Finance
A finance degree essentially gives you a solid academic background in the management of funds, investment strategies, accounting, and any field related to money and its uses, which prepares you to work in a wide variety of capacities. Graduates who hold finance degrees can work for investment banks and other financial corporations or they can work within government and non-profit organizations. Knowledge of money is an important and much-needed trait in many workers, so you will most likely have a pretty good job outlook despite a slow economy, especially if you go on to earn a graduate level degree in finance.
Common Career Paths:
Financial Analyst
Financial analysts guide their clients or companies in investing their funds successfully in all manner of investment areas, such as commodities trading or stocks and bonds, for example. A financial analyst can help a company or an individual assess his or her overall value based on stock prices, sales, tax rates, cost, and other factors that help analysts predict future earnings. Financial analysts work for investment banks, credit unions, insurance companies, securities firms, and any other financial corporation or organization that pays specific attention to investment trends. In order to do this kind of work, a financial analyst should have a bachelor's degree at the least, though it's common for financial analysts to have earned a graduate degree as well. Depending on the nature of the work a specific financial analyst does, he or she may also need to receive a license or certification. You should definitely look into the kinds of licensing you would need if you choose to pursue a career path as a financial analyst. According to the Bureau of Labor Statistics, career paths for financial analysts are relatively strong. In fact, the Bureau expects employment for financial analysts to grow much faster than average; however, the Bureau also notes that competition will be higher, as well, for these positions. The Bureau projects a 20 percent growth in employment of financial analysts from 2008 to 2018. In 2008, on average, financial analysts made $73,150 a year, and the highest 10 percent earned more than $141,070 that year. The Bureau also points out that performance bonuses are very common in this field.
Loan Officer
A loan officer's job is to help clients navigate the sometimes complicated process of applying for and taking out a loan, whether that loan is meant for commercial purposes, or is merely used to buy a house or a car. Once a client submits an application for a loan, the loan officer checks out the applicant's background, credit history, sources of revenue, assets, and other financially relevant information that would help the loan officer decide whether or not the client could repay the loan. The loan officer then checks this against the loan-granting institution's requirements. If all looks good, the loan officer will approve the loan. Loan officers typically work for commercial banks and credit unions, as well as mortgage companies. Many loan officers are required to have earned at least a bachelor's degree in order to successfully do their job, and they often receive on the job training that helps them perform better. Additionally, if you are interested in becoming a mortgage loan officer, then you must become licensed, which will require at least 20 hours of coursework plus a written exam and other requirements that you will need to meet in order to keep the license current. The Bureau of Labor Statistics projects average employment growth and good job opportunities for loan officers, with a 10 percent growth of employment occurring between 2008 and 2018. In May of 2008, the Bureau of Labor Statistics reported that the middle 50 percent of loan officers earned between $39,710 and $76,860 annually.
Financial Manager
Like a financial analyst, a financial manager works specifically with a company or organization's money; however, financial managers also keep track of financial data and manage funds using both long- and short-term strategies. In addition to taking on general duties, financial managers can also take on specific roles, such as that of a treasurer, comptroller, risk and insurance manager, or credit manager. In order to successfully handle these responsibilities, financial managers usually earn a bachelor's degree and then go on to specialize within the field by taking a graduate degree. If a financial manager specifically works in an accounting department, he or she may need to become a certified public accountant via an additional certification process. Financial managers will also need to maintain their knowledge of trends in the financial field through continuing education opportunities if they want to remain relevant and productive. A financial manager is important to nearly every agency, organization, company, and firm that desires to succeed. Because of this, financial managers will always be needed. The job outlook for financial managers, according to the Bureau of Labor Statistics, consists of a projected 8 percent growth in employment opportunities from 2008 to 2018. Long-term need for financial managers will keep many in work, as companies often stick with the same manager who has long been familiar with the financial situation. Other financial managers might be hired temporarily or by contract in the event of a short-term crisis. Because of these factors, the career field is very competitive. In May of 2008, the middle 50 percent of financial managers made between $72,030 and $135,070. So there's good reason for that competition, as financial managers have great earning potential.
