A degree in finance prepares graduates for careers in quantitative and corporate finance. It's important to distinguish the field of finance from the related field of accounting, which deals with the day-to-day operational issues of money management. Finance specialists address strategic issues relating to money. Specialties include investment and risk management, cash management and private wealth management. A master's in finance can also be a steppingstone to a Ph.D. in finance. Typically, a Ph.D. is required to become a professor in a theoretically oriented university department.
Though an MBA includes required coursework in finance, it also covers the much broader context of business operations, including marketing, facilities and production planning, and staffing. An MBA can be a better choice for a person who lack management experience; a master's in finance is better for an experienced manager who is seeking an in-depth financial role.
Graduate programs in finance also overlap with degrees offered by mathematics and economics departments. These programs are appropriate to consider for those seeking a theoretical focus.
Chartered Financial Analyst (CFA) is an important credential in the investment industry. The designation is obtained by passing a series of rigorous tests that cover a subset of the much broader universe of finance. Graduate programs in finance vary in the degree to which they incorporate the CFA topics into the curriculum.
Start by reading the descriptions of available programs. Don Chance of Lousiana State College of Business maintains a list of programs in the United States (see Resources). He suggests that you consult with professors at your undergraduate school and with representatives of the programs that seem to be in line with your personal goals. Visiting and talking to professors and students from a variety of programs should help to identify the best program for you.