Finance & Financial Management

Types of Degrees Finance & Financial Management Majors Are Getting

The following table lists how many finance and financial management graduations there were in 2020-2021 for each degree level.

Education Level	Number of Grads
Bachelor’s Degree	48,215
Master’s Degree	4,544
Basic Certificate	3,329
Graduate Certificate	1,197
Associate Degree	323
Undergraduate Certificate	127
Doctor’s Degree	43

What Finance & Financial Management Majors Need to Know

In an O*NET survey, finance majors were asked to rate what knowledge areas, skills, and abilities were important in their occupations. These answers were weighted on a scale of 1 to 5 with 5 being the most important.

Knowledge Areas for Finance Majors

According to O*NET survey takers, a major in finance should prepare you for careers in which you will need to be knowledgeable in the following areas:

• English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
• Customer and Personal Service - Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
• Economics and Accounting - Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
• Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
• Administration and Management - Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.

Skills for Finance Majors

The following list of skills has been highlighted as some of the most essential for careers related to finance:

• Active Listening - Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
• Speaking - Talking to others to convey information effectively.
• Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
• Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
• Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.

Abilities for Finance Majors

As you progress with your finance degree, there are several abilities you should pick up that will help you in whatever related career you choose. These abilities include:

• Oral Comprehension - The ability to listen to and understand information and ideas presented through spoken words and sentences.
• Oral Expression - The ability to communicate information and ideas in speaking so others will understand.
• Written Comprehension - The ability to read and understand information and ideas presented in writing.
• Speech Clarity - The ability to speak clearly so others can understand you.
• Deductive Reasoning - The ability to apply general rules to specific problems to produce answers that make sense.

What Can You Do With a Finance & Financial Management Major?

People with a finance degree often go into the following careers:

Job Title	Job Growth Rate	Median Salary
Budget Analysts	6.5%	$76,220
Credit Analysts	8.3%	$71,520
Credit Counselors	13.8%	$45,180
Financial Analysts	10.8%	$85,660
Financial Managers, Branch or Department	18.7%	$127,990
Financial Quantitative Analysts	9.6%	$70,280
Fraud Examiners, Investigators and Analysts	9.6%	$70,280
General and Operations Managers	9.1%	$100,930
Investment Underwriters	9.6%	$70,280
Loan Counselors	13.8%	$45,180
Loan Interviewers and Clerks	12.4%	$39,890
Loan Officers	11.4%	$63,040
Personal Financial Advisors	14.9%	$88,890
Risk Management Specialists	9.6%	$70,280
Sales Agents, Financial Services	6.2%	$64,120
Sales Agents, Securities and Commodities	6.2%	$64,120
Securities and Commodities Traders	6.2%	$64,120
Treasurers and Controllers	18.7%	$127,990

Who Is Getting a Bachelor’s Degree in Finance & Financial Management?

This is one of the most frequently chosen business majors. It is the 3rd most popular in the country with 48,214 students graduating with a bachelor’s in finance in 2021. This major attracts more men than women. About 71% of the graduates in this field are male.

Racial-Ethnic Diversity

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

Race/Ethnicity	Number of Grads
Asian	3,682
Black or African American	2,328
Hispanic or Latino	5,766
White	29,392
International Students	4,465
Other Races/Ethnicities	2,582

Geographic Diversity

Students from other countries are interested in Finance, too. About 9.3% of those with this major are international students. The most popular countries for students from outside the country are:

• China
• Saudi Arabia
• India
• Vietnam
• South Korea

How Much Do Finance & Financial Management Majors Make?

Bachelor’s Degree Starting Salary

Data from the U.S. Department of Education shows that finance and financial management students who graduated in 2017-2019 with a bachelor’s degree made a median starting salary of $48,896 per year. During this timeframe, most salaries fell between $44,198 (25th percentile) and $54,179 (75th percentile).

It’s important to note that just because the people reporting these salaries have a degree in finance, it does not mean that they are working in a job related to their degree.

Salaries According to BLS

Average salaries range from $41,310 to $103,330 (25th to 75th percentile) for careers related to finance. 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, according to BLS data from the first quarter of 2020, the typical high school graduate makes between $30,000 and $57,900 a year (25th through 75th percentile). The average person with a bachelor’s degree (any field) makes between $45,600 and $99,000. Advanced degree holders make the most with salaries between $55,600 and $125,400.

Amount of Education Required for Careers Related to Finance & Financial Management

Some degrees 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 Level	Percentage of Workers
Less than a High School Diploma	0.6%
High School Diploma - or the equivalent (for example, GED)	20.1%
Post-Secondary Certificate - awarded for training completed after high school (for example, in agriculture or natural resources, computer services, personal or culinary services, engineering technologies, healthcare, construction trades, mechanic and repair technologies, or precision production)	3.1%
Some College Courses	8.4%
Associate’s Degree (or other 2-year degree)	6.7%
Bachelor’s Degree	38.6%
Post-Baccalaureate Certificate - awarded for completion of an organized program of study; designed for people who have completed a Baccalaureate degree but do not meet the requirements of academic degrees carrying the title of Master.	6.4%
Master’s Degree	10.3%
Post-Master’s Certificate - awarded for completion of an organized program of study; designed for people who have completed a Master’s degree but do not meet the requirements of academic degrees at the doctoral level.	0.4%
First Professional Degree - awarded for completion of a program that: requires at least 2 years of college work before entrance into the program, includes a total of at least 6 academic years of work to complete, and provides all remaining academic requirements to begin practice in a profession.	0.8%
Doctoral Degree	4.3%

Online Finance & Financial Management Programs

In the 2020-2021 academic year, 930 schools offered some type of finance and financial management program. The following table lists the number of programs by degree level, along with how many schools offered online courses in the field.

Degree Level	Colleges Offering Programs	Colleges Offering Online Classes
Certificate (Less Than 1 Year)	0	0
Certificate (1-2 years)	57	7
Certificate (2-4 Years)	3	1
Associate’s Degree	97	24
Bachelor’s Degree	114	38
Post-Baccalaureate	0	0
Master’s Degree	269	53
Post-Master’s	29	0
Doctor’s Degree (Research)	20	2
Doctor’s Degree (Professional Practice)	0	0
Doctor’s Degree (Other)	0	0

Is a Degree in Finance & Financial Management Worth It?

The median salary for a finance grad is $79,830 per year. This is based on the weighted average of the most common careers associated with the major.

This is 100% more than the average salary for an individual holding a high school degree. This adds up to a gain of about $798,600 after 20 years!

Majors Related to Finance & Financial Management

You may also be interested in one of the following majors related to finance.

Major	Number of Grads
Business Administration & Management	416,590
Accounting	99,265
General Business/Commerce	56,042
Marketing	52,916
Management Sciences & Quantitative Methods	43,382
Human Resource Management	28,787
Business Support & Assistant Services	19,119
Hospitality Management	17,689
Management Information Systems	13,680
Entrepreneurial Studies	11,319
International Business	9,101
Real Estate	6,547
General Sales & Marketing	5,923
Business/Managerial Economics	5,667
Specialized Sales, Merchandising & Marketing	5,191
Other Business, Management & Marketing	4,822
Construction Management	3,846
Insurance	1,809
Taxation	1,547
Business/Corporate Communications	1,029
Telecommunications Management	55

References

*The racial-ethnic minorities count is calculated by taking the total number of students and subtracting white students, international students, and students whose race/ethnicity was unknown. This number is then divided by the total number of students at the school to obtain the racial-ethnic minorities percentage.

• College Factual
• College Scorecard
• National Center for Education Statistics
• O*NET Online
• U.S. Bureau of Labor Statistics
• Usual Weekly Earnings of Wage and Salary Workers First Quarter 2020
• Image Credit: By Dave Dugdale under License

More about our data sources and methodologies.