When people think about earning a degree in business finance, they usually picture a future of sitting in an office somewhere, pouring over financial statements and tapping away at a calculator. While this may have been true in the past, the current possibilities are much more vast.
According to one recent study, graduates with a business finance degree can earn $57,000 on average starting out - a number that will increase to $97,000 or more as they gain more experience.
Business finance professionals are also in high demand - whether you're talking about the wealth of private individuals or managing the assets of large corporations, it's essentially a position that is recession-proof. You can't say the same for a lot of other industries out there, especially given everything going on in the world right now.
All told, earning a degree in business finance will open up a wide range of exciting possibilities, all of which are more than worth exploring.
1. Financial Analyst
By far, one of the most exciting jobs that are available to those with business finance degrees takes the form of a financial analyst. Here, you'll be offering advice on investments to either individuals or corporations depending on the situation.
This means that you'll need to spend a lot of time analyzing the investment market, keeping a eye out for the best stocks, bonds, and other opportunities that best suit a client's needs. In many situations, a financial analyst will work in a bank - although jobs with insurance companies and even securities firms are also a possibility. In any event, it's a great career opportunity for someone who loves research as the investment market is constantly changing based on what is happening with the economy.
2. Financial Manager
Becoming a financial manager is perhaps one of the most important jobs for a business finance professional, as they're tasked with overseeing the financial health of both companies and private individuals. In a business context, a financial manager would be responsible for overseeing the organization's finances on an almost real-time basis. They would perform data analysis and similar functions to help organizational leaders make better decisions and to maximize profits as well.
Here, you'll likely be working as a part of a team, the other members of which having also been chosen for their ability to analyze fast-moving trends. You'll be preparing financial statements, creating activity reports, and more. Note that there is also a legal component to this position, as you would need to make sure that everything is in order in terms of certain reporting requirements that must be met depending on the industry the client is operating in.
3. Accountant
Becoming a general accountant is another interesting opportunity that a business finance degree can bring with it. Here, you could find jobs in accounting firms or even working as an independent consultant for both large organizations and individuals.
According to one recent study, the median national salary for accountants with anywhere from one to three years of experience is over $64,000 - although that number will generally increase the longer you stay within the field.
4. Financial Advisor
Becoming a financial adviser is an important position, as it requires you to work directly with individuals to establish the type of financial plan necessary to accomplish their future goals. Sometimes, it simply involves helping them create a budget so that they can save as much money as possible. In other situations, in may require you to help manage their savings, or to give them insight into what investments they should take advantage of.
Regardless, it's a position that people put a great deal of trust and faith in. It also allows you to embrace skills like researching, creating reports, managing investments, and more - making it something of a "catch all" job when it comes to what possibilities a business finance degree will open up.
5. Actuary
As the name suggests, an actuary is a position that will require you to gain a better understanding of the financial risks that certain business decisions bring with them, as well as the potential consequences if something goes wrong.
This is a particularly compelling position for people with a strong math-based background. They'll need to not only understand the implications of a series of business decisions, but financial theory as well. Essentially, what you'll be doing is providing educated recommendations about how current decisions may impact the future, about how a company can create a financial strategy to help accomplish their goals, and about how they can protect themselves against risks pertaining to things like changes in the marketplace, among others.
6. Stockbroker
Stockbrokers are financial professionals who both purchase and sell stocks on behalf of their clients - usually private individuals. Yes, you'll be doing so at the direction of those clients - meaning they'll tell you what to do and when to do it. However, you'll also use your insight and expertise to make expert recommendations to protect those investments in a way that helps to provide them with a better financial future.
Stockbrokers tend to earn a commission on every action that they perform - like placing a trade. In some situations, they may also mark up the prices of what they're trading to minimize their own losses.
7. Tax Associate
A tax associate is an interesting position for anyone who likes change - particularly since the tax code in the United States is evolving all the time. Here, an intimate knowledge of local, state, and federal tax laws will be a requirement.
In general, the job description involves helping people find opportunities to minimize their tax liability - both in terms of private individuals and businesses alike. Researching various deductions and adjustments will be a must. In most situations, tax associates are also tasked with keeping proper financial records (to make the eventual filing process as efficient as possible), along with using financial software to track various payments and returns as well.
8. Data Analyst
Becoming a data analyst is the ideal position for anyone who wants to marry their love of both finance and technology. Overall, it requires you to collect information on behalf of a business pertaining to things like how well their products and services are selling, what activity is happening with their stocks and various other investments, and even how well their social media efforts are performing.
Once that data is collected, it will be used to produce reports that will be presented directly to organizational leadership - all so that they can make the most informed decisions possible regarding the future of their company.
9. Loan Officer
Finally, we arrive at the position of loan officer: someone who is an expert in not only how loans work, but also the requirements that someone must meet to get them in the first place.
This is a job that also allows someone to work under a plethora of different circumstances. Not only do loan officers often deal with commercial loans, but they also have a hand in mortgages, personal loans, and more.
Almost more than any of the others on this list, the loan officer is a position for people who love working with people. Oftentimes, you would be meeting with someone directly to talk about what their financial goals happen to be - whether it's buying a house or opening a business or something else entirely. Regardless, an ability to compassionately explain to someone the intricate details of what may end up being the most important financial decision of their life - coupled with a keen attention-to-detail and an eye for errors - will serve you well in this position.
Earn Your Degree in Business Finance from Wilmington College
Overall, it's important to note that a degree in business finance brings with it a wide array of exciting career opportunities. Whether you choose to open up your own accounting firm and help private individuals or wade into the corporate world to work for big businesses, you'll never be short of new challenges to tackle or goals to accomplish.
If you'd like to find out more information about some of the jobs that become available to you once you graduate with a degree in business finance, or if you have any additional questions that you'd like to discuss with someone in more detail, please don't delay -
contact Wilmington College Cincinnati today.