Often viewed as a means to expand job options, change careers or become more marketable in the employment field, an MBA or an Executive MBA can also be a useful tool to expand one's general knowledge or to specialise in an area such as banking and finance.
However, with most employers closely watching overheads these days, recruitment firms report that companies willing to pay for a business degree for their staff usually do so with a range of terms and conditions attached.
Eunice Ng, director at Avanza Consulting Pacific, says that while MBAs may not be needed in some banking and finance jobs, the title can prove useful in investment banking and corporate finance.
'Financial services companies often encourage employees to pursue a master's programme relevant to their profession. But when it comes to hiring, they will always look at experience and a proven track record ahead of an MBA,' says Ng.
When financial qualifications are evaluated as part of the hiring process, Ng says many employers tend to look at MBA or masters programmes that are specific to job-related areas. These can include qualifications in financial management, master of engineering, as well as master of financial analytics and financial engineering.
According to Ng, more and more finance firms are beginning to look at business qualifications as part of an employee's individual personal development responsibility, and therefore offer only partial or selective financial support.
'Even without financial support from an employer, working on an MBA can send a signal to the company management that you're ambitious, and that you are gaining new skills that could make you more valuable to the company,' says Ng.