Despite the bad rap the financial industry has received in recent years, planning for a career in finance still remains a smart proposition. In fact, issues plaguing the industry today only emphasize the current need for highly educated financial professionals to keep things on track. As a result, choosing to earn a degree in finance could lead to a rather lucrative career upon graduation.
Like marketing, finance is typically considered to be a specialized area of business administration. It is also a field that can be specialized in or studied independently via online finance courses. An academic career in finance will provide you with skills and knowledge to effectively manage money.
Finance specialists are tasked with understanding and forecasting the value of money at a given moment in time. We use this skill in our daily lives when we budget our spending or, say, fund a retirement plan. The profession is also key for businesses and corporations that have far more complex financial needs than the average individual or family.
Sample Courses
In addition to a student's core curriculum in finance, there are several general subject areas that could benefit budding financial specialists, like psychology and communication. There are also many courses designed specifically for finance majors. Below are some of these courses that you can find at colleges and universities throughout the country:
- Business Finance
- Accounting
- Banking and the Financial System
- Financial Theory and Analysis
- Corporate Financial Management
- Entrepreneurial Finance
- Managerial Economics
- Capital Markets and Investments
- Management of Financial Risk
Possible Specializations
Depending on your interests, there are several key areas to specialize in within the field of finance. Finance should never be considered a "one size fits all" field. Each individual or entity deals with money in very different ways. Three of the more general specializations are corporate finance, personal finance and public finance.
A corporate financial specialist will typically work with businesses and corporations to manage their overall financial picture, or even just a small aspect of it, depending on the size of the institution. Personal financial specialists will work with consumers and individual clients to advise them on how to optimally structure their finances. A public financial specialist is an expert on financial management for government institutions.
Degree Types
Finance, like other business-related fields, tends to be a specialization within a larger degree pathway, such as business economics and business administration. There are opportunities, however, to study finance as an independent field at many colleges and universities, as well as through online courses. Certificates in finance are also available.
At the bachelor's degree level, students can choose to major in finance directly. The resulting degree would be a Bachelor of Science in Finance. Because the field is largely analytical and numbers-oriented, the field is considered to be a science and not an art.
Graduate degrees in the field are typically represented as a specialization within a Master's of Business Administration (MBA) program. Doctoral candidates will receive a Doctor of Philosophy in Finance upon successful completion of a Ph.D. program in the field. Earning a Ph.D. in the field is generally suitable only for those who wish to take on a research or educational role.
Ideal Candidates for Finance
Candidates best suited for a career in finance are those with strong analytical and decision-making skills. Being able to advise third parties on the best way to manage their money can take a lot of courage and preparation. It also requires expert communication skills, since finance can often be a touchy subject. In the end, one wrong move or slip of the tongue could mean significant financial losses for your client or employer, or worse, the end of your career in the field.
Career Pathways
Today, the demand for financial specialists remains particularly high. According to the Bureau of Labor Statistics (BLS), job growth for financial analysts over the course of this decade is projected at 23 percent, or faster than average. Employment opportunities for personal financial advisors is expected to grow by 32 percent between 2010-2020. Median salaries for both career pathways was calculated at roughly $65,000 – $75,000 per year.
Finance remains an essential component of the national and global economy. Career candidates in the field of finance must possess several distinct skills as they relate to the management and analysis of money and its value at a particular time. If your long-term career goals involve working with money and contributing to the financial success of both yourself and those you work for, earning a degree in finance is a sure way to start.
20 Courses
Get More Out of Your Online Finance Courses
Journals
Annals of Economics and Finance
Find original theoretical and applied papers in all fields of economics, finance, and management.
Economics and Finance Research
Economics & Finance Research is a fully open access journal offering rapid publication and wide dissemination of new research to a global audience.
International Journal of Economics and Finance
IJEF is dedicated to promoting scholarly exchange among teachers and researchers across the fields of economics, financial economics and finance.
International Journal of Financial Studies
An international, peer-reviewed scholarly open access journal on financial market, instruments, policy and management research, is published by MDPI online quarterly.
International Research Journal of Applied Finance
IRJAF publishes high-quality research on all aspects of accounting, finance, and economics.
Journal of Business & Financial Affairs
Find reliable information on current finance developments through original articles, reviews, case reports, short communications, and more.
Covers oil markets, emerging resources, midstream, industry people, and more
Focusing on general fields in economics and finance, REF is a peer-reviewed, open access journal, sponsored by Academic Research Centre of Canada .
The Banking and Finance Review
The BFR is a bi-annual, peer-reviewed international research journal that provides a publication outlet for theoretical as well as empirical issues in the fields of banking and finance.
Trade Magazines
Free to professionals to help managers and executives at commercial and savings banking institutions succeed in the competitive financial services market.
CFO.com offers daily stories geared towards finance executives, covering accounting and tax, banking, risk and compliance, strategy, tech, and more.
Forbes is a leading, reliable source for business, financial, economic, and political news.
Scholarships
Deadline: February 28
Award Amount: $2,000 – $25,000
100 first-time freshman or existing college students in a number of fields, including finance, are eligible for this renewable scholarship.
Daniel B. Goldberg Scholarship
Deadline: February
Award Amount: $10,000
Available to full-time graduate students who are pursuing an advanced degree preparing for a career in state or local government finance.
Frank L. Greathouse Government Accounting Scholarship
Deadline: February
Award Amount: $5,000
Awarded to two undergraduate and/or graduate students enrolled in full-time study preparing for careers in state and local government finance.
Deadline: varies
Award Amount: $5,000
Students of Hispanic heritage majoring in business administration, economics or finance.
MillerCoors National Scholarship
Deadline: June
Award Amount: $3,000
A scholarship for junior and senior business, accounting, communications, economics, marketing, or public relations majors of Hispanic descent.
Minorities in Government Finance Scholarship
Deadline: February
Award Amount: $5,000
Awarded to an upper-division undergraduate or graduate student of finance or other business majors intending to pursue a career in government finance.
Orbis Investment Management MBA Fellowship
Deadline: June 14
Award Amount: $10,000
A fellowship for incoming MBA students enrolled in an accredited program and an interest in investing.
Ritchie-Jennings Memorial Scholarships
Deadline: February
Award Amount: $1,000 – $10,000
Open to students majoring in accounting, business administration, finance or criminal justice and interested in careers in fraud investigation.
Streamline Refinance: Scholarship for Finance & Economics
Deadline: December 15
Award Amount: $1,000
Streamline Refinance offers scholarships for students currently enrolled in finance, economics, or investment related fields.
Tau Kappa Epsilon: W. Allan Herzog Scholarship
Deadline: March 15
Award Amount: $3,000
A scholarship for fraternity members pursuing a degree in accounting, finance, or economics.
Deadline: March
Award Amount: $8,000
A scholarship for minority students attending UNCF Member Colleges and Universities majoring in a business discipline such as economics.
Deadline: August 31
Award Amount: $1,000 – $2,000
For college-bound females who have exhibited scholastic achievement, preferably with an aptitude in mathematics, and demonstrated leadership skills.
Deadline: varies
From undergraduates to MBAs, 3M offers internship opportunities to finance students at every stage in their academic career.
Bank of America / Merrill Lynch
Deadline: varies
Bank of America and Merrill Lynch offer a number of internship opportunities for students pursuing degrees in business and finance.
ING Finance Internship Program
Deadline: varies
Consistently ranked as a top employer, ING offers a number of internship opportunities for finance students.
Deadline: varies
J.P. Morgan offers a number of internship opportunities for students at all stages of their academic career, from undergraduates to Ph.Ds.
John Hancock Funds and Finance Internships
Deadline: February
Financial services company, John Hancock, offers summer internships to finance students looking to gain valuable real-world experience.
Deadline: varies
Aerospace, defense, security, and technology company, Lockheed Martin, offers internships and co-ops for finance students in 11 states and D.C.
Nestle Financing and Accounting Internships
Deadline: Fall
Nestle offers a number of internship opportunities for finance undergraduates in their Finance and Control department.
Deadline: year-round
Ranked one of America's top ten internships, Northwestern Mutual offers a number of opportunities to undergraduates studying business and finance.
United Technologies Financial Leadership Program
Deadline: year-round
UT makes available several internship development opportunities for business and finance students during one of four six-month rotations.
Student Organizations
Financial Management Association International
Serves the financial community by promoting research, advancing education and fostering interaction between professionals, academics and students.
NAIFA Leadership in Life Institute
The Leadership in Life Institute creates leaders through encouraging growth as an individual and in business practices.
YAT equips young financial advisors with the tools they need to achieve goals and meet professional challenges.
Professional Organizations
Association for Financial Professionals
The AFP sets the "standards of excellence in finance" for professionals to aim to achieve globally.
National Association of Insurance and Financial Advisors
Founded in 1890, NAIFA is one of the nation's oldest and largest associations representing the interests of insurance professionals across the United States.
North American Securities Administrators Association
The purpose of the NASAA is to protect investors by investigating law violations, educating the public, and filing enforcement actions.
Securities Industry and Financial Markets Association
Aiming to strengthen financial markets through practices and policies, SIFMA focuses on the shared interests of financial professionals and organizations.