Table of Contents Hide
- What is a Finance Degree?
- Is Finance a Good Career Path for You?
- Types of Finance Degrees
- Top 11 Jobs You Can Do With a Finance Degree
- Benefits of Finance Careers
- Challenges of Finance Careers
- What Can a Finance Degree Do?
- Is Finance a Good Major to Go Into?
- Is Finance a High-Paying Degree?
- Is Finance Harder Than Accounting?
- What Pays Better Accounting or Finance?
- Is Finance a Lot of Hard Math?
- Is Finance a Stable Career?
- What Is the Easiest Business Degree to Get?
- Is Finance an Easy Major?
- Related Articles
achieve you want to work in finance but aren’t sure which job is right for you or what you can do with a finance degree? We’ve got you covered! A finance degree can lead to a plethora of new employment prospects. A finance degree, regardless of your past experience, can have a direct impact on your ability to perform successfully in a finance-related profession. In this article, we discuss the finance degree available, jobs, and the salary that you can pursue after earning them. We will also highlight what a financial analyst does.
What is a Finance Degree?
A finance degree will prepare you for a profession in money management by providing you with an understanding of accounting, statistics, and economics. Finance is an essential component of practically any public or private sector business, making the field adaptable and consistently in demand across a wide range of industries.
Finance studies can lead to lucrative financial positions, but that isn’t the only attraction. Banks can give critical loans to small business owners, financial planners can help young families save for education, and wise investing helps people to retire without concern. Finance can be a strong engine for innovation, wealth, and social gain in the proper hands.
Is Finance a Good Career Path for You?
Finance is a vast profession that encompasses a wide range of jobs, from accounting to financial risk management. To be sure, you’ll need some fundamental skills to succeed in any financial profession.
You’re set up for success as a financial analyst if you can demonstrate the following characteristics:
- You have a knack for numbers. This should come as no surprise. If you want to work in finance, you should be proficient at arithmetic. Understanding financial software such as Microsoft Excel is also advantageous.
- You’re extremely well-organized. Keeping track of facts, figures, and financial reports necessitates keen attention to detail. Incorrect results result from data mixing, which can substantially disrupt company analytics.
- You have a keen analytical mind. As a financial analyst, you can’t merely calculate numbers; you have to understand what they mean. Here’s an illustration: What does it indicate for profit margins if a company’s quarterly revenue is up but expenses are up?
- You have excellent communication abilities. As a financial analyst, you can’t just thrust a stack of numbers in someone’s face. As a finance expert, it is frequently your responsibility to explain what those figures indicate, for example, in presentations or reports.
- You can solve problems. If a corporation experiences financial difficulties, you may be required to correct them. Assume a corporation is spending more money than it should. You might examine spending and give ideas for cost-cutting measures.
As a financial analyst, these are essential characteristics for every successful financial professional. If you have those talents as a financial analyst, you’re off to a strong start – and there are plenty of jobs waiting for you.
Types of Finance Degrees
Depending on your goals and skill level, the following finance degrees are available to you.
#1. Bachelor’s degree in finance
A bachelor’s degree is the most basic degree required for a career in finance. A bachelor’s degree normally takes four years to complete and offers students with the essential information needed to work as a financial expert. Graduates will obtain financial knowledge as well as communication and leadership abilities. A bachelor’s degree qualifies you for entry-level finance work and allows you to pursue advanced financial degrees.
#2. Master’s degree in finance
Students who earn a bachelor’s degree in finance have the option of furthering their financial education with a master’s degree, which typically takes two years to finish. Unlike a bachelor’s program, which teaches students general financial information, a master’s program concentrates on more specialized financial subjects like investments, trading, or risk management. A master’s degree can help set you apart from other candidates who simply have bachelor’s degrees.
#3. Doctorate degree in finance
A doctorate in finance permits you to work as a financial lecturer or researcher and gives you the qualifications to apply for most finance-related positions at all levels. A doctorate in finance takes four to five years to accomplish and requires bachelor’s and master’s degrees initially.
Top 11 Jobs You Can Do With a Finance Degree
If you’re wondering what you can accomplish with a finance degree, consider the following:
#1. Business teacher
National average salary: $14.77 per hour
Business professors use their financial and business skills to educate high school pupils the fundamentals of accounting, marketing, investing, and management. While a bachelor’s degree allows graduates to teach high school business programs, advanced degrees allow graduates to serve as college business teachers.
National average salary: $54,720 per year
Accountants are frequently involved with developing, analyzing, and analyzing a company’s financial statements. The accounting component of the finance bachelor’s degree program prepares students for accounting-related jobs such as analyzing various business-related difficulties and conveying their findings to their colleagues.
#3. Securities, commodities, and financial services agent
National average salary: $57,153 per year
These agents are in charge of offering various financial services to clients. Their work is one of significant significance because it comprises advising clients on various acquisitions, mergers, and investments. A bachelor’s degree is required for entry-level work, but a master’s degree is sometimes required for high-level roles.
#4. Business development officer
National average salary: $5,196 per month
Budget management, sales, customer retention, staff training, and other activities are performed by business development officers with the ultimate goal of increasing a business. These specialists must also be able to assess the company’s progress toward its primary goals. A bachelor’s degree in finance is sufficient to apply for a position as a business development officer, and it will teach you how to work within a set budget and achieve results under pressure.
#5. Vendor manager
National average salary: $66,893 per year
Vendor managers arrange contracts between companies and their suppliers. The majority of vendor management positions are in wholesale and manufacturing, and they involve calculating price proposals, preparing financial reports, supplying pricing data, and other financial-related responsibilities. Vendor managers often hold bachelor’s degrees and have excellent communication abilities.
National average salary: $68,724 per year
Auditors analyze the accuracy of various financial data for companies, the government, or as freelancers. They also collaborate with accountants to create financial records for external audits. With a bachelor’s degree in finance, you can work as an auditor.
#7. Tax associate
National average salary: $69,287 per year
Tax associates assist their clients in adhering to Internal Revenue Service regulations. These professionals help clients prepare tax returns by tracking their income and expenses and evaluating all pertinent financial data. They also use their experience to apply numerous tax deductions and adjustments in order to make their clients’ tax bills as low as possible. Although a bachelor’s degree in finance or accounting may be required for the position, gaining a master’s degree in either area can considerably boost your chances of landing a tax examiner employment.
#8. Data analyst
National average salary: $75,772 per year
Data analysts’ primary responsibility is to collect massive data sets and analyze them as part of numerous initiatives. These specialists evaluate, filter, manipulate, and adapt data in order to identify meaningful information from which to derive applicable conclusions. Aside from a bachelor’s degree, data analysts must be proficient in database management, critical thinking, and public speaking.
#9. Budget analyst
National average salary: $80,789 per year
A budget analyst’s typical function is to study budgets and assess the financial feasibility of existing and new investments. Budget analysts utilize their financial knowledge to examine various initiatives from a financial aspect in areas such as business, government, education, and not-for-profit. These specialists also use their expertise to instruct employees in order to maintain various projects within budget. After obtaining a bachelor’s degree, you will be qualified for this position.
#10. Commercial real estate agent
National average salary: $82,551 per year
Commercial real estate agents utilize their financial expertise to assess a company’s financial situation and future plans in order to discover suitable premises. Agents must assess the worth of their listed homes and advise purchasers on financing possibilities for their purchases. Although a degree is not required for the position, a bachelor’s degree in finance is likely to set you apart from other candidates.
#11. Management analyst
National average salary: $88,325 per year
Management analysts help firms increase their efficiency and profitability. The management financial analyst accomplishes this by acquiring thorough financial information about the organization’s transactions and applying their financial abilities to identify critical concerns and provide solutions. A bachelor’s degree in finance is sufficient for entry-level management financial analyst positions, but advanced degrees may be required for more senior positions.
Benefits of Finance Careers
Before ascending the corporate ladder of a finance job, make sure it’s worthwhile.
We can’t say whether finance is the “perfect” career for you because we haven’t met you. But we can tell you about some of the benefits of working in finance:
- There are numerous work opportunities.
- Excellent earning potential.
- Longevity and Room for Development
Challenges of Finance Careers
We’ll always tell you the truth, which is why we can’t ignore the disadvantages of finance careers. Finance is an interesting sector with many prospects, but it also has its challenges.
A finance career may present the following challenges:
- High levels of anxiety. Finance may be a nerve-racking profession. As an example, one incorrect decimal point can change an entire year’s worth of financial results. Finding strategies to deal with stress and cultivating resilience might help you get through difficult situations.
- Experience is required. It’s not always easy to get your foot in the door of a finance position. Begin by obtaining part-time or full-time finance internships, ideally while still in school, to establish a competitive advantage. Your selections will expand as you gain more experience.
- The advancement of technology. Automation and artificial intelligence are also making inroads into the finance industry. To keep up, you’ll most likely need to learn new information technology (IT) skills.
- Cybersecurity concerns. Finance workers frequently deal with sensitive data, ranging from individual tax returns to business profitability reports. To avoid leaks, you should adhere to cybersecurity best practices.
What Can a Finance Degree Do?
Financial management and financial planning are the two most common employment pathways for finance graduates. Financial management experts can expect to work for firms performing financial analysis or in the investment world.
Is Finance a Good Major to Go Into?
Yes, finance is an excellent major for many undergraduate students. Over the next ten years, the Bureau of Labor Statistics predicts 5% job growth in business and financial occupations. Some typical jobs in the industry include financial counselors, budget analysts, and investor relations associates.
Is Finance a High-Paying Degree?
Careers in finance make a median salary of $76,570, which is 67% higher than the national median wage for all occupations ($45,760), according to the U.S. Bureau of Labor Statistics.
Is Finance Harder Than Accounting?
While both finance and accounting are challenging majors, accounting is considered harder because it needs more discipline and math. Accounting is more difficult to understand because it is based on precise sets of arithmetic rules.
What Pays Better Accounting or Finance?
According to NACE data, persons with a bachelor’s degree in finance have somewhat greater starting median earnings than those with accounting degrees. The typical starting finance major salary in 2023 was $61,456. The median starting accounting major salary, on the other hand, was $53,444.
Is Finance a Lot of Hard Math?
While finance does necessitate some arithmetic training as well as knowledge and abilities in accounting and economics, it is not inherently more difficult than any other subject of study, especially for those with a natural affinity for math.
Is Finance a Stable Career?
Finance degree positions can offer relatively high compensation, stability, advancement prospects, and constant demand estimates. Finance careers may also provide employees with flexibility by allowing them to work remotely or in hybrid environments.
What Is the Easiest Business Degree to Get?
The following is the simplest business degrees to obtain:
- Associate of Science in Business.
- Bachelor of Arts in Business Administration.
- Master of Science in Marketing.
- Bachelor of Science in Health Science.
- Master of Business Administration Online.
- Bachelor of Science in Business Administration.
- Bachelor of Science in Business Administration.
Is Finance an Easy Major?
Finance is a challenging major. It is more difficult than certain liberal arts majors such as history and philosophy, but not as difficult as “STEM” degrees such as science, technology, engineering, and math.
A changing financial landscape has given rise to various new professional opportunities. Whether you take a more inventive or traditional path, a career in finance can be fulfilling and, yes, even contribute to making the world a better place.
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