TL;DR

• The CFA is a valuable credential aimed at analysts and advisors working in investment-focused roles
• A Master’s in Finance aligns more closely with the CFA, particularly for technical and early-career finance roles
• An MBA works best when used to deepen or broaden an existing finance career, rather than as a route into technical finance
• The right choice depends on your background, career stage, and the type of finance role you’re targeting

For anyone building a career in finance, qualifications are as much about signalling direction as they are about gaining knowledge. An MBA, a Master’s in Finance, and the Chartered Financial Analyst (CFA) certification each communicate something different to employers about your career goals and how you expect to get there.

The CFA is often seen as a natural career step within the financial sector, but its practical value depends on what comes before or alongside it. Choosing the right graduate degree to pair with the charter can impact not just how quickly you progress, but which roles are realistically within reach.

We spoke to James Sefton, professor of Economics at Imperial Business School, to hear more about how an MBA and a Master's in Finance align with a CFA.

What’s the difference between an MBA and a Master’s in Finance?

The core difference between an MBA and a Master’s in Finance is that they are designed for different points in a career, and for different types of roles.

A Master’s in Finance is typically a pre-experience or early-career degree, with a focus on analytical depth rather than breadth. Internships and placements tend to sit firmly within financial markets, supporting pathways into areas such as investment banking, asset management, and fintech.

An MBA, by contrast, is a post-experience degree built around general management. While finance may be one component, and students can often specialize with a finance concentration, the curriculum typically places equal weight on strategy, leadership, organizational behavior, and decision-making.

According to James, this makes the MBA most effective as a way of deepening an existing finance-related career, rather than as a route into technical finance roles from scratch. 

“An MBA is very useful for someone who already works in financial operations and wants to deepen their finance knowledge to support an existing career path,” he says. “It is tougher, in my experience, for someone in operations to use an MBA as a springboard into investment banking or other core finance roles.”

The degree is designed for professionals who already have a few years of workplace experience and are preparing for broader responsibility, whether that means progressing within a large organization or building a business of their own.

For students without prior exposure to finance, it can be difficult to compete for specialist roles with just general management training alone. In those cases, a Master’s in Finance is usually the more direct route.

“In practice, employers increasingly prefer to hire MSc students for technical positions and then provide leadership training where needed. So, if your role demands technical expertise, an MSc is usually the way to go," says James.

How does the CFA fit alongside business school?

Unlike an academic degree, the CFA is a professional qualification aimed at analysts and advisors working in investment-focused roles. It’s often taken alongside or after graduate study, and is used to signal technical competence within finance.

There is an important overlap between the CFA program and a Master’s in Finance. Both cover core concepts in investment analysis, portfolio management, and asset pricing. However, the way those concepts are taught differs.

“The CFA and MSc [in Finance] programs overlap largely in the fundamentals. The CFA is very structured: it tells you the “answer” and shows you exactly how to calculate it,” James explains.

While Master’s programs cover the same fundamentals, they push students to go further, and think critically about emerging topics such as AI in financial markets.

“Where the CFA is limited, in my view, is in theoretical thinking and forward-looking problem-solving. It doesn’t engage with frontier research or explore emerging trends in the same way an MSc [in Finance] does. The CFA provides a solid foundation, but it’s more about the ‘what is’ than the ‘what could be’,” he adds.

This difference helps explain why the CFA tends to pair most naturally with specialized degrees such as a Master’s in Finance, which are particularly aligned with quantitative and analytical roles in areas such as fintech, security pricing, and risk control.

For the same reason, how well MBA students cope with the CFA largely depends on their background. Those with strong quantitative skills tend to manage well, while those without often find the early CFA levels more demanding due to their emphasis on calculation and technique. By Level III, which focuses more on applying knowledge and judgement, this gap tends to narrow.

“MSc students typically have a strong quantitative background, which makes the CFA more accessible.”

Timing is another consideration. While some students aim to study for the CFA alongside their degree, James generally advises against trying to do both at once. Employers frequently sponsor CFA study after hiring, offering financial support and study leave, and the added credential can then support progression into more client-facing roles right after graduation.

The CFA delivers its clearest return in specific roles, particularly in client-facing positions such as investment banking, sell-side research, and sales. Beyond the qualification itself, the CFA’s professional network can also become a long-term asset for a finance career.

“There’s no question in my mind: the MSc in Finance pairs more naturally with the CFA,” James concludes. “The content aligns closely, and your full focus is on finance, making it easier to dedicate time to CFA preparation. 

"MBA programs include a lot of leadership, strategy, and non-finance work, which makes it harder to fit CFA study into the schedule. So, if your goal is to combine rigorous finance study with CFA credentials, the MSc is the straightforward choice.”