What Can You Do With a Finance Degree? (2024)

What Can You Do With a Finance Degree? (1)When it comes to careers in finance, there are myriad options that only increase as you gain more education and on-the-job experience. In the field of finance, there are three main categories of the industry: public, corporate, and personal. From financial planning to investment banking to insurance, people who pursue careers in finance power the world. Pursuing a bachelor of science in finance is the first step to unlocking your finance career potential. In this article, we will discuss the different types of finance degrees, careers in finance, corresponding salaries, and skills for finance majors.

Types of Finance Degrees
Careers in Finance
Salaries for Finance Jobs
Skills for Finance Majors
Finance Degree and Career FAQs


Types of Finance Degrees

In the finance world, there are various levels of degrees you can choose depending on your specific interests. So you may be wondering, what can you do with a finance degree? A bachelor's degree in finance will prepare you for entry-level work in the finance field, whereas a master's degree in finance or a doctorate degree in finance will make you better suited for management or instructor roles in this field. Listed below are the three main types of finance degrees you can pursue:


Bachelor’s Degree in Finance

A bachelor’s degree in finance is usually the most common requirement to pursue a career in finance. This degree takes four years to complete and prepares you with the basic fundamentals you will need as a finance professional. While a bachelors degree in finance will build upon your finance skills, you will also be taught leadership and communication skills to fully round out your abilities.

Why Get a Bachelor's Degree in Finance:
For many entry-level positions in the finance world, a bachelor's degree in finance (or a similar business degree) is required to even be considered. A bachelor's degree will prepare you with the basic foundation you will need in order to succeed in a finance career. Obtaining your bachelor's degree in finance also allows you to further your education to advance your career later on if you choose to do so.


Master’s Degree in Finance

After completing a bachelor’s degree in finance, you are qualified to pursue a master’s degree in finance. This degree takes two years to complete and expands upon the fundamentals of finance by focusing on specialized areas of finance.

Why Get a Master's Degree in Finance:
If you really want an advantage on your competition in the finance job market, a master's degree in finance will set you apart from your bachelor's degree counterparts. A master's degree in finance will better prepare you specific areas within the finance field such as trading, investments or risk management positions.


Doctorate Degree in Finance

A doctorate degree in finance allows you to become a financial researcher and/or financial instructor, as well as allow you to be qualified for almost any position in the financial world. A doctorate degree in finance takes an additional four to five years to complete, after obtaining your bachelor's and master's degrees. Most doctorate degree graduates in finance will continue on to make an annual salary of over $180,000 in the professional world.

Why Get a Doctorate Degree in Finance:
If you are seeking an instructional or research-based position in finance, a doctorate degree in finance will best serve you. While you will be prepared for any role within the finance field, many who choose to pursue a doctorate degree in finance are interested in selective research or instructional roles.


Careers in Finance

Careers in finance are often a popular choice in that they can offer a high paying position shortly after completing your degree. The different opportunities for working within the finance field are vast, with a multitude of specialties to choose from. Depending on your level of education and specific interests, there is a finance career for you.


Commercial Banking

Commercial Banking Average Salary: $92,983
A career in commercial banking provides a variety of financial services such as savings accounts, checking accounts and multiple loan options. There is a lot of room for growth within commercial banking as many begin their careers as bank tellers and move up to become branch managers.

Investment Banking

Investment Banking Average Salary: $96,543
Investment banking is a high-intensity field that involves selling and trading corporate securities, as well as provides insightful advice to corporations and individuals. Responsibilities of an investment banker may also include trading stocks and bonds on the stock market.

Financial Planner

Financial Planner Average Salary: $61,830
A financial planner works with clients to create plans that ensure an individual's current and future finances are in order. They discuss strategies for investing and savings in order to reach a client’s goal. Typically, financial planners work within a local or national firm and should look into obtaining the Certified Financial Planner (CFP) certification.

Insurance Agent

Insurance Agent Average Salary: $37,667
Working within the insurance field allows you to explore many different aspects of finance within one occupation. You can work as an insurance sales representative, a customer service specialist or you can work to calculate risks and probabilities of financial trends to help your clients with their financial objectives.

Public Accounting

Public Accounting Average Salary: $63,907
Another diverse career for an accounting major is public accounting. A public accountant works with both individual clients and corporations to maintain their financial transactions, audit their records and prepare income tax returns. Typically, a public accountant may work in small or large firms depending on their clientele.

Hedge Fund Manager

Hedge Fund Manager Average Salary: $70,000
Unregulated private investment funds are typically described as hedge funds. Working with the type of investment provides an array of possible jobs ranging from financial traders, analysts, compliance officers, and portfolio managers.

Venture Capitalist

Venture Capitalist Average Salary: $92,406
A career in venture capital explores the potential expansion of financial opportunities for small or start-up companies. As a venture capitalist, you will determine if your firm will make an investment in these types of companies in hopes that their stock will become publically traded on the stock market.

Real Estate Agent

Real Estate Agent Average Salary: $59,180
Commercial and residential real estate financial careers work with clients to plan out the best strategy to fund the purchase of a family home, office location or shopping center. Some potential job paths for financial real estate include mortgage brokers, mortgage companies and life insurance professionals.

Chief Financial Officer

Chief Financial Officer Average Salary: $128,468
A chief financial officer (CFO) is responsible for tracking profits and deficits of a company, then developing a strategy to maintain successful financially. One key aspect of a chief financial officer is their managerial skills and often oversees a team of employees.


Salaries for Finance Jobs

One of the most popular aspects about entering into the finance world is the ability to obtain a job quickly, depending on your degree, and receiving a high-paying salary. Depending on the position within the finance field you choose, your salary will differ. Listed below are some finance jobs and their average salaries:

Finance Job TitleAverage Salary
Commercial Banking $92,983
Investment Banking$96,543
Financial Planner$61,830
Insurance Agent$37,667
Public Accounting$63,907
Hedge Funds Manager $70,000
Venture Capitalist$92,406
Real Estate Agent$59,180
Chief Financial Officer$128,468


Source


Skills for Finance Majors

While studying for your degree, finance courses will provide you with a solid knowledge of financial insight, technology, and interpersonal skills that are essential for success in the job market. An understanding of the different types of financial environments will also play a crucial part in determining where you would like to focus your financial career. Below are the top 10 that are vital in the finance industry.

  • Accounting Qualifications/Certifications
  • Interpersonal Skills
  • Management Skills
  • Communication Skills
  • Strong Problem Solving Skills
  • Financial Forecast Reporting
  • Analytics Capabilities
  • Software Skills
  • Business Savvy
  • Innovative Skills


Finance Degree and Career FAQs


What is the difference between accounting and finance?

Accounting and finance differ in the specific aspect of the financial scope of their work. The accounting field deals with the more granular financial transactions that occur on a daily basis, while finance focuses on broader investment management over time. Someone in the accounting field typically works with audits, taxes, and budgets on a constant basis and continues to provide exact numbers to report on the evolving success of their business. A person in the finance field focuses on stocks and bonds and determines good investment strategies to ensure that their finances grow with the everchanging market.

Can you get a CPA with a finance degree?

Yes, you can get a CPA with a finance degree. In order to sit for the CPA exam, you will need to have completed a bachelor's degree in accounting or another business related field. A bachelor's degree in finance will qualify you to sit for the CPA exam.

How long does it take to get a degree in finance?

It takes 4 years to get a bachelor's degree in finance since it is an undergraduate degree.

Is finance a BA or BS?

A finance degree is a BS or a bachelor's of science degree.


Your GMercyU Path to a Degree in Finance

Our bachelor of science in finance business degree will prepare you for today’s ever-evolving marketplace by helping you develop specialized finance skills, while also building your communication and leadership abilities. Careers for finance majors are on the rise, and GMercyU’s degree in finance can help you land a job in this dynamic field.

As a student in GMercyU’s bachelor of science in finance degree, you will have access to GMercyU’s well-rounded business program where you will learn about money management ranging from both business and personal finances, as well as how to navigate the stock market through understanding the use of stocks and bonds.

What Can You Do With a Finance Degree? (2)The BS in finance program at GMercyU is accredited through the International Accreditation Council for Business Education (IACBE) and offers a number of specialty areas including investments, risk management, sports business finance, and taxation.

4+1 MBA Option

For students with a GPA of 3.0 or higher, GMercyU offers a unique 4+1 MBA option that allows you to earn both a bachelor of science degree in finance and a master’s degree in business administration (MBA) in just five years.

Visit GMercyU’s Bachelor of Science in Finance page for more information.

What Can You Do With a Finance Degree? (2024)

FAQs

How is a finance degree useful? ›

A finance degree can help you develop skills such as critical thinking, problem-solving, and financial analysis, which can be applied to a wide range of careers. Many people with finance degrees move up the ranks in finance jobs to become business leaders.

Why finance good answers? ›

Sample Answer #1:

I'm eager to apply my knowledge in a practical setting and contribute to the growth of businesses. I find finance fascinating because it allows me to make informed decisions based on data analysis and strategic thinking.

Can you be successful with a finance degree? ›

Careers in finance are often a popular choice in that they can offer a high paying position shortly after completing your degree. The different opportunities for working within the finance field are vast, with a multitude of specialties to choose from.

Is it hard for finance majors to get a job? ›

Getting your foot in the door of a finance job isn't always easy. Start by getting part-time or full-time finance internships, ideally while you're still studying, to gain a competitive edge. As you rack up years of experience, your options will improve.

What pays more accounting or finance? ›

Accounting and Finance Degree Salary

The National Association of Colleges and Employers conducted an analysis and determined that the average annual salary for accounting degrees in the United States is generally around $57,511, and the average annual salary for finance degrees is $58,464.

Is finance harder than accounting? ›

Is finance harder than accounting? Accounting relies on precise arithmetic principles, making it more complex, whereas finance requires a grasp of economics and accounting without as much mathematical detail.

Why did I choose finance as my major? ›

A career in finance offers rewards such as high salaries, job security, and numerous advancement opportunities. It's also intellectually stimulating and allows you to apply your financial knowledge across various industries, making it both financially and personally fulfilling.

Why do people go into finance? ›

Finance degree jobs can provide relatively high pay, stability, opportunities for advancement and consistent demand projections. Careers in finance may also offer flexibility for employees by allowing them to work remotely or in hybrid environments.

Why finance as a career answer? ›

Why Choose Finance: Example Answer 1. I want to work in finance because I enjoy the challenging nature of the industry and how fast-paced it is. I thrive under pressure. I enjoy problem-solving and analyzing data, but also realize that finance is not just about the numbers, it is about the people too.

What job pays the most with a finance degree? ›

11 Best Paying Jobs in Finance
  • Chief Executives. Median annual salary: $179,520. ...
  • Financial Managers. Median annual salary: $131,710. ...
  • Personal Finance Advisers. Median annual salary: $94,170. ...
  • Financial Analysts. Median annual salary: $81,410. ...
  • Financial Examiners. ...
  • Budget Analysts. ...
  • Accountants and Auditors. ...
  • Insurance Underwriters.
Apr 2, 2024

Can you make 6 figures with a finance degree? ›

Depending on the job they accept, B.S. in finance graduates can earn competitive salaries of up to six figures. Graduates with finance degrees might work for employers like private businesses, financial institutions, accounting firms and financial agencies.

Which finance job pays the most? ›

Highest-paying finance jobs
  • Investment banker. ...
  • Hedge fund manager. ...
  • Financial analyst. ...
  • Information technology auditor. ...
  • Financial software developer. ...
  • Private equity associate. ...
  • Chief compliance officer. ...
  • Chief financial officer.
Apr 18, 2024

Is finance math heavy? ›

One thing that's for sure is the high amount of math you will need to study. Finance is a mathematical discipline, so if you aren't as comfortable with math as with other ways of thinking, you may find it more challenging.

Is a finance degree a BA or BS? ›

The degree is usually offered as a Bachelor of Arts (BA) in Finance or a Bachelor of Science (BS) in Finance, depending on the school.

What is the hardest job in finance? ›

Roles such as Financial Analyst, Risk Manager, and Accountant are some of the hardest roles to fill in accounting and finance. These positions require a candidate with a blend of financial expertise, analytical thinking, and strategic foresight.

Is finance a high paying degree? ›

Salaries in the finance industry

According to the U.S. Bureau of Labor Statics (BLS), careers in finance pay a median salary of $76,850 — 66% higher than the median salary for all occupations in the nation ($46,310).

What are the cons of a finance degree? ›

Disadvantages. Like every field, there are also drawbacks to a career in finance. They can include high stress, big responsibility, long working hours, continuing education requirements, and, in some cases, a lack of job security—the finance industry is generally quite cyclical.

How do you stand out with a finance degree? ›

Showcase your technical proficiency, quantify your achievements, stay updated with industry trends, highlight your soft skills, demonstrate industry knowledge, emphasize attention to detail, and build a strong network. These steps will increase your chances of success in your accounting and finance job search.

Is finance a lot of math? ›

While each program will vary slightly, students earning a finance degree can expect to take a sizable amount of math classes. Finance degrees will often cover more basic mathematical concepts such as algebra and statistics, as well as more industry-specific math courses such as probability and business mathematics.

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