Masters in Finance Career Path
Find out the best College for Masters in Finance according to your profile.
Graduates want to stand on their own feet and establish themselves in the professional industry. Moreover, to have a successful and fulfilling career ahead of them. To accomplish so, one must be clever and make the necessary efforts to acquire a solid position in the employment market.
For a successful future, a professional should have a good beginning. This can be done by applying for an appropriate level of degree in the right field of study. There are many options that are very popular among students that could lead to a successful career. One of those courses is a master’s in finance, popularly known as MFin.
Moreover, finance is an important field of study and has many applications in all sectors, business or otherwise. The advantage of having a master’s in finance degree is that students will be able to instil a sense of confidence in employers. In addition, a master’s degree curriculum teaches advanced topics to the students who are more practically involved.
Hence, the students who pass out are more professional.
Want to know which college is the best fit for you without giving a GMAT?
Take Our Free Profile Evaluation Now!
What is Finance?
Finance is complicated but a significant field of study. It is essentially a business-related subject and has applications in any type of business. Finance deals with any activity that involves banking, debit, credit, capital market and investments. The subject deals with tracking the flow of money through the various forms that it takes.
It has become a vital sector of business. All companies, irrespective of the market they cater to, deal with investment in many forms. They have to manage the stakeholders of their company and look into various investment endeavours that could help expand their companies. In order to do so, they require professionals who know how to study the market and come up with strategies. This is where professionals with the knowledge of finance come in.
With respect to application, the field of finance can be divided based on the size of the organization. The three types of finance are personal, corporate, and government (public).
Personal Finance focuses on the financial activity of individuals. This kind of finance is varying and fluid, depending upon an individual’s specific needs like future goals, retirement plans, etc. Corporate finance deals with companies and organizations. Startups are looking for investors for a portion of the companies’ assets. Also companies planning to go public on the stock exchange come under this section.
Investment banks would be involved in providing these services. Public or Government finance involves taxes, budgeting and debt issuance, which affect the entire country’s economy. This is an important section that helps keep the country afloat.
Advantages of Studying Masters in Finance
A master’s degree has many advantages on its own and can help the student get on a successful track for their career.
There are many master’s degrees out there that students opt for, believing that they would help further their careers. However, through assisting students to gain a more professional perspective on their work, most of these degrees are not very technical or subject focused. On the other hand, a course like a master’s in business administration and a master’s in management has a curriculum that touches upon all subjects.
Thus, MFin will help students learn advanced skills in a specific subject, pulling all their efforts and focusing on one sole task.
Difference Between MBA and MFin
Master of Business Administration is regarded as a one-way course that will lead a student to the heights of career success. The course is so famous that most the business schools worldwide have built their reputation solely on this one course. The course teaches advanced workplace problem-solving skills, applicable in all businesses. Additionally, as a prerequisite to joining, students must have had work experience of 6-12 months in the field. MFin, on the other hand, welcomes recently graduated students to join the course, which has a duration of 12-18 months.
Most master’s courses today are costly and have high tuition fees. This can be attributed to the well-trained and experienced faculty and other necessary resources required to teach an advanced course. However, having considered all the factors, it has been found that an MFin is one of the more affordable master’s courses with a high employability percentage.
If one goes through the job market, they will find that it is made of professionals all holding the same three degrees. In order to look for a more specialized degree holder, one must go through a fine-toothed comb. The market is really saturated, and this leaves businesses empty-handed, looking for professionals who have a high degree of knowledge in finance. Master in finance holding professionals are like rare gems, which would be picked up instantly and paid high salaries.
Best Colleges for Master in Finance
Here is a list of the top 10 colleges for pursuing MFin:-
|1.||Oxford Saïd Business School||MSc Financial Economics|
|2.||MIT Sloan School of Management||Master of Finance|
|3.||HEC Paris||Master in International Finance|
|4.||London Business School||MSc in Financial Analysis|
|5.||UC Berkeley Haas School of Business||Master of Financial Engineering|
|6.||Cambridge Jude Business School||Master of Finance|
|7.||ESSEC Business School||Master in Finance|
|8.||London School of Economics||MSc Finance|
|9.||UCLA Anderson School of Management||Master of Financial Engineering|
|10.||ESADE Business School||MSc in Finance|
MFin Career Paths
With the rise of financial prospects, more people are looking at further degrees and wondering what MFin career paths are. The key difference between an MBA and a Master’s in Finance degree might be perplexing at times. Despite their similarities, the MBA provides a generalist education (for CPAs, for example), whereas the finance speciality permits graduates to specialize in markets and investment, among other finance disciplines.
But how many financial positions are there? You may earn an MFin salary by pursuing attractive careers such as financial management by earning an advanced degree. The median pay of $134,180 is possible in this position.
There are many MFin Career Paths in the form of many titles. Some of the MFin career paths are listed below:
The job of a financial analyst is like that of a detective. The analyst’s job is to collect and study financial data pertaining to the market. The collected data will then have to be broken down. Finally, the information must be extracted and used to develop financial strategies to help the organization with its progress.
Additionally, people opting for financial analysts as an MFin career path keep an eye on financial institutions to ensure that they are adhering to policy and regulations surrounding financial management and transactions. Most financial analysts are needed in the Finance, insurance, and government industries to monitor monetary transaction compliance. The median annual compensation for financial analysts is $81,430.
Financial Services Sales Agent
Financial Services Sales Agent will deal with a client in securities and commodities, which is one of the popular MFin career paths. Their job would be to make profitable sales and purchase commodities on behalf of their clients in a way that maximizes their returns on each investment. It would also include monitoring financial security and analyzing the financial market. The average annual salary for a financial sales agent is $63,961.
Sometimes known as the chief financial manager, a financial manager is the professional sitting on top of all finance-related things. This is generally an executive-level job title and will give the individual to make decisions that will help keep the company’s financial goals on the right track. It is another popular Mfin Career path that Master of Finance graduates opt for.
You would generally have a team of people working under you, carrying out tasks like market analysis and budgeting. Although beginning frequently handles individual investor accounts, they may ultimately service huge institutional accounts such as those of banks and retirement funds. Furthermore, the annual salary of a financial service sales agent is approximately $67,310.
Personal Financial Advisor
Sometimes, a professional needs to do a simple task like managing one’s money and investments in the most amicable way. Personal Financial Advisors help individuals make their financial decisions and advice on future investments based on their individual goals. These may include retirement plans, insurance protection, real estate planning, and more.
The median annual income for this Mfin career path is approximately $89,330. While an MBA may be active in areas comparable to those with a Master’s in financials, there is a greater chance to specialize with a master’s in Finance.
Investment banking occupations assist their clients in raising Finance in capital markets by issuing loans or selling stock in the organizations. Moreover, they work for organizations to underwrite new debt and equity securities for all types of businesses, assist in selling securities, and arrange mergers and acquisitions, reorganizations, and broker transactions for both institutions and individual investors. A master’s in finance degree would aid a person with the necessary skill of an investment banker. The return on investment in this MFin career path is higher than in most finance professions.
A job in Investment Banking entails aiding customers with mergers and acquisitions and advising them on novel investment opportunities such as derivatives. In addition, they help handle a variety of responsibilities for their prospective clients. Investment bankers at a few organizations undertake various tasks, whilst in others, staff are specialized, with various bankers executing a variety of tasks. Approximately the average annual salary of an investment banker is around $64,500.
Insurance Finance Manager
A financial Manager is to help individuals manage their finances to meet future goals. However, an insurance finance manager takes it one step further, and this MFin career path helps the professional identify the lack in peoples’ finances. Along with helping with their Finance, they will also help them procure excellent and affordable insurance for a commodity that they plan on purchasing, for example, a car. The average annual salary of an insurance finance manager ranges from $68,436 to $98,313.
Financial consultants provide customized advice to investors to help them generate wealth. They may provide financial planning, find suitable assets, and advise on insurance selections. They frequently direct the purchase and sale of investments such as stocks and bonds on behalf of their customers. Some may also offer financial services.
Before making any advice, a financial consultant frequently meets with customers to analyze their financial condition. When clients go through a big life transition (marriage, job shift, retirement), they will most likely seek another meeting.
A Master in Finance degree surely helps if you want to take up this MFin career path, as it will provide you with in-depth knowledge about financial management. The average annual salary of a financial consultant is $70,733.
Associate in Investor Relations
As an investor relations associate, you would work for a financial institution and handle the organization’s investor interactions. An investor relations associate may work in various departments within a financial institution, such as marketing to recruit new investors or IT to maintain technology efficiency. Approximately the typical annual pay for an investor relations associate was $62,810, with a 7% predicted job increase through 2029, making it a popular MFin career path.
Budget analysts are in charge of supporting public and commercial companies with their financial management. To become a budget analyst, a master’s in Finance after your bachelor’s degree will certainly help to establish yourself on this MFin career path. They earn a typical annual salary of $78,970, and the job outlook for this position is 3%.
As an actuary scientist, you’ll use math, statistics, and financial theory to evaluate and minimize financial risks. The yearly compensation for actuaries is over $111,030, with an estimated 18% job increase through 2029, which makes it a popular MFin career path.
As an accountant, you will evaluate and audit a company’s, organization’s, or individual’s financial records. During tax season, most accountants will work full-time and overtime. Many accountants strive to become Certified Public Accountants (CPAs) since it is the profession’s highest level, which makes it a popular MFin career path. The typical annual salary for an accountant is $73,560, with a 4% predicted job increase through 2029.
A firm hires a credit analyst to analyze the risk of taking a loan and to determine if a borrower can repay money borrowed to them by studying the individual’s or organization’s credit history. The average annual income for a credit analyst is $86,170, with 1.2% job growth predicted through 2029, which makes it a popular MFin career path.
Chief Financial Officer
A company’s chief financial officer (CFO) is a member of the executive team in charge of the organization’s finances. The CFO controls the company’s finances, including financial planning and cash flow. Typically, several years of expertise in a financial capacity, such as accounting, financial analysis, or financial counselling, is required to become a CFO, making it a popular MFin career path. Nonetheless, a Master of Finance degree will assist you in launching your profession. The average annual pay for CFOs is $107,680 per year, with a 4% job increase forecast through 2029.
As a controller, you will be in charge of a company’s accounting, budgeting, and financial operations. Most controllers report to the company’s chief financial officer (CFO), which makes it a popular MFin career path. The controller, often known as an organization’s head accountant, keeps track of money moving in and out of the firm accounts. Controllers make an average of $107,680 per year, with a 4% predicted job increase through 2029.
A portfolio manager plans and manages an investment portfolio for a client. The investor(s) invest their money to use it later as a retirement fund or endowment fund. The portfolio manager employs research and analysis to arrange and manage those assets to earn the greatest money for their client. The average yearly pay for a portfolio manager is $151,510, with a 0.3% job increase predicted through 2029.
In today’s world, where there is a colossal need to stand out in terms of academic qualifications and be capable enough to sustain in the everlasting competition, a Master’s in Finance is a prospective career option. It equips the aspirant with both the crucial characteristics of a well-informed businessman and a potential advisor or consultant who could guide companies or firms in a fruitful direction.
The world of business is dynamic. Therefore, people in the field need to be constantly updated and should be able to comprehend the repercussions of anything and everything they do. In this chain, Finance is one of the critical factors many other elements depend on.
Frequently Asked Questions
What are the finest financial jobs?
The top financial careers are decided by characteristics such as employment prospects, job growth, work-life balance, and future learning possibilities. inancial managers and advisers, accountants, attorneys, and actuaries are just a handful of the greatest occupations in finance regarding pay, work-life balance, and future job prospects. They all provide potentially lucrative wages, stable work possibilities, job advancement, and other advantages.
What is the average salary one should expect after gaining a finance master's degree?
You may significantly increase your future yearly income by getting an advanced degree in Finance, whether a master’s or a PhD in Finance. Additionally, a master’s degree in Finance allows you to pursue lucrative careers such as financial management. Financial management roles had a median income of around $134,180.
Do financial jobs pay well?
If you are ready to put in the effort to become a professional in the financial field, finance careers may pay quite well. Thus, a master’s degree in Finance allows you to hone your quantitative and analytical abilities, which are two of the most important for success in the financial industry.
While the income for a master’s degree in Finance will vary depending on the positions you seek and other considerations, there is money to be made in this sector.
So, how much do finance careers pay? With a master’s degree in Finance, you can pursue chances in banking, investments, financial technology, government, or other industries, many of which pay six figures on average.
Do all MFin Career paths require work experience?
Not necessarily. For instance, Mfin career paths such as CFO and Controller require you to have a significant experience as financial analysts/managers as these are executive-level roles. On the other hand, job roles such as financial consultants and portfolio managers only require you to have a master’s degree in Finance or formal education.
Which Universities to target if I want a great placement opportunity right after my Master's in finance degree?
Many universities now offer Master in Finance courses. However, only a few schools globally offer top-notch placement offers, such as, the London School of Business, MIT Sloan, ESSADE, etc.