We provide microscopic diagrammatic derivations of the molecular coherent potential approximation (MCA) and dynamical cluster approximation (DCA) and show that both are (formula presented) derivable. The MCA (DCA) maps the lattice onto a self-consistently embedded cluster with open (periodic) boundary conditions, and therefore violates (preserves) the translational symmetry of the original lattice. As a consequence of the boundary conditions, the MCA (DCA) converges slowly (quickly) with corrections (formula presented) (formula presented) where (formula presented) is the linear size of the cluster. These analytical results are demonstrated numerically for the one-dimensional symmetric Falicov-Kimball model.