, a first year MBA/MF candidate with non experience can expect a salary of anywhere from $60 to $80K from a second tier school. However, an advance degree from an Ivy League School, or even a Big Ten school with a great business school should start you off at minimum of $100K. However, this is not the best economy to be looking for a job.
My advice to you would be to complete your bachelors degree, get hired by a very good firm, that will also reimburse you to get a Masters degree (do you really want another $80K in student loans, or do you want your employer to pay for them—but tuition reimbursement for a masters degree is considered taxable income) and work and get your Masters degree at the same time. Your company, if they are interested in keeping and investing in their best talent, should reward you for your hard work and diligent. Good luck!