Are finance majors in demand?
The U.S. Bureau of Labor Statistics (BLS) projects that business and finance jobs will be in demand from 2022 to 2032, with 911,400 openings on average each year. Certain roles within finance, like financial examiner, are expected to grow over six times faster than the rate for all occupations nationwide.
Landing a finance job with just a bachelor's degree is highly competitive but it isn't impossible.
A career in finance can be very lucrative. The average salary for a finance major is $101,038. Pursuing a career as a financial advisor or another form of financial sales can go well beyond this number, whereas a career in corporate America or the government typically stays close to it.
While ZipRecruiter is seeing salaries as high as $133,726 and as low as $24,673, the majority of salaries within the Finance Degree jobs category currently range between $74,000 (25th percentile) to $107,600 (75th percentile) with top earners (90th percentile) making $133,232 annually in California.
Finance has always been a highly mobile business, and opportunities are growing for job seekers who want to gain international experience. The financial services market worldwide expanded at a compound annual growth rate of 8.8% to USD28 trillion in 2023 and could reach more than USD37 trillion by 20277 .
There are several entry-level jobs you can get with a finance degree, depending on your area of study, type of degree, and experience. Junior tax accountant, stockbroker, personal finance advisor, banking assistant, and financial analyst are a few entry-level choices.
Coursework typically includes portfolio analysis, investment management and financial management. An MBA in Finance program may be a great fit for introverts who seek career opportunities in financial planning, international banking, or investment banking.
Believe it or not, mastery of advanced math skills is not necessary to have a career in finance. With today's technology, all math-related tasks can be done by computers and calculators. That said, there are some basic math skills that would certainly make you a better candidate in the finance industry.
Finance professionals deal with aspects such as return on investment (ROI) and risk management, and accountants focus on items such as balance sheets and income statements. The field of finance offers more career choices but also less predictability. In some cases, careers in finance might offer higher pay.
In-demand skills
You will get to learn all about data analysis, capital allocation, investment strategy, and risk management. The fun doesn't stop at technical skills, though. By being part of such a program, you will also get to cultivate soft skills like collaboration, adaptability, communication, and many others.
Can you make 6 figures as a finance major?
Yes, sure you can make around six figures at some of these fortune 500 corporate finance role or be an investment banking analyst making close to $200K a year just a year out of undergrad, but that's not where the real money is made in finance.
Fast forward to 2023, those who had a bachelor's degree in finance tend to have slightly higher starting median incomes than those with accounting degrees. Based on the data provided by the National Association of Colleges and Employers (NACE). In 2023, the median starting finance major salary was $61,456.
- Investment banker.
- Hedge fund manager.
- Financial analyst.
- Information technology auditor.
- Financial software developer.
- Private equity associate.
- Chief compliance officer.
- Chief financial officer.
Financial careers often involve high barriers to entry, stiff competition among applicants, and a lot of stress. Still, these jobs offer numerous perks, including a challenging work environment, interaction with highly motivated and intelligent colleagues, opportunities for advancement, and excellent pay.
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.
#1- Accounting and Finance
These majors qualify for STEM-designation due to their heavy use of math. Here is a list of some of the STEM-designated Accounting and Finance programs in leading U.S colleges and universities.
- Financial analyst. A financial analyst — sometimes called a business analyst — uses financial data to guide business decisions. ...
- Personal financial adviser. ...
- Accountant. ...
- Loan officer. ...
- Insurance sales agent. ...
- Budget analyst. ...
- Auditor. ...
- Tax specialist.
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.
Overall, finance students rate their satisfaction with their degree a 3.1 out of 5. This is low compared to other degrees which average a rating of 3.28 across all degrees.
Known as “The Director” personality type, ENTJs are extroverted intuitives, and—like their introverted counterparts (INTJs)—they are well-suited for positions as financial executives or venture capitalists.
What is the hardest finance job to get?
1. Investment Banker. Roles in investing banking are highly sought after. For investment bankers, it's often a higher competition to land a role in one of the largest firms.
- Accounting. The accounting major has been around at most colleges since the beginning, and it is designed to teach students how to manage a business's finances so they can solve various business problems. ...
- Management Science. ...
- Finance. ...
- Entrepreneurial Studies.
However, this is just a simple misperception that many students have in the finance study. It is true that knowing math is essential because finance actually is about studying the flow of money. However, that doesn't mean you need a high level of mathematics skills like Calculus.
As a finance degree heavily depends on financial analysis and modeling, students may find the material more difficult if they struggle with mathematical concepts. However, students seeking an economics degree might have difficulty understanding abstract ideas like economic theory and policy analysis.
What Traits Should I Possess? When dealing with finances, it is extremely important to be detail-oriented, organized, analytical and a good communicator.