Finance has been the most popular and lucrative career domain amongst the population of most of the countries worldwide due to high growth potential and varied career opportunities it offers. As finance is gradually becoming one of the most important skill to master be it a law graduate, a medical student or any person for individual growth and awareness, several colleges and universities are offering finance major and minor courses. Finance is the foundation of any economy or business. It involves managing any company’s or individual’s investments, corporate finance, Financial analysis and financial planning, financial engineering, risk management, Commercial banking, financial advisor, portfolio management, Business Valuation, basic accounting and bookkeeping etc. Multiple degrees are available in colleges and universities worldwide to the aspiring students and professionals. Since education plays a crucial role for one to grab any good finance career opportunity, the learners should first set their career goals when deciding which course or degree they wish to pursue.

Different types of finance degree

There are multiple degree options to choose from and one may choose to either take a two-year associate degree program to get an entry level job in the finance market or may choose to invest more time in education and take up more advances degree courses like MBA or Doctorate in Finance to stay ahead of others and level up their earnings in the field of finance. No matter what degree we choose to opt, any finance degree shall cover the basics of accounting, economics, financial analysis and investment management to make one ready for a basic finance job. Let’s understand the various finance degrees one can study, how long does it take to complete the course, what basic topics shall be covered in the course and the potential job opportunities available on completing the course.

1. ASSOCIATE DEGREE IN FINANCE

About the degree: To get into the most basic job in the finance domain, one should pursue an Associate Degree in finance at the minimum. It is the finance degree pursued by a student at an undergraduate level right after their higher secondary education. This degree is designed in such a way as to aim to provide the students with the basic academic and technical knowledge enabling students to get started off with their career in finance and explore the plethora of opportunities available in the practical world.

Time taken to complete the course: It typically takes two year’s full time to get completed with the course. Most associate programs require learners to complete 60 credits.

Basic Requirement to enrol for the course:

• One has to be at least 18 years of age
• One should hold a high school diploma or GED (General Education Development certificate)
• Minimum GPA standard though this criterion may vary from one educational institution to another. However, most of the colleges require a minimum score of 60& to 70%.

Basics covered under the course:

This finance degree course focuses on the fundamentals of core finance and business concepts

• Accounting Foundations and financial analysis including topics like accounting principles, accounts payable and receivable, learn how to create and interpret financial statements, how to carry out day to day accounting task and learn to use certain accounting software’s.
• Marketing Foundations including topics like studying the customer segmentation, market data, customer sentiments and behavior, product development and marketing the product in order to maximize the profits for the company, branding, and learning everything about marketing strategies.
• Risk Management including how to identify and mitigate the risks associated with the business, risk assessment methodology, analyze different sources of risk, learn about corporate fraud and cybersecurity risk etc.
• Banking and Financial laws including how banks and other financial institutions operate, banking regulations etc.
• Cash Management including day to day administration of managing cash inflows and outflows, treasury management etc.

Potential Jobs:

Those who have completed the Associate degree in finance can expect to get jobs in the following positions:

• Bookkeeper
• Financial Clerk
• Accounting Associate
• Loan Officer
• Associate Financial Analyst
• Mortgage Broker
• Credit Analyst
• Personal Financial Advisor

Average Cost to undertake the degree program:

Average tuition fees would range around $3,500 to $5,000 at a public college and around $15,000 to $60,000 for each academic year at a private college, though this may vary from institution to institution.

Best Universities in USA for undertaking Associate degree in Finance

• Bunker Hill Community College
• Madison Area Technical College
• Western Technical College
• Essex Country College
• Cincinnati State Technical and Community College
• University of Wisconsin- Stevens Point
• Davenport University
• Borough of Manhattan Community College
• Miami Dade College
• Wisconsin Indianhead Technical College

2. BACHELOR’S DEGREE IN FINANCE

About the degree:  Bachelor’s in Finance is one step ahead of Associate in Finance degree. There are three types of Bachelor’s in finance degree: Bachelors of science in finance, Bachelors of Arts in Finance and Bachelors of Business Administration in Finance. No matter which route one chooses the general format of course will remain the same. However, if one wants to pursue a finance career focused in business, it will be better to choose Bachelor of Business Administration in Finance degree. This is an undergraduate college degree. It enhances one’s access to better job opportunities and boosting the earning potential.

Time taken to complete the course: It typically takes four year’s full time to get completed with the course. It requires the learners to complete 120 credits.

Basic Requirement to enrol for this finance degree course:

• Minimum GPA standard though this criterion may vary from one educational institution to another.
• One must have completed a high school level of education
• Standardized test scores like SAT or ACT may be required though some schools are dropping off this requirement.
• Letter of recommendation which may be provided by the high school teachers or from your past or current job manager if you have been out of school for a while.
• Write an admission essay or personal statement

Basics covered under the course:

   The course focuses on the fundamentals of business finance and practices.

• Bachelor of Science has core focus on science and mathematics
• Bachelor of Arts has core focus on liberal art subjects like English and Social Science
• Bachelor of Business Administration include more of business focused classes

No matter which of the above finance degree course we choose all the three course will include the following:

• Economics
• Business Finance
• Investment Management
• Marketing
• Statistics
• Corporate Accounting
• Fundamentals of stock market
• Wealth Management
• Risk Management

Potential Jobs:

Those who have completed the Bachelor’s in finance degree can expect to get jobs in the following positions:

• Financial Analyst
• Budget Analyst
• Investment Banker
• Personal Financial Advisor
• Accountant
• Mutual Fund Manager

Average Cost to undertake the degree program:

Average tuition fees would range around $9,400 to $10,000 at a public college and around $37,000 to $40,000 for each academic year at a private college, though this may vary from institution to institution.

Best Universities in US for undertaking Bachelor’s degree in Finance

• University of Pennsylvania
• Washington University in St Louis
• University of Notre Dame
• Georgetown University
• University of Wisconsin- Madison
• Boston College
• University of Illinois at Urbana- Champaign
• Texas A&M University- College Station
• Southern Methodist University
• Bentley University

3. MASTER’S DEGREE IN FINANCE

About the finance degree: If one wants to gain an advanced knowledge of finance and secure a better job than a bachelor in finance, then one should take up the master’s degree in finance. Master’s degree in finance enables the students to broaden their knowledge of business finance. Master’s in finance degree enables students to sharpen certain skills like effective communication, quantitative skills and analytical thinking, and problem solving skills. This finance degree helps finance professionals to scale up their salary and positioning in the company. The institutions often offer master of finance or and MS in finance. This is a different program than MBA in finance though.

Time taken to complete the course: It typically takes two years in addition to bachelor’s degree. To obtain a master’s degree at most universities, it requires the learners to complete 30 to 60 credits.

Basic Requirement to enrol for the course:

• Completion of bachelor’s degree
• Undergraduate GPA of 3.0 or higher is required by most institutions
• Many institutions require one to take up entrance exams like the GRE or GMAT
• English proficiency test
• Letter of Recommendation
• Work experience certificate
• Passport and student visa (for international students)

Basics covered under the course:

The course focuses on the in-depth financial and business knowledge covering topics like:

• Business Ethics
• Financial Planning
• Marketing
• Advanced Accounting
• Organizational Behavior
• Business operations
• Business accountability
• Management
• Economics
• Corporate Finance
• Investment and portfolio management
• Financial Regulations
• Financial Modelling

Potential Jobs:

Those who have completed the Master’s in finance can expect to get jobs in the following positions:

• Chief Financial Officer
• International Financial Analyst
• Internal Auditor
• Financial Manager
• Controller
• Credit Manager

Average Cost to undertake the degree program:

Average tuition fees would range around $12,000 to $15,000 at a public college and around $26,000 to $35,000 for each academic year at a private college, though this may vary from institution to institution.

Best Universities in US for undertaking Master’s degree in Finance

• University of Pennsylvania
• Northwestern University
• Washington University in St Louis
• Georgetown university
• Harvard University
• University of Notre Dame
• Vanderbilt University
• University of Wisconsin- Madison
• Tulane University of Louisiana
• Texas A&M University- College Station

4. DOCTRATE IN FINANCE DEGREE

About the degree: A student can choose from a Doctor of Business Administration (DBA) with major concentration in finance or a PhD in finance at the doctoral level of education. The Phd focus shall remain more on research and academic oriented courses while DBA focus shall remain on professional oriented courses.

Time taken to complete the course: Doctoral program requires a student to complete 60 to 120 credits and which may be completed approximately around four to seven years.

Basic Requirement to enrol for the course:

• A master’s degree in the field of finance with excellent research experience and grades. However, admissions might also be provided by some of the universities based on the bachelor’s degree based on excellent academic records.
• Letter of Recommendation from past employer or past educational institution or school.
• English proficiency test
• GMAT or GRE test scores
• Clearance of the entrance tests for PhD conducted by some of the universities. This criterion must be checked beforehand by students before applying to any university. 
• One of the most important elements to apply for the PhD universities offer is a research proposal. It demonstrates the one’s expertise in the field of study for which one is applying.
• Personal interview might also be conducted before selection by some universities.

Basics covered under the course:

The PhD in finance degree course covers the following topics:

• Economics
• Econometrics
• Advanced statistics
• Financial decision making
• Advanced accounting theory

The DBA Program will cover higher level business courses like:

• Management strategy
• Leadership ethics
• Global economics
• Business intelligence
• Corporate governance
• Financial management
• Financial strategy
• Theoretical research

Potential Jobs:

Those who have completed the Doctoral in finance degree can expect to get jobs in the following positions:

• One can apply for a top most position under any large employer with the responsibility to manage teams of financial professional.
• Open up financial agency of own and take up and manage your own clients
• Allows one to teach finance to the aspiring business and finance students
• College or University professor
• Government economist
• Foreign monetary policy expert

Average Cost to undertake the degree program:

Average tuition fees would range around $28,000 to $57,000 on an average to pursue PhD in USA.

Best Universities in US for undertaking Doctoral degree in Finance

• Northwestern University
• University of Pennsylvania
• Boston College
• University of Connecticut
• Michigan State University
• The University of Alabama
• The University of Texas at San Antonio
• Anderson University Indiana
• Washington State University
• Georgia State University

Source of college details: https://www.collegefactual.com/majors/business-management-marketing-sales/finance-financial-management/finance/rankings/best-graduate-schools/doctorate-degrees/

Finance Certifications for Professionals

Apart from the finance degree courses the finance professionals can take up various certification courses on finance to level up their salary by gaining some advanced knowledge on certain finance topics. Some employers prefer candidates who possess some of these finance certifications for higher roles in an organization, since these certifications help one gain advanced knowledge and upgrade their skillset. Some of the common certificate courses availed by professionals are:

1. Certified Financial Planner (CFP)

The Certified Financial Planner Board of Standards, Inc. administers this certification course. One can become a financial planner by earning this certificate and this certification helps a professional to enhance their expertise in the domain of Financial management including Insurance planning. retirement, Investing and taxes.

Pre-requisites to obtain this certificate:

• Holds a bachelor’s or any higher degree
• Completed the courses as listed by the issuing body
• One should pass the CFP certification exam
• A minimum of 3 years of professional experience is required
• CFP Board of Standards’ code of conduct should be adhered to by the professional

Careers for CFP certified professionals:

• Financial Advisor
• Budget Analyst
• Financial Analyst
• Accountant

2. Chartered Financial Analyst (CFA)

One of the highest professional designations one earns in the financial management domain is that of a Chartered Financial Analyst administered by the CFA Institute. It strengthens the professionals’ foundation on advanced investment analysis and Portfolio management. The exam comprises of three levels- Level I, Level II and Level III.

Pre-requisites to obtain this certificate:

• Hold a Bachelor’s degree. In the final year of their bachelor’s program candidates can also qualify to take the CFA certification exam.
• Over at least 3 sequential years, have a total of 4,000 hours of professional work experience or higher education acquired.

Careers for CFA certified professionals:

• Chief Investment Officers
• Auditors
• Credit Analysts
• Portfolio managers
• Investment Bankers
• Financial Analysts

3. Chartered Financial Consultants (ChFC)

This course is administered by The American College of Financial Services and builds up one’s understanding of some of the key financial areas like Tax, Insurance, Employee Benefits Planning, Income tax planning. Estate planning, Estate tax, Transfer Tax, Gift tax planning, Retirement planning etc.

Pre-requisites to obtain this certificate:

• Hold high school diploma
• At least three years of business experience

              Careers for ChFC certified professionals:

• Financial Consultants
• Tax Advisors
• Financial Planners

4. Certified Public Accountant (CPA)

This course is administered by the Association of International Certified Professional Accountants which issues the CPA license to the qualified accountants. This course is highly recommended for the accountants. CPA’s must adhere to a professional code of conduct. This course covers topics like Financial accounting and reporting, Financial analysis, Audit & attestation, tax planning and business regulations.

Pre-requisites to obtain this certificate:

• Hold a bachelor’s degree in finance or accounting
• Complete 150 semester hours of education
• Pass an intensive four-part exam
• At least 2 years of work experience

Careers for CPA certified professionals:

• Financial Analyst
• Internal Auditor
• IT Auditor
• Tax Accountant
• Accounting Manager

5. Financial Risk Manager(FRM)

This course if offered by the Global Association of Risk Professionals and is one of the leading designation for financial risk professionals. The course expertise’s the professional’s knowledge in financial markets, quantitative analysis, risk management, Valuations and risk models, market risk measurement and management and credit risk management.

Pre-requisites to obtain this certificate:

• 2 years of full-time work experience in financial risk management
• pass a two-part intensive exam

Careers for FRM certified professionals:

• Risk or Compliance officer
• Derivatives trader
• Actuary Manager
• Financial Manager
• Quantitative Business Analyst

6. Certified Treasury Professional (CTP)

This course is administered by the Association for Financial Professionals. CTP covers treasury management related topics like working capital management, financial management, cash and liquidity management, treasury operations etc.

Pre-requisites to obtain this certificate:

• 2 years of full-time corporate financial work
• graduate-level degree in finance      
• Clear the CTP exams      

Careers for CTP certified professionals:

• Investment Banking
• Treasury management
• Banking

Clearly, the above finance degree and certifications any are something that every finance professionals should consider undertaking for enhancing their job prospects in this field.