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Finance & Financial Management

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Finance & Financial Management Major

52,173 yearly degrees
#19 in popularity
$80,000 median salary

Finance and financial management is a major that typically falls into the Business, Management & Marketing category.

There are 123 programs available throughout the country that offer an associate’s degree in finance, 801 that offer a bachelor’s degree, and 274 that offer a master’s degree. There are also at least 22 schools in the nation where you can get your doctorate degree in the field.

Who Is Getting a Finance Degree?

Finance and financial management is the 11th most popular college major in the country. In 2017, roughly 43,100 students graduated with a bachelor’s degree in the field. This major tends to be male dominated. About 70.2% of recent graduates are men.

Racial Distribution

At the countrywide level, the racial distribution of finance majors is as follows:

  • Asian: 7.2%
  • Black or African American: 4.7%
  • Hispanic or Latino: 10.6%
  • White: 61.7%
  • Non-Resident Alien: 10.8%
  • Other Races: 4.9%

Finance & Financial Management Majors Ethnic Diversity Statistics

Americans aren’t the only ones with an interest in finance. About 10.8% of those graduating in 2017 were international students. The most popular countries sending finance majors to the U.S. are China, Saudi Arabia and India.

What Will You Learn as a Finance & Financial Management Major?

An O*NET survey asked people with careers related to finance to rate how important certain subject areas were to their job. The following are some of the results of that survey. Importance was rated on a scale of 1 to 5 with 5 being most important.

Knowledge Areas for Finance Majors

A major in finance should prepare you for careers in which you will need to be knowledgeable in the following areas:

Important Knowledge Areas for Finance & Financial Management Majors

Skills for Finance Majors

Finance majors are found most commonly in careers in which the following skills are important:

Important Skills for Finance & Financial Management Majors

Abilities for Finance Majors

Finance majors often go into careers where the following abilities are vital:

Important Abilities for finance Majors

What Can You Do With a Finance Major?

Below is a list of occupations associated with finance:

Careers Related to Finance & Financial Management
Job Title Job Growth Rate Median Salary
Credit Counselors 13.8% $45,180
Investment Underwriters 9.6% $70,280
Loan Interviewers and Clerks 12.4% $39,890
Risk Management Specialists 9.6% $70,280
Financial Quantitative Analysts 9.6% $70,280
Credit Checkers -2.9% $38,750
Sales Agents, Financial Services 6.2% $64,120
Securities and Commodities Traders 6.2% $64,120
Credit Authorizers -2.9% $38,750
Chief Sustainability Officers -3.9% $189,600

Finance & Financial Management Major Salary

Finance majors often go into careers where salaries can range from $41,000 to $103,000. This range includes all degree levels, so the salary for a person with just a bachelor’s degree may be a little less and the one for a person with an advanced degree may be a little more.

To put that into context, the typical high school graduate makes between $29,000 and $57,000 a year. The average person with a bachelor’s degree (any field) makes between $44,000 and $99,000. Advanced degree holders make the most with salaries between $55,000 and $120,000.

Average Salary for a Finance Major  ( 41000 to 103000 )
$0
$200k
Average Salary for High School Graduate  ( 29000 to 57000 )
$0
$200k
Average Salary with Bachelor's Degree  ( 44000 to 99000 )
$0
$200k
Average Salary with Advanced Degree  ( 55000 to 120000 )
$0
$200k

Your salary will be largely dependent on the career path you follow and what area of the country (or world) you work. Getting a graduate degree may open up more options with higher salary potential.

Amount of Education Required for Finance & Financial Management Major Jobs

Some careers associated with finance may require an advanced degree, while others may not even require a bachelor’s in the field. In general, the more advanced your degree the more career options will open up to you. However, there is significant time and money that needs to be invested into your education so weigh the pros and cons.

Find out what the typical degree level is for finance careers below.

Education Levels for Careers Associated With Finance & Financial Management
Level of Education Percentage of Workers
Less Than a High School Diploma 0.6%
High School Diploma or Equivalent 20.1%
Post-Secondary Certificate 3.1%
Some College Courses 8.4%
Associate's Degree or Equivalent 6.7%
Bachelor's Degree 38.6%
Post-Baccalaureate Certificate 6.4%
Master's Degree 10.3%
Post-Master's Certificate 0.4%
First Professional Degree 0.8%
Doctoral Degree 4.3%
Post-Doctoral Training 0%

Online Finance & Financial Management Programs

There are 801 colleges that offer a bachelor’s degree in finance and financial management, with 82 of them offering at least some courses online.

Online learners must listen or watch video lectures, participate in group chats or forums, submit papers and assignments electronically, take tests, and meet deadlines.

Many learners are drawn to online programs due to the ease of use and flexibility. Students should be warned that those who enroll in online programs can take longer to graduate than average and are more likely to drop out.

Is a Finance & Financial Management Major Worth It?

The median salary for a finance grad is $80,000 per year. This is based on the weighted average of the most common careers associated with the major.

This is 105% more than the average salary for an individual holding a high school degree. This adds up to a gain of about $818,600 after 20 years!

finance and financial management salary compared to typical high school and college graduates over a 20 year period

References

Bureau of Labor Statistics
National Center for Education Statistics
O*NET Online
Image Credit: Dave Dugdale via License

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