As you are thinking about continuing your education, you may be asking, “Is finance a good career path?” For many students, the answer is “Yes, finance can be a great career path!”
Of course, before you commit, it’s helpful to learn about jobs with a finance degree and the skills needed for success in this industry.
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Let’s take a look at what’s involved in a finance major and its relevant job opportunities so you can decide whether this is the right choice for you.
Is Finance a Good Career Path?
Yes, finance is a good career path for many professionals. People who study finance may have varied job options. The skills learned in a finance program are useful for positions in banking, business, insurance, manufacturing, and other industries.
Possible job titles include loan officer, financial compliance examiner, ratings analyst, budget analyst, and cost estimator. Accounting and auditing jobs might be available as well. A career in finance offers room for growth. After gaining experience in a particular type of financial work, you may be eligible for promotions. There are many types of financial managers, such as treasurers, controllers, risk managers, and credit managers.
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Plus, some finance professionals eventually advance to top executive roles. Chief financial officer (CFO) is a possible C-suite role for an expert in finance. Finance can be a lucrative career path. According to the Bureau of Labor Statistics, jobs in business and finance often pay more than the national salary average. The median salary for financial managers is $139,790 per year.
This can sometimes be a high-pressure career path, and deadlines can be tight. On the other hand, finance professionals often work in indoor office environments. Some may maintain regular workday schedules with predictable hours.
5 Things You Can Do with a Degree in Finance
People who study finance in school can work in many different roles throughout business, manufacturing, insurance, and other sectors. During your college program, you might decide to work toward one of the popular careers in finance listed here.
1. Personal Financial Advisor
You might be a fitting candidate for a career as a financial advisor if you want to help people achieve their goals in life.
These professionals meet with clients to help them make financial decisions and investments that will contribute to their future plans, such as retirement or sending kids to college. There is an increasing demand for personal financial advisors. Both self-employment and working for a company are options.
2. Buy-Side Financial Analyst
To help organizations decide how to make the most of their investments, you might consider becoming a financial analyst.
As a buy-side financial analyst, your job might entail making recommendations for where a company should invest its funds. You’d study trends and markets to determine the best strategies for balancing risk and reward. Your skills may be particularly in demand if you’re adept at using big data technology in your analyses.
3. Loan Officer
Banks and other financial institutions lend money to individuals or businesses. As a loan officer, your responsibilities might include collecting information and helping people understand the terms of a loan.
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You might also take care of evaluating whether the applicant is a good candidate for receiving funds from your institution. Holding a Mortgage Loan Originator (MLO) license is necessary if you want to help customers obtain mortgages.
4. Treasurer
In the business world, a treasurer takes care of making sure an organization has the necessary cash on hand for its projects and investments.
As a treasurer, you might also invest your group’s funds. When a merger or acquisition happens, you’d be involved. Working as a treasurer is typically considered a management role in finance, so it’s often necessary to gain experience before earning this position.
5. Financial Examiner
If you become a financial examiner, you could work to make sure that banks and other institutions are doing things properly.
You could pay attention to whether lenders are making good decisions about who they loan to and how much they give out. Your work may also help protect consumers from predatory lending practices. The Bureau of Labor Statistics says that financial examiner jobs are growing faster than the national average.
Finance Careers and Salaries
If you choose to major in finance during your time in school, then you’ll likely graduate with skills that are valuable for many different job opportunities within the realm of business and finance.
According to the Bureau of Labor Statistics, jobs in business and finance produce a median annual salary of $76,850, and they’re expected to grow at a 7% rate over the next ten years.
| Careers | Annual Median Salaries |
| Chief Executives | $189,520 |
| Financial Managers | $139,790 |
| Financial Risk Specialists | $102,120 |
| Personal Financial Advisors | $95,390 |
| Financial and Investment Analysts | $95,080 |
| Budget Analysts | $82,260 |
| Financial Examiners | $82,210 |
| Accountants and Auditors | $78,000 |
| Securities, Commodities, and Financial Services Sales Agents | $67,480 |
| Loan Officers | $65,740 |
Financial skills are in demand by a wide variety of employers, so you may be able to select an industry—such as manufacturing, healthcare, or public administration—that is of interest to you.
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Another line of work to consider is real estate, but you may be required to complete additional training and also become licensed by your state before you can work as a real estate agent or broker.
Finance Bachelor’s Curriculum
As a finance major, you can expect to prepare for the workforce by taking a combination of business and finance courses. Here are some course examples:
- Accounting for Finance Majors: There might be a class that introduces you to foundational ideas in accounting and examines the relationship between accounting vs. finance.
- Business Finance: In a course on corporate finance, you’ll discuss topics like capital structure and the time value of money.
- Communication in Business: This class will help prepare you to analyze your audience, identify your purpose, and choose clear delivery methods for both written and oral workplace communication.
- Economic Principles and Policy: You’ll study the fundamentals of microeconomics and macroeconomics and discuss the influence of government policies on economic development.
- Finance in Decision-Making: There may be a class that teaches you to conduct financial analyses and use your findings for making informed business decisions.
- Financial Models: You can learn to use spreadsheets and other computer-based tools to analyze risks and estimate returns.
- Financial Planning: As you study portfolio management and insurance, you can prepare to help individuals or organizations meet their financial goals and plan for the future.
- Management Principles: You can learn how to be a business leader who coordinates teams, encourages productivity, and contributes to the mission of your organization.
- Markets and Institutions: This class will provide an overview of the financial system and the key players involved, both domestically and globally.
- Understanding Financial Statements: As you learn to read or create financial statements, you can also gain introductory skills for financial analysis.
In general, most students are required to earn 120 college credit hours to graduate with a bachelor’s degree in finance.
How to Know If a Career in Finance Is Right for Me
If finance is a good fit for you, then selecting this career path could pay well and be quite satisfying. Before you settle on this plan for your life, though, you may want to take a close look at whether the financial industry meshes with your skills and interests.
Success in finance is more likely if you have:
- Ability to explain things well. You might spend a lot of time explaining to others why certain financial decisions are the best ones.
- Critical thinking. Finance professionals have to analyze data and make tough decisions. Being a critical thinker can help you with those responsibilities.
- Determination to work hard. Putting in extra hours may help you get ahead.
- Interest in continually learning. It’s necessary to stay current on industry developments and new fintech.
- Mathematical capability. While you probably won’t need to do advanced calculus every day in your finance job, money and math just go together. If you’re comfortable with numbers, then this line of work will likely come more naturally to you.
- People skills and the ability to communicate. Finance professionals spend a lot of time interacting with others.
- Perseverance. The commitment to keep going even when things don’t go well the first time can take you far in finance.
You might consider talking to current finance professionals to learn more about what this field entails.
Pros and Cons of Financial Careers
As with every job, there are both pros and cons to this line of work. Let’s take a look at the benefits and drawbacks of finance career paths so that you can make an informed decision about working in this area.
| Pros | Cons |
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Many professionals enjoy the challenge that a finance career can present.
Finance Certifications and Licensure
As a professional working in a finance career, you may want to pursue industry credentials. They’ll demonstrate your expertise and may qualify you for new roles and promotions. Getting an industry certification may require passing one or more exams. In addition, some require experience in a relevant line of work.
Here are some examples of common finance certifications:
- Accredited Financial Examiner (AFE)
- Certified Financial Planner (CFP)
- Chartered Financial Analyst (CFA)
- Chartered Investment Management Analyst (CIMA)
- Financial Risk Manager (FRM)
State or federal licenses or registrations are required for some financial positions. Examples include Mortgage Loan Originator (MLO) and Investment Adviser Representative (IAR).
Is Finance a Good Major for the Future?
Yes, finance is a good major for the future for many professionals. Businesses and families will continue to need the input of finance experts. Plus, the Bureau of Labor Statistics says that jobs in finance will increase faster than the national average for job growth over the next decade.
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As you’re looking ahead to the future, it’s beneficial to include fintech classes in your finance curriculum. Also known as financial technology, fintech involves ideas like cryptocurrency, blockchain, banking apps, and virtual stock trading. The more you know about fintech, the more prepared you might be for the future of finance.
What Does a Finance Major Do?
Finance majors do jobs dealing with money. Often, they use financial data to make decisions regarding money, especially how to spend it or where to invest it. They help others—whether individuals or organizations—have funds available for accomplishing their goals.
Careers in finance include being a financial analyst, a risk manager, a loan officer, or an investment banker. Other potential jobs involve personal financial advising, financial compliance, and cost estimation. Finance graduates work in many different types of organizations. That includes financial institutions, small businesses, large corporations, school systems, healthcare organizations, and government agencies.
How Much Does a Finance Major Make?
How much you earn after getting a finance degree online or on campus can depend on a combination of factors. The job you hold, your experience level, and the area of the country where you live can all make a difference. Even still, the Bureau of Labor Statistics offers data on US median salaries.
The median annual wage for personal financial advisors is $95,390. Securities, commodities, and financial services sales agents often make between $40,200 and $189,620. For financial analysts, typical salaries range from $58,950 to $169,940. Most financial managers earn at least $79,050 every year. Some make more than $208,000 annually.
What Can You Do with a Finance Degree?
There is a large assortment of careers for finance majors. You might want to work as a financial analyst. According to the Bureau of Labor Statistics, these professionals may focus on investments, credit ratings, or securities.
Another idea is to become a budget analyst. That’s a position that you could hold for a large company, an educational institution, or a government agency. Personal financial advisor is an additional job to consider. You’d have opportunities to help individuals and families achieve their goals for the future, such as buying a house or retiring comfortably.
Is Finance a Hard Major?
In a finance program, you’re going to study business. That may include learning about marketing, accounting, and business law, so it helps to be prepared for a diverse assortment of classes. You can advance your math skills as well. Finance students often study calculus and statistics.
Your program will encourage you to think analytically. You will look at financial statements and perform various analyses of the data. You’ll also be expected to formulate recommendations for a company based on the information you find there. Other courses may cover the technology that modern finance professionals use for data analysis.
What Skills Do You Need for a Career in Finance?
During a finance degree program, you can develop a variety of skills that will be useful in the workforce. Through your classes, you may become more skilled in:
- Advanced mathematics
- Business communication
- Data analytics
- Data modeling
- Decision-making
- Management and leadership
- Preparing and reading financial statements
- Technology use
While natural gifting in some of these areas may be useful, you don’t have to be highly skilled in all of these areas before starting college. Your program will be designed for cultivating abilities like these.
What Highest Paying Finance Jobs Can I Get?
Financial and investment analysts often earn high salaries. According to the Bureau of Labor Statistics, these types of analysts in the securities and investments sector have a median annual salary of $106,390.
With a median wage of $102,150, jobs in securities and investments are profitable for personal financial advisors as well. Being an actuary is a job that requires certification, but it can pay generously. The median salary for actuaries is $113,990.
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Others may decide to pursue a masters or PhD in Finance online or on campus. As you gain experience, you can also work your way toward management positions. Management and leadership offer some of the highest salaries. Financial managers have a median income of $139,790 per year, and those in corporate work can earn the most. Also, the median salary for chief executives, such as CFOs, is $189,520.
Is a Degree in Finance Worth It?
Yes, a degree in finance is worth it for many students. Finance skills are in demand. Most employers require the services of at least one finance professional.
The Bureau of Labor Statistics predicts a 7% growth rate for employment in the business and finance sector over the next ten years. Jobs for personal financial advisors and financial examiners are growing at an even quicker rate.
Since so many organizations depend on finance professionals, you may have a wide variety of career paths open to you. That doesn’t just mean many different job titles. You may also have opportunities in diverse industries.
Getting Your Bachelor’s Degree in Finance Online
If you’ve decided that working in finance is right for you, then your next step could involve looking into a college finance program. A bachelor’s degree in business or finance is an entry-level requirement for many positions in this field.
As you work toward your degree, you can receive knowledge and experience that will help make you a fitting candidate for various finance jobs. Online degrees in finance are available for learners who want a flexible approach to college. Accredited colleges and universities provide thorough training in finance for online learners.
You can start exploring accredited schools where you can prepare for your future financial career online.
