6 Great Careers You Can Embark on with a Finance Degree

6 Great Careers You Can Embark on with a Finance Degree

Finance is more than a subject covered in business school. It is often a stand-alone bachelor’s or master’s degree you can earn. A finance degree opens up the door to great job prospects, and many of these positions are high paying. Yet many wonder what they can do with a finance degree. To help you out, here are six great careers you can embark on with a finance degree. We’ll explain what these jobs entail and any additional qualifications you may need.

Financial Analyst

A financial analyst does detailed analysis so that organizations can make data-driven decisions. Here are some of the duties and responsibilities of a financial analyst:

· Recommend collection of investments or individual investments

· Evaluate historical and current financial data

· Study business and economic trends

· Examine financial statements to determine a company’s value

· Gain insight into the prospects of a company by meeting with officials

· Meet with company officials to gain better insight into the company’s prospects

· Assess the management team’s strength

· Prepare written reports

Financial analysts may perform a detailed analysis of an investment before an investment firm buys shares in it. They may study investment trends and give advice on pricing products and services. They may determine whether a business should buy or lease equipment, or work out the total cost of owning and maintaining assets.

Employment growth in this area is around one percent a year, the median salary is over $80,000 a year, and you can work in this job with only a bachelor’s degree.

Budget Analysts

Budget analysts do more than create budgets and monitor spending relative to them. They evaluate the financial impact of business decisions and calculate the costs of proposed projects. Because of this, they need strong communication skills.

The average budget analyst earns more than $75,000. Employment in this area will grow by seven percent over the next ten years. This job requires a bachelor’s degree.

Personal Financial Advisor

A personal financial advisor helps clients manage their spending and their investments to achieve their goals. This could involve paying off debt, planning for retirement, managing their personal portfolio or doing estate planning. This profession is face to face with clients, and your success depends on your ability to attract clients. Because of this, strong interpersonal skills are a must.

An aging population is increasing demand for this profession. That’s why projected employment growth is 15 percent over the next ten years. Average pay is around $90,000 a year.

You may be required to earn additional certifications. For example, you may be legally required to become a Certified Financial Planner, Chartered Financial Analyst or Certified Public Accountant before you can list yourself as a personal financial advisor. A CPA is qualified to give tax planning advice.

Actuary

An actuary plays a key role in insurance, banking, reporting agencies and accounting firms. This job requires at least a bachelor’s degree in finance. It also requires a strong background in statistics. Certification through the Casualty Actuarial Society (CAS) or the Society of Actuaries (SOA) may be required.

Here are some of the responsibilities of actuaries:

· Compile statistical data for further analysis

· Estimate the economic costs and probability of incidents such as deaths, accidents, natural disasters, or sickness

· Test, administer, and design pension plans, investments, insurance policies, and various business strategies to maximize profitability and minimize risk

· Produce reports, charts, and tables that explain calculations and proposals

· Explain their proposals to shareholders, clients, company executives, and government

Actuarial professionals determine the risk of various outcomes and the financial consequences of those outcomes. This is used to determine the right premiums for someone’s life insurance policy, the right pricing for warranties given the risk of product failures, and the ideal level of insurance coverage for a business given the risks to which it is exposed.

The average actuary earns around $100,000 a year. Employment in this area is expected to grow by twenty percent over the next ten years.

Accountant

An entry-level accountant can enter the profession with a finance degree. The average pay for accountants is around $70,000 a year. However, you can earn much more if you earn an advanced degree and get coveted certifications.

A Certified Public Accountant or CPA qualification is earned by passing the CPA exam and completing the minimum number of educational hours. And, the best way to do so is through a master’s degree.

Institutions like Suffolk Online have a great online MS in Finance. They also have a world-class MS in accounting if you want to further specialize. Suffolk Online was ranked among the best universities in the country in US News and World Report.

The average pay for CPAs in the US is around $120,000 a year. One benefit of this career path is that you can later become a self-employed financial planner or move up into corporate management. You could also work for non-profits or government agencies. It is expected that the demand for accountants will grow around ten percent over the next ten years.

Accounting can also be a very satisfying career path. When asked why she loved being a CPA, Laura Canales said that she loved the success and growth she sees in her clients. “I always try to find new things to teach them,” she said. “I always try to push them and help them make better use of their resources.”

Credit Analysts

Credit analysts evaluate the financial standing of prospective borrowers and the risks involved with extending them a loan. They don’t just review personal loan requests. They may analyze the risk associated with small business loans and line of credit requests by large organizations.

The average pay for credit analysts is a little over $70,000 a year. Job growth is expected to be eight percent over the next ten years.

Conclusion

Finance majors have a number of career paths open to them. They can work almost anywhere and earn a decent living. The only question is what fits your interests, values and skill set.

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