Finance Degree

A finance degree is available at various levels from the associate’s degree to the doctoral. Many college students major in finance with the goal of a career in the financial services sector, which includes banking, insurance, real estate and finance). Still other students earn a Master of Business Administration (MBA) with a concentration in finance.

Those interested in earning a finance degree you have strong skills in both for math and data analysis. Finance positions in both the public and private sectors typically involve reading and analyzing spreadsheets. Many people who earn a finance degree head off to Wall Street, with some working at investment banks and others for hedge funds or brokerage houses. Other graduates may also want to work for a government agency that oversees or regulates the financial sector. Still others prefer to go into private practice, managing the finances of individual or institutional investors.

International finance is another area of finance that appeals to an earner of a finance degree. As business continues to expand globally, so does finance. With more capital moving around the world, as trade surpluses in one country are offset by deficits in another, trained specialists are needed who understand the legal and cultural landscape of finance and investment. Investors need to understand the risks they face in different parts of the world, and governments as well as regulators need to understand the ever-changing financial landscapes in different regions to prevent future meltdowns and recessions.

Financial Careers are in Demand

Financial careers are some of the hottest jobs in the current labor market. In fact, according to the U.S. News & World Report’s listing of the 50 Best Jobs in 2011, actuaries, financial advisors, and financial analysts all make the list.

Financial careers are jobs that rely on the ability to use data to make decisions. These jobs often require a strong mathematical or statistical ability, and a business management or operations background, as well as excellent computer skills. Examples of financial careers include: mortgage broker, insurance underwriter, loan officer, financial advisor, investment analyst, financial planner, and many others.

Financial careers can be pursued in virtually any economic sector. Businesses, non-profit organizations, academic institutions, and government agencies employ financial professionals. One of the things that make upward-mobility in financial careers easier is industry specialization. For example, accountants are fairly marketable based on their academic and professional accomplishments alone; however, when an accountant has worked exclusively in the oil and gas industry, he will command a higher salary and have more promotional opportunities in that sector.

Financial careers require a commitment to education. Most upper-level financial positions require a minimum of a bachelor’s degree. An investment in education is often rewarded. For example, according to the Bureau of Labor Statistics, the average salary for a financial advisor is $94,180 per year, a loan officer earns an average of $63,210 a year, and an investment analyst is typically paid $85,240 a year.

A Fulfilling Financial Career

A finance career can be personally and professionally fulfilling; it can also offer generous pay and benefits, and provide a sense of job security. Someone with a solid financial background or a degree in math, finance, economics, accounting, or business will do well in a financial career.

A financial career can be pursued in virtually any industry. Businesses, non-profit organizations, academic institutions, media and entertainment, religious organizations, and government agencies all hire financial professionals to help guide their business decisions. In order to be successful in a financial career one must have the ability to review facts, numbers and data, and to make sound decisions. Other important skills that will help the advancement of a financial career are organizational skills, communication abilities, and computer experience (both hardware and software).

While some financial positions are numbers-oriented, a financial career that revolves around helping people achieve financial security is a financial advisor or financial planner. These professionals work directly with individuals in mapping out a financial plan that will help them achieve their life goals. A similar financial career is an insurance agent. This is a person who understands what is important to an individual, and helps that person mitigate financial risks through insurance protection.

According to the U.S. News & World Report, financial advisors are among the top 50 jobs of 2011, and they earn an average of $94,180 per year. Other financial careers that provide comparable earning opportunities include: investment analyst, actuaries, financial managers, and senior-level accountants.

Finance Careers Advancement

Finance careers often involve helping a business or organization manage revenues and expenses to fulfill business objectives. These positions are often referred to as corporate finance careers, and include professionals in roles, such as auditing, treasury, accounts payable, accounts receivable, comptroller, etc.

It is typically easier to advance in a finance career with either a bachelor’s degree or a master’s degree in a related field. The most desirable degree programs for finance careers are in finance, business management, business operations, accounting, math, statistics, and auditing. While some finance careers can be launched with just an associate’s degree in a related field, advancement opportunities are more limited and competition for promotions more fierce.

The meltdown on Wall Street and the financial crisis that began in 2006, affected a rise in finance careers. The reason for the increase in hiring financial experts is twofold. The first reason is that in 2006 and 2007, mid-level financial professionals were hit hardest by layoffs and cutbacks. Now, as the economy slowly regains its strength, those positions are starting to be refilled. In addition, many businesses and government agencies are tightening financial controls to prevent fraud and misuse of funds. This tightening has given rise to a number of auditing, accounting, and compliance-related financial careers.

A Finance Degree in the Real World

A finance degree prepares a person for a job in a financial field, such as banking, investments, insurance, and financial planning, among others. A finance degree is a business degree that focuses on using data and numerical analysis to guide decision- making.

Nearly every business in every economic sector relies on professionals with financial skills to help run the business and plan for the future. Professionals with financial expertise play integral roles in government agencies, non-profit organizations, and academia. Therefore, a finance degree opens the doors to opportunities in numerous sectors.

Some of the jobs held by individuals who have obtained a financial degree include: financial planner, loan officer, credit analyst, investment analyst, and loan officer. Most of these positions require a bachelor’s degree in finance. There are entry-level finance positions for those who earn an associate’s degree; and those jobs tend to be administrative and clerical in nature.

More advanced opportunities are available for those who have obtained a bachelor’s or master’s degree in finance. For example, someone with a bachelor’s degree in finance may be qualified for a financial analyst position. Someone who continued on to obtain a master’s degree in finance may be qualified for a senior investment analyst position. Teaching positions at the university and college level require a doctoral degree.

In most financial degree programs, students must take mathematics, statistics, risk assessment and analysis, investments, and accounting courses.

A finance degree can lead to lucrative employment. The Bureau of Labor Statistics cites the median salary for a financial analyst at $73,150 per year. Financial managers make an average of $99,300 per year and most are eligible for a bonus or incentive compensation.