A Bachelor’s Degree in Finance exposes students to subjects relating to money management in business, communities and government agencies at the national and international level. Graduates of a Bachelor’s Degree in Finance are prepared to take on roles in real estate, banking, investment, corporate finance and financial services, among other fields. If you are interested in becoming a part of this high growth field, the following guide would be of help to you. Find out all you need to know about a Bachelor’s Degree in Finance and what you can do with it.
Opportunities with a Bachelor’s Degree in Finance
A Bachelor’s Degree in Finance would open up a vast number of opportunities for graduates in a number of different fields. This degree is typically considered the first step towards a high powered career in business and finance. Students with a Bachelor’s Degree in Finance can end up in three main finance industries – public, personal and corporate. All three sectors offer a variety of career paths with lucrative salaries.
Potential employment opportunities would include those in investment banking, financial planning, insurance, public accounting, hedge fund management and so on.
How long does it take to earn a Bachelor’s Degree in Finance?
A bachelor’s degree typically takes 4 years to complete with a full-time study schedule. This roughly translates to around 120-128 credit hours, depending on the exact degree requirements. The length of the program would vary for part-time students or those who attend summer school. Accelerated Bachelor’s Degree in Finance programs are also offered by different institutes across the US, offering a great deal of flexibility. In addition to that, if you are enrolled in an online program, you may be able to complete your degree at your own pace, which can be faster or slower than the standard timeline.
How much does a Bachelor’s Degree in Finance cost?
The average cost of a Bachelor’s Degree in Finance would vary from college to college, depending on a number of factors. However, the general range would be somewhere between $24,000 and $75,000. There would be a notable difference in the cost of a Bachelor’s Degree in Finance from a private and a public institute. Similarly, there might be a cost difference between online and traditional on-campus programs. Another factor that ought to be taken into account is residency facilities offered by the institute, as this would affect your total degree cost if you are from out of town.
The cost of a Bachelor’s Degree in Finance would be lower if the student manages to get a scholarship, financial aid or a grant. In addition to that, student loan options are also available, which allow students to pay back the degree cost through a job later on.
Please note that the true cost of a degree would be variable from student to student, depending on each applicant’s status and requirements.
Should I get a Bachelor’s Degree in Finance?
If mathematics and statistics are subjects you truly enjoy, getting a Bachelor’s Degree in Finance might be the right option for you. Finance graduates are required to analyze huge sets of data, think critically and be very apt at problem solving. These students also need to have the drive to innovate and produce applicable solutions to financial problems. A Bachelor’s Degree in Finance would help students develop these relevant skills and create a strong foundation in core finance subjects, as well as related courses in business, taxation, risk management and accounting. Applicants can choose electives that are geared towards the skill set they desire to develop.
A Bachelor’s Degree in Finance can lead to a number of high growth careers. According to the US Bureau of Labor Statistics, Business and Finance occupations are expected to grow by 5% between 2019 and 2029, which is much faster than the growth rate for all occupations.
What can I expect from a Bachelor’s Degree in Finance program?
A Bachelor’s Degree in Finance would allow students to explore the different facets of the world of finance and business. The coursework for this four-year long degree is very comprehensive and is designed to give students a complete and functional understanding of money management in different settings. Typical courses would include those in econometrics, portfolio management, statistics and financial reporting, with variations depending on the concentration chosen. Students can choose from a number of different concentrations such as corporate finance, financial counselling, investment management, asset management and business analytics.
Students can expect to spend four years of time completing this degree, and might also have to complete a thesis or a final year project. Some programs may have a mandatory internship component as well. Please bear in mind that the exact requirements of a degree would be dependent on the institute, therefore, students are advised to check the details comprehensively when applying.
How to choose a Bachelor’s Degree in Finance program?
When looking for a Bachelor’s Degree in Finance, there are several factors that need to be considered. The foremost concern would be choosing a degree that has coursework which meets the requirements of the occupation the student intends to pursue. A typical Bachelor’s Degree in Finance would have 120-128 credits, with core courses and electives. Students should look into the variety of elective courses and whether the options available would eventually be in line with their career goals.
Another factor to consider would be the cost of the program, including residential cost, tuition fee and any financial aid or scholarship available. Students should also take a look at the faculty credentials and notable alumni to determine the quality of education they can expect.
Accreditation for Bachelor’s Degrees in Finance
One of the most important concerns students should bear in mind when selecting a program is its accreditation status. Accreditation validates the authenticity of a degree and ensures that it meets a minimum quality standard. There are two main types of accreditations available in the US – institutional and specialized. An institutional accreditation would take into account the entire university, while a specialized one would focus on a particular concentration.
Please note that currently there are no specific accrediting agencies for finance concentrations. However, programs accredited by the Association to Advance Collegiate Schools of Business, Accreditation Council for Business Schools and Programs (ACBSP) and the International Accreditation Council for Business Education (IACBE) are generally preferred in finance sectors.
How to get into a Bachelor’s Degree in Finance?
In order to get into a Bachelor’s Degree in Finance, students will have to meet certain eligibility criteria. Please note that admission requirements would vary from institute to institute. However, most universities would have a similar set of basic eligibility requirements. For instance, there would be a minimum GPA requirement, mostly around 3.0. In addition to that students will have to provide certain admission documents, including transcripts, formal application, letters of recommendation and test score for SAT or ACT. Applicants will also have to submit a fee with their application.
What can I do with a Bachelor’s Degree in Finance?
After completing a Bachelor’s Degree in Finance, students can look for jobs in several branches of finance. Graduates will be needed in any organization that prepares financial records, taxation documents and has substantial money management concerns. Finance is a very vast field that can be infused into different businesses. Students who are not interested in a traditional desk job can look for opportunities to work as financial data analysts, who typically work remotely. Similarly, students who want to work with other departments might be able to find work as purchasing managers.
Popular Career Paths with a Bachelor’s Degree in Finance
Students with a Bachelor’s Degree in Finance can end up in a variety of careers, such as the following:
- Financial Analysts
- Budget Analysts
- Financial Examiners
How much money can I make with a Bachelor’s Degree in Finance?
The amount of money you earn after completing your Bachelor’s Degree in Finance would depend on the exact career path you choose and the seniority level of your job. However, on a general note, those in business and finance occupations made an annual median income of $72,250 in May 2020, which is significantly more than the average income for all occupations of $41,950, as per the US Bureau of Labor Statistics (BLS). Please note that nearly all of the occupations identified in this occupational category on BLS require at least a bachelor’s degree.
Certifications and Licenses you can get after a Bachelor’s Degree in Finance
After completing your Bachelor’s Degree in Finance, there are several certifications students can go for to advance their understanding of the field. Certifications help students go for higher level positions with better salary and growth outlook. Students can research and choose to go for a certification that meets their long-term career goals. Some of the options available include the following:
- Chartered Financial Analyst (CFA) Certification
- Certified Public Accountant (CPA) Certification
- Financial Risk Manager (FRM) Certification
- Certified Financial Planner (CFP) Designation
- Chartered Alternative Investment Analyst (CAIA) Designation
Please note that in order to get certified, students will have to pass an exam and attain a minimum defined score.