Finance
There are some fields of study that occupy a special place in the popular
imagination: Brain surgery, for example, or rocket science, have reputations that extend far beyond the bounds of their practitioners.
Careers in finance, while less romanticized, are part of this lofty category. Perhaps this is because of the often dizzying sums of money
that tend to be involved. Or maybe it's the popular image of the so-called Master of the Universe strutting along Wall Street and ready to
take on all who would dare to challenge his financial genius. Whatever it is, a career in finance is much more than a way to make a living:
It is, indeed, lifestyle and a worldview. And as such, there are few fields that are more financially rewarding or storied.
As for the academics of the field, "finance degrees can focus specifically on finance or be combined with an MBA to offer a broader understanding of finance in relation to business. Finance degrees prepare students for a variety of careers in banking, insurance, securities, commodities, and other investment areas. Advanced degrees in finance provide the expertise needed to understand today's complex business environment and globalized world and allow meaningful contribution to the decision-making processes of businesses. Related degrees include accounting, actuarial science, economics, marketing, business taxation, financial engineering, and financial planning" ( www.gradschools.com )
Niche Areas
There are many areas in which the finance student may specialize, and though a complete accounting is not possible in the space provided,
some of the most popular include:
- Corporate Finance
- Financial Institutions and Markets
- Financial Strategies
- Futures and Option Markets
- Investment Strategies and Styles
- Financial Modeling
- Global Financial Services
- Mergers and Acquisitions
- Risk Management
- Behavioral Finance
- International Finance
Types Of Associate, Undergraduate & Graduate Programs Available
Associate's degrees in finance are excellent places to start if you have more than a passing interest in the field but little background
knowledge. An Associate's is generally an excellent way to formally gain the knowledge necessary to pursue other, more advanced degrees in
the field, and while it will not necessarily lead to a job itself, it will nonetheless provide you with the background to pursue one later
on. A Bachelor's degree will prepare you for direct entrance into the job market as you begin working your way up the corporate ladder,
while a Master's degree is often pursued after several years of work experience have been amassed. Also, a Master's is sometimes paid for by
whatever company you find yourself working for at the time, though some sort of post-graduation time commitment is generally required.
Finally, a Doctoral degree is generally reserved for those who desire to teach or do research in the field.
Typical Admissions Requirements
Getting into a finance program is often difficult. This is because of both the competition for the spots available and the generally high
caliber of students applying for them. Therefore, you should have a strong academic background as well as a strong interest in the field. If
your academic background is in another area, it is wise to start out with an Associate's degree in order to begin the process of educating
yourself in the field. Hold off on graduate degrees until you have worked in the field for a while, as you'll not only stand a chance of
having the degree paid for by a company for which you work, but you'll also get much more out of the experience as a whole.
Careers In This Field
Of the many careers available to graduates of finance programs, some of the most popular are in the field itself. While a solid
understanding of finance will prepare you for any number of careers, the most popular include:
- Commercial Banking
- Corporate Finance
- Financial Planning
- Insurance
- Investment Banking
- Money Management
- Real Estate
Salary Ranges In This Field
Few fields-except, perhaps, professional athlete and movie star-afford their practitioners the opportunity to make quite as much money as
finance does. Of course, not all financial professionals become millionaires, but in general, it is possible to achieve great financial
success in the field. Sure, the hours are grueling and the pressure can be intense, but the rewards are great. For a specific idea of how
much you can make in a particular branch of finance, check out
www.bls.gov
.
Future Outlook
Again, the job outlook for this field is determined, to a great degree, by the specific area you choose to pursue. Therefore, because of the
difficulty of making accurate predictions about the general state of the field, you should conduct research on specific aspects of the field
for a better idea of the outlook. There are some useful links at the end of this guide that may be good places to start.
- www.fma.org (The Financial Management Association International)
- www.sfs.org (The Society of Financial Studies)
- www.afponline.org (The Association for Financial Professionals)
