An MBA or masters in finance — which is best to fill my knowledge gaps?

This week’s problem

I have moved from architecture to property developing. Eventually, I would like to be a real estate fund manager. I have picked up experience but have gaps in my financial knowledge. Would it be better to do an MBA or a masters in finance? Or would a different qualification be more appropriate? I am unsure of the best way to fill the gaps and progress. Male, 40s

Jonathan’s answer

The only qualifications you typically need to be a fund manager for institutional clients are a good undergraduate and masters degree. In due course, your employer may encourage you to follow guidance in the Financial Conduct Authority’s handbook and take a further, specific qualification.

However, wanting to fill gaps in your knowledge is a strong motivator for completing any masters course. The MBA and masters in finance (MiF) degrees are qualifications in themselves but they would also position you well to progress to more specific ones such as the Investment Management Certificate, followed by Chartered Financial Analyst Level 1.

As your career develops, you should ideally be increasing your choice and control. While you currently seem settled on your direction and have a clear five- to 10-year goal, the economy and your interests may change. A way to choose between an MBA and a MiF is to ask which will satisfy not only your immediate aim, but support any change in your objective.

An MBA prepares students for senior management roles in business; while the course covers finance and accounting, students also study strategy, marketing, operations, and human resources. You may find parts of an MBA not immediately relevant, and the finance parts not substantial enough. An MBA is often taken by students wishing to make a step change in their career (a new location, industry or role, for example), and is a typical gateway to City/Wall Street jobs in consulting, banking and technology.

MiF students are usually more focused on a career in finance. Courses will cover financial reporting and analysis, quantitative finance and financial technology. Corporate finance, investments and equities were the top three topics on which MiF alumni scored their schools in the latest FT ranking. Given MiF course providers want students to assume senior roles, they also teach management and leadership.

Both courses could be taken part-time, alongside your day job, and increasingly online as well — though this might reduce the benefits of classroom work and face-to-face networking, the latter being a key element of an MBA.

Given your eventual aim to be a real estate fund manager, the MiF does seem the better option of the two, with other professional qualifications to follow, once you are established.

Readers’ advice

Considering your age and accumulated experience, an executive MBA with a concentration (finance or real estate) could serve you better. You would be rewarded with the knowledge you need, the right skills to succeed, and a network of professionals at your same stage of career. Matteo Giovannini

Focus more on the best school you can get into, even if that means a broader curriculum. Your trajectory leaving a Wharton, LBS, LSE, Harvard, etc, will be entirely different if you take advantage of the network/reputation those level of schools provide. SPAM

Jonathan Black is director of the Careers Service at the University of Oxford. Every fortnight he answers your questions on personal and career development and working life. Do you have a question for him? Email: dear.jonathan@ft.com