MBA or CFA: Which Is Better for a Finance Career?

Different Roads to a Career in Finance

You’ll have many educational paths to choose from when pursuing a finance career. Finance degrees at the graduate level include a master’s in business administration in finance, a master’s of business administration in financial planning, and more. These degree programs may help prepare you for many career opportunities.

If you think pursuing a graduate degree isn’t right for you, online short courses and certificates still provide an education in finance without requiring the time and financial investment of a graduate degree program. These online finance certificate programs and courses may lead to a credential or certification and advance your career.

Which educational road is best will depend on your career goals.

Chartered Financial Analyst Courses

Chartered financial analyst (CFA) courses might help you prepare to take the three CFA exams and earn the CFA charterholder certification. This impressive credential demonstrates your dedication to this specialized, rigorous education.

Common CFA careers include research analysts and portfolio managers, though CFA charterholders are increasingly moving into careers as traders, brokers, risk managers and chief executives.

Master’s in Finance

A Master of Finance degree prepares you to work in a finance-related field such as trading, risk management or investments. A master’s in finance or business administration could expand your career opportunities within investment and financial-services roles.

Unlike MBA programs, which take two to four years to complete and often require work experience, some MS in finance programs don’t require work experience and may be completed in just one year. Common courses cover investments, mathematics, financial theory and markets. In addition to traditional in-classroom programs, you could also pursue an MS in finance program online.

Master’s in Business Administration in Finance

An MBA with a degree concentration in finance may help advance your career or prepare you for new career opportunities, including work as a financial manager, business operations manager and marketing manager. Getting an MBA in finance typically takes two years of full-time study, and there are multiple ways to earn this degree.

If you’re ready to earn your MBA with a finance concentration, online MBA programs offer an accessible way to do so. Online programs tend to be highly flexible, allowing you to meet your full-time job commitments while balancing your education needs. Getting an MBA in finance online also means you won’t have to relocate for school.

Master’s in Business Administration in Financial Planning

An MBA in financial planning may prepare you to become a certified financial planner (CFP) if the coursework covers CFP education requirements. Upon completion of this business degree program, you could be prepared to sit for the CFP certification exam, which demonstrates your competency and ability to provide your clients with personal financial planning information and support.

It may take 12 to 24 months to complete an MBA in financial planning program, and both online and traditional programs are available. While both types of programs provide the same quality education, pursuing an online MBA in financial planning may be appealing because of the scheduling flexibility and overall convenience this option provides.

MBA in Finance Curriculum

When enrolled in a traditional or online MBA in finance program, you’ll study many topics to help prepare you for the challenges you’ll face in the workplace. Your MBA in finance courses will focus on core business concepts. Common finance coursework topics include supply chains, marketing and sales operations, accounting, human resources and more. Your school’s course catalog might include required courses with titles like business strategy and policy, investment planning, retirement planning and employee benefits, and accounting and finance for managers.

An MBA program’s curriculum is designed to equip you with practical skills and knowledge. Some classes may have prerequisites or recommendations. These prerequisites are courses that provide foundational skills and knowledge for upper-level graduate courses. Prerequisites should be completed before students complete corresponding graduate courses.

CFA Curriculum

The CFA program is structured with a deep focus on investment analysis. All CFA exam questions are based on curriculum topics set by the CFA Institute, such as:

• Ethics and professional standards.
• Quantitative methods.
• Economics.
• Financial reporting and analysis.
• Corporate finance.
• Equity investments.
• Fixed income.
• Derivatives.
• Alternative investments.
• Portfolio management and wealth planning.

Plan to spend around 300 recommended study hours per level while preparing for the CFA exams — more than 900 hours across all three levels. The CFA program also requires at least 4,000 hours of qualified work experience. The CFA Institute publishes the current CFA Program requirements, including approved prep-course providers, to help you prepare for your exams. When choosing a program, it’s important to make sure the CFA coursework focuses on the topics that will be included in your exam.

MBA in Finance or Chartered Financial Analyst: Side by Side Comparison

While the MBA in finance and the CFA program cover similar topics, there are differences, and these education paths will prepare you for different careers. Is a CFA better than an MBA in finance? The answer will depend on what’s most important to your career, but the more you understand about these education paths, the better prepared you’ll be to choose the option that’s right for you. Below we discuss MBA vs. CFA differences in terms of time commitment, cost, exams, requirements, careers and salaries.

MBA vs. CFA: Time Commitment

You may be able to complete an MBA program in two to four years, though it will depend whether you’re studying full time or part time.

Studying to become a CFA typically requires a significant time commitment. How long does it take to study for CFA Level 1? The CFA Institute recommends candidates plan on roughly 300 hours of study for each level of the exam. With three exam levels, that amounts to more than 900 hours of recommended study time. The CFA program also requires at least 4,000 hours of qualified work experience.

MBA vs. CFA: Cost

It’s also important to consider costs when comparing MBA and CFA programs. MBA tuition varies widely by school and program format, plus the cost of books and transportation. MBA scholarships may cover some of the expenses.

By comparison, the CFA Institute reports that registering for all three CFA exam levels currently costs between $3,520 and $4,570 total, depending on whether you register during the early or standard registration period for each level; there is no longer a separate one-time enrollment fee. If you choose to enroll in CFA preparation courses, expect to pay fees ranging from several hundred to thousands of dollars per course.

When weighing the cost of each education path, it’s also important to consider your return on investment.

MBA vs. CFA: Exams

To earn your MBA in finance, you don’t have to pass a certification exam; once you pass all your classes, you’ve completed your degree. Then you may start applying your MBA education to your business career and seek career opportunities without passing an industry-required certification exam.

Unlike the MBA, becoming a CFA charterholder through the CFA Institute requires passing three exam levels, plus qualifying work experience and CFA Institute membership:

• Level I: This exam consists of multiple-choice questions.
• Level II: The level II exam features vignette-supported multiple-choice questions.
• Level III: The Level III exam consists of vignette-supported constructed response questions and vignette-supported multiple-choice questions.

All these exams focus on the CFA curriculum materials. Pass rates vary by exam level and by testing window; the CFA Institute publishes results for each administration as they become available.

CFA exam costs typically vary and will depend on when you register for your exam, and the CFA Institute charges a $250 fee for rescheduling your exam within your exam window. Keep in mind that if you don’t pass an exam, you will need to pay to take it over again, but the CFA Institute does offer scholarships that can help you pay for your exams.

MBA vs. CFA: Certification Requirements

An MBA program does not require any certification to get a job. If you pursue a career as a CFA, then you will benefit from earning your CFA certification.

While the makeup of each MBA program may vary, CFA certification serves as a consistent standard employers can use to assess candidates’ education and qualifications. To become a CFA charterholder, the CFA Institute requires candidates to pass all three CFA exams, complete at least 4,000 hours of qualifying work experience over a minimum of 36 months, and apply for CFA Institute membership. This professional designation is a valuable credential and may improve your reputation, demonstrating both rigorous exam preparation and qualifying investment-related work experience.

According to CFA Institute, charterholders’ average base salaries have historically increased at a faster rate than the broader market, and the charter is often preferred by employers for senior investment roles. Earning the CFA certification may be particularly important in the finance and investment management industry, where certification is often recommended. This certification may also be beneficial in financial planning, business school education, and buy-side and sell-side professions.

MBA vs. CFA: Careers

The MBA and CFA position you for slightly different careers. An MBA can prepare and qualify you for career opportunities as a financial manager, accounting manager, top executive and more. The CFA may be a valuable investment for research analysts, traders, brokers, portfolio managers, risk managers and chief executives. While you don’t necessarily need to have CFA certification to pursue these careers, CFA Institute reports that a majority of hiring managers prefer CFA charterholders for executive investment positions, which may give charterholders an edge in competitiveness within the industry.

Is a CFA useful for an MBA? And is a CFA a good career option? The answers depend on your career goals.

An MBA and CFA can complement each other, so earning both is worth consideration. An MBA program provides a broader education than the CFA program. The CFA focuses more on detailed topics like investment management. Completing both may give you a comprehensive education that could help prepare you for a career in portfolio and corporate management.

MBA vs. CFA: Salary

While data on MBA in finance salaries may not be available, we can instead examine the salaries of some of the careers that professionals with an MBA often pursue. According to the U.S. Bureau of Labor Statistics Occupational Employment and Wage Statistics (OEWS) program, median annual wages (May 2025) for several careers that professionals with an MBA often pursue were:

• Financial analyst: $102,740, or $49.40 per hour
• Financial manager: $166,570, or $80.08 per hour
• Accountant/auditor: $83,680, or $40.23 per hour — BLS does not separately publish wage data for the narrower title “accounting manager,” so the figure shown is for the broader Accountants and Auditors occupation
• Chief executive: $213,990, or $102.88 per hour — BLS does not separately publish wage data for “chief financial officer”; this figure is for the broader Chief Executives occupation, which is the closest published category

It’s also important to remember that salaries can vary based on your location and position.

CFA charterholders work in many industries, and salaries may vary depending on location and the type of job you hold.

What are the Benefits of Obtaining Both an MBA and a CFA?

Obtaining an MBA degree and CFA certification does have its benefits, but it’s an ambitious goal. Accomplishing both these education milestones could create a complementary education where you not only understand the broader elements of business management but also receive nuanced education in topics like investment management.

Can a CFA and MBA be done together? Both programs are highly demanding, so working on them at the same time isn’t practical. Instead, consider using the broader knowledge you learn through an MBA program to serve as the basis of your education when preparing for the CFA exams.

Is a CFA worth it, or should you pursue an MBA in finance, instead? The answer depends on many factors, including your career goals, the amount of time and money you’re willing to invest in your education, and the skills you want to acquire to prepare for your career.