If you are facing an increasingly busy schedule like so many others, searching out opportunities to get a Master’s of Finance online can help you advance your career without sacrificing your other commitments. There are many opportunities to get a Master’s of Finance online, so it is important to evaluate programs thoroughly to find one that will give you the best return on your investment and provide you a launch pad for your career after graduation.
The master’s of finance online degree is a top choice for financial professionals looking for an advantage in their careers. Business schools across the country put a special emphasis on their online master’s degrees because they know that students in these programs prefer to continue working at their jobs while they earn a degree. The online master of finance is a one- to two-year degree that requires expertise in technical subjects such as mathematics and business analytics.
Selecting the Right Program
Many programs are available that offer a Master’s of Finance online, but they are not all quality programs. Some are diploma mills that simply churn out graduates without any regard to quality of education, focusing instead on the amount of profits earned. The best place to start your search is to look at what programs are available at well-known schools with a good reputation. Look at schools that offer a master’s degree in finance, then find out if they also offer it online. Top schools like Penn State allow you to get a Master’s of Finance online.
If you are considering a school that offers online-only programs or that doesn’t have an established reputation, start your research by checking out their accreditation. All quality programs will have at least one form of accreditation, but many have more. Make sure that the program itself is accredited and not just the school.
The next step in your research should be analyzing the curriculum and the degree requirements. Find out what classes you will be required to take, then drill down and learn more about what is taught in those classes. The curriculum should cover the skills and theory that you will need to be successful in the marketplace, and it should offer you opportunities to learn through research and application.
Financial Aid
Financial aid is available whether you get a Master’s of Finance online or in a brick-and-mortar classroom. You must be enrolled in an accredited program in order to qualify for federal financial aid, which should be your starting point for financial aid. Next, look for private loans through reputation organizations, such as Sallie Mae.
Scholarships and grants are also available for online programs. All financial aid and scholarships can be used on any accredited program, which means they can also be applied to online programs. Search for financing opportunities the same way you would for a traditional, classroom program. The more financing you can get, the less debt you will have when you graduate, and the easier it will be to get on the path to financial stability and maybe even independence.
Opportunities for Career Advancement
Earning a Master’s of Finance can open up many doors for your career. You can qualify for more senior positions in corporate finance, as well as management and leadership positions. The more experience you gain, the more opportunities you will have.
Job Outlook for Master’s in Finance Graduates
Jobs for financial professionals are expected to grow at about the same rate as the broader economy for the next 10 years. Most financial jobs will grow from 4 to 6 percent, which is about average for all jobs in the economy. Competition for these jobs will be about the same as in other industries, so financial professionals can improve their chances of landing a great job by returning to college to earn a master’s degree.
When it comes to enrolling in a master’s program, there may be several good options available, depending on the college. While a growing number of universities are offering online master’s programs, the types of programs differ from one school to another. Some online schools offer a Master of Finance degree while others offer a Master of Science in Finance. Before enrolling in one of these programs, students should spend time planning a likely career path to follow after graduation. With so many financial occupations to choose from, it’s important to know a little about the available careers in this industry.
Degree Specializations
Specializing a master’s of finance online degree is an option at most colleges. With a degree concentration, master’s graduates can focus their careers on the subject of their choice. Popular degree concentrations include computation, programming, financial economics, derivatives, asset management, computational finance and financial trading. These concentrations, in addition to professional certification, can greatly increase employment opportunities for master’s in finance graduates. Degree concentrations help to determine a student’s written thesis and capstone project. While most schools offer a selection of degree concentrations, some of the top schools offer only a general master’s of finance online degree.
Financial Advisor
Financial advisors work for large firms and small banks that specialize in helping clients manage their money. Personal advisors work directly with clients making investments in financial products such as stocks and real estate. According to the U.S. Bureau of Labor Statistics, financial advisors with master’s degrees can expect to earn salaries near the upper end of the pay scale, which exceeds $200,000 per year. Jobs in this field are expected to grow at 4 percent for the next decade, which is the national average for all occupations. Financial advisors with master’s degrees will have better opportunities than those with only bachelor’s degrees. In a downturn, there could be better job security for those with more education.
Financial Analyst
Financial analysts are similar to financial advisors, but they typically work for large companies that need help planning their investments. Analysts spend time researching the performance of stocks and other financial assets to make predictions about their future value. They work for hedge funds, banks and investment firms that require a dedicated team of analysts to work year-round on investments. Analysts help these firms decide when to buy and when to sell their assets to maximize their profit. The job requires advanced skills in financial mathematics, statistics and market analytics. With a master’s degree and work experience, an analyst can expect to earn upwards of $150,000 per year. The job outlook for these professionals is around 5 percent over the next 10 years.
Accountant
Accountancy is a demanding occupation that pays very well. While many accounting jobs are available for college graduates with only a bachelor’s degree, better jobs are available for those with a master’s in finance. Top companies need highly skilled accountants to keep track of complex revenue streams. Accountants with financial expertise are needed to balance the books of banks, hedge funds and investment firms with special financial considerations. Top accountants can earn more than $120,000 per year, and higher pay is available to accountants with advanced education, including master’s degree holders and Certified Public Accountants. With both a master’s degree and a CPA license, an accountant will have excellent opportunities and great job security.
Financial Manager
One of the exceptions to the 4- to 6-percent job growth on this list is financial management. This occupation is expected to grow at 15 percent for the next decade. Pay for financial managers is very high at around $120,000 to $200,000 per year, depending on education and work experience. Financial management is essentially a management position, so these professionals are responsible for teams of financial analysts within big firms. In addition to managing the workers beneath them, financial managers are responsible for producing reports and plans for the companies they work for. They work directly with the financial officers above them to formulate strategies for future growth and acquisitions.
Securities and Commodities Trader
With a master’s degree in finance, brokers and traders can find high-level employment in big firms. At the upper end of the pay scale, traders can make over $200,000 per year. Some of the highest-paid traders earn much more than that when bonuses and special commissions are taken into account. Financial traders are the professionals who work directly with clients or on the floor of the stock exchange. They communicate with buyers and sellers to coordinate trades of stocks, bonds, securities, commodities and other financial products and assets. The job growth for traders is expected to be around 4 percent for the next 10 years. For traders with advanced education and work experience, the employment outlook will be better than average.
Actuary
Actuaries work with insurance firms and clients to determine how much an insurance policy is worth. Job growth in this field is expected to be much faster than average at around 18 percent over the next decade. Actuaries with master’s degrees can earn over $190,000 per year, and the top-earning actuaries can take home $300,000 or more. Actuaries also must consider all of the possible investment strategies that a firm can take while their insurance policies are in effect. It’s a good idea for actuaries to have training in finance because many high-paying actuarial jobs are available in financial trading and investment. The work of an actuary can be stressful and demanding, but the reward is a high salary with excellent job growth and many advancement opportunities.
Financial Examiner
Financial examiners play an important role in the top banks and investment firms. They are responsible for ensuring that all business deals comply with the legal requirements. Financial examiners create reports about the health of their employers’ financial assets and investments. They examine business transactions to determine the legitimacy of each deal, which can take a lot of creativity and knowledge.
Over the next 10 years, financial examiner jobs are expected to expand by around 7 percent, which is faster than the 4 percent national average. With a master’s of finance online degree, financial examiners can expect to earn salaries near the upper end of the pay scale. The top 10 percent of financial examiners typically earn over $158,000 per year.
Financial Consultant
Consultants work as independent contractors and owner-operators of their own private consultancy firms. These professionals do the job of a financial advisor on an hourly or contractual basis, guiding clients through the process of investing funds and assets in the most profitable way. The job outlook for independent advisors is about average, but consultants with master’s in finance degrees should have the best prospects and salary potential. As with any freelance occupation, keeping up with booking and scheduling is an important part of the job. Because these professionals work for themselves, they must find clients and schedule their work for the years ahead.
Accreditation
Master’s of finance online programs should be accredited by regional and professional agencies. Most university business programs are accredited by the Association to Advance Collegiate Schools of Business (AACSB). This professional association is responsible for accrediting business programs at the international level. It’s one of the most widely recognized business accrediting bodies in the academic system. Another top accrediting agency is the Accreditation Council for Business Schools and Programs (ACBSP). This agency audits and accredits business schools around the world. Some smaller regional schools maybe accredited by a third agency, the International Accreditation Council for Business Education (IACBE). While these three agencies may play different roles in the college accreditation system, they are all valid accrediting bodies with very high levels of trust.
Certifications
Professional certificates such as Certified Financial Planner (CFP) and Chartered Financial Analyst (CFA) provide an advantage in the job market. With dozens of options to choose from, financial professionals have no shortage of opportunities to advance their careers. After earning a master’s of finance online, students can move directly into a certificate program to increase their employment outlook and earning potential. Some of the highest-paying jobs require professional certification, such as Certified Management Accountant (CMA) and Certified Public Accountant (CPA) positions. These certificate programs typically take six months to a year to complete, increasing the amount of post-graduate education for master’s degree holders by one to two semesters.
Special Considerations for Online Master of Finance Students
When it comes to applying for an online master of finance program, students should think about their professional goals. Many students have work experience and special skills that they can put to their advantage in a master’s program. During the application process, it’s important to speak with enrollment counselors to learn as much about each program as possible. Students with a background in accounting, insurance, trading or law can specialize in a subject that matches their strengths and experience. By following this strategy, master’s graduates can maximize their earning potential and job security.
After completing an online master’s program in finance, finding a high-paying job should be relatively easy. Some programs offer students the option to obtain a professional certificate while working toward a master’s degree. Earning a master’s of finance online can be a memorable experience with many professional rewards.
It is essential that you thoroughly research all of your opportunities to earn your Master’s of Finance so that you find a program that gives you the right education to get your career started. When you get a Master’s of Finance online, you should be able to start earning more and working in more advanced positions, not struggling to justify your degree or to prove your abilities.
