In case, you are thinking of a career in the business world you would be faced with the choices of – Marketing vs. Finance. Both these domains have so much to contribute to the success of an organization but the way they go about it could not be more different! You must learn about the differences between these to make an informed decision regarding your career.
This article aims to do just that. It will provide an overview of the most important differences between Marketing and Finance courses and careers to help make the right decision in these cases.
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Marketing vs. Finance: Difference in terms of role in the organization
The marketing department is supposed to generate revenue by acquainting buyers with the company's products and services and the other name of the process is lead conversion.
On the other hand, the finance department is supposed to monitor the wealth at the disposal of the organization and help it to make sure that the organization grows to the highest possible level.
So, as you can see for yourself, financial management salary in India is not the only area of difference between these domains.
Marketing vs. Finance: Differences in terms of job responsibilities
This is a core area of difference between finance and marketing. Following are the chief responsibilities of the marketing department:
- market research
- advertising
- delivery
- feedback
In a business organization, the marketing team concerns itself primarily with strategy, ways to influence customers, and branding.
The most important responsibilities of the finance department of an organization may be enumerated as below:
- procuring funds
- utilizing funds
- analyzing operations
- creating financial strategies
On the other hand, the marketing department is not as focused on customer interaction and behavioral characteristics as the marketing team. Instead, it focuses on efficient financial operations and tracks earnings.
Also Read:- Top Financial Analyst Interview Questions
Marketing vs. Finance: Differences in terms of required skills
Following are the top skills needed to succeed in the marketing profession:
- written and verbal communication skills
- copywriting
- analysis and research
- creative thinking
The leading skills needed to thrive in the financial side of a business organization may be enumerated as below:
- analytical skills
- risk management
- knowledge of statistical tools and mathematics
- communication
So, as you can see for yourself, communication is the only skill common to both these disparate professions! The high level of skills needed in these domains influences the substantial marketing and finance jobs salary paid to these professionals.
The commonest jobs for MBAs in Marketing
Following are the commonest jobs for MBAs (Masters of Business Administration) in Marketing:
The commonest jobs for MBAs in Finance
Following are the most common jobs for MBAs in Finance:
From the tables provided above it is quite evident that finance salary in India is comparable to marketing salaries and edges them out only by a bit.
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Conclusion
So, as you can see for yourself, both these jobs entail different responsibilities and roles within the same organization and you also need different kinds of skills to stand out in any one of them. However, it cannot be disputed that you need proper education to stand a chance to at least begin a career in either one, and this is where online MBA courses can be what the doctor ordered for you. They let you customize your study schedule and course content. When you combine these with internships you give yourself the best chance to succeed in the always-evolving and ultra-competitive business domain.
