The Awesome Earning Potential of a Master’s Degree in Finance (MSF)
(Hint: Average Salaries Starting at $80,000)
Thinking about continuing your education in finance? You should. And the fact that the consumer financial service industry alone is a multi-trillion-dollar industry is a good enough reason.
A whopping $6.6 trillion revenue every year. This is impressive, especially since it’s just for retail banking, life insurance, as well as property and casual insurance.
How big the finance sector is should no longer come as a surprise though. After all, it’s what powers and strengthens economies. And that means everyone needs it.
Individuals, businesses, corporations, organizations, and governments – everyone constant involves themselves with finances. With a Master’s Degree in Finance, you can enjoy a rewarding and lucrative career.
The Benefits Specific to Holders of Master of Science in Finance
The financial world is full of opportunities. Even just completion of a Bachelor’s degree already opens doors of opportunities for a rewarding career.
Of course, how much you’ll earn depends on several factors. However, two of the greatest contributing factors include the type of position you pursue and the organization you work for. Here are a few examples for your reference, their average salary included:
- Investment Banker ($100,675)
- Financial Analyst ($92,250)
- Financial Examiner ($76,310)
- Financial Services Sales Agent ($72,070)
- Portfolio Manager ($118,752)
- Trader ($89,496)
As you can see, those who work in finance make more than the average employee – way more. And while a career in finance means major responsibilities, its lucrativeness is enough of an attraction for many.
The online Master of Science in Finance curriculum at the University of Scranton focuses on financial and investment knowledge within a Jesuit framework of ethics and social responsibility.
Whether your interest lies on helping fix problems on a global scale, develop better solutions to the many financial challenges of today, or assist corporations to better their operations, your Master’s Degree in Finance can help take you to your desired position.
How Important a Master’s Degree in Finance Today Really is
The financial world is complex and volatile. The Great Depression of 1929 and the 2008 financial crisis taught us that. The market crashed, housing prices fell, and the value of the US dollar dropped.
But, the need for financial experts continued. If anything, it made the need for these professionals even more obvious. In fact, these historical events created more opportunities for financial authorities.
It led to many colleges and universities assessing and strengthening their finance programs. Many others even created new courses. All incorporating strategies that better protect economies.
All these highlight the undeniable purpose of finance in our society. They should already tell you that taking your expertise in the sector to the next level will bring you rewards. Plenty of them.
Students need to learn the right skills to efficiently, analytically, and ethically navigate the world of finance. A Master’s Degree in Finance equips you with the knowledge and skills you need to help their employers avoid catastrophic consequences – like those that happened back in the ’20s and ’00s.
The Many Reasons to Pursue a Master’s Degree
A Master’s degree, whichever sector it’s for, is a worthy investment. This applies to both a personal and a professional perspective.
Here are a few key reasons why Bachelor’s degree holders opt to further their education:
- Grad school gives you numerous opportunities for personal growth
- Specialized focus means more employment possibilities
- Taking one’s career to the highest level possible
- Improved credibility and higher recognition
- Fulfillment and sense of accomplishment
And let’s not forget the most attractive benefit of all: The potentially bigger paycheck.
Where Your Master’s Degree Can Take You
With a Master’s Degree in Finance, you’ll develop the skillsets all employers today look for in a financial expert. And studies back this up. Back in 2017, nearly half of employers said that they intend to hire Master of Finance holders.
Here are just a few of the places that your Master’s degree can take you in the financial world:
- Chartered Financial Analyst (one of the most coveted positions in finance)
- Commercial Banking
- Financial Analysis
- Financial Planning
- Hedge Fund Management
- Money Management
- Real Estate
- Risk Assessment
These are the most common sectors that Masters of Finance holders enter. However, there are many other fields you can explore. You may also opt to work as a personal financial analyst or manager for an individual entity.
Whichever path you take, know that your Master’s degree can help you secure your dream job.
The Considerably Improved Earning Potential for Master’s Degree Holders
Advanced degrees significantly impact lifetime earnings, including a Master’s Degree in Finance. However, as I explained earlier, earning potential varies depending on several factors.
Note though, that in general, a Master’s degree puts you at the top of the Bachelor’s degree pay scale. For instance, a Bachelor’s degree holder with a seasoned mid-career position annually earns between $33,000 and $55,000. With your Master’s degree, you can start at $55,000, or even higher.
Let’s take a closer look at some of your earning possibilities once you complete the degree:
Financial Analysts’ Earning Potential
Financial analysts, according to the United States Bureau of Labor Statistics (BLS), have an annual median salary of $80,310. Those who make the most as financial analysts have employment in financial investments, particularly securities and commodity contracts and securities.
They have a median earning of $94,450.
This type of financial specialist studies, evaluates, and analyzes potential investments. They do so to assist their employers in making the smart and profitable decisions.
Financial Managers’ and their Income Range
One of the highest paid positions in finance, financial managers have an annual wage averaging at $117,990. Those who work for corporations and scientific services report even higher, making $136,490 to $140,160.
Financial managers include finance officers, controllers, treasurers, and chief financial officers. They all contribute to maintaining optimal health of the organizations they belong to.
For the Chief Financial Analysts
RELATED: The CFA vs MSF Debate
Those at the top of the pay scale earn a yearly average of $167,000. Investment analysts or those in securities make a yearly average of $70,000. Senior financial analysts earn about $83,000, while portfolio managers make around $101,000.
A Look at The University of Scranton’s Master of Science in Finance Program
The University of Scranton offers a Master’s Degree in Finance which makes for a good choice for your career advancement. The school’s Master of Science in Finance, also available online, equips you with the knowledge and skills you need to acquire professional certifications.
And this includes the coveted Chartered Financial Analyst (CFA) program.
As a working professional, you’ll find the rigorous curriculum still flexible, thanks to its online availability. Its extensive coverage opens doors to higher-paying positions in the finance section. You need a competitive edge in the world of finance, and Scranton’s Master of Science can give you just that.
The University, incorporating its Jesuit values in the program, aims to bring back the trust of society in finance experts. It does so through highlighting responsible strategies and focusing on ethical practices for sound financing and investment management.
What You Can Expect from Scranton’s MSF
Your Master’s degree with the University of Scranton will equip you with the critical skills required in the trade. You’ll gain both classroom and practical knowledge preparing you for your rewarding and fulfilling career as a Master’s Degree holder in finance.
Here are some of the program coverage areas:
- Financial securities
- Risk metrics
- Hedging strategies
- Investment criteria
With the school’s Jesuit framework, your education will revolve around social responsibility, and more importantly, genuine concern for both your future clients’ and the society’s welfare.
And to put even more value in your training, the program will teach you the six areas of focus of the CFA Institutes.
What Makes the University of Scranton’s MSF a Good Program Choice
The University of Scranton is a great place for you to further your education for many reasons. For one, it’s one of the few higher educational institutions in the country with a Jesuit foundation. This means that they place significant importance in ethics and social responsibility, two things that the financial world needs more of.
The Positive Outlook for Finance Master’s Degree Holders
Managing complex financial portfolios is among the biggest challenges the finance industry faces. This, combined with the ever-expanding global economy and complexity of modern products, increase the need for finance experts with specialized skillset and knowledge.
Furthermore, the number of employers seeking financial professionals who place ethical practices in high regard also continues to increase. These are some of the biggest drivers to the rising demand in Masters of Finance holders.
And it’s also what’s placing finance Master’s degree carriers in an environment with an attractive job outlook. The Bureau of Labor Statistics estimates that financial analysts can expect to see an 11% growth in the job sector. This increase is the greatest compared with the average for all other occupations.
And if you want more information on how the financial industry looks, make sure you check this post detailing career outlook in this sector.