The fast-growing financial industry includes everything from banking, the economy, and asset management, analyzing the current market, finding price trends and risk quantification, insurance, venture capital, and private equity. After reading this, you might not think, “Is A Finance Degree Worth It.” In 2018, these sectors together accounted for 7.4% of US gross domestic product (GDP), or the US $ 1.5 trillion.
The financial industry accounts for most of our economy, so the demand for employment is high. It also promotes fierce competition.
There are many meaningful career paths for individuals with proper training and education. But do you really need a degree in finance to succeed, or will there be a degree? If you choose to pursue a degree in finance, how do you know which one is correct? It depends on the occupation you want-now and long-term.
Is A Finance Degree Worth It?
Finance courses usually emphasize certain aspects that affect the market and customers’ personal finances. For example, you will learn about interest rates, analyze the current market, and find price trends and risk quantification. Many courses will also discuss accounting, assets, finding and minimizing liabilities, and analyzing corporate financial statements and accounts to understand the company’s operations.
Economy Class will pay more attention to the overall market and how the government affects the market. You will understand the impact of production on a country and how to determine the total consumption of a country’s goods. You will also see how certain government laws will affect taxes and expenditures. Many courses will also focus on financial regulations. Students will also learn how to determine GDP and inflation trends.
People with a degree in finance usually work in banks and companies, and they will help clients and clients manage money in this regard. Depending on your exact position, you may help people obtain loans, analyze financial statements to understand the company’s operating conditions, or make budgets based on client goals.
Some common jobs for finance degree holders include loan officers, credit analysts, insurance agents, and financial supervisors.
People with a degree in economics will usually work in government agencies at the state or federal level or universities. Some of them will also work for private companies, but this is not common. You will mainly analyze the local or national economy to help formulate and change economic policies so that the region can flourish. You may also study trends to help government departments.
People with a degree in economics usually earn between $ 70,000 and $ 115,000 during their peak. If you have a degree in finance, your expectations range from approximately US $ 65,000 to the US $ 170,000.
The median income for this position is approximately $ 24,000. There are also senior economists whose annual income exceeds $ 115,000.
Common Jobs a Finance Degree Can Get You
People with financial degrees can work for many different companies. Some people say that the possibilities are endless because every company needs financial help. At the same time, some jobs are more common than others. These are the ten most common jobs in finance degrees, sorted by salary. After reading this article, you may not think: “Is a financial degree worth it?”
A treasurer usually earns around $ 84,000 per year (a bonus of US $ 19,000 + a profit share of US $ 6,000). This is one of the highest jobs a person with a degree in finance can obtain because the finance supervisor is basically the general manager of the entire finance department.
The treasurer may plan and supervise budgets, financial statements, and accounts. They usually work with managers so that they understand the budget, and they will help execute the budget so that no one will spend too much. Treasurers must also assist in sales and fundraising, report financial status to auditors and chief executives, and manage company books.
Usually, you will need at least 5 to 10 years of experience to hold the position.
Personal Financial Advisor
People who do this job usually earn about $ 61,000 a year (commission $ 25,000 + bonus $ 6,000 + profit sharing $ 4,000) Most of these people are similar to freelancers because they must establish and maintain customer relationships. If you work for a company, you may be offered customers, but usually, you have to find your own customers.
It will be your job to manage the client’s finances and help him, or her develop an effective budget based on the client’s goals. For example, a customer who wants to accumulate wealth needs a different budget than a customer who wants to get a pension. You must also contact the customer to see if there is any change in their financial situation.
The annual salary of the financial inspector is up to $ 62,000 ($ 5,900 bonus + $ 2,500 profit sharing) Their job is to ensure that financial institutions comply with the laws that regulate them. They review balance sheets, assess the risk level of loans, and assess the management of banks to ensure that risks are properly managed, and borrowers are treated fairly.
Most financial analysts earn approximately US $ 60,574 per year (commission US $ 10,000 + bonus US $ 4,075 + profit sharing US $ 2,085). This job requires you to carefully check the financial status of the customer or company to analyze its current financial status. For example, is the company losing money? If so, what measures can be taken to alleviate the problem?
You will have to constantly review different financial variables, check common analysis trends, and develop spending plans and forecasts to help your customers or employers. You will also be responsible for correcting any incorrect information.
The auditor usually earns $ 56,000 per year (commission $ 20,000 + bonus $ 2,030 + profit sharing $ 1,500). This personnel is responsible for auditing certain departments of the company to ensure that internal controls and financial policies are maintained. For example, the auditor can check the department’s expenses and sales.
If there are any problems with the audit, the auditor must identify the problem and find a solution to the problem. They must also assess the risks to ensure that the company has the greatest chance of success in the competition. They may need to support external auditors on tax issues.
Now, after reading the top five job and salary lists, what do you do? Is a finance degree worth it? Do you still believe it? Okay, we understand, please read on.
The annual salary of a budget analyst is usually about $ 60,700 ($ 1,900 bonus + $ 3,052 profit sharing). Although some budget analysts will work with individual clients to make budgets, these people usually serve the entire company. They will analyze the company’s expenditures, sales, and assets to develop an effective budget. If the company is large, the analyst may only be responsible for one department.
They must talk to the manager to inform them about budget changes and help them implement the changes without causing any major interference. The budget analyst must create a budget that reflects the current and long-term needs of the company.
As a loan officer, you can usually earn $ 46,000 per year (commission $ 6,900 + bonus $ 2,993 + profit sharing $ 2,030). Most of these people work in banks and usually have to deal with customers. You will have to check the customer’s credit score and financial information to see if they are eligible for a loan. If the person does not meet the conditions, the information is usually provided to the manager so that he or she can make a decision.
You must also explain the different loans offered by the bank. If the customer does not qualify for the loan, then you may have to explain what caused the customer not to receive the money.
Buyers usually earn $ 54,000 per year (commission $ 6,703 + bonus $ 2,503 + profit sharing $ 1,530). Most buyers work in retail stores, but they can also work in universities, distributors, and any other companies that usually buy products or supplies. You will be responsible for ordering products and effectively using company funds to ensure that the inventory is correct.
You may have to communicate with the department manager to understand what projects they need. If you need to make a large purchase, you may need to talk to your manager to approve the purchase.
Most accountants earn $ 54,895 per year (commission $ 6,750 + bonus $ 2,517 + profit sharing $ 1,516). Accountants usually work in companies, but they can also be self-employed. Their most common responsibility is to calculate taxes and ensure that the customer’s tax information is consistent with current tax laws.
The accountant is also responsible for checking the client’s accounting records and balancing the financial situation, preparing financial statements, or simply ensuring the client’s profit. Without a budget analyst, some accountants will have to create a budget.
People with this profession usually make $ 33,000 a year. Collectors may work for the government, but most of them work for private companies. They will have to analyze the accounts in arrears to see which customers owe money. Then they will have to send a letter, call or write an email to contact the account holder.
Finding delinquent accounts is usually easy, but dealing with account holders can be difficult.
This is the lowest position in this list, but it is one of the easiest positions to obtain and may be considered an entry position. You need to fill this position to fill a higher position. Most bank tellers make $ 24,000 a year. You will usually help your customers in trading. The most common responsibility is to help customers deposit or withdraw funds from their accounts, but you may also have to tell them how much money they have in their accounts or make sure they discuss loans or open accounts with relevant departments.
Now that you have read the complete article, let us know in the comments below Is A Finance Degree Worth It.