The financial sector is a vital part of the global economy because money is at the heart of every business transaction. Most jobs in the finance industry require a traditional university degree and strong mathematical and analytical skills. If you fit this description, a career in finance may be right for you.
What types of finance degrees are there?
There are multiple degree levels available for aspiring finance students. Since the level of education plays a big role in career opportunities in finance, learners should consider their career goals when deciding which degree to pursue.
Associate in Finance
An associate's degree is the minimum educational requirement for entering the finance industry. You can earn an associate's degree by completing a two-year program at an accredited university or college.
To enroll in an associate degree program, applicants must usually be at least 18 years old and have a high school diploma or GED certificate. Most applicants must also meet minimum GPA standards, although GPA thresholds vary by school.
An associate degree in finance focuses on the fundamentals of finance, including:
- Risk Management
- Financial Accounting
- Cash Management
- Financial Analysis
Most associate degree programs require learners to complete 60 credits. According to the National Center for Education Statistics (NCES), the average tuition fee is about $3,564 per academic year at public universities and $18,480 at private institutions.
With an associate degree in finance, you can work as a bookkeeper, financial clerk, credit analyst, mortgage broker, or loan officer.
Bachelor's Degree in Finance
For most finance careers, a bachelor's degree is the minimum educational requirement. This program typically requires four years of full-time study and 120 credits.
As a finance major, you will learn all aspects of finance as it applies to real jobs, including statistics, accounting principles, stock market fundamentals, risk management, corporate finance, and financial services.
According to NCES, the average annual tuition fee to earn a bachelor's degree at a public university is about $9,600 and $37,220 at a private, non-profit institution.
Master's in Finance
These two-year degree programs can lead to either a Master of Science in Finance (M.Fin.) or a Master of Finance, depending on the institution.
The Master of Science in Finance prepares graduate students for advanced careers in finance. The curriculum includes management accounting, quantitative methods, investment analysis, financial modeling, and managerial economics.
A Master's in Finance builds a deeper understanding of financial markets and models, but doesn't cover other aspects of business. Students looking for a more comprehensive business education may want to consider an MBA program with a specialization in finance.
Most universities require 30 to 60 credits to earn a master's degree, and the average graduate school tuition and fees are about $11,500 per year at public institutions and about $20,000 per year at private schools, according to an NCES report.
Doctorate in Finance
A PhD is the highest academic degree a finance professional can earn. Doctoral students can earn either a Doctor of Business Administration (DBA) with a specialization in finance or a PhD in Finance.
A PhD in Finance covers asset pricing, advanced statistics, econometrics, advanced accounting theory, and financial management and strategy. DBA programs emphasize applied research over theoretical research, so students focus on the application of theory rather than its development or extension. A PhD program, on the other hand, focuses on the development and extension of finance theory. A PhD is useful for learners who aim to work in academia.
At the end of the doctoral program, each degree candidate defends their own academic thesis. A doctoral program requires approximately 60-120 credits and takes 4-7 years to complete.
- Earning a degree in finance will qualify you for a variety of jobs in the finance field.
- The salary data below comes from the U.S. Bureau of Labor Statistics (BLS).
- Accountant or Auditor
- Average annual salary: $78,000
- Projected employment growth (2022-2032): +4%
Education required: Bachelor's degree in accounting or finance, Certified Public Accountant (CPA) certification may be required or useful for some positions
Job Description: Accountants and auditors prepare and analyze financial documents. They also file tax returns. Another important part of their job is to help their clients identify and mitigate potential risks by recommending better ways to direct revenue.
- Average annual salary: $82,260
- Projected employment growth (2022-2032): +3%
Education Requirements: Bachelor's degree in business administration or degree in finance, accounting, or related field. Some fields require Certified Government Financial Manager (CGFM)® credential
Job Description: Budget analysts assist private and public organizations in financial planning. They:
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