Average Starting Salaries for Students Majoring in Finance
Career News April 28, 2014Those interested in business management and working with numbers should look into the field of finance. Those who graduate from Finance programs find jobs in trading, financial securities, and accounting.
Salaries of Finance Majors
Numerous factors influence the starting salaries earned by finance majors. First of all, the specific position acquired by these professionals will determine the salary earned. The region of location of the job, the industry in which the graduate is employed, the specific concentration area within the chosen major, and the education level are the other determining factors. In 2012, finance majors took home an average annual wage of $57,300, according to the National Association of Colleges and Employers (NACE).
Overview of Finance Major
The university’s school of business often offers finance as a major, either as a concentration within an economics or as a business administration major. Occasionally, finance concentrations are included by mathematics departments. Coursework within undergraduate level Finance programs usually focuses on accounting and business courses, and may include topic areas such as:
•International finance
•Risk management
•Business law
•Investment analysis
•Financial markets and institutions
•Cost accounting
Students in Finance MBA programs continue studies in business, marketing and accounting that they began in bachelor’s programs. Graduates of MBA programs can expect to acquire higher-paying and more prestigious positions than graduates of undergraduate degrees.
Career and Wage Outlook
Numerous industries and settings demand individuals knowledgeable in finance; these include nonprofit organizations, government agencies, and private companies. Graduates of Finance degree programs commonly obtain positions of accountants, financial advisors, financial managers or financial analysts.
Titles can determine starting salaries. In October 2013, business analysts with work experience of less than a year averaged an annual wage of $35,607 to $61,649. The average annual wage of financial advisors ranged between $24,677 and $59,784 during their first year in the field, while first-year accountants took home average annual wages ranging from $30,001 to $53,609.
