Although getting a master’s in finance can help you advance your career and qualify for a variety of high-paying positions, it’s important to take the time to consider whether doing so is the right choice for you.
Pursuing a graduate degree is a major commitment in terms of both time and money. As such, getting a master’s in finance is typically only worth it if it is necessary for you to achieve your long-term career goals.
Here’s a closer look at why you might consider getting a master’s in finance.
Reasons To Get a Master’s in Finance
A master’s degree in finance can open the door to great career opportunities, help you increase your salary, and make it easier to set yourself apart from other applicants.
More Career Opportunities
One of the biggest benefits of getting a master’s degree in finance is that it opens up many more career opportunities.
With a master’s degree, you’ll be more qualified for higher-level positions, such as senior financial analyst, financial manager, or chief financial officer. You’ll also be more likely to be considered for jobs in more specialized areas of finance, such as risk management or financial planning.
Higher Pay
Another benefit of getting a master’s degree in finance is the potential for a pay increase.
According to data from the Bureau of Labor Statistics, the median annual salary for professionals in the business and finance field in May 2023 was $79,050 compared to $48,000 for all occupations.
This includes finance professionals with all types of degrees. Professionals with graduate degrees tend to earn even more.
Less Competitive Job Market
Although the finance industry is competitive, having a master’s degree can give you an advantage. This is because a master’s degree in finance is less common than a bachelor’s degree, which means that fewer candidates are competing for the same jobs.
Impress Potential Employers
Having a master’s degree in finance can also help you stand out to potential employers. Employers often view candidates with advanced degrees as more qualified and knowledgeable than those with only a bachelor’s degree. This can give you an edge over other candidates when applying for jobs.
The opportunities in a master’s in finance program, such as networking with other professionals and completing capstone projects, can also make you a more attractive candidate.
Who Is a Master’s in Finance Right For?
A master’s degree in finance is a good fit for anyone who is interested in pursuing a career in the finance industry. If you have a background in finance, economics, accounting, or a related field, a master’s degree in finance can help you advance your career and take on more challenging and specialized roles.
A master’s degree can also be a good fit for recent college graduates who are interested in pursuing a career in finance and want to build a strong foundation of knowledge and skills in the field.
It’s worth noting that earning a master’s degree in finance can be rigorous, requiring a significant time and financial investment. If you’re considering pursuing a master’s degree in finance, it’s important to do your research and carefully consider whether the program is a good fit for your career goals and personal circumstances.
You should also keep in mind that these programs typically have strict admissions requirements. Although each program’s requirements differ, you will usually need to have a bachelor’s degree in finance or a related field and submit test scores and submit as part of your application.
Should I Get a Master’s in Finance or an MBA?
If you’re interested in pursuing a career in finance, you may be wondering whether you should get a master’s degree in finance or a Master of Business Administration (MBA). Although both degrees can lead to careers in finance, there are some key differences between the two.
An MBA is a more general business degree that covers a wide range of business topics, including finance, accounting, marketing, and management. A master’s degree in finance, on the other hand, is a more specialized degree that focuses specifically on finance-related topics, such as financial analysis, investment management, and risk management.
If you’re interested in pursuing a career in finance and want to build a strong foundation of knowledge and skills in the field, a master’s degree in finance may be a better fit for you. However, if you’re interested in pursuing a career in a more general business field, such as marketing or management, an MBA may be a better fit.
It’s also worth noting that an MBA is often a more expensive and time-consuming program than a master’s degree in finance. If you’re considering both options, it’s important to carefully consider your career goals and personal circumstances to determine which program is the best fit for you.
What Jobs Can You Get With a Master’s in Finance?
One of the main reasons people get a master’s in finance is to make themselves eligible for a wide range of high-paying positions.
A master’s degree in finance can open up many different career paths, including:
- Financial Analyst: As a financial analyst, you’ll analyze financial data to help businesses decide about investments, budgets, and other financial matters.
- Average annual salary: $99,890
- Projected job growth: 9%
- Investment Banker: Investment bankers help companies raise capital by selling stocks and bonds.
- Average annual salary: $76,900
- Projected job growth: 7%
- Portfolio Manager: These finance professionals manage portfolios of investments and make investment decisions.
- Average annual salary: $156,100
- Projected job growth: 17%
- Financial Advisor: As a financial advisor, you’ll advise clients on how to manage their money and invest wisely.
- Average annual salary: $99,580
- Projected job growth: 17%
- Risk Manager: Risk managers help companies identify potential risks to a company’s finances and develop strategies to mitigate those risks.
- Average annual salary: $118,950
These are just a few of the many jobs you can get with a master’s degree in finance. Other potential paths include forensic accountant, financial officer, and bank manager.
How Much Does It Cost to Get a Master’s in Finance?
The cost of a master’s degree in finance can vary depending on many factors, including the school you attend, whether you attend full-time or part-time, and whether you qualify for any scholarships or financial aid.
Tuition for a master’s in finance program can range from about $35,000 to more than $100,000. Public universities are generally much cheaper than private universities, and out-of-state students typically pay more than in-state students.
When considering the cost of your program, make sure to check to see what fees your school charges. Although tuition is the main expense, fees can add thousands of dollars to your annual costs.
To offset the costs of your degree, make sure to apply for federal aid by completing the Free Application for Federal Student Aid (FAFSA). This will determine your eligibility for federal grants, loans, and work-study programs. You should also apply for scholarships through your school’s website and local organizations if you don’t receive enough federal aid to cover all of your costs.
Interested in a degree instead?
Learn more about online degrees, their start dates, transferring credits, availability of financial aid, and more by contacting the universities below.