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Masters immediately after undergrad or work experience first for a non finance related guy?

I'm a Political Science Major with an Economics Minor. The Finance sector interests me and I would like to work in it in the future, although I don't really know yet what fascinates me the most, maybe more of a financial analyst role. Should I get my masters in Finance immediately after university or wait, get some work experience perhaps do some classes and get the 1st level of CFA and then later do a Masters in Finance? Thanks in advance

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Sydney’s Answer

Hi Dimitris,

I recommend getting some relevant work experience before enrolling in an MBA program. This will help you figure out which areas of finance may align with your background and interests. MBA's can also be quite expensive. You may find that an MBA is not required for your ideal role, in which case it would not be a worthwhile use of your time and money. The CFA charter is a great option if you decide you want to continue down an investment management path, but again, I suggest spending a year or two in the industry to determine if the CFA program makes sense for you. The people you meet in many entry-level roles can be great sources of wisdom as well. See if you can find a mentor who is willing to offer you additional guidance.

Best of luck!
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Kenneth’s Answer

Hello, Dimitris!
I started an MBA program part-time right after my undergrad… but I already had a full time job. In your situation, I would get some relevant experience first and then go for an MBA. The experience is often more difficult to get. Good luck!
Ken

Kenneth recommends the following next steps:

Get relevant experience toward your career goal.
Go for MBA. Perhaps your employer will pay for it?
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James’s Answer

Unlike an MBA I think it is fine to get a Master of Finance right away. But, as others have mentioned, you do not really need a degree in finance to work in the field, even at top investment banks.

The primary argument against another degree is financial (1-2 years of lost earnings potential and probably 100k+ of direct cost in tuition). If you cannot get a job in finance any other way, and believe this will push you over the edge, it will be worth it. Otherwise if you are self-motivated, levels 1+2 of the CFA are probably approximately equal and can be attained for < $5k of cost (but won't have the same career boost / brand effect of a top finance degree).

Good luck.
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David’s Answer

Dimitris,

I would recommend getting a few years of work and life experience prior to pursuing a masters or MBA. This will allow you to gain some professional experience to determine which path you want to pursue. I also think it helps to take some time to live your life and have a bit of a break from schooling. Both of these will help you meet new people and certainly will help with networking. Gaining a few years of professional experience will help you figure out what you are good at/what you like, and on the contrary, help you decide what you don't want to do. You will then appreciate the education you receive once you eventually return to school, and you'll have a clearer path forward. This being said - don't wait too long to return to school! Maybe take 2-3 years for professional experience/networking, then return (the longer you wait, the harder it is to go back!). I hope this helps!

David
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michael’s Answer

Prioritize your career when opportunities arise. Consider pursuing education before embarking on a romantic relationship or marriage. It may become more challenging to return to school after marriage, so seize the chance while you can.
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Lisa’s Answer

Hi Dimitris,

You've already received some great advice. I would also suggest taking sometime
to gain work experience and reflect on the path you want to pursue. While you mentioned finance, it's important to be certain that's where your passion lies. You could reach out to professionals in the finance roles that interest you for informational interview and come prepared with thoughtful questions to help guide your path. Additionally, if you begin working many companies offer free or discounted programs for employees pursuing advanced degrees.

Best of luck, I'm sure you'll do great!
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Davin’s Answer

There are multiple paths to achieving your goal - I'll focus on the MBA approach which is what I am most familiar with. Most of the top MBA programs require three or more years of experience to become admitted. The nationally ranked programs publish career statistics and reliably produce high earnings both immediately after the degree and beyond. As they are oriented towards both people who want to further their career and career switchers, they'll allow you to pivot into finance if you are not able to with the initial role you find. The GMAT has historically been an important component of admissions, as are essays and letters of recommendations - be sure to prepare early if you pursue this path.
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Lauren’s Answer

I recommend getting an entry-level job in the finance industry to see if it is indeed something you're interested in. I have worked with many people who do not have finance degrees in the financial industry. One of my favorite colleagues was a political science major! Once you determine if the finance industry is a good fit for you personally, most employers offer financial assistance for CFAs, master degrees, etc!
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Sajid’s Answer

I would suggest taking a few years to work between your bachelor's and master's degrees. Here's why this could be beneficial for you:
1. It can aid you in pinpointing the exact field you'd like to pursue for your master's degree.
2. It can equip you with a deeper understanding and appreciation of the master's level courses, enabling you to reap more benefits from them.
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Graham’s Answer

Hi Dimitris,

It is generally advised to get practical work experience before going back to graduate school. Doing so will help you to bring a unique perspective when (if) you decide to pursue a masters degree. If you're specifically interested in finance there are many free online courses which can help you to get exposure to the wide variety of finance related jobs. While a CFA can be helpful in a lot of careers, it is not required for every finance role. You should explore what different roles exist in the field you're interested in and look at their requirements. Searching for your "dream job" on linkedin can help you to understand what you would actually do in the role and what qualifications you would need to get the role.
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Jennifer’s Answer

Before diving headfirst into a Master's in Finance, it's a good idea to get a clear picture of what you really want to do. As someone who works in the finance sector, I usually lean towards hiring MBAs who have some experience under their belt, over CFA candidates. However, keep in mind that certain finance roles do require a CFA or other licensing.

A great starting point could be to dip your toes in the water with a few internships, or perhaps try your hand at an analyst position within the finance industry. This can help you pinpoint the exact area you're interested in, before you invest your time and hard-earned money into a two-year degree.

Moreover, having a solid idea of where you'd like to work can guide you in choosing the best school or program to suit your needs. Remember, finance is a vast field with numerous paths to explore.
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Mirco’s Answer

Hi Dimitris,
In my opinion, there’s no definitive right or wrong answer—it all comes down to your personal goals and where you see yourself headed. Let me share my own experience:

After school, I jumped straight into a dual study program that combined working and studying. Shortly after, I completed my MBA, and I’ve now been working continuously for over 10 years without taking any breaks. The variety of studies and professional roles I experienced helped me discover what I really enjoyed. If I were to start my MBA now, it would be a totally different experience, as I’d approach it with more work experience and practical insights. However, my MBA was instrumental in securing the roles I’ve worked in over the years, and without it, I wouldn’t have had the same opportunities. You will work for many years so don't worry if you slow don't your career by not immediately taking the next step.
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Justin’s Answer

Dimitris,

A graduate degree in finance is best pursued when you know exactly what area you want to pursue professionally. As a hiring manager for two decades, I generally only considered MBA candidates with prior experience. This allowed them to better articulate why they wanted to get into my area of finance. Many financial firms (banks, asset managers, insurance companies) offer entry-level jobs in a variety of finance disciplines. Working in that type of role for a couple of years is a good prelude to an MBA or Masters in Finance.

Good luck with your career search.

Justin
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Eric’s Answer

I would agree with others that you should look to get a job in finance first before pursuing a masters or other degree. I had a similar background (liberal arts major) and got a job on the research side given that that was what I enjoyed about my major (researching new topics/learning).

Since I really enjoyed my job and wanted to stay in within research, I chose to pursue a CFA since it gave me the needed tool kit for my career. I also think that if you eventually decide to purse a different career (within finance or another business area), you can still go and get an MBA after a few years of work experience with a better sense of what you want out of your career.
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Ramin’s Answer

There's nothing quite like the wisdom gained from hands-on work experience. Discovering your passion often comes from diving in and giving it a go! I highly recommend dedicating a few years to working in finance before pursuing a Masters. Who knows, you might find that you're so in love with your job, you decide to bypass the Masters altogether. Remember, asking questions and networking are key! Keep your curiosity alive and make connections - they're invaluable.
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Adaobi’s Answer

Given your interest in the finance sector and considering a financial analyst role, here are two options:

1. Get Work Experience First**: Gain practical experience, take some finance-related courses, and aim to pass the first level of the CFA exam. This can help you better understand your interests and strengthen your resume.
2. Pursue a Master's Immediately: If you're already in "study mode," continuing directly to a Master's in Finance can be beneficial. It can also delay loan repayments and keep you in the academic mindset.

Both paths have their advantages, so consider your personal preferences and career goals.
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Samantha’s Answer

Gaining hands-on experience in the real world could be a beneficial move for you. While it's important not to stray too far from the educational realm, taking a moment to reassess your career goals and aspirations could be a wise decision. Begin by securing all necessary licenses. If your interest remains, then proceed with obtaining your MBA in Finance. Moreover, it's worth double-checking whether your dream job actually requires an MBA, as this requirement may no longer be relevant.
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Aydil’s Answer

Hello Dimitris!

I am from Turkey - quiet similar culture and environment as Greece and working in finance sector now. I used to be an engineer but did my master of science while I was also working. You can ask your managers and even negotiate about starting part time and enrolling MBA at the same time. Many companies support that. Experience matters a lot if you want to proceed in private sector. Still, when you deepdive fully in, it is hard to feel like you can stop somewhere and get back to education. If you don't have any hardness in your personal life that requires special attention and time (like a kid or someone depending on you), it worth to get busy for 2 years to work and study together.
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Biplab’s Answer

As others have said and as also matches my own experience, you do not need the Masters in order to be effective in the field upon graduation and I'd encourage you to work an entry level role for at least a few years at which point you can revisit the decision.
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