You should consider a finance degree if you enjoy thinking quantitatively and are interested in the financial markets, stocks, bonds, and other investment assets.
Your financial acumen will help you land a job in these fields if you're a student or a recent graduate. By reading this article, you can discover some of the best careers for college grads with a degree in finance.
Types of Finance Degrees
Tailored to specific preferences, there are many levels of degrees available in the finance industry. So, you might be wondering what is your career path with a degree in finance.
A finance bachelor's degree will equip you for internships or entry-level positions in the sector, whilst a finance master's or doctoral degree will better qualify you for management or instructor roles in this industry.
The three primary categories of finance degrees available to you are listed below:
Bachelor’s Degree in Finance
The most typical requirement for pursuing a career in finance is often a bachelor's degree in finance. This four-year program will give you the foundational knowledge you need to succeed as a finance professional. While earning a bachelor's degree in the financial industry will help you advance your financial knowledge, you'll also learn leadership, analytical skills, and communication skills to fill out your education.
Master’s Degree in Finance
You are eligible to pursue a master's degree in finance after earning your bachelor's degree. By specializing in particular areas of finance, this two-year degree builds upon the principles of finance.
Doctorate Degree in Finance
With a doctorate in finance, you can work as a financial researcher, teach financial courses, and qualify for virtually any job in the industry like corporate finance. After earning your bachelor's and master's degrees, it takes an extra four to five years to get a Ph.D. in finance. The majority of doctorate degree graduates will continue to earn over $180,000 per year in the workplace.
Careers in Finance
Because they can provide a high-paid position soon after graduating, financial careers are frequently a popular choice. There are many options for employment in the financial sector, and there are numerous specialties to pick from when you do a job search. There is a finance career out there for you, depending on your educational background and personal interests.
Financial Controller
In essence, a financial controller serves as the chief accountant for a business. They supervise accounting operations and guarantee that ledgers appropriately reflect the company's cash inflow and outflow. Based on accounting data, strategic controllers have an impact on corporate forecasting, planning, and decision-making.
Note: This role is also sometimes known as the “comptroller.”
Average Salary: $225,258
10-Year Projected Growth: 17%
Accountant
Accountants assist organizations or accounting firms in making financial decisions by gathering, monitoring, adjusting, and conveying information about the company's financial status.
In addition to keeping track of transactions, they are gathering and analyzing data, doing audits, assisting with budgeting and financial forecasts, computing taxes, and reporting their findings to management and other parties like the IRS or investors
Average Salary: $73,560
10-Year Projected Growth: 7%
Financial Auditor
Financial auditors inspect accounting data, financial records, and operational aspects of a business to determine whether its financial statements follow generally accepted accounting principles (GAAP).
Internal controls and governance are also assessed and tested by financial auditors. They periodically assess risk management procedures to offer unbiased assessments of how suitable, effective, and efficient the systems are. They also work to find, look into, and stop all forms of fraud within a business.
Average Salary: $73,560
10-Year Projected Growth: 7%
Financial Manager
Finance managers analyze everyday financial activities and provide advice and guidance to upper management on future financial plans. They are the root of all major business decisions and their role is crucial to the success of any organization.
Finance managers may be employed in many different environments, including both public and private sector organizations. They also operate in a variety of industries, such as banking, finance, healthcare, and insurance companies.
Typical duties include reviewing financial reports, financial analysis, monitoring accounts, and preparing financial forecasts. Finance managers also investigate ways to improve profitability and analyze markets for business opportunities, such as expansion, mergers, and acquisitions.
The position of finance manager usually requires an advanced degree in accounting, business, economics, or finance, as well as several years of experience in a finance role.
Average Salary: $134,180
10-Year Projected Growth: 17%
Management Consultant
If you're motivated, enjoy problem-solving, and have an interest in helping organizations to operate better, then being a full-time management consultancy is the career for you.
Management consultants help organizations to solve issues, create value, maximize growth and improve business performance. They use their business skills to provide objective advice and expertise and help an organization develop any specialist skills that it may be lacking.
The strategy, structure, management, and operations of a company will be their main focus. The responsibility is to discover choices for the organization, make recommendations for change, and offer advice on extra resources to carry out their ideas.
Average Salary: $89,646
10-Year Projected Growth: 14%
Personal Financial Advisor
Personal financial advisors provide advice to help individuals manage their money and plan for their financial future and reach their financial goals. Personal financial advisors provide advice on investments, insurance, mortgages, college savings, estate planning, taxes, real estate management and retirement to help individuals manage their finances.
Personal financial advisors assess the financial needs of individuals and help them with decisions on investments (such as stocks and bonds), tax laws, and insurance.
Advisors help clients plan for short- and long-term goals, such as meeting education expenses, portfolio management, and saving for retirement through investments. They invest clients’ money based on the clients’ decisions. Many advisors also provide tax advice or sell insurance.
Average Salary: $89,330
10-Year Projected Growth: 5%
Financial Analyst
They are in charge of analyzing the company's future performance and assessing financial statements. This may include forecasting future revenues and expenditures, as well as modeling capital structure and budgeting. The financial plan of a corporation is frequently monitored by financial analysts.
Financial analysts are responsible for tracking a company's financial performance against a plan, analyzing business performance and market conditions to create forecasts, and helping senior management make tactical and strategic decisions by providing periodic reports.
However, not all financial analysts work with financial institutions or help their employers make investments. For example, a company may hire a financial analyst to measure the effectiveness of various marketing campaigns relative to cost.
Average Salary: $83,660
10-Year Projected Growth: 6%
Senior Tax Accountant
They collect, review, and process accounting and tax documents to prepare tax returns, state pages, and tax provision schedules, estimate quarterly payments, and file extensions.
Senior Tax Accountants gather financial information and file federal, state, and local tax returns for businesses and individuals. They also assist the tax manager in responding to IRS and other notices received by clients. Other duties include coaching junior tax accountants and being aware of all compliance issues and deadlines for extensions, tax estimates, required filings, and more. They must research more complex tax concepts and strategies to improve each client’s tax strategy and communicate their findings and ideas with them.
Average Salary: $88,201
10-Year Projected Growth: 10%
Credit Analyst
A credit analyst role involves assessing the creditworthiness of an individual or company to determine the likelihood that they will honor their financial obligations.
Credit analysts evaluate a borrowers’ past financial and credit history to determine their financial health and their ability to repay credit advanced to them by a lender. Typically, credit analysts are employed by credit rating agencies, credit card-issuing companies, commercial and investment banks, and investment firms.
When evaluating a borrower’s financial health, the credit analyst gathers essential financial information and evaluates it using financial ratios. They can also compare the ratios with industry benchmarks to decide if a borrower’s cash flow is sufficient to repay the loan.
The credit analyst will then recommend the credit limit for a new customer based on the company’s lending policies, but the final decision on whether or not to grant credit will be made by the underwriter who relies on the analyst’s intelligence to make his decision.
Average Salary: $74,970
10-Year Projected Growth: 6%
Budget Analyst
Budget analysts’ main responsibility in a for-profit business is to analyze the budget and look for ways to use resources more efficiently so as to increase profits. They identify budget issues that need to be addressed, notify management, and then make recommendations for new budgeting strategies.
According to the Bureau of Labor Statistics, about 22 percent of all budget analysts work for federal government agencies, while 13 percent work for state and local schools and another 22 percent are evenly split between state and local government agencies.
At all levels of government, they are responsible for determining how to most efficiently distribute money and other resources among departments and programs. Some government budget analysts help evaluate performance programs, analyze financial policies for efficiency and viability, and help draft budget-related legislation.
Average Salary: $78,970
10-Year Projected Growth: 5%
Treasury Analyst
A Treasury Analyst is responsible for managing and analyzing their employer’s financial activity. This includes managing cash flow, income, liability obligations, and assets. Treasury Analysts are employed by businesses, nonprofit organizations, and government agencies to oversee their finances.
They play an integral role in making sure a business can stay in operation. According to the Bureau of Labor Statistics, demand for Financial Managers, which includes Treasury Analysts, is set to rise 7 percent through 2024.
Average Salary: $71,000
10-Year Projected Growth: 5%
Banking
Banking is the most well-known kind of finance job. Working in a bank is a good entry-level career option for someone looking to get into the financial field. Commercial banks offer a wide range of financial services, including checking accounts, savings accounts, loans, and IRAs.
Average Salary: $54,929
10-Year Projected Growth: 3%
Chief Financial Officer
The term chief financial officer (CFO) refers to a senior executive responsible for managing the financial actions of a company. The CFO's duties include tracking cash flow and financial planning as well as analyzing the company's financial strengths and weaknesses and proposing corrective actions.
The role of a CFO is similar to a treasurer or controller because they are responsible for managing the finance and accounting divisions and for ensuring that the company’s financial reports are accurate and completed in a timely manner.
Average Salary: $415,427
10-Year Projected Growth: 4%
