Anybody seeking to change careers or raise their earning potential should consider pursuing a master of finance degree. It may provide students with access to specialized information and present chances for career progression in the financial sector, financial roles, or other management positions in the current employment market. In this post, we will find out about careers with a master’s degree in finance.
What does a master’s program in finance entail?
Direct training for a career in corporate finance, financial analysis, investment, and financial planning is provided by a master of finance degree. These are professions that frequently call for additional financial education beyond what is covered in a business administration degree. Every master’s in finance degree has a different curriculum and length. The following are the most typical requirements for a master of finance program:
- Time: Two years are typically needed to complete a master of finance degree. Some persons who enroll in accelerated programs can finish their degrees in a year or less.
- Key courses: The curriculum normally consists of lessons on corporate finance, financial modeling, pricing, and risk management, among other topics.
- Electives: A student may select electives from a specialty in some programs. Capital markets, banking and financial services, insurance, and international business are common areas of specialty.
Advantages of careers with a master’s degree in finance
The master of business administration is typically the most traditional course of study for business students (MBA). Yet, the following advantages come with a master’s in finance:
- Focused specialization: A master’s degree in finance offers a more focused background with in-depth knowledge of finance particularly, as opposed to having a broad focus covering the numerous facets of corporate administration. Students can specialize in areas like portfolio and risk management, financial analysis, or quantitative finance with a master’s degree in finance.
- No prior knowledge is needed Several MBA programs often demand or anticipate that applicants have years of work-related experience in the business world. With a master of finance degree, students may join after completing their undergraduate studies or after gaining work experience.
- A master of finance degree can be earned more quickly than a regular MBA. Several master’s in finance programs last one or two years to finish.
- Less crowded market: Many candidates these days hold an MBA. If the candidate’s specialty is applicable to the position, having a master’s degree in finance may help them stand out from the competition.
Careers With A Master’s Degree In Finance
Corporate or entrepreneurial finance
Corporate finance is a well-liked career path with a wide range of chances for ambitious grads if you’re interested in bottom-line analysis.
Corporate finance focuses on efficiently managing a company’s finances and capital while making crucial investment and business decisions to maximize shareholder value and profit. You can work with a wide range of businesses across industries in the field of corporate finance, from big, international corporations to smaller, family-owned businesses.
Any business’s profitability and performance are directly related to its financial department. Chief Financial Officers are among the highest-paid positions in finance, therefore it can also be a financially rewarding career path. In larger companies, median incomes can exceed $330,000 and occasionally even go considerably higher.
If achieving this is your ultimate professional goal, you will probably begin your career in an organization as a financial analyst or accountant and advance through the ranks. Entrepreneurial finance is an additional expanding sector of finance to take into consideration given the ongoing trend toward self-employment.
Because of this, Hult frequently provides it as an elective choice for our Master-level students. Acquiring the business and financial skills necessary to operate a successful start-up is a valuable skill to have on your CV, and it’s especially useful if you’re interested in starting your own company, getting funding, and keeping control of your finances.
Commercial or investment banking
While a job in corporate finance can be profitable and satisfying, graduates who choose to work in banks frequently receive some of the highest starting salaries in the financial industry. Depending on your individual abilities and goals, you must make a significant decision on whether you want to work in commercial or investment banking.
When it comes to daily banking, most businesses and individuals deal with commercial banks—from opening savings accounts to applying for loans. Because many professions in commercial banking are client- or customer-facing, having excellent interpersonal communication skills is extremely helpful in this industry. There are numerous career options in commercial banking, from loan officers to mortgage bankers to credit analysts.
Investment banking is occasionally seen as more glamorous, yet it can be quite difficult to break into. Large-scale and frequently complicated financial transactions, such as the sale of stocks and bonds and corporate mergers and acquisitions, are handled by investment banks. Your career prospects go far beyond high-value transactions and profitable trading; you may be a financial analyst, a risk and compliance officer, or a mergers and acquisitions advisor.
Private wealth management
A finance degree can help you position yourself for a career in private banking or wealth management if you’re interested in managing financial assets but the speed and hours associated with investment banking aren’t for you. You will be in charge of the financial assets of high-net-worth people rather than overseeing the finances and investments of governments or significant organizations. These are often private people with assets worth more than $5 million USD.
Private banking, often known as private wealth management, strives to assist high-net-worth individuals in successfully planning and managing their finances. Private banking provides a specialized service that includes everything from effective tax planning to stock investment guidance to creating family trust funds.
Relationship management and investment management are the two main responsibilities in private banking. Each requires a strong financial foundation but differs in the other abilities needed. Like those in commercial banking positions, relationship managers rely on strong interpersonal skills and the capacity to persuade clients and forge relationships, as the title suggests.
On the other hand, investment managers manage the money, therefore strong analytical abilities and market knowledge are essential. You can work in an advisory capacity as an investment manager, collaborating often with the relationship manager to offer financial products, or you can handle your client’s account directly.
Conclusion
If you’ve made the decision to pursue a graduate-level degree in finance, you’ve undoubtedly already thought about how it would affect your future job path. But if you’re wondering what you can accomplish with careers with a master’s degree in finance, the three most well-liked and lucrative career options are listed above.
