If you’re working but you also want to pursue an MBA, you have reached a crossroad where you can’t decide what to pick. If at all you decide to go with an online MBA, then there’s another question, an MBA in finance or human resources? Here’s a detailed comparison between an MBA in HR and finance.
Every course prefers students who are already familiar with the subject and the same goes for HR and finance. To pursue an MBA in finance you must graduate, preferably, in commerce or business administration. To study HR, you just need to have a basic graduate degree in any field.
Under finance, you will study about investments, costing, economics, and securities. You will also study about the tricks and trades of the stock market.
HR is all about employees and relationship management, hence, the topics covered here will include, human resource management, people management, and legal issues within companies.
Being a part of the finance team of any organisation will require you to compile financial information, conduct cost management, raise funds, and research the legal and financial aspects of new and existing projects and investments.
An HR professional helps the company with the recruitment and selection process of new candidates, induction, training, retention and succession planning, designing successful management teams, appraisal, and counselling. They must work to ensure that each employee is satisfied with the company while performing optimally.
Every business needs a financial executive, as they are the life and blood of an organisation. However, the finance team will consist of less management personnel and more marketing and sales executives.
The HR team controls and mentors all members of an organisation, which is why they are an integral part of the company too. However, unlike the finance team, the HR department of any organisation usually employs less people.
Finance jobs are quite risky, especially when it comes to investment companies, because they’re directly influenced by market conditions and are prone to high risk.
HR careers have no connection to market fluctuations, hence it’s a lot less risky. Also, since there’s always a need for HR professionals, you can be assured of higher job security.
An MBA in finance and an MBA in HR yield good career prospects. At the end of the day, however, you will have to choose a specialisation that appeals to you and your personality more.