If you have recently completed graduate studies in finance or will be soon be finished with your studies, you are probably wondering what type of earning potential your degree holds. The truth is that a person who has earned a Master of Finance degree can expect to have significant earning potential; however, that potential is highly impacted by the type of position that you take, as well as the company that you choose to work for. This article will take a brief look at some of the options that are available to you as well as the average salaries associated with each position.
Based on a recent report by US News, advanced degrees can have a major impact on lifetime earnings. You will find that many of the top earning positions that are open to individuals who hold Master of Finance degrees require the completion of an accredited program (in addition to your degree) in order to qualify for these particular positions. Some of the accredited courses that you may be required to take are investments, analytics and strategies, and finance theory. The specified course will have to be completed through a traditional college or university program or an accepted online program.
Typical MOF Salary Range
As stated earlier, there is a wide range of salary rates associated with a Master of Finance degree. As a general rule, a seasoned mid-career employee who holds a Bachelor’s degree will earn somewhere between $33,000 and $55,000 annually. A holder of a Master of Finance degree can expect to start their career somewhere around the top of this pay scale, with great potential for systematic increases in salary. There are obviously exceptions to this rule. In those rare cases in which you enter a company in an executive financial position such as Chief Financial Officer (possible, but not likely, with the exception to startups) you can easily earn anywhere from $101,000 and up.
Senior Financial Analyst
According to PayScale.com, a Master of Finance holder can take a position as a senior financial analyst, which has an average salary ranging from $63,281 – $86,516. Securing a senior financial analyst position may require a special accreditation in addition to your advanced degree in finance.
Finance Directors
Finance directors can earn even more than senior analysts, with an earning potential of as much as $154,000. The primary challenge that is associated with securing this particular position is that the demand for finance directors is extremely narrow. Fortunately, this should improve over the coming years. A recent report by the U.S. Bureau of Labor Statistics reveals that jobs for financial managers will grow by as much as 8 percent by 2018. These projections are based on the increasing complexity of investing and all of the regulatory issues associated with it.
The key is to understand that the financial world is like every other aspect of business; it is continuously involving. This means that it is important not to rest on your Master of Finance degree. Treat it as the foundation of your marketability; however, continue the learning process on a formal and informal level. It is not simply the knowledge you obtain, but your ability to provide formal documentation of the knowledge you have obtained.
There is great potential to land a job with a top salary if you hold a Master of Finance degree; it is up to you to position yourself appropriately.
