A finance degree can open the door to many career opportunities. At the same time, your degree can help you develop and maintain good financial habits. However, a degree in finance is not right for everyone. But with the right approach, you can determine if now is the right time to pursue a finance degree.
What Does a Finance Degree Offer?
Consider the benefits of a finance degree before you enroll at a college or university. Key reasons to pursue a degree in finance include:
1. Many Finance Jobs Are Available.
The finance industry creates significant demand for jobs. After you earn a finance degree, you can pursue career opportunities in many areas, including:
- Financial Planning: You can help individuals and businesses manage their assets and map out their financial future.
- Financial Management: You can perform analyses to help individuals and businesses manage their finances.
- Accounting: You can conduct audits and prepare reports to help individuals and businesses get the most value out of their finances.
A degree can help you land your dream job in finance. It can position you to accelerate your career growth, too.
For instance, you can earn finance and accounting degrees. Doing so helps you build a comprehensive finance skill set. Plus, your finance and accounting degrees can set you apart from other candidates for top jobs. As a result, your degrees can help you quickly secure your ideal job.
2. You Can Earn a High Annual Salary.
On average, an individual who holds a bachelor’s degree in finance earns an annual salary of approximately $73,000. Comparatively, the most recent data from the U.S. Bureau of Labor (BLS) statistics indicates the average salary across all professions was $56,310.
Along with helping you earn an above-average salary, a finance degree can help you capitalize on the rising demand for financial professionals nationwide. Many businesses are rebounding from the coronavirus (COVID-19) pandemic and looking to hire professionals in finance and other areas. By earning a finance degree, you can position yourself to land a lucrative job in finance. And if you continue to complete finance training programs, you can get certifications that can help you maximize your career earnings.
3. You Can Learn How to Stabilize Your Personal Finances.
Pursuing a degree in finance can put you on the path to financial stability. It can provide you with skills you can use to analyze your personal finances and budget accordingly. In addition, you can develop and maintain financial habits that serve you well long into the future.
Let’s not forget about the financial wellness tips and recommendations you’ll be able to provide to friends and family members, either. Over time, friends and family members may value your financial expertise. They may seek out your guidance regarding myriad finance topics. Meanwhile, you can share your financial know-how to help your family members and friends make sound financial decisions.
Should You Pursue a Degree in Finance?
There is a lot to like about pursuing a degree in finance. Yet you need to consider finance degree programs in relation to others. Then, you can weigh the pros and cons of various degree programs and choose one that suits you perfectly.
As you analyze college and university degree programs, here are three tips to help you find the right one.
1. Make a College-Focused Career Plan
Determine what you want to accomplish in your career. From here, you can craft a college-focused career plan. Be sure to include finances in your career plan. If you end up in grad school, you may need to keep a detailed budget not only for your own purposes but as an example in classes. Grad school is significantly more expensive than an undergraduate degree, but it can offer you experience you won’t get at the bachelor’s level.
Your career plan won’t necessarily be set in stone. Conversely, your plan can provide a starting point toward building a rewarding career. Your plan should include details about jobs and industries that pique your interest. Also, it should incorporate steps you’ll need to take to make your career vision a reality.
2. Conduct Research
Find out what it is like to pursue a degree in finance and other areas. Accounting degrees give you similar experience; however, they are not the same as finance, and you’ll have to research the requirements for each degree to choose which one is right for you.
Oftentimes, it helps to connect with industry professionals via LinkedIn. This allows you to learn the ins and outs of different industries, as well as the educational requirements to land jobs in these sectors.
3. Identify the Right School
Get in touch with a college or university and learn as much as you can about it. If a school offers a degree program that you want to join, get insights into the program.
Many colleges and universities can offer data and reports that highlight the career success of their students. Furthermore, they can put you in contact with past graduates who can provide insights into how earning a certain degree helped them accomplish their career goals.
The Bottom Line on Pursuing a Degree in Finance
A finance degree represents a viable option for many college and university students. To determine if a finance degree is the best option for you, consider your professional and personal aspirations. If you believe earning a finance degree aligns with your aspirations, get started today.
