Online Finance Degrees
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Finance is the career field for people interested in the industry of investment, which ensures that private businesses and governments procure funding, and that investors find ways to grow their money. There are a variety of positions within the finance career field; some professionals work directly to broker investments, while others help businesses and individuals plot their financial futures. A bachelor's degree in finance, economics, statistics, math, or business is the usual requirement for entry-level positions in this field, although an MBA or master's degree in finance or economics is often required for advanced positions.
Professionals in this field work with stocks, bonds, commodities, and other types of financial instruments. Securities and commodities service agents are the workers who actually broker the sale of different investments; financial analysts are the professionals who advise businesses and other organizations on the investments they should make. Personal financial advisers help individuals with the steps they should take to meet their financial goals.
Despite the recent economic collapse, the finance sector is predicted to grow quickly in the 2008-2018 period, according to the Bureau of Labor Statistics. But, while many new positions will be created due to the demand for more financial services, competition for these positions will still be high. Finance jobs commonly require long hours and great dedication from their employees, but they do come with an ample paycheck and a healthy dose of glamour.
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Career Specializations
- Financial Analysts: These experts help businesses, banks, and the media decide where it makes sense to invest their money. They may also make predictions about a company's future financial state.
- Financial Managers: Financial managers are employed by every type of business and organization, to help them maintain their financial records and use their money wisely over the short and long term.
- Budget Analysts: These specialists are brought in to help a firm figure out where it can shave money off expenses and become more efficient; in the public sector, budget analysts help ensure that funding is allocated correctly amongst different government agencies.
- Personal Financial Advisors: Personal financial advisors are a lot like financial analysts, but for individuals' personal income. They help individuals maintain their financial records, save for the future, and comply with tax codes.
- Securities, Commodities, and Financial Services Sales Agents: More commonly known as brokers or investment bankers, these professionals help businesses and individuals buy and sell different types of financial instruments.
Degree Levels Available for Finance
- Bachelor's Degree: 4 years to complete
- Master's Degree: 2-3 years to complete
Education & Certification Requirements
For most positions in the finance world, a bachelor's degree in finance or a related field is the usual minimum education requirement. At the undergraduate level, finance degrees are often business degrees, specialized with finance courses. A specific finance major isn't always necessary to enter the finance field. Most positions require a knowledge of math, statistics, probability, and business, which can also be learned through other degree programs.
Advanced positions in the finance world often require that applicants possess master's level training. The master's degree in business administration, with a focus in finance, is common in this career field. Master's programs in finance or economics are also applicable to most finance positions.
Many finance positions require some kind of government or private licensure. Financial analysts must have licenses form the Financial Industry Regulatory Authority, depending on their position; the Certified Financial Analyst (CFA) credential is voluntary, but highly regarded by employers. Financial managers can earn the Certified Management Accountant credential. Budget analysts working in government commonly earn the Certified Government Financial Manager credential, offered by the Advancing Government Accountability organization.
Personal financial advisors may need a combination of state and Securities and Exchange Commission licenses, depending on the type of financial instruments they buy and sell. They can also earn the Certified Financial Planner credential.
Salary Information
Finance is a notoriously high-earning field. However, pay can vary dramatically between positions, and experienced, high-performing finance workers can earn up to twice as much as those just entering the field.
Budget analysis is an area of finance with a lower average salary, at $65,000 a year; entry-level workers can expect offers from $52,000-65,000 a year, while those with experience or a master's degree can earn $65,000-82,000 and up. (BLS)
Securities, commodities, and financial services sales agents earn $40,000-122,000 a year; bachelor's holders can expect earnings from $40,000 to $69,000, while those with an advanced degree can collect salaries at the higher end of the spectrum. (BLS)
Financial analysts have average earnings of $73,000 a year. Entry-level positions typically pay $55,000-73,000; high performers can earn up to $99,000 a year and higher. Personal finance specialists have similar earnings, with average pay at $69,000 a year, and a salary range form $46,000-119,000 a year. (BLS; BLS)
Financial managers experience some of the highest earnings in the finance field. The middle 50% of these professionals earn $72,000-136,000 a year, with the average salary at $99,000. Entry-level positions typically pay between the 25th and 50th percentile of the average earnings; master's positions pay more. (BLS)
Job Outlook
The Bureau of Labor Statistics predicts strong job growth for all of the finance specializations mentioned here, except for financial managers, which will have job growth at about the average rate. Finance is becoming an increasingly vital part of the nation's economy, and new jobs will be created to reflect this demand. However, despite this strong growth, job competition for most positions will be very tough. Finance jobs have a high level of prestige attached, not to mention high pay, and are thus always in high demand. Individuals with a master's degree in a related field and voluntary professional credentials will have the best opportunities. (BLS; BLS; BLS; BLS; BLS)
Related Careers
Accountants, while not directly involved in the buying or selling of financial instruments, have duties that are related to those of financial professionals. Accountants help their clients manage their financial records, budget for the future, and comply with tax law. Knowledge of finance is helpful for an accounting career.
