How much do finance jobs pay in the US?
According to the U.S. Bureau of Labor Statistics, the median annual wage for business and finance occupations was $76,570 in 2021. Other sources estimate the average entry-level finance salary to be $88,160. Most job opportunities in the finance sector require a bachelor's degree.
Finance careers can be very lucrative for high-performing workers, with management roles commonly earning over $150,000 annually and executive salaries often reaching even higher.
As of Mar 27, 2024, the average annual pay for the Finance Degree jobs category in California is $99,199 a year. Just in case you need a simple salary calculator, that works out to be approximately $47.69 an hour. This is the equivalent of $1,907/week or $8,266/month.
The salary range for a Finance Graduate job is from $69,820 to $97,903 per year in the United States. Click on the filter to check out Finance Graduate job salaries by hourly, weekly, biweekly, semimonthly, monthly, and yearly.
The top 5 highest paying jobs in finance are investment banking, hedge fund management, CFO roles, private equity, and actuarial positions. These careers typically offer substantial salaries and the potential for significant bonuses.
You don't need an MBA to work in finance, but the field is highly competitive, especially at the entry-level. Internships offer experience, exposure, and a tryout for a full-time gig.
Most people have traditionally viewed finance careers as high-cost but high-reward. It's extremely difficult to break in, but once you're in, the compensation and exit opportunities make the initial effort worth it.
It's normal to have these thoughts and it's good to ask these kind of questions before you get into it. Believe it or not, mastery of advanced math skills is not necessary to have a career in finance. With today's technology, all math-related tasks can be done by computers and calculators.
Finance degrees are generally considered to be challenging. In a program like this, students gain exposure to new concepts, from financial lingo to mathematical problems, so there can be a learning curve.
There are a few sectors within finance where people with just a few years of experience can make mid six figures or even millions.
Is finance a easy major?
Getting your finance degree isn't easy—it takes time, dedication and hard work. But getting your degree is only the first step. Here are three things you need to know about differentiating yourself from the competition: The best way to learn is by doing.
As a finance major, you study finance-related topics, including math, economics, and statistics. You can expect to take several math classes like accounting, calculus, and business math.
In 2021, the average salary estimate for workers in the business field was $63,000. Fast forward to 2023, those who had a bachelor's degree in finance tend to have slightly higher starting median incomes than those with accounting degrees.
Overall, a finance degree is worth it for many aspiring professionals. According to the BLS, careers in business and finance can pay above-average salaries and are projected to have above-average growth over the next several years.
1. Investment Banker. Roles in investing banking are highly sought after. For investment bankers, it's often a higher competition to land a role in one of the largest firms.
Industries that typically have the highest-paying jobs include finance, technology, healthcare, and management consulting. These sectors often offer competitive salaries for senior-level positions due to the specialized skills and responsibilities involved.
Finance professionals are often responsible for managing large amounts of money, making critical decisions that can have significant financial impact. Additionally, the finance industry can be very competitive, and those with specialized skills and knowledge are often in high demand.
The median annual wage for business and financial occupations is $46,310 higher than the median annual wage for all occupations. Drawbacks of a career in finance can include high stress, long working hours, continuing education requirements, and, in some cases, limited job stability.
There Are Ways To Be Successful Without a Finance Degree
Unlike 20-year-olds who only have their college education to propel them forward in a career, you've got plenty of experience to fall back on, and it'll be easier for you to start a finance career at 40 without a specific degree.
It's nothing like that. In undergraduate studies you will learn a broad set of skills in finance and get to refine your skills in your last year. The work is tough and complicated, as Finance is considered to be the toughest major within the major for business aside from accounting.
Is finance math heavy?
While finance requires some mathematics training and some knowledge and skills in accounting and economics, it's not necessarily more difficult than any other field of study, particularly for people with an aptitude for math.
While jobs in tech or finance are big draws for introverts, as these industries are conducive to introverted tendencies such as independent work and creative problem-solving, other non-tech roles are equally suitable for this personality type, Eva Chan, a career expert at Resume Genius, tells CNBC Make It.
You're inquisitive
You aren't just curious about finance. You're curious about lots of things. Some people walk through their day with their head down, just trying to do their part and go home. But that's not you—you want to see what's going on.
I am not very good with numbers either but have done well in finance. There are areas in finance like quant stuff where being good in math is mandatory. But for many other things like investment banking, asset management, equity research etc just basic mathematics combined with good analytical ability is good enough.
At a higher level, it requires an understanding of calculus, linear algebra, stochastic calculus, game theory, numerical methods, etc. Getting a PhD in Finance is essentially like getting a PhD in applied math.
