Employment of business and financial professionals will increase by 10% through 2026, which is faster than average. There will be more than 773,800 jobs in these areas. Professionals who want to take advantage of this strong job growth may want to earn a master’s degree in finance (MF).
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Earning this two year finance degree will offer you the skills and knowledge you need to work in many well-paid and interesting finance jobs. Consider these following benefits of a master’s in finance degree.
#1 Good Salary
Professionals who earn their MF degree can anticipate earning a good salary. Payscale.com reports that the average salary for a master of finance degree holder is $76,000. Forbes magazine states that professionals who work in corporate finance usually have a master’s degree and earn a mid career salary of $126,000.
That website also reports a variety of high salaries with an MF degree for many occupations. Here is a good sampling:
- Financial analyst: $61,600
- Senior financial analyst: $78,300
- Financial controller: $84,100
- Finance manager: $93,100
- Chief financial officer: $147,000
- Finance director: $134,000
- Corporate controller: $95,100
- Accountant: $54,800
- Senior accountant: $70,800
- Portfolio manager: $92,3300
- Investment analyst: $61,400
- VP of finance: $132,000
- Financial advisor: $63,100
- Valuation analyst: $60,600
- Operations manager: $73,900
- Chief executive officer: $180,000
- Senior business analyst: $85,400
- Senior finance manager: $115,200
The Bureau of Labor Statistics also provides extensive information about salaries for people with a master’s in finance. Professionals with this degree that earn the highest salaries are usually VP of finance roles with a typical salary range of $150,000 to $170,000. Finance directors and senior finance analysts can earn up to $150,000 and $84,000 per year, respectively.
#2 Job Demand Is Robust
There are many finance-related positions that are going to see strong job growth in the next decade.
Financial Analyst
For example, employment of financial analysts is going to increase by a strong 11% through 2026 – faster than average than for all other occupations. BLS reports a growing range of finance products and need for more in depth knowledge of certain geographic locations will cause strong growth for financial analysts. BLS states that the demand for financial analysts is usually tied to economic activity. Financial analysts are needed to evaluate new investment opportunities when new organizations are established, or current businesses expand.
Also, emerging markets all over the globe are going to provide new opportunities for investment. This expansion will require more expertise in geographic areas where the markets are located. Demand is also anticipated as the growth of big data and better technology will allow more financial analysts to access more data and to perform better quality analysis. The analysis should help organizations to better manage their finances, identify new trends for investment and deliver new products and services to their clients.
Financial Manager
Another profession with very strong growth in this field is financial manager. It is expected that employment for financial managers will grow by a torrid 19% through 2026, which is much faster than average. Services that are offered by financial managers – planning, directing and coordinating investments – will stay in strong demand as the US economy continues its strong growth pattern. Also, there are several specialties in financial management, such as cash management and risk management, that will be in high demand.
In the past several years, companies have been accumulating more cash, especially those that are working abroad. As more globalization unfolds, it is likely that this trend will continue. This will probably lead to a higher demand for financial managers as organizations will need more expertise with cash management.
Also, there has been more stress on risk management in finance. This trend is probably going to continue in the future. In response to financial regulatory reform and the financial crisis, banking organizations will have more stress on financial stability and risk management than on making the highest profit. This will increase growth in demand for risk managers.
#3 Blockchain Is Your Future
Many people today are talking about finance being so exciting and being transformed by technology. What they are really talking about is the secure digital ledger known as blockchain. This digital ledger is where cryptocurrency transactions can be recorded both chronologically and publicly. Cryptocurrencies are getting more and more popular. This is why the banking and financing industries are investing so much in financial technology, better known as fintech.
As blockchain and cryptocurrency is getting more popular, they are making the finance industry evolve. This will lead to many new job opportunities for financial professionals with a master’s degree in finance.
For example, a perusal of the job boards on Google uncovers this blockchain/finance job that is offered by Deloitte, one of the major management consulting firms in the world:
Finance Operations and Blockchain – Senior Manager
The job listing notes that this senior management position will work as an advisor to the CFO, COO and CIO. The manager will help the executives to elevate their roles as they relate to blockchain through new, innovative strategies, planning and tactical execution. You will have the ability to apply and develop experience in finance strategy and insights; finance operations and blockchain and technology strategy, data and solutions.
The advent of cryptocurrencies and blockchain also is creating all-new jobs for finance professionals with an MF degree:
- Crypto analyst: Due to the large returns that some digital currencies have, there is more need from buy side finance organizations to work in the space. Hedge funds are beginning to invest in cryptocurrencies. This will probably lead to jobs for financial and crypto analysts.
- Crypto fund wholesaler: Wholesalers will be needed to promote/sell services of crypto funds to both dealers and brokers, RIAs and financial advisors. In turn, these finance experts will get some of the money that was invested with them. Wholesalers can get a up to a 12 basis point cut of the funds invested. You also can get a salary up to $100,000.
#4 Focus Intensely on Finance
Students who want to have a finance-focused career will usually be better off with the MF than just an MBA in finance. The MBA program covers many different topics other than finance, including accounting, marketing, supply chain management and law. On the other hand, MF programs target finance in an exhaustive manner with courses in financial theory, quantitative finance, investments, markets, financial reporting and analysis and valuation. See also 10+ best online finance degree programs.
Having a degree that is more focused can be a major benefit in today’s job market. US News and World Report states that employers today are looking for more targeted education and work experience that a master’s in finance offers, rather than a general management degree such as an MBA.
#5 Finish Your Degree Faster
If you are a working professional earning your degree online or in the evenings, you will like this: You can often earn your MF degree in only a year. This is a great degree to earn if time is of the essence and you need to have your education done as soon as possible.
References
- Determine If a Master’s in Finance Is the Right Move. (2015). Retrieved from https://www.usnews.com/education/best-graduate-schools/top-business-schools/articles/2015/02/09/determine-if-a-masters-in-finance-is-the-right-move
- Master of Finance Salary. (n.d.). Retrieved from https://www.payscale.com/research/US/Degree=Master_of_Finance_(MFin)/Salary
- Master’s Degree with Highest Salary Potential. (2017). Retrieved from https://www.forbes.com/sites/jeffkauflin/2017/09/22/the-masters-degrees-with-the-highest-salary-potential-2017/#40ae1ec3560b
- Financial Managers. (2017). Retrieved from https://www.bls.gov/ooh/management/financial-managers.htm
