How Much Do Finance Majors Make?

If you are a strong attraction to and enjoy dealing with numbers, you are a perfect candidate for a finance major. Therefore, enrolling for a finance degree prepares you for various jobs in the business and finance world like auditing, financial analyst, manager, or advisor, and accounting. Finance majors not only command decent salaries, but are also high on demand in the market.

Although options after graduation may not match a student’s expectations, many quality positions in the business world will offer a stable job and an outstanding salary. Thus, students should put in the necessary work to excel in their finance courses while consulting finance homework help where need be so they can compete favorably when they get to the job market.

The finance industry is very diverse and huge, but it revolves around tracking financial transactions occurring in different businesses and industries. This guide covers the careers available for finance majors and their salaries.

1. Financial Analyst

Financial analysts work with businesses and individuals to provide the valuable services of helping people make sober decisions that will be profitable with their finances. They perform services like evaluating data, preparing written financial reports, studying economic trends, and advising people on investment opportunities worth pursuing. Financial analysts primarily work with investment companies, banks, and security firms. The financial analyst career requires a bachelor’s degree, and they earn an average annual salary of $104,000.

2. Accountant

Financial accountants specialize in preparing and examining financial records and are hired by organizations to keep track of all transactions made in the organization. They ensure that taxes are paid on time while assessing the financial operations of a company. They are also obliged to present financial statements regarding the organization’s financial status after considering the profit or loss made in specific periods. Financial accountants averagely earn an annual salary of $70,000.

3. Financial manager

A financial manager is hired to work on a company’s financial health. They are responsible for creating financial reports and formulating strategies for long-term goals and the growth of an organization. They also analyze salary requirements, legal requirements, and inventory requirements of an organization against the financial and profit levels of the organization. They averagely earn a salary of $109,740 annually.

4. Management Analyst

They are also referred to as management consultants tasked to increase a company’s efficiency. Their central role is to examine a company’s ineffective procedures and problems and develop solutions to improve them. The career requires a bachelor’s in finance, and it offers an average annual salary of $85,260.

5. Loan Officer

A loan officer uses the underwriting process to evaluate and authorize loan approval for businesses and individuals. In this career, the pay varies dramatically according to the division of work, which points to a consumer loan officer versus a commercial loan officer. Many loan officers can earn extra cash yearly from commissions and bonuses. The average annual salary for a loan officer is $63,270.

6. Personal Finance Advisor

Personal financial advisors handle a wide range of specialties like taxes, estate planning, retirement, investments, personal budgeting help, life insurance, and college savings for individuals. They help families and individuals make sober financial decisions based on their budget and requirements. A bachelor’s in accounting or finance is ideal for an entry-level position, but securing a master’s in finance or an MBA is essential to scale up the ranks. The average salary for this career is $60,533 annually.

7. Financial Examiner

They are tasked with keeping financial institutions like banks legally compliant. They ensure financial institutions are compliant in their transactions and operations. They also perform risk management to ensure financial institutions offer safe loans and that banks possess enough cash to handle unexpected losses. The average annual salary for a financial examiner is $81,090.

8. Budget Analyst

They assist private and public institutions like universities and government agencies to budget and organize their finances. They prepare budget reports to help organizations stay organized with their finances. They ensure that structured budget proposals are accurate and compliant with regulations and laws. They also ensure that resources are utilized efficiently by recommending better budget strategies for its management to execute. The average salary for a budget analyst is $82,450 annually.

9. Actuary

Actuaries specialize in risks and are tasked with analyzing financial risks, uncertainties, and costs of decisions to assist businesses and individuals in developing strategies that minimize risks. Actuaries use statistics, advanced studies, mathematics, and financial theories to achieve their goals of mitigating financial risks. Actuaries are essential for the insurance industry, but they can also secure employment in governments, service companies, and enterprises. Actuaries earn an annual salary of $106,100.

10. Financial Services Sales Agent

These agents act as catalysts in the financial services industry, connecting security and commodity providers to the right buyers. They sell products to help people generate a sustainable, passive income to investors, companies, and individuals. They spend most of their time contacting potential clients while directing these clients to the right product providers. These agents earn an average annual salary of $63,780.

11. Purchasing Manager

Companies need their raw materials and items to be bought at the best possible prices. Although small companies can easily handle purchasing without assistance, purchasing for large businesses becomes a full-time engagement. It even requires an entire staff to evaluate suppliers, interview vendors, negotiate purchasing contracts, and handle tasks involving purchasing materials, goods, and services. The average annual pay for a purchasing manager is $66,610.

Finance and accounting jobs have been popular for many years, and they continue to expand with time. With the growth in finance technology and globalization, there will be a high demand for expert financial professionals. Although most financial companies like investment firms, banks, and other companies hire individuals with the job titles above, companies across different financial industries require qualified financial employees.

Pursuing a finance and accounting degree can be your bridge to a stable and satisfying career in the business, finance, and investing world. If you become the best at it, you could turn out to be the highest paid financier in the organization.