MBA in Financial Planning is tailor made for financial planners striving to increase their knowledge base, for those looking at a career change or for budding entrepreneurs. The program is comprehensive enough to allow you to follow your dreams.
It is quite debatable whether you need to do your MBA to get a job. An MBA is often used as a job filter to bring down the candidate pool to a manageable size. In this sense, an MBA is like an alternate to standardized test administered on job applicants.
The program empowers financial planners to keep pace with the demands of the market and stay ahead in a highly competitive field. The syllabus covers the basics of MBA and also deals with finance related content- financial planning, taxation, estate management, finance, risk management, insurance, investing and portfolio management.
Be prepared financially:
An MBA in Financial Planning is an investment for which you must be financially prepared. As a student you need to bring down the education debt. You can start by reducing your discretionary expenses. There are number of student loans available though taking a loan comes with a long term commitment. Build up a financial strategy so that you can comfortably achieve your personal financial goals- buying a car or a house, in the future.
Bring in certain changes in your lifestyle to reduce expenses. Emails are cheaper than using the phone. Take your home made lunch than eating at the cafeteria and get over impulsive shopping. Use public transport instead of buying or leasing a vehicle. Put on hold your ideas of going on your dream holiday.
At this time your family and friends can be supportive and buy you useful gifts. A computer or a long distance calling card can help you with your budget.
Open a new savings account where all your pay checks can be deposited. Use software like MS Money to organise your personal budget.
Scout around at libraries and the web for scholarships. You can get in touch with organizations or your employers to find out if they give any scholarships.
Executive, traditional or online program:
Accredited programs in MBA in Financial Planning are offered by several schools. You could go in for an online program if you are constrained by time or budget. The online program offers flexibility of schedule but at the cost of interaction with students and instructors. The traditional program stresses on the interaction which may be considered a key note in the learning experience.
Studies show that lesser known executive programs have a higher Return on Investment. These programs have a strong reputation locally and you may not need head across the country for an MBA from one of the high end MBA schools. Consider the benefits and the cost involved before you decide on your program. The place where you chose to work after your program also decides the Return on Investment.