What can a Finance degree get you?
There are several career paths available for people who want to pursue a job in finance. However, these opportunities expand as one gains additional qualifications and experiences. A bachelor’s degree in finance is an excellent way to get started in the field.
Why go for a finance degree?
- A degree in finance will give you an understanding of finance and management accounting, business management, and economics, which will help you manage money in different ways.
- Finance is an important part of almost every business, so there is always plenty of demand for finance professionals.
- Finance has both high earning potential and interesting challenges. But there are plenty of reasons why anyone would want to study finance.
- Finance plays an important role in our society by providing essential services including banking, insurance, retirement planning, etc.
- Finance and accounting careers can be a powerful force for innovation, prosperity, and social benefit in the right hands.
We will read through the different kinds of financial degrees, career paths in finance, salary ranges, and skillsets required by people who pursue these degrees.
What are the types of financial degrees available?
There are different types of degrees available for people interested in financial careers. A bachelor’s degree in finance will prepare you for an entry-level job in the finance area, whilst a master’s or doctoral degree in finance will qualify you for managerial positions in this field. The three primary types of finance degrees available are listed below:
Bachelor’s degree in finance
A bachelor’s degree in finance is the most common requirement for pursuing a career in finance. This degree equips you with the skills you’ll need to succeed in your financing and accounting careers. A bachelor’s degree in finance will not only improve your financial knowledge but will also teach you leadership and communication skills.
Master’s degree in finance
If you want to stand out in the financial job market, a master’s degree in finance will set you apart from your bachelor’s degree colleagues. A master’s degree in finance will better equip you for certain fields of finance, such as trading, investing, and risk management.
Ph.D. in finance
With a Ph.D. in Finance, you could become a financial researcher and/or instructor, which would qualify you for most positions in the financial sector. It usually takes another two to three years for someone who has already obtained a bachelor’s and master’s degree to obtain a doctoral degree in finance. A doctorate in finance is a good option if you want to work in finance as an instructor or researcher.
What are the career opportunities in finance?
Even though new technologies and evolving ideals bring about change, here are some finance and accounting career options that are expected to last well into the twenty-first century. Unless otherwise specified, all remunerations are average base salaries based on Glassdoor data from 2021 and 2022.
Investment banking
Investment banking is a high-intensity sector that entails selling and trading corporate securities as well as offering intelligent advice to businesses and individuals. An investment banker’s responsibilities may also involve stock and bond trading in the stock market.
An investment banker’s annual pay ranges from USD 100,636 to USD 117,809 on an average.
Commercial banking
Commercial banking offers a wide range of financial services, including savings accounts, checking accounts, and a variety of lending choices. Commercial banking has a lot of possibilities for advancement, as many people start as bank tellers and work their way up to branch managers.
A commercial banker’s annual pay ranges from USD 77,636 to USD 84,286 on an average.
Public accounting
If you have a degree in accounting, you can pursue a career in public accounting. A public accountant maintains financial transactions, audits records, and prepares income tax returns for both individual and corporate clients. Depending on their clientele, a public accountant may operate in small or large firms.
A public accountant’s annual pay ranges from USD 60,057 to USD 78,525 on an average.
Venture capitalist
A career in venture capital focuses on expanding funding alternatives for small and startup businesses. As a venture capitalist, you must decide if your firm will invest in these companies aiming that its stock becomes publicly traded on the stock exchange.
A venture capitalist’s annual pay ranges from USD 84,881 to USD 100,000 on an average.
What are the skills required in finance?
When it comes to holding a degree and being the greatest financial expert you can be in your finance and accounting career, eight essential skills matter in the finance field:
- Interpersonal skills
- Problem-solving skills
- Analytical skills
- Innovative skills
- Business savvy
- Financial forecast reporting
- Communication skills
- Accounting skills
Originally Content Published here:https://www.linkedin.com/pulse/what-can-finance-degree-get-you-sonal-nanda/
